Theraclion Sa · EURONEXT:ALTHE
Theraclion Sa — Investor Presentation (September 2026)
44 slides from Theraclion Sa's investor presentation, September 2026
Slide 1: Investor Presentation
T H E R A C L I O N Investor Presentation The European HIFU platform disrupting the varicose vein market with Sonovein® — poised for global scale September 2026 | Euronext Growth – ALTHE
Slide 2: Varicose veins are a widespread and serious condition
INVESTMENT THESIS - WHAT ARE VARICOSE VEINS? Varicose veins are a widespread and serious condition What are varicose veins? Swollen, twisted subcutaneous veins of the lower The Venous System leg caused by valve dysfunction leading to blood reflux. Superficial compartment Cosmetic impact Concrete Sym
Slide 3: Standard of care shifts away from invasiveness
INVESTMENT THESIS – WHY INVEST IN THERACLION? Standard of care shifts away from invasiveness SURGERY NON-SURGICAL Stripping Endovenous Massively invasive · 1920s–2000s Invasive · since 2000s Non-invasive — the third wave (2020s) → → © 2026 Grand Junction Vein Center • The pattern repeats: each gener
Slide 4: Theraclion can become a medtech success story
INVESTMENT THESIS – WHY INVEST IN THERACLION? Theraclion can become a medtech success story HIFU is revolutionising medicine. HistoSonics (liver tumours) was acquired in Aug. 2025 (last valuation $3.75B). Different indications, same platform revolution: our ambition is to become a European HistoSoni
Slide 5: Why now: the locks broke — takeoff has begun
INVESTMENT THESIS – WHY INVEST IN THERACLION? Why now: the locks broke — takeoff has begun 2015 – 2024 2023 – 2025 2025 – 2026 H2 2026 → ✓ ✓ ✓ NOW Technology Clinical proof Regulatory Commercial takeoff UNLOCKED UNLOCKED UNLOCKED UNDERWAY Procedure cut from 2h to 45 min FDA pivotal VEINRESET: 96.8%
Slide 6: Today, Theraclion addresses the varicose vein market — which is massive
Today, Theraclion addresses 1 the varicose vein market — which is massive KEY MESSAGES 1 The varicose vein treatment market is already massive 2 Yet, it grows 6.5% annually, with potential for acceleration thanks to untapped geographies 3 Today's treatments somehow fail every stakeholder – there is
Slide 7: Varicose vein treatment market is already massive
PART 1 – THE MARKET Varicose vein treatment market is already massive 31% of adults aged 18–64 are affected—one of the most widespread chronic conditions in industrialised countries Why it matters Varicose veins are a high-prevalence, 10M+ chronic condition that generates recurring procedures per ye
Slide 8: Yet it grows 6.5% with potential for acceleration thanks to untapped geographies
PART 1 – THE MARKET Yet, it grows 6.5% with potential for acceleration thanks to untapped geographies 1 Organic growth driven by three structural trends Aging populations Rising obesity Sedentary lifestyles Growing elderly cohorts worldwide Obesity is a major risk factor— Prolonged sitting and stand
Slide 9: Today's treatments somehow fail every stakeholder
PART 1 – THE MARKET Today's treatments somehow fail every stakeholder Patients refuse the operating room for a non-lethal condition Pain, sick leave, surgical risks (infections, nosocomial diseases) and 2-3 weeks of compression stockings — ruling out summer treatment. 50% of patients simply forgo ca
Slide 10: This market shifted before — violently, and fast
PART 1 – THE MARKET This market shifted before — violently, and fast When endovenous methods replaced stripping Share of endovenous procedures KEY MESSAGES ~75% Being a pioneer pays off - literally Every endovenous pioneer was acquired: VNUS, Sapheon, 1 Venclose, BTG were all absorbed by Medtronic,
Slide 11: Theraclion has developed a disruptive technology to revolutionize this market
Theraclion has developed a 2 disruptive technology to revolutionize this market KEY MESSAGES 1 Sonovein® represents a fundamental breakthrough in varicose vein care 2 Sonovein is the next shift, unblocking every stakeholder 3 This breakthrough has been clinically validated 4 Clinical excellence has
Slide 12: Sonovein represents a fundamental breakthrough in varicose vein care
PART 2 – THE TECHNOLOGY Sonovein® represents a fundamental breakthrough in varicose vein care HOW SONOVEIN® WORKS WHY IT BEATS SURGERY High Intensity Focused Ultrasound (HIFU) The only fully non-invasive Focused ultrasound energy delivered through the skin ablates device in the world the diseased ve
Slide 13: Sonovein is the next shift, unblocking every stakeholder
PART 2 – THE TECHNOLOGY Sonovein is the next shift, unblocking every stakeholder PATIENTS PHYSICIANS CARE CENTRES Walk in, walk out — under one hour Robotic precision, real-time imaging No OR, no extra staff, no recovery room No incision, no scars, no sedation No manual-gesture risk Frees scarce sur
Slide 14: This breakthrough has been clinically validated
