EDAP TMS (EDAP) 20-F 28 Mar 24 2023 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	000-29374
Entity Registrant Name	EDAP TMS SA
Entity Incorporation, State or Country Code	I0
Entity Address, Address Line One	Parc d’Activites la Poudrette-Lamartine
Entity Address, Address Line Two	4/6, rue du Dauphiné
Entity Address, Postal Zip Code	69120
Entity Address, City or Town	Vaulx-en-Velin
Entity Address, Country	FR
Title of 12(b) Security	American Depositary Shares
Entity Central Index Key	0001041934
Trading Symbol	EDAP
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding (in shares)	37,103,779
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG S.A.
Auditor Firm ID	1253
Auditor Location	Lyon, France
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Parc d’Activites la Poudrette-Lamartine
Entity Address, Address Line Two	4/6, rue du Dauphiné
Entity Address, Postal Zip Code	69120
Entity Address, City or Town	Vaulx-en-Velin
Entity Address, Country	FR
Contact Personnel Name	Blandine Confort
City Area Code	33
Local Phone Number	4 72 15 31 50
Contact Personnel Email Address	bconfort@edap-tms.com

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	€ 43,471	€ 63,136
Current portion of net trade accounts and notes receivable	17,858	13,421
Other receivables	1,380	1,522
Inventories	15,112	11,780
Other assets, current portion	659	660
Total current assets	78,480	90,518
Non-current assets
Property and equipment, net	6,471	4,200
Operating lease right-of-use assets	1,722	1,784
Intangible assets, net	1,084	725
Goodwill	2,412	2,412
Deposits and other non-current assets	651	656
Deferred tax assets	729	829
Total assets	91,548	101,123
Current liabilities
Trade accounts and notes payable	11,297	6,647
Deferred revenues, current portion	4,049	4,050
Social security and other payroll withholdings taxes	1,695	1,550
Employee absences compensation	860	798
Income taxes payable	77	219
Other accrued liabilities	4,506	3,873
Short-term borrowings	2,466	1,846
Current obligations under finance leases	195	224
Current portion of operating lease obligations	898	901
Current portion of long-term debt	1,553	1,601
Total current liabilities	27,596	21,708
Non-current liabilities
Deferred revenues, non-current	643	264
Obligations under finance leases	433	324
Operating lease obligations, non-current	882	899
Long-term debt, non-current	1,997	3,587
Other long-term liabilities	3,075	2,710
Total liabilities	34,626	29,492
Shareholders' equity
Common stock, €0.13 par value; 37,373,312 shares issued and 37,103,779 shares outstanding at December 31, 2023 €0.13 par value 37,197,731 shares issued and 36,910,925 shares outstanding at December 31, 2022	4,851	4,776
Additional paid-in capital	120,908	113,952
Retained earnings	(63,549)	(42,372)
Cumulative other comprehensive loss	(4,487)	(3,829)
Treasury stock, at cost 269,533 shares at December 31, 2023 and 286,806 shares at December 31, 2022	(800)	(897)
Total shareholders' equity	56,922	71,632
Total liabilities and shareholders' equity	€ 91,548	€ 101,123

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - € / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value	€ 0.13	€ 0.13
Common stock, shares issued	37,373,312	37,197,731
Commons stock, shares outstanding	37,103,779	36,910,925
Treasury stock	269,533	286,806

