Dear Shareholders and Investors,

 

The year 2012 has been a new step in DMS’ renewal, which has been underway for three years. After devoting two years, 2010 and 2011,to the Group’s restructuring and industrial reorganization, 2012 is perfectly consistent with the objectives the company has fixed. This year has seen the redeployment of the company’s sales, , generated in large part from its two flagship products: the Platinum x-ray table and the Stratos DR bone densitometer

In just three years, annual turnover has grown from €15.7 million (in 2009) to more than €24 million expected in 2012, marking an activity increase of more than 50 %.

Over this same time period, we have worked considerably on optimizing support costs and giving DMS the monitoring and management tools that will enable the Group to restore lasting profitability. We have brought the net loss from € 6.0 million in 2009 down to €0.6 million , at the close of the first half of 2012, despite being partially impacted by the mistakes of the past, even if this phenomenon is gradually disappearing.

 

Finally, we considerably reinforced the Group’s financial structure through a successful capital increase in the amount of €5.5 million., This was indispensable to avoid the “credit crunch” currently affecting many small and midsized businesses.

 

This capital increase has enabled us to finance the significant growth of the company and reassure all of our partners, including the banks, in addition to the satisfying commercial situation and the obvious improvement in the current operating figures.

 

Once more, I would like to thank you for the confidence you have shown during this operation. Today, our financial structure is healthy, with €2.7 million net cash as of June 30th 2012 and we have at our disposal the financial resources that allow us to serenely look ahead and pursue our development.

 

Despite uncertainties related to the worldwide economic crisis, we are fairly optimistic for the future. A recent global study on medical imaging estimates that average annual growth should be around 7 % for the next 20 years. This gives an idea of our growth potential, while the next 2 years seem to offer varying economic outlooks, depending on the geographical region.

 

We continue to work towards our objectives, in particular on lowing industrial costs of our devices, with a plan designed for 2013 and 2014 to order lower our break-event point enough to ensure DMS’ operational profitability, even in case of crisis intensification or higher competitive pressure.

 

From a commercial standpoint, we have started the certification process for our devices in China and the United States. These areas could provide important additional growth vectors for DMS in the medium term, and we are working on a new product that could be launched toward the end 2013.

 

Thank you for your confidence

 

Jean-Paul Ansel

Chief Executive Officer

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