PART 2 – THE TECHNOLOGY This breakthrough has been clinically validated VEINRESET – FDA Pivotal Study (2023–2025) "Sonovein is equivalent to traditional treatments, with additional patient benefits." 70 patients | 4 centres (USA + Austria + Czech Republic) | Great saphenous vein (GSV) — Dr. Steve El
Slide 15: Clinical excellence has united an engaged KOL community
PART 2 – THE TECHNOLOGY Clinical excellence has united an unusually engaged and enthusiastic KOL community 13 75+ 20 4,000+ Peer-reviewed Conference KOLs across treatments performed publications presentations 14 countries Selected publications JOURNAL KEY RESULT Theraclion, 2025 FDA pivotal VEINRESE
Slide 16: The product roadmap will further broaden the addressable market
PART 2 – THE TECHNOLOGY The product roadmap will further broaden the addressable market Halve treatment time From 45 min–1h today to 20-30 min within 18–24 months A new Sonovein prototype has demonstrated treatments below 30 min in SpeedPulse clinical trial in Prague. Make Sonovein usable by non-spe
Slide 17: Theraclion is now ripe to launch its commercial conquest
Theraclion is now ripe 3 to launch its commercial conquest KEY MESSAGES 1 Theraclion enters commercialisation 2 Theraclion leverages a dual business model built for adoption 3 Its commercial model is shifting from inbound gathering to outbound hunting 4 A clear focus for Theraclion: prioritising gro
Slide 18: Theraclion enters commercialisation
PART 3 – THE COMMERCIAL CONQUEST Indicative trajectory Theraclion enters commercialisation Revenue R&D — complete Phase 1: Commercialisation Phase 2: Scaling 2015–2026 2026–2029 2030+ Thanks to market evangelisation and 10 years, fully behind us Sales ramp-up based on commercial reimbursement milest
Slide 19: A dual business model built for adoption
PART 3 – THE COMMERCIAL CONQUEST A dual business model built for adoption "PPU" TIER-BASED SUBSCRIPTION — "ChatGPT" model DIRECT SALES — "Nespresso" model How it works How it works • No upfront CAPEX • Machine sold at a competitive price • Monthly subscription with tiered procedure volumes • Single-
Slide 20: From inbound gathering to outbound hunting
PART 3 – THE COMMERCIAL CONQUEST From inbound gathering to outbound hunting UNTIL NOW TARGET ~2% ~25% Inbound "gathering" model of FTEs dedicated to sales Outbound "hunting" model of FTEs dedicated to sales TODAY TARGET Priority Commercial was not the priority (massive R&D focus) Commercial is the #
Slide 21: Prioritising growth in Europe and the U.S.
PART 3 – THE COMMERCIAL CONQUEST A clear focus for Theraclion: prioritising growth in Europe and the U.S. China and RoW addressed through partners Europe — commercial anchor PRIORITY USA — growth engine PRIORITY 1,500 addressable sites | CE MDR since Sept. 2025 1,000 addressable sites | FDA clearanc
Slide 22: The European ramp-up has started
PART 3 – THE COMMERCIAL CONQUEST The European ramp-up has started Driven by PPU in Europe – trajectory: installed base doubling every 18 months Installed base Signed seven new contracts - mostly PPU - with four devices installed by the end of H1 2026. Growth has accelerated doubling every semester s
Slide 23: United States: a staged, capital-efficient market entry
PART 3 – THE COMMERCIAL CONQUEST PRELIMINARY PLAN United States: a staged, capital-efficient market entry Two phases, one hard gate: prove the model, then scale. STAGE 1 — PRE-LAUNCH, STRUCTURE & POC GATE STAGE 2 — FULL LAUNCH & GROWTH 2026 – 2027 as traction confirms POC demonstrated with commercia
Slide 24: Poised for market leadership, Theraclion should generate abundant, predictable cash flows
Poised for market leadership, 4 Theraclion should generate abundant, predictable cash flows KEY MESSAGES 1 Recurring revenue model creates structurally increasing margins with volume 2 Theraclion’s favourable market position will be highly defensible thanks to its large moats 3 Focus on AI moat: eve
Slide 25: Recurring revenue model creates structurally increasing margins with volume
PART 4 – THE BUSINESS MODEL ECONOMICS Recurring revenue model creates structurally increasing margins with volume Gross margin grows structurally with the installed base Once a machine is deployed in PPU, each additional procedure generates revenue at very low marginal cost. Gross 90% gross margin m
Slide 26: Highly defensible thanks to its large moats
PART 4 – THE BUSINESS MODEL ECONOMICS Theraclion’s favourable market position will be highly defensible thanks to its large moats 134 patents locking down 1 15 years of compounded know-how that 2 critical IP is difficult to replicate • 134 granted (170 filed, 23 families). • Acoustics + robotics + r
Slide 27: Focus on AI moat: every treatment strengthens the data flywheel
3 PART 4 – THE BUSINESS MODEL ECONOMICS Focus on AI moat: every treatment strengthens the AI data flywheel — a compounding moat Live imaging + robotics + AI = road to automated treatment Sonovein continuously collects ultrasound imaging and technical data. An integrated AI engine analyses and propos