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	€ 60,423,000	€ 55,108,000	€ 44,065,000
Total cost of sales	(36,012,000)	(30,916,000)	(25,643,000)
Gross profit	24,411,000	24,193,000	18,422,000
Research and development expenses	(6,963,000)	(4,920,000)	(3,402,000)
Selling and marketing expenses	(22,626,000)	(16,379,000)	(10,732,000)
General and administrative expenses	(14,634,000)	(7,152,000)	(5,900,000)
Income (loss) from operations	(19,813,000)	(4,257,000)	(1,612,000)
Financial (expense) income, net	1,079,000	236,000	145,000
Foreign currency exchange gain (loss), net	(1,799,000)	1,925,000	2,360,000
Income (loss) before taxes	(20,533,000)	(2,096,000)	893,000
Income tax (expense) benefit	(644,000)	(837,000)	(193,000)
Net income (loss)	€ (21,177,772)	€ (2,933,058)	€ 699,890
Basic income (loss) per share (in EUR per share)	€ (0.57)	€ (0.09)	€ 0.02
Diluted income (loss) per share (in EUR per share)	€ (0.57)	€ (0.09)	€ 0.02
Basic Weighted average shares outstanding (in shares)	36,996,722	34,392,598	32,129,047
Diluted Weighted average shares outstanding (in shares)	36,996,722	34,392,598	32,422,871
Product
Revenues	€ 60,423,000	€ 55,108,000	€ 44,060,000
Goods
Revenues	42,333,000	38,462,000	29,040,000
Total cost of sales	(23,302,000)	(20,528,000)	(16,181,000)
RPP's and leases
Revenues	6,176,000	5,617,000	4,968,000
Total cost of sales	(4,541,000)	(3,387,000)	(3,108,000)
Spare parts and services
Revenues	11,914,000	11,030,000	10,052,000
Total cost of sales	€ (8,169,000)	€ (7,000,000)	(6,354,000)
Other revenues
Revenues			€ 6,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	€ (21,177,772)	€ (2,933,058)	€ 699,890
Foreign currency translation adjustments	(478,000)	(596,000)	(554,000)
Provision for retirement indemnities	(141,000)	282,000	77,000
Deferred tax for retirement indemnities	(39,000)	73,000	(48,000)
Comprehensive income (loss), net of tax	€ (21,836,000)	€ (3,173,000)	€ 175,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - EUR (€)	Common stock	Additional paid-in capital.	Retained Earnings / (Loss)	Other comprehensive income (loss)	Treasury stock	Total
Balance at Dec. 31, 2020	€ 3,830,000	€ 66,548,000	€ (40,139,000)	€ (3,064,000)	€ (928,000)	€ 26,248,000
Balance (in shares) at Dec. 31, 2020	29,165,316
Net (loss) / income			700,000			699,890
Translation adjustment				(554,000)		(554,000)
Stock-based compensation		1,900,000				1,900,000
Capital increase	€ 559,000	21,173,000				21,732,000
Capital increase (in shares)	4,300,820
Provision for retirement indemnities				77,000		77,000
Deferred tax for retirement indemnities				(48,000)		(48,000)
Balance (in shares) at Dec. 31, 2021	33,466,136
Balance at Dec. 31, 2021	€ 4,389,000	89,621,000	(39,439,000)	(3,589,000)	(928,000)	50,054,000
Net (loss) / income			(2,933,000)			(2,933,058)
Translation adjustment				(596,000)		(596,000)
Stock-based compensation		2,103,000				2,103,000
Capital increase	€ 388,000	22,228,000				22,616,000
Capital increase (in shares)	3,444,789
Treasury stock disposition					31,000	31,000
Provision for retirement indemnities				282,000		282,000
Deferred tax for retirement indemnities				73,000		73,000
Balance (in shares) at Dec. 31, 2022	36,910,925
Balance at Dec. 31, 2022	€ 4,776,000	113,952,000	(42,372,000)	(3,829,000)	(897,000)	71,632,000
Net (loss) / income			(21,178,000)			(21,177,772)
Translation adjustment				(478,000)		(478,000)
Stock-based compensation		6,865,000				6,865,000
Capital increase	€ 74,000	90,000				164,000
Capital increase (in shares)	192,854
Treasury stock disposition					97,000	97,000
Provision for retirement indemnities				(141,000)		(141,000)
Deferred tax for retirement indemnities				(39,000)		(39,000)
Balance (in shares) at Dec. 31, 2023	37,103,779
Balance at Dec. 31, 2023	€ 4,851,000	€ 120,908,000	€ (63,549,000)	€ (4,487,000)	€ (800,000)	€ 56,922,000

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
Issuance costs	€ 1,954	€ 1,961

