- U.S. sales +49% in 2025 (+56% at constant exchange rates)
- First deliveries of JAZZ to China following CFDA approval, totaling €0.5 million
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for PEA-PME), a medical technology company specializing in implants for orthopedic surgery and the distribution of advanced medical equipment, today announces its full-year 2025 revenue as well as its cash position as of December 31, 2025.
Ludovic Lastennet, CEO of IMPLANET, stated: "We delivered a very strong commercial performance in 2025, with revenue of €12.5 million, representing +33% growth compared with the same period last year, thereby confirming the relevance of the development model we have been implementing for the past two years. Building on six consecutive quarters of sustained growth, we are firmly confident in the outlook for the coming quarters. The strong momentum in implant sales, up +36% in the fourth quarter, has been driven by the continued opening of new accounts in the French market, the expansion into new export countries, and the first JAZZ surgeries performed in China. The distribution of medical equipment, which is experiencing strong growth, provides effective diversification and now represents 31% of our total revenue. The addition of robotics to our commercial offering, which does not require additional R&D investment, will rapidly position us as a global player. On the strength of these solid foundations, we remain focused on accelerating our sales in the United States and are continuing our commercial efforts now that our entire JSS range has received FDA clearance. Finally, we extend our best wishes for 2026 and reaffirm our full commitment to pursuing IMPLANET's growth trajectory".
Full-Year 2025 Revenue up +33%
Revenue by Activity (in thousands IFRS1 | 2025 | 2024 | Change % |
Total Q1 revenue | 2,578 | 2,223 | +16% |
Total Q2 revenue | 3,231 | 1,894 | +71% |
Total Q3 revenue | 2,916 | 2,308 | +26% |
Total Q4 revenue | 3,750 | 2,982 | +26% |
Cumulative over 12 months | |||
Spine Implants | 8,569 | 7,034 | +22% |
Medical Equipment (SMTP) | 3,912 | 2,351 | +66% |
Services (MADISON) | (7) | 20 | |
Total annual revenue | 12,474 | 9,406 | +33% |
IMPLANET generated full-year 2025 revenue of €12.47 million, compared with €9.41 million in 2024.
Spine Implants revenue reached €8.57 million in 2025, compared with €7.03 million in 2024, representing +22% growth year-on-year.
The medical equipment distribution business continued its strong development, driven by the ongoing rollout of the Olea ultrasonic scalpel across all geographic regions, as well as by the deployment of the exclusive partnership signed with elliquence in the U.S. market for endoscopic spine surgery.
Revenue by Area (in thousands IFRS2 | 2025 | 2024 | Change % |
France | 4,439 | 4,120 | +8% |
United States | 3,837 | 2,570 | +49% |
Rest of World | 4,198 | 2,716 | +55% |
Total annual revenue | 12,474 | 9,406 | +33% |
IMPLANET's U.S. activity generated revenue of €3.84 million in 2025, compared with €2.57 million in the prior year, representing growth of +49% (+56% at constant exchange rates). This performance was driven in particular by the commercial development of the medical equipment distribution business (SMTP). Revenue generated in the rest of the world also recorded strong growth of +55% in 2025, reaching €4.20 million, compared with €2.72 million in 2024, reflecting the rollout of the JSS solution and the first deliveries of JAZZ in China, totaling €0.52 million since July 2025. Revenue in France increased by +8%, reaching €4.44 million for the full year.
Fourth quarter of 2025 up 26%
Revenue by Activity (in thousands IFRS 2 | 2025 | 2024 | Change % |
Spine Implants | 2,549 | 1,871 | +36% |
Medical Equipment (SMTP) | 1,201 | 1,110 | +8% |
Services (MADISON) | 1 | ||
Total Q4 Revenue | 3,750 | 2,982 | +26% |
IMPLANET generated fourth-quarter 2025 revenue of €3.75 million, compared with €2.98 million in the same period of 2024, representing growth of +26%. This performance confirms the growth trends recorded in previous quarters.