Slide 28: HIFU competitors are unlikely to attempt entry
PART 4 – THE BUSINESS MODEL ECONOMICS Though HIFU competitors acknowledge veins are an excellent market, they are unlikely to attempt entry HIFU competitors acknowledge the varicose ...yet they are very unlikely to attempt entry veins market is an opportunity “ Sonovein had a brilliant idea to Veins
Slide 29: Deploying across massive adjacent markets
When Theraclion proves its 5 delivery on varicose veins, it can deploy across massive adjacent markets 29
Slide 30: The HIFU platform is generic—varicose veins are only the first use case
PART 5 – THE PLATFORM PLAY The HIFU platform is generic—varicose veins are only the first use case Sonovein is not a single-indication product but a non-invasive soft-tissue therapy platform. Robotic HIFU guided by real-time imaging can target and treat any tissue accessible to ultrasound. Each euro
Slide 31: Structured for Success
Structured for Success An experienced team, committed shareholders, clear roadmap KEY MESSAGES 1 Decades of medtech, regulatory, and R&D experience in the management team 2 The board brings deep medtech experience, including US market entry and exit success stories 3 Historical cornerstone sharehold
Slide 32: The management team brings decades of medtech, regulatory, and R&D experience
STRUCTURED FOR SUCCESS The management team brings decades of medtech, regulatory, and R&D experience Martin Deterre, PhD Julie Veisseire Michel Nuta, MD Jérémie Anquez, PhD CEO CFO CMO CSO 15+y. exp, Livanova, Pixium 15+y. exp, ESCP, PwC, Dassault 30+y. exp, ex-VNUS 15+y. exp, Telecom ParisTech M.I.
Slide 33: The board brings deep Medtech experience
STRUCTURED FOR SUCCESS The board brings deep Medtech experience, including US market entry and exit success stories Vincent Gardès Lijuan Deng Mehdi El Glaoui Chairman of the Board Board Member Board Member MedTech entrepreneur, international expansion 17+y. in healthtech Ex-CEO Lab. Cassenne, Wyeth
Slide 34: Historical cornerstone shareholders provide long-term stability
STRUCTURED FOR SUCCESS Historical cornerstone shareholders provide long-term stability Support from historical cornerstone shareholders SHAREHOLDERS (as of May 31, 2026) Concert B. Sabrier & Unigestion 29.8% Furui: genuine partnership • Theraclion’s supporting investor since 2016. Furui 27.7% • Chin
Slide 35: Disclaimer
DISCLAIMER This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, THERACLION shares. 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
Slide 36: Appendix
(@). THERACLION Appendix
Slide 37: Glossary
GLOSSARY • HIFU: High Intensity Focused Ultrasound is a non-invasive therapeutic technique that uses non-ionising 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 38: Moat #1 — Five technological innovations protected by 134 patents
1 PART 4 – THE BUSINESS MODEL ECONOMICS Moat #1 — Sonovein combines five technological innovations protected by 134 patents Robotised treatment head Treatment process Millimetric accuracy via robotic positioning High-energy ultrasound waves propagate through the skin to the target tissue, generating
Slide 39: Moat #2 — Years of compounded know-how
2 PART 4 – THE BUSINESS MODEL ECONOMICS Moat #2 — 15 years of compounded know-how create an expertise that is difficult to replicate ~ Acoustics + Robotics ◎ Real-time imaging HIFU energy delivery Automated positioning Live ultrasound guidance • Focused ultrasound wave propagation • Sub-millimetric
Slide 40: Moat #4 — Clinical and regulatory achievements
4 PART 4 – THE BUSINESS MODEL ECONOMICS Moat #4 — Clinical and regulatory achievements represent years of work that is difficult to replicate ✓ ✓ ✓ ✓ 2019 2023–25 2025 2026 CE Mark FDA Pivotal Study CE MDR FDA De Novo First European approval Successful pivotal trial New EU regulation US market clear
Slide 41: 2025 Financial Results
THERACLION 2025 Financial Results 41
Slide 42: Profit & Loss statement 2025
2025 Financial results Profit & Loss statement 2025 In K€ 31/12/2025 31/12/2024 Change % Change Revenue 1,186 830 356 43% Equipment sales 342 149 193 129% PPU and consumables sales 626 484 142 29% Service sales 218 198 20 10% Grants 0 141 (141) (100%) Other income 1,133 1,191 (58) (5%) Total operati
Slide 43: Balance Sheet 2025
2025 Financial results Balance Sheet 2025 K€ 31/12/25 31/12/24 K€ 31/12/25 31/12/24 Intangible assets 1,132 1,133 Ordinary share capital 2,991 2,317 Tangible assets 878 858 Share premium account 2,428 3,440 Reserves N-1 -2,317 0 Financial Fixed Assets 1,198 1,202 Profit and loss reserves -5,690 -5,7
Slide 44: Thank you
THERACLION Thank you THERACLION SA 240-244 av. Pierre Brossolette 92240 Malakoff, France T: +33 1 55 48 90 70 E: contact@theraclion.com Euronext Growth – ALTHE 44