Theraclion Sa · EURONEXT:ALTHE
Theraclion Sa — Investor Presentation (June 2026)
43 slides from Theraclion Sa's investor presentation, June 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 June 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 Symp
Slide 3: Sonovein is the next vein care standard
INVESTMENT THESIS- WHAT IS SONOVEIN? Sonovein® is the next vein care standard Surgery Endovenous Sonovein® Very invasive (1920 to 2000s) Minimally invasive (since 2000s) Non-invasive, next market shift (2020s) • Surgical vein removal - Stripping • Laser, RFA, or glue via catheter • Breakthrough robo
Slide 4: Theraclion can become a medtech giant
INVESTMENT THESIS – WHY INVEST IN THERACLION? Theraclion can become a medtech giant HIFU is revolutionizing medicine. HistoSonics (liver tumors) was acquired in Aug. 2025 for $2.25B. Different indications, same platform revolution: our ambition is to become a European HistoSonics by conquering the w
Slide 5: Key barriers have fallen in the past 12 months
INVESTMENT THESIS – WHY INVEST NOW? Key barriers have fallen in the past 12 months— Theraclion now enters its acceleration phase The main technological, clinical, and regulatory locks have been removed. The next step is commercial acceleration. Technological T Procedure now lasts less than 1 hour (d
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 It is also underpenetrated for lack of adequate technology 6
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 industrialized countries Why it matters Varicose veins are a high-prevalence, chronic condition that generates recurring 10M+ treatment demand.
Slide 8: 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: It is also underpenetrated for lack of adequate technology
PART 1 – THE MARKET It is also underpenetrated for lack of adequate technology 50% of patients fear surgery for a non-lethal condition These patients are not part of the current 5 M annual procedures. They represent a large additional addressable market for a non-invasive alternative like Sonovein.
Slide 10: 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 This breakthrough has been clinically validated 3 Clinical excellence has united an unusually engaged and enthusiastic KOL community
Slide 11: Sonovein represents a fundamental breakthrough in varicose vein care (1/2)
PART 2 – THE TECHNOLOGY Sonovein® represents a fundamental breakthrough in varicose vein care (1/2) The only fully non-invasive device in the world Where surgery and endovenous techniques require sedation and an operating room, Sonovein treats from outside the body — no incision, no scars, no infect
Slide 12: Sonovein represents a fundamental breakthrough in varicose vein care (2/2)
PART 2 – THE TECHNOLOGY Sonovein® represents a fundamental breakthrough in varicose vein care (2/2) HOW SONOVEIN® WORKS MADE IN FRANCE High Intensity Focused Ultrasound (HIFU) A French technological achievement Sonovein® delivers focused ultrasound energy through the skin, targeting the Sonovein® is
Slide 13: 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 centers (US + Austria + Czech Republic) | Great saphenous vein (GSV) — Dr. Steve Eli
Slide 14: 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 Veins treated publications presentations 14 countries commercially Selected publications JOURNAL KEY RESULT Theraclion, 2025 FDA pivotal VE
Slide 15: 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 New Sonovein prototype has demonstrated treatments below 30 min in SpeedPulse clinical trial in Prague Make Sonovein usable by non-specia
Slide 16: Theraclion is now ripe to launch its commercial conquest
Theraclion is now ripe 3 to launch its commercial conquest KEY MESSAGES 1 After years of R&D, Theraclion is now entering its commercial conquest phase 2 Sonovein now a mature device, fast and effective hence ready to be sold 3 Regulatory momentum creates an exceptional window for acceleration 4 A cl
Slide 17: After years of R&D, entering its commercial conquest phase
PART 3 – COMMERCIAL CONQUEST After years of R&D, Theraclion is now entering its commercial conquest phase Indicative trajectory Revenue Phase 0: R&D Phase 1: Commercialisation Phase 2: Scaling 2015–2026 2026–2029 2030+ Thanks to market evangelization Industrialized product, clinical Sales ramp-up ba
Slide 18: Sonovein now a mature device – fast and effective
PART 3 – COMMERCIAL CONQUEST Sonovein now a mature device – fast and effective 2 hours 1.5 hours 97% 1.25 hours 1 hour 45 minutes 20-30 minutes 2019 2020-21 2022-23 2023-24 2025-26 + 2027+ Treatment Duration (min) Efficacy (%) Theraclion – Investor Presentation 18
Slide 19: Regulatory momentum creates an exceptional window for acceleration
PART 3 – COMMERCIAL CONQUEST Regulatory momentum creates an exceptional window for acceleration FDA De Novo filed December 2025. Approval expected Q3/Q4 2026. CPT Cat III Code approved. United States Opens the largest medtech market in the world—the #1 growth catalyst for Theraclion. CE MDR certific
