Page 1

Mauna Kea Technologies PRESS RELEASE MAUNA KEA TECHNOLOGIES REPORTS THIRD QUARTER AND FIRST NINE MONTHS OF 2021 SALES Paris and Boston , October 28 , 2021 - - 5.45 PM CEST Mauna Kea Technologies ( Euronext : MKEA ) inventor of CellvizioⓇ , the multidisciplinary probe and needle - based confocal laser endomicroscopy ( p / nCLE ) platform , today announced third quarter and first nine months of 2021 sales results for the periods ended September 30 , 2021 . First Nine Months of 2021 Sales Summary : • Total sales for the first nine months of 2021 increased € 0.9 million , or 23 % year - over - year , to € 5.1 million Consumables sales increased € 0.4 million , or 23 % year - over - year , to € 2.3 million ○ ○ Systems sales increased € 0.5 million , or 36 % year - over - year , to € 2.0 million Services sales were € 0.8 million , unchanged year - over - year Third Quarter 2021 Sales Summary : • Total sales for the third quarter of 2021 decreased € 0.3 million , or 13 % year - over - year , to € 1.8 million ○ Consumables sales decreased € 0.2 million to € 0.7 million ○ Systems sales decreased € 0.1 million to € 0.8 million ○ Services sales were € 0.3 million , unchanged year - over - year Management Commentary : " Our third quarter sales results reflect softer - than - expected procedure and adoption trends in our primary commercial markets as a result of the surge in COVID - 19 cases associated with the Delta variant , " stated Robert L. Gershon , Chief Executive Officer of Mauna Kea Technologies . “ Our U.S. customers experienced significant COVID - related business disruption in recent months and capital equipment adoption trends have not progressed at the pace that we expected coming into the year . Consumable demand from U.S. customers has been impacted by lower patient throughput and a shift in procedure prioritization to non - elective procedures in response to the increase in new COVID - 19 Delta cases during the quarter . As expected , the pace of recovery in APAC continues to lag the U.S. which impacted demand for consumables and capital equipment from our distribution partner in China . Notably , sales results in EMEA were impressive in light of the continued COVID - related challenges in the region ; we were pleased to deliver five new systems to customers in EMEA during the third quarter , the majority of which were a result of our efforts to expand awareness of the utility of Cellvizio in potential new clinical applications within Gl . Specifically , new system adoption in EMEA during Q3 was driven by customers that valued Cellvizio's demonstrated efficacy in the food allergy and pancreatic cyst markets . " Mr. Gershon continued : " Given the slower - than - anticipated recovery in the global capital equipment market to - date and our revised outlook for customer demand in our primary global markets driven by the unexpected rise in COVID- 19 cases driven by the Delta variant , we have revised our growth expectations for the full year 2021 period . Importantly , while we are not as far along in the COVID - recovery as previously expected , our fourth quarter sales expectations reflect continued improvement on a sequential basis . Specifically , we expect sales to increase in the range of 18 % - 20 % on a quarter - over - quarter basis in the fourth quarter , driven primarily by strong execution of our commercial strategy , measured improvement in consumable demand and modest improvement in the capital equipment environment , as compared to the third quarter . " 1