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)		€ (21,177,772)	€ (2,933,058)	€ 699,890
Adjustments to reconcile net income (loss) to net cash generated by (used in) operating activities:
Depreciation and amortization		1,913,000	1,605,000	1,920,000
Share based compensation		6,865,000	2,103,000	1,900,000
US Paycheck Protection Program loan Forgiveness				(187,000)
Change in allowances for doubtful accounts & slow-moving inventories		422,000	124,000	363,000
Change in long-term provisions		159,000	79,000	(350,000)
Net capital loss on disposals of assets		1,000	266,000	142,000
Deferred tax expense (benefit)		42,000	48,000	(563,000)
Operating cash flow before changes in working capital		(11,775,000)	1,292,000	3,925,000
Increase/Decrease in operating assets and liabilities:
Decrease (Increase) in trade accounts and notes and other receivables		(4,910,000)	(1,974,000)	(103,000)
Decrease (Increase) in inventories		(4,212,000)	(4,482,000)	166,000
Decrease (Increase) in other assets		(12,000)	(82,000)	(210,000)
(Decrease) Increase in trade accounts and notes payable		5,281,000	1,143,000	(38,000)
(Decrease) Increase in accrued expenses, other current liabilities		950,000	1,079,000	706,000
Net change in operating assets and liabilities		(2,903,000)	(4,316,000)	520,000
Net cash generated by (used in) operating activities		(14,678,000)	(3,024,000)	4,445,000
Cash flows from investing activities:
Additions to capitalized assets produced by the Company		(2,583,000)	(1,570,000)	(1,161,000)
Acquisitions of property and equipment		(1,179,000)	(613,000)	(393,000)
Acquisitions of intangible assets		(534,000)	(137,000)	(92,000)
Decrease (Increase) of other financial assets		1,000		13,000
Increase in deposits and guarantees		(50,000)	(58,000)	(6,000)
Net cash generated by (used in) investing activities		(4,344,000)	(2,378,000)	(1,638,000)
Cash flow from financing activities:
Proceeds from capital increase	[1]		21,960,000	21,289,000
Proceeds from stock-option exercise		261,000	688,000	442,000
Proceeds from long term borrowings, net of financing costs			286,000	1,058,000
Repayment of long term borrowings		(1,586,000)	(803,000)	(1,401,000)
Repayment of obligations under financing leases		(242,000)	(350,000)	(406,000)
Increase (decrease) in bank overdrafts and short-term borrowings		656,000	(38,000)	(717,000)
Net cash generated by (used in) financing activities		(911,000)	21,741,000	20,266,000
Net effect of exchange rate changes on cash and cash equivalents		268,000	(388,000)	(585,000)
Net increase (decrease) in cash and cash equivalents		(19,665,000)	15,952,000	22,488,000
Cash and cash equivalents at beginning of year		63,136,000	47,183,000	24,696,000
Cash and cash equivalents at end of year		€ 43,471,000	€ 63,136,000	€ 47,183,000
[1] The net proceeds from capital increase of €21,960 thousand relate to the Company’s successful common stock offering in September 2022 and of €21,289 thousand relate to the Company’s successful common stock offering in April 2021 – refer to Note 17-1.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOW (Parenthetical) - EUR (€) € in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2022	Apr. 30, 2021	Dec. 31, 2022		Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Proceeds from capital increase	€ 21,960	€ 21,289	€ 21,960	[1]	€ 21,289	[1]
[1] The net proceeds from capital increase of €21,960 thousand relate to the Company’s successful common stock offering in September 2022 and of €21,289 thousand relate to the Company’s successful common stock offering in April 2021 – refer to Note 17-1.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1-1 Nature of operations EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, manufacturing, promotion and distribution of advanced minimally-invasive ultrasound technologies for both diagnosis and treatment of urological diseases. We have introduced the Focal One® Robotic HIFU (high-intensity focused ultrasound) system around the world including Europe, U.S., Latin America, and parts of Asia. With the addition of the ExactVu™ Micro-Ultrasound system, we offer customers a complete solution from diagnosis to treatment of prostate disease. The Company also produces and distributes systems for the treatment of urinary tract stones. These technologies include the Sonolith® i-move lithotripter system based on Extracorporeal ShockWave Lithotripsy (ESWL) technology and advanced surgical laser systems. We also derive revenues from the distribution of urodynamics products and urology lasers. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy, the United States and Asia. The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operations. 1-2 Basis of preparation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). 1-3 Management estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market, duration and interest rate of operating leases, price of maintenance contracts used to determine the amount of revenue to be deferred and life duration of our range of products. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 1-4 Consolidation The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries after elimination of intercompany balances and transactions. We do not have any significant interests in any variable interest entities. 1-5 Revenue recognition The Company’s revenue consists of: - Sales of goods (devices and consumables), where invoicing generally takes place upon delivery. Consumables revenues included in sales contracts are deferred until delivery. - Revenue-per-Procedures (“RPP”) and leases: they comprise (i) revenues on a per treatment basis which are invoiced after each treatment, or in advance, or on a periodic basis, (ii) leases of devices, which are generally invoiced on a monthly or quarterly basis, and (iii) lease components arising from multiple-element arrangements, where specific sales terms are negotiated in accordance with each customer’s individual requirements and which are generally invoiced based on contract terms, - Sales of spare parts and services (maintenance, upgrades, mobility and others). Spare parts are invoiced when delivered. Regarding services, invoicing is performed either on a subscription basis (in advance or at the end of the period) or when performed. Sales of our medical devices and sales of disposables, sales of RPPs and leases, and sales of spare parts and services, are all net of commissions. The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due between one to three months from date of invoice. The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and its customer, the rights of the goods or services and their payment terms can be identified, the contract has commercial substance, collectability of the contract consideration is probable, it is approved and the parties are committed to their obligations. Our sale arrangements may contain multiple elements, including device(s), consumables and services. For these multiple-element arrangements, the Company accounts for individual goods and services as separate performance obligations: (i) if a customer can benefit from the good or service on its own or with other resources that are readily available to the customer, and (ii) if they are a distinct good or service that is separately identifiable from other items in the multiple-element arrangement. The Company’s sale arrangements may include a combination of the following performance obligations: device(s), consumables, leases and services (such as, but not limited to, warranty extension). For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the goods