Slide 20: A clear geographic strategy is already in execution
PART 3 – COMMERCIAL CONQUEST A clear geographic strategy is already in execution Europe — commercial anchor United States — growth engine 1,500 addressable sites | CE MDR since Sept. 2025 1,000 addressable sites | FDA clearance expected Q3/Q4 2026 • Commercial traction — already ~10 Tier-1 sites at
Slide 21: Commercial team is scaling to match ambitions
PART 3 – COMMERCIAL CONQUEST Commercial team is scaling to match ambitions 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 #1
Slide 22: New dual pay-per-use model facilitates adoption
PART 3 – COMMERCIAL CONQUEST New dual pay-per-use model facilitates adoption DIRECT SALES — "Nespresso" model PAY-PER-USE — "SaaS" model How it works How it works • Machine sold at competitive price. • No upfront CAPEX • Single-use consumable (EPack ) generates • Monthly subscription with tiered pro
Slide 23: Once well-positioned, Theraclion should generate abundant, predictable cash flows
Once well-positioned, 4 Theraclion should generate abundant, predictable cash flows KEY MESSAGES 1 Pay-per-use model creates structurally increasing margins with volume 2 Theraclion’s favorable market position will be highly defensible thanks to its large moats 3 Though HIFU competitors acknowledge
Slide 24: Pay-per-use model creates structurally increasing margins with volume
PART 4 – BUSINESS MODEL ECONOMICS Pay-per-use 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 margin is p
Slide 25: Favorable market position highly defensible thanks to large moats
PART 4 – BUSINESS MODEL ECONOMICS Theraclion’s favorable market position will be highly defensible thanks to its large moats 134 patents locking down 1 15 years of irreplicable 2 critical IP compounded know-how • 134 granted (170 filed, 23 families). • Acoustics + robotics + real-time imaging cannot
Slide 26: Focus on AI moat: data flywheel
3 PART 4 – 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 permanently collects ultrasound imaging and technical data. An integrated AI engine analyses and proposes trea
Slide 27: HIFU competitors are unlikely to attempt entry
PART 4 – 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 are
Slide 28: Deploying across massive adjacent markets
When Theraclion proves its 5 delivery on varicose veins, it can deploy across massive adjacent markets 28
Slide 29: The HIFU platform is generic—varicose veins are only the first use case
PART 5 – 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 inv
Slide 30: 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 A board combining McKinsey, private equity, healthtech, and pharma expertise 3 Historical cornerstone shareholders provide long
Slide 31: 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 32: The board combines McKinsey, private equity, healthtech, and pharma expertise
STRUCTURED FOR SUCCESS The board combines McKinsey, private equity, healthtech, and pharma expertise Yann Duchesne Lijuan Deng Mehdi El Glaoui, Pharm.D Chairman Board Member Board Member McKinsey 20y. 17+y. in healthtech Ex-CEO Lab. Cassenne, Wyeth Private Equity 13y. Board of Echosens, Furui Founde
Slide 33: Historical cornerstone shareholders provide long-term stability
CORPORATE Historical cornerstone shareholders provide long-term stability SHAREHOLDERS (as of May 31, 2026) Support from historical cornerstone shareholders Concert B. Sabrier & Unigestion 29.9 % Furui : genuine partnership Furui 27.8 % • Theraclion’s supporting investor since 2016 • China JV create
Slide 34: 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 35: 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 36: Appendix
(@). THERACLION Appendix
Slide 37: Moat #1 — Five technological innovations protected by 134 patents
1 PART 4 – BUSINESS MODEL ECONOMICS Moat #1 — Sonovein combines five technological innovations protected by 134 patents Robotized treatment head Treatment process Millimetric accuracy via robotic positioning High-energy ultrasound waves propagate through the skin to the target tissue, generating con
Slide 38: Moat #2 — 15 years of compounded know-how
2 PART 4 – BUSINESS MODEL ECONOMICS Moat #2 — 15 years of compounded know-how create an irreplicable expertise ~ Acoustics + Robotics ◎ Real-time imaging HIFU energy delivery Automated positioning Live ultrasound guidance • Focused ultrasound wave propagation • Sub-millimetric treatment head control
Slide 39: Moat #4 — Clinical and regulatory achievements
4 PART 4 – BUSINESS MODEL ECONOMICS Moat #4 — Clinical and regulatory achievements represent years of irreplicable work ✓ ✓ ✓ ✓ 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 clearance for Sonovein with
Slide 40: 2025 Financial Results
THERACLION 2025 Financial Results 40
Slide 41: 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 42: 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 acount 2,428 3,440 Reserves N-1 -2,317 0 Financial Fixed Assets 1,198 1,202 Profit and loss reserves -5,690 -5,75
Slide 43: 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 43