Spine Implants revenue reached €2.55 million in Q4 2025, up +36% compared with €1.87 million in Q4 2024. This growth was driven by commercial rollouts in France and the rest of the world, as well as by additional deliveries of JAZZ in China totaling €0.26 million during the quarter.
Revenue from the medical equipment distribution business amounted to €1.20 million in Q4 2025, compared with €1.11 million in the same period of 2024, representing growth of +8%.
Revenue by Area (in thousands IFRS 2 | 2025 | 2024 | Change % |
France | 1,261 | 1,035 | +22% |
United States | 1,193 | 1,125 | +6% |
Rest of World | 1,296 | 822 | +58% |
Total Q4 Revenue | 3,750 | 2,982 | +26% |
Revenue in France increased by +22% year-on-year, reaching €1.26 million for the quarter, reflecting in particular the phasing-out of the OSD range in favor of the new JSS hybrid posterior fixation system. In the United States, revenue rose by +6%, reaching €1.19 million in Q4 2025 (+15% at constant exchange rates). Revenue generated in the rest of the world, including China, reached €1.30 million in the fourth quarter of 2025, up +58% year-on-year, driven by the deployment of the JSS system and additional deliveries of JAZZ in China totaling €0.26 million during the quarter.
Cash Position
As of December 31, 2025, the Company had cash and cash equivalents of €3.03 million.
Following the successful capital increase announced on November 3, 2025, which raised €4.49 million, and taking into account current cash burn forecasts based on the Company's operating assumptions, the commercial developments anticipated for fiscal years 2026 and 2027, as well as the payment facilities in place with the Sanyou Medical Group, the Company estimates that it is able to cover its operating financing needs for the next twelve months.
Key Highlights in 2025
- Regulatory approval obtained from the CFDA in China for the innovative JAZZ product range;
- Execution of an exclusive distribution agreement with TINAVI Medical Technologies for the TiRobot system dedicated to spine surgery;
- Successful capital increase, announced on November 3, 2025, raising €4.49 million through the issuance of 17,942,989 new shares;
- Signing of a partnership agreement with 8i Robotics Inc. for the clinical evaluation of a surgeon-assisted robotic system for spine surgery;
- First surgical procedures performed in China using the JAZZ system.
Upcoming Financial Event
- Full-year 2025 results, February 24, 2026, after market close
About IMPLANET
IMPLANET is a medical technology company that manufactures high-quality implants for orthopedic surgery and distributes medical technology equipment (SMTP robotic). Its activities focus on an innovative solution to improve the treatment of spinal pathologies (JAZZ), complemented by the product range of thoraco-lumbar screws, cages, and cervical plates, acquired through Orthopaedic Spine Development (OSD) in May 2021. In 2022, the Company entered into a commercial, technological, and financial partnership with Sanyou Medical, China's second-largest medical device manufacturer. As part of this strategic agreement, IMPLANET developed in 2024 the Jazz Spinal System hybrid fixation system, a unique new range featuring a comprehensive pedicle screw solution, combined with the market's most advanced braided implant technology, JAZZ. IMPLANET's orthopedic platform is built on the traceability of its products. Protected by four families of international patents, JAZZ has received 510(k) regulatory clearance from the U.S. Food and Drug Administration (FDA), CE marking in Europe, ANVISA approval in Brazil and CFDA clearance in China. IMPLANET employs 46 people and generated €12.5 million in consolidated revenue in 2025. Based near Bordeaux, France, IMPLANET has operated a U.S. subsidiary in Boston since 2013. IMPLANET is listed on the Euronext Growth market in Paris. For more information, visit www.Implanet.com.
1 Unaudited figures
2 Unaudited figures
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Contacts:
IMPLANET
Ludovic Lastennet, CEO
David Dieumegard, CFO
Tél.: +33 (0)5 57 99 55 55
investors@Implanet.com
NewCap
Investor Relations
Mathilde Bohin
Tél.: +33 (0)1 44 71 94 94
Implanet@newcap.eu
NewCap
Media Relations
Arthur Rouillé
Tél.: +33 (0)1 44 71 94 94
Implanet@newcap.eu
