Theraclion SA · EURONEXT:ALTHE
Theraclion SA — Investor Presentation (July 2025)
37 slides from Theraclion SA's investor presentation, Jul 9, 2025
Slide 1: Investor Presentation: Disrupting the varicose vein market with Sonovein
INVESTOR PRESENTATION Disrupting the varicose vein market with Sonovein® July 2025
Slide 2: Executive summary
Executive summary • A disruptive approach to varicose vein treatment: SONOVEIN® is totally non invasive and robotic driven • Huge market: varicose veins affect 1 in 3 adults, 13 B$ total market • Proven technology: 90% to 100% efficacy*, zero serious adverse event, 3 000+ veins treated, commercial P
Slide 3: Market Overview
Market Overview Theraclion Corporate presentation 3
Slide 4: Varicose Veins: a widespread condition
MARKET OVERVIEW Varicose Veins: a widespread condition What are Varicose Veins? The venous system Varicose veins are swollen, twisted subcutaneous Superficial compartment veins of the lower leg Cosmetic impact Defective of the valves results in reflux of blood Saphenous in the veins compartment Ofte
Slide 5: From invasive to intelligent: Vein care reimagined
A DISRUPTIVE TREATMENT FOR VARICOSE VEINS From invasive to intelligent: Vein care reimagined Stripping Endovenous Sonovein® Invasive ++ Minimally invasive, last market shift Non-invasive, next market shift Laser, Radiofrequency Surgery Glue Surgical vein removal Laser, RF, or glue via catheter Fully
Slide 6: Varicose Veins: a multibillion $ market potential
MARKET OVERVIEW Varicose Veins: a multibillion $ market potential aligned with current market trends $13B 6,5% annual growth in Varicose Veins Current medical costs for Varicose Vein patients driven by Age Obesity Lifestyle treatments worldwide 54% of undiagnosed patients in industrialized 5M+ count
Slide 7: Sonovein value creation for medical devices
MARKET OVERVIEW Sonovein value creation for medical devices in a multibillion $ market potential Surgical stripping Endovenous Peripherals Med. Device Peripherals Med. Device Peripherals Med. Device costs cost costs cost costs cost Minimally Noninvasive invasive market shift Medical device 1-2% mark
Slide 8: A game-changing technology
A game-changing technology Theraclion Corporate presentation 8
Slide 9: A game changing Technology: Robotic, Non-invasive
HOW SONOVEIN® WORKS A game changing Technology: Robotic, Non-invasive High Intensity Focused Ultrasound . (HIFU) Waves Imaging Array HIFU transducer Skin Leg tissue Incompetent vein Ultrasound waves Venous target The energy is delivered via the extra-corporeal treatment probe. The high-energy ultras
Slide 10: A game changing Technology: Robotic, Non-invasive
HOW SONOVEIN® WORKS A game changing Technology: Robotic, Non-invasive Présentation avec multimédia avec un remplissage uni Robotic treatment head with embedded ultra-sound imaging 1 Robotized head Video link 3 Consumable: Cooling and coupling Technology (through Epack ) INTELLECTUAL PROPERTY 6 4 Ult
Slide 11: From tortuous veins to retreatments—Sonovein adapts where others can't
ONE DEVICE. MANY CLINICAL SCENARIOS. From tortuous veins to retreatments—Sonovein® adapts where others can’t. One system. Treat cases that are often untreatable with traditional methods: Full flexibility. • Short segments & CHIVA-style cases – without Sonovein allows you surgery to expand your • Tor
Slide 12: A product ready for scale-up
A product ready for scale-up Theraclion Corporate presentation 13
Slide 13: Now a mature device: Effective and safe