or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the goods and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and updates these estimates as necessary. The Company recognizes revenue when the performance obligations are satisfied by transferring control over the goods or service to a customer. The Company’s revenue consists of the following: Sales of goods: Sales of goods are and have historically been comprised of sales net of commission of medical devices (ESWL lithotripters and HIFU devices) and net sales of disposables (mostly Focalpaks in the HIFU division and electrodes in the ESWL division). Sales of goods also includes products such as micro-ultrasound devices, urology lasers and urodynamics devices distributed through our agents and third-party distributors. For devices and disposables, revenue is recognized when the Company transfers control to the customer (i.e. when the customer has the ability to direct the use of, and obtain substantially all of the remaining benefit from, the device or disposables), which is generally at the point of delivery, depending on the terms of the arrangement (i.e. when the customer can use the goods to provide services or sell or exchange the good), and based on contractual incoterms. Installation-related costs are immaterial in the context of the contract with the customer and do not constitute a distinct performance obligation. The Company’s sales arrangements do not provide a right of return. The goods are generally covered by a period of one Sales of RPPs and leases: Sales of RPP and leases include the revenues from the sale of treatment procedures and from the leasing of machines. For RPP, we provide machines to clinics and hospitals for free for a limited period, rather than selling the devices. These hospitals and clinics perform treatments using the devices and usually pay us based on the number of individual treatments provided. Revenues from leasing of machine are considered as immaterial. Revenues related to the sale of treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. Regarding multiple-element arrangements with a lease component, a portion of the contract is allocated to the lease component on the basis of observable market prices applied by the Company for similar devices under operating leases. The lease component is recognized on a straight line basis over the contractual period. Other immaterial components under the contract are recognized in accordance with their nature. Sales of spare parts and services: Revenues related to spare parts are recognized when spare parts are delivered to distributors who perform their own maintenance services. Spare parts used in the performance of EDAP’s own maintenance and repair services are generally not recognized separately, unless a type of spare part is specifically excluded from the maintenance contract terms. Revenues related to Services mainly consist of maintenance contracts which rarely exceed one year and are recognized on a straight line basis over the term of the service period as the customer benefits from the service equally throughout the service contract period. For services rendered when no maintenance contract is in place or for services not included in the scope of a maintenance contract, revenues are recorded when services are performed. The Company recognizes revenue for extended warranties included in the multiple-element arrangements as a separate performance obligation in Sales of services on a straight-line basis over the extended warranty period. In the majority of countries in which the Company operates, the statutory warranty period is one to two years and the extended warranty covers periods beyond this statutory period. Standard warranties do not constitute a separate performance obligation. The Company accrues for the warranty costs at the time of sale of the device through the multiple-element arrangement. Distributors: As part of its sale process in countries other than continental France, when the Company does not have a local subsidiary, sales of goods to end-customers are performed through agents and distributors. Such agents and distributors are primarily responsible for the sales’ process, bear the inventory risk, and are free to determine the sale prices. Sales of goods to agents and distributors are recognized when the control is transferred to the related agent or distributor which generally occurs based on contractual incoterms. Deferred revenue: Deferred revenue for the periods presented primarily relates to service contracts where the service fees are billed up-front, generally quarterly or annually, prior to those services having been performed, and consists primarily of billing or cash receipts in advance of services due under maintenance contracts or extended warranty contracts. The associated deferred revenue is generally recognized ratably over the service period. Disaggregation of revenue: Disaggregation by primary geographical market, and timing of revenue recognition is reported in Note 18. Contract Balances: Details on contract liabilities are reported on Note 11. The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. This relates mainly to maintenance services. 1-6 Costs of sales Costs of sales include all direct product costs, costs related to shipping, handling, duties and importation fees, as well as certain indirect costs such as service and supply chain departments expenses. Indirect costs are allocated by type of sales (goods, RPP and leases, spare parts and services) using an allocation method determined by management by type of costs and segment activities and reviewed on an annual basis. 1-7 Shipping and handling costs Shipping and handling costs are not considered as performance obligations. Shipping and handling costs are recorded as a component of cost of sales. 1-8 Cash equivalents and short term investments Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less. Cash investments with a maturity higher than 90 days are considered as short-term investments. There is no short-term investment at December 31, 2023. 1-9 Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Write-offs for 2023 and 2022 approximated €1 thousand and €640 thousand, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers. 1-10 Inventories Inventories are valued at the lower of cost and net realizable value. Cost is either the manufacturing cost, which is principally comprised of components and labor costs for our own manufactured products, or purchase price for urology products we distribute. Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value. 1-11 Property and equipment Property and equipment is stated at historical cost, net of accumulated depreciation and impairment. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the related assets, as follows: ​ ​ ​ ​ ​ ​ ​ ​ Leasehold improvements (in years) ​ ​ 10 or lease term if shorter ​ ​ Equipment (in years) 3 — 10 Furniture, fixtures, fittings and other (in years) 2 ​ — 10 ​ Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices and treatment probes that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions. This equipment is generally depreciated over a period of five 1-12 Long-lived assets The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty. 1-13 Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired. When impairment indicators are identified, the impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, including goodwill. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products. Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: ​ ​ ​ ​ Patents (in years) 5 SAP Licenses (in years) 10 Other licenses (in years) 5 Trade name and trademark (in years) 7 ​ 1-14 Treasury Stocks Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. Treasury stocks held by a company cannot exceed 10% of the total number of shares issued. 1-15 Warranty expenses The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 2 years depending on the market. The warranty expense is incurred at time of accrual and not when paid. Warranty expense amounted to €134 thousand, €112 thousand and €110 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. 1-16 Income taxes The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested. Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date. 1-17 Research and development costs Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting research and development expenses. 1-18 Advertising costs Advertising costs are recorded as an expense in the period in which they are incurred and are included in selling and administrative expenses in the accompanying consolidated statements of income (loss). Advertising costs amounted to €1,352 thousand, €929 thousand and €490 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. 1-19 Foreign currency translation and transactions Translation of the financial statements of consolidated companies The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at the following exchange rates: ● assets and liabilities are translated at year-end exchange rates; ● shareholders’ equity is translated at historical exchange rates (as of the date of contribution); ● statement of income (loss) items are translated at average exchange rates for the year; and ● translation gains and losses are recorded in a separate component of shareholders’ equity. Foreign currencies transactions Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are recorded in the statement of income (loss). Presentation in the Statement of Income (loss) Aggregate foreign currency transactions gains and losses are disclosed in a single caption in the Statement of Income (loss) under section “Foreign currency exchange gain (loss), net”. 1-20 Earnings per share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. 1-21 Derivative instruments ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses from derivative instruments are recorded in the Statement of Income (loss). As of December 31, 2023, there are no derivative instruments. 1-22 Employee stock option and free shares plan The accounting for stock-based awards is based on the fair value of the award measured at the grant date. Accordingly, stock-based compensation cost is recognized in the consolidated statements of income (loss) and comprehensive income (loss) as an operating expense over the requisite service period. The fair value of stock options is determined using the Black-Scholes option-pricing model. The Company determines the fair value of stock option awards on the date of grant using assumptions regarding expected term, share price volatility over the expected term of the awards, risk-free interest rate, and dividend rate. The fair value of free shares is measured using the fair value of the Company's shares as if the free shares were vested and issued on the grant date. Forfeited stock-options and free shares are recognized as they occur, in accordance with ASU 2016-09. The Company recognizes compensation cost for employee awards with only service conditions that have a graded vesting schedule on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. At December 31, 2023, the Company had three stock-based employee compensation plans and two free shares plans. 1-23 Warrants There are no warrants outstanding at December 31, 2023. 1-24 Leases Leases as a Lessee In accordance with ASC 842, Leases, and as from January 1, 2019, the Company classifies all leases at the inception of a contract and assess whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the company controls the use of the identified asset (e.g. whether the company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period, and whether the company has the right to direct the use of the asset). Leases are classified as either finance leases or operating leases. Substantially all our operating leases are comprised of office space leases, and substantially all our finance leases are comprised of office furniture and technology equipment. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, plus prepaid lease payments, less any lease incentives received. All ROU assets are reviewed for impairment. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at lease commencement date, discounted using the incremental borrowing rate for assets of same duration or characteristics. For finance leases the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. Lease payments included in the measurement of the lease liability comprise the following: the fixed payments, including in-substance fixed payments over the lease term (which includes termination penalties the Company would owe if the lease term assumes the Company’s exercise of a termination option), variable lease payments that depend on an index or rate payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, the exercise price of an option to purchase the underlying asset if the company is reasonably certain to exercise the option, and amounts expected to be payable under a Company provided residual value guarantee. The company assesses the discount rate by requesting credit simulation from certain banks. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as operating expenses in the Company’s consolidated statements of income (loss) in the same line item as expenses arising from fixed lease payments (operating leases) or amortization of the ROU asset (finance leases). Our real estate leases generally include non-lease maintenance services. The consideration in the contract is allocated to the lease and non-lease components based on standalone selling prices. Some of our real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement, and changes to index and rate-based variable lease payments are recognized in profit or loss in the period of the change. Variable payments that do not depend on an index or rate, such as rental payments based on the use of the underlying asset or property taxes and insurance reimbursement, are recorded as operating expenses when incurred. Lease modifications result in remeasurement of the lease payments when that modification is not accounted for as a separate contract. Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor . We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases on our right-of-use asset and lease liability was not material. We have elected not to review the classification for expired or existing leases, prior to January 1, 2019. Leases as a Lessor: A lessor shall classify a lease as a sales-type lease when the lease meets any of the following criteria at lease commencement: ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ● The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. ● The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease. ● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset. ● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of the criteria are met: A lessor shall classify the lease as either a direct financing lease or an operating lease. A lessor shall classify the lease as an operating lease unless both of the following criteria are met, in which case the lessor shall classify the lease as a direct financing lease: ● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease

CASH EQUIVALENTS

CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2023
CASH EQUIVALENTS
CASH EQUIVALENTS	2— CASH EQUIVALENTS Cash equivalents at December 31, 2023 and 2022 only comprise cash investments which are highly liquid and have initial maturities of 90 days or less. ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Total cash and cash equivalents 43,471 63,136 Short term investment ​ — ​ — Total cash and cash equivalents 43,471 63,136 ​ ​ Please refer to Note 15-1 – Long-term debt ​ ​

TRADE ACCOUNTS AND NOTES RECEIV

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2023
TRADE ACCOUNTS AND NOTES RECEIVABLE, NET
TRADE ACCOUNTS AND NOTES RECEIVABLE, NET	3— TRADE ACCOUNTS AND NOTES RECEIVABLE, NET Trade accounts and notes receivable consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Trade accounts receivable 17,186 12,965 Notes receivable 896 617 Less: allowance for doubtful accounts (224) (161) Total 17,858 13,421 Less current portion (17,858) (13,421) Total long-term portion — — ​ Notes receivable usually represent commercial bills of exchange (drafts) with initial maturities of 90 days or less. Bad debt expenses amount to a net cost of €68 thousand, a net cost of €32 thousand and €2 thousand, respectively for the years ended December 31, 2023, 2022 and 2021.

