EDAP TMS SA Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>EDAP TMS SA has submitted its 2023 annual report on Form 20-F, detailing financial data and operational information.</b>

AI Summary

EDAP TMS SA (EDAP) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. EDAP TMS SA filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Vaulx en Velin, France. The filing includes data related to warranty reserves, valuation allowance of deferred tax assets, inventory valuation reserve, and allowance for credit loss for the years 2020-2023. The report was filed on March 28, 2024.

Why It Matters

For investors and stakeholders tracking EDAP TMS SA, this filing contains several important signals. This 20-F filing provides a comprehensive overview of EDAP TMS SA's financial performance and position for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed breakdown of reserves and allowances across multiple fiscal years (2020-2023) allows for trend analysis and evaluation of risk management practices.

Risk Assessment

Risk Level: low — EDAP TMS SA shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new financial data or strategic shifts that would indicate a high-risk profile.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures within the 20-F to understand EDAP TMS SA's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 20-F filing)
• 2024-03-28 — Filing Date (Date the 20-F was submitted to the SEC)

Key Players & Entities

• EDAP TMS SA (company) — Filer of the 20-F report
• 20-F (filing) — Form type filed by EDAP TMS SA
• Vaulx en Velin (location) — City where EDAP TMS SA's offices are located
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-28 (date) — Filing date of the report

FAQ

Industry Context

EDAP TMS SA operates in the electromedical and electrotherapeutic apparatus industry, a sector focused on medical devices utilizing electrical and therapeutic technologies.

Regulatory Implications

As a foreign private issuer, EDAP TMS SA is subject to SEC regulations for its annual filings, including the 20-F form, which provides disclosures to US investors.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze the trends in warranty reserves, deferred tax assets, inventory, and credit loss allowances from 2020-2023.
3. Compare EDAP TMS SA's disclosures with industry peers for competitive benchmarking.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-28: Filing Date — Date EDAP TMS SA submitted its 20-F annual report.

Year-Over-Year Comparison

This filing represents the annual update for the fiscal year 2023, providing the latest financial and operational information compared to previous filings.

Filing Documents

• edap-20231231x20f.htm (20-F) — 3659KB
• edap-20231231xex1d1.htm (EX-1.1) — 142KB
• edap-20231231xex2d3.htm (EX-2.3) — 165KB
• edap-20231231xex12d1.htm (EX-12.1) — 15KB
• edap-20231231xex12d2.htm (EX-12.2) — 15KB
• edap-20231231xex13d1.htm (EX-13.1) — 9KB
• edap-20231231xex15d1.htm (EX-15.1) — 4KB
• edap-20231231xex97d1.htm (EX-97.1) — 32KB
• 0001558370-24-004261.txt (&nbsp;) — 16128KB
• edap-20231231.xsd (EX-101.SCH) — 100KB
• edap-20231231_cal.xml (EX-101.CAL) — 108KB
• edap-20231231_def.xml (EX-101.DEF) — 315KB
• edap-20231231_lab.xml (EX-101.LAB) — 738KB
• edap-20231231_pre.xml (EX-101.PRE) — 607KB
• edap-20231231x20f_htm.xml (XML) — 3481KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 67 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 67 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 69 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 69 Item 15.

Controls and Procedures

Controls and Procedures 69 Item 16A. Audit Committee Financial Expert. 71 Item 16B. Code of Ethics 71 Item 16C. Principal Account Fees and Services 72 Item 16D. Exemptions from the Listing Standards for Audit Committees 72 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 72 Item 16F. Change in Registrant's Certifying Accountant 73 Item 16G. Corporate Governance 73 Item 16H. Mine Safety Disclosure 74 Item 16I. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 74 Item 16J. Insider Trading Policies 74 Item 16K. Cybersecurity 74 PART III Item 17.

Financial Statements

Financial Statements 75 Item 18.

Financial Statements

Financial Statements 75 Item 19. Exhibits 75 3 Table of Contents [THIS PAGE INTENTIONALLY LEFT BLANK] 4 Table of Contents PRESENTATION OF FINANCIAL AND OTHER INFORMATION Unless the context otherwise requires, references herein to "we," "us," "our" or "group" are to EDAP TMS S.A. and its consolidated subsidiaries and references herein to the "Company," "EDAP" or "EDAP TMS" are to EDAP TMS S.A. We prepare our consolidated financial statements in conformity with United States generally accepted accounting principles ("U.S. GAAP"). In this annual report, references to "euro" or "" are to the legal currency of the countries of the European Monetary Union, including the Republic of France, and references to "dollars," "U.S. dollars" or "

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information

Risk Factors

Risk Factors In addition to the other information contained in this annual report, the following risk factors should be carefully considered in evaluating us and our business. These statements are intended to highlight the material risk factors that may cause actual financial, business, research or operating results to differ materially from expectations disclosed in this annual report. See also factors disclosed under "Cautionary statement on forward-looking information." Summary of Key Risks Our business and our industry are subject to numerous risks described in the following risk factors and elsewhere in this annual report, Investors should carefully consider these risks before making a decision to invest in our securities. The main risk factors relating to the Company and its business operations are grouped into the seven categories listed below. The most important risk factors have been identified and assessed considering the likelihood of occurrence and the possible negative effect on the Company, in each case also taking into account corrective actions and risk management measures that have been put in place. The occurrence of new events, whether internal or external to the Company, is therefore likely to modify this ranking in the future. Risks Relating to our Business, Financial Position and Capital Needs The worldwide inflationary environment could have a material adverse effect on our business, results of operations and financial condition. Our future revenue and income growth depends, among other things, on implementing our business strategy, which largely depends on the success of our HIFU technology, and our capacity to scale our operations to manage and sustain our future growth. Our cash flow is highly dependent on cyclical demand for our products. Our results of operations have fluctuated significantly from quarter to quarter in the past and may continue to do so in the future, as we experience long and variable product sales cycles whic

View Full Filing

View this 20-F filing on SEC EDGAR