A PRODUCT READY FOR SCALE-UP Now a mature device: Effective and safe Over 3,000 Vein treatments to date • 90% to 100% efficacy* • 0 severe adverse event** • Treatment duration ≤1h Established international presence • Commercial sites in 10+ countries • Presence in EU, Middle East, Asia, US • Top cen
Slide 14: Now a mature device: Effective and safe
A PRODUCT READY FOR SCALE-UP Now a mature device: Effective and safe Selected publications and congress presentations show 90% to 100% efficacy, on 6+ sites across Europe, across hundreds of patients, up to 3-year follow-up, in commercial routine TYPE OF RESULT AUTHOR EFFICACY RESULTS TITLE Referenc
Slide 15: Now a mature device: R&D as a market penetration driver
A PRODUCT READY FOR SCALE-UP Now a mature device: R&D as a market penetration driver 2019 2020-21 2022-23 2023-24 2025-26 AI, ACOUSTICS SONOVEIN SONOVEIN S SONOVEIN S+ SONOVEIN 3D ROBOTICS and HD HD23 (target) MAIN FOCUS: R&D, Product Development Commercial acceleration Increasing market 2h penetrat
Slide 16: R&D as a market penetration driver
A PRODUCT READY FOR SCALE-UP R&D as a market penetration driver: improving the product to enlarge addressable patients & centers Accelerate treatment From: 45 min to 1h time Down to: 30min From: a device for an ultrasound Improve trained medical doctor ease of use Down to: an AI-guided, intuitive de
Slide 17: Why AI is the future of Sonovein
R&D AS A MARKET PENETRATION DRIVER Why AI is the future of sonovein Live imaging + robotics + AI engine => road to automated treatment 1 The SONOVEIN is permanently collecting US imaging and technical data User US images => an integrated AI engine (GPU) could analyse and propose treatment action: fe
Slide 18: Go-to-Market strategy
Go-to-Market strategy Theraclion Corporate presentation 19
Slide 19: Go to market acceleration: Two business models
GO-TO-MARKET STRATEGY Go to market acceleration: Two business models FAVORING RECURRING REVENUES PAY-PER-USE DIRECT SALES Capital equipment Paying per consumables, + all inclusive Consumables + w/ monthly min. quantity Service OUR CONSUMABLE Source: Austin Vein Specialists Single-use EPack : ensures
Slide 20: US market: a main Priority - FDA study follow-up completed
GO-TO-MARKET STRATEGY US market: a main Priority - FDA study follow-up completed 2022 2023 2024 2025 2026 2027 onwards Feasibility study Pivotal Study starts Final Treatments Final Results Expected FDA Clearance, Reimbursement successful (Mid 2024) (Mid 2025) Partnerships Source: Austin Vein Special
Slide 21: EU market: a commercial potential and partnerships developments
GO-TO-MARKET STRATEGY EU market: a commercial potential - and partnerships developments 1,500 35% 600 315k+ Addressable sites Target market share no. treatments per site Sonovein treatments (yearly. avg) COMMERCIAL RAMP-UP PRODUCT REFINEMENT WITH KOL INTERNATIONAL AWARENESS • Tier-1 sites at 100 or
Slide 22: Opportunities in China and Rest of the World
GO-TO-MARKET STRATEGY Opportunities in China and Rest of the World MARKET MARKET • Largest potential varicose vein market in Asia • Inbound demand from some countries, especially Middle East • Underserved market that could move directly to Sonovein’s non- • Business Model: Sonovein acquisition invas
Slide 23: Growth roadmap and key milestones
ROADMAP Growth roadmap and key milestones 2031 2028+ 2026 2027 Global expansion 2025 Ability Worldwide leader 2024 to scale up Ramp-up Established Minimum viable product in Europe USA Pivotal study Pivotal study final FDA Clearance/ US Salesforce Reimbursement treatments completed results Strategic
Slide 24: A foundation for future perspectives
A foundation for future perspectives Theraclion Corporate presentation 25
Slide 25: Sonovein success in Varicose Veins will open the way to other therapies
A FOUNDATION FOR FUTURE PERSPECTIVES Sonovein success in Varicose Veins will open the way to other therapies MORE INDICATIONS Hyperthermia - Possibility BREAST CANCER to heat cancer tissue locally prior to radiotherapy $20B market, strong growth THYROID NODULES Research programs ongoing Huge potenti
Slide 26: Structured for Success
Structured for Success Theraclion Corporate presentation 27
Slide 27: A sharp and engaged management team
STRUCTURED FOR SUCCESS A sharp and engaged management team A dynamic … Supported by a highly skilled and experienced team leadership Christophe Lamboeuf Marie Berne Michel Nuta, MD Jérémie Anquez, PhD Chief Financial Officer Head of Marketing & Customer Chief Medical Officer Chief Scientific Officer
Slide 28: An experienced and supportive board
STRUCTURED FOR SUCCESS An experienced and supportive board An experienced With highly qualified board members chairman Yann Duchesne Lijuan Deng Mehdi El Glaoui, Pharm.D Claude Lenoir Cédric Bellanger Chairman of the board Board Member Board Member Board Member Board Member McKinsey 20y. Private 17+
Slide 29: Theraclion shareholding structure
Corporate THERACLION shareholding structure SHAREHOLDERS FURUI (300049:CH): GENUINE STRATEGIC PARTNERSHIP (as of December 31st, 2024) • Theraclion’s investor since 2016 Furui • China JV created in 2017 Concert Bernard 28.9% Sabrier Management • Replication of Echosens’ Success: 29.9% Opus Chartered
Slide 30: Glossary
GLOSSARY • HIFU: High Intensity Focused Ultrasound is a non-invasive therapeutic technique that uses non-ionizing ultrasonic waves to heat or ablate tissue. • Venous reflux or Chronic Venous Insufficiency (CVI): occurs when veins no longer circulate blood properly. It often affects the leg veins, ca
Slide 31: Disclaimer
DISCLAIMER This presentation does not constitute an offer to sell or a solicitation of a THERACLION share purchase offer. Some information in this document may include projections and forecasts. THERACLION believes that these forward-looking statements are based on reasonable assumptions as at the d
Slide 32: Follow us on LinkedIn for updates
bit.ly/3KYQKJD FOLLOW US ON Thank you! THERACLION LINKEDIN FOR UPDATES 244 av. Pierre Brossolette 92240 Malakoff T: +33 1 55 48 90 70 E: [email protected] Theraclion Corporate presentation 33
Slide 33: Appendix
APPENDIX Theraclion Corporate presentation 34
Slide 34: FY 2024 Financial Results
(@)) THERACLION FY 2024 Financial Results
Slide 35: P&L: Net loss of 5,7 M€ in 2024
FY 2024 Financial Results P&L : Net loss of 5,7 M€ in 2024 In K€ FY 2024 FY 2023 V% Sales 830 1,822 (54%) Other Income 1,332 2,095 Total Operating Revenues 2,162 3,917 (45%) Cost of Sales 1,428 330 333% External operating expenses 3,222 2,602 24% Comp & Ben. 3,357 3,154 6% Other operating expenses 9
Slide 36: Balance sheet 2024 – Improved Working Capital
FY 2024 Financial Results Balance sheet 2024 – Improved Working Capital K€ FY 2024 FY 2023 Var. Non-current assets 3,193 2,542 651 Including intangible assets 1,133 1,225 Including tangible assets 858 106 Of which non-current financial assets 1,202 1,211 Current assets 8,273 16,122 (7,849) Inventory
Slide 37: Cash flows 2024
FY 2024 Financial Results Cash flows 2024 Cash Flows details FY 2024 Increase Decrease Total 12 000 10 000 984 734 8 000 7 815 6 000 2 975 110 (1 141) 4 171 4 000 ( 655) (6 652) 2 000 - • Positive change in Working Capital drives global cash burn down to 3,6M€. • Restated cash burn (Excl. Non recurr