OTHER RECEIVABLES

OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2023
OTHER RECEIVABLES.
OTHER RECEIVABLES.	4— OTHER RECEIVABLES Other receivables consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Research and development tax credit receivable from the French State ​ 411 581 Value-added taxes receivable ​ 863 894 Other receivables from Government and public authorities ​ 22 — Others ​ 84 46 Total ​ 1,380 1,522 ​

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
INVENTORIES.
INVENTORIES	5— INVENTORIES ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Components, spare parts ​ 8,973 7,543 Work-in-progress ​ 512 283 Finished goods – own manufactured products ​ 2,115 1,514 Finished goods – distribution products ​ 4,775 3,702 Total gross inventories ​ 16,375 13,042 Less: allowance for slow-moving inventory and net realizable value ​ (1,263) (1,262) Total ​ 15,112 11,780 ​ The provision for slow moving inventory relates to components and spare parts. The increase in the allowance for slow moving inventory (excluding exchange rate impact), which are classified within cost of sales, amounted to €354 thousand for the year ended December 31, 2023, €93 thousand for the year ended December 31, 2022, and €371 thousand for the year ended December 31, 2021. During 2023, we recorded a reversal allowance for slow moving inventory for €301 thousand linked to the write-off of obsolete inventory.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS
OTHER ASSETS	6— OTHER ASSETS Other assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Prepaid expenses, current portion ​ 659 660 Total ​ 659 660 ​ Prepaid expenses mainly consist of rental and future congresses and conferences expenses.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	7— PROPERTY AND EQUIPMENT, NET Property and equipment consist of Property and equipment purchased or capitalized by the Company and finance leases for 2023 and 2022. 7-1 Property and Equipment, net Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Equipment ​ 11,900 ​ 9,553 Furniture, fixture, and fittings and other 3,672 3,108 Total gross value 15,573 12,661 Less: accumulated depreciation and amortization (9,686) (8,916) Total 5,887 3,745 ​ Depreciation expense related to property and equipment (inclusive of depreciation expense on equipment leased to customers) amounted to €1,557 thousand, €1,194 thousand and €1,521 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. Assets leased to customers: Capitalized costs on equipment leased to customers of €885 thousand and €753 thousand are included in property and equipment at December 31, 2023 and 2022, respectively. Accumulated amortization of these assets leased to third parties was €207 thousand and €264 thousand, at December 31, 2023 and 2022, respectively. Depreciation expense on equipment leased to customers amounted to €13 thousand, €37 thousand and €40 thousand, for the years ended December 31, 2023, 2022 and 2021, respectively. 7-2 Finance leases Finance lease right-of-use assets previous years ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Facilities ​ 242 ​ 269 Equipment 220 220 Vehicles and IT equipment 828 780 Total gross value 1,290 1,269 Less: accumulated depreciation and amortization 705 813 Total 585 455 ​ Depreciation expense related to finance lease right-of-use assets amounted to €193 thousand, €303 thousand and €275 for the years ended December 31, 2023, 2022, 2021, respectively.

OPERATING LEASE RIGHT-OF-USE AS

OPERATING LEASE RIGHT-OF-USE ASSETS	12 Months Ended
	Dec. 31, 2023
OPERATING LEASE RIGHT-OF-USE ASSETS.
OPERATING LEASE RIGHT-OF-USE ASSETS	8— OPERATING LEASE RIGHT-OF-USE ASSETS Operating lease right-of-use assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Facilities 1,534 1,536 Equipment 30 57 Furniture, fixture, and fittings and other 157 191 Total net operating lease right of use 1,722 1,784 ​ Operating lease cost amounted to €1,053 thousand and €910 thousand for the years ended December 31, 2023 and 2022, respectively. Variable lease costs related to above contracts amounted to €243 thousand and €152 thousand for the years ended December 31, 2023 and 2022, respectively. Non-recognized lease liabilities for short term leases amounted to €71 thousand and €74 thousand for the years ended December 31, 2023 and 2022, respectively. ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	9— GOODWILL AND INTANGIBLE ASSETS As discussed in Note 1-13, ASC 350 requires that goodwill not be amortized but instead be tested at least annually for impairment, or more frequently when events or change in circumstances indicate that the asset might be impaired, by comparing the carrying value to the fair value of the reporting unit to which they are assigned. The Company considers its ASC 280 operating segments — High Intensity Focused Ultrasound (HIFU), Lithotripsy (ESWL) and Distribution services (DIST) — to be its reporting units for purposes of testing for impairment. Goodwill amounts to €496 thousand for the ESWL division, €1,271 thousand for the DIST division and to €645 thousand for the HIFU division, at December 31, 2023. The Company completed the required annual impairment test in the fourth quarter of 2023. To determine the fair value of the Company’s reporting units, the Company used the discounted cash flow approach for each of the three reportable units. In all three cases, the fair value of the reporting unit was in excess of the reporting unit’s book value, which resulted in no goodwill impairment. Intangible assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Licenses 2,119 1,585 Trade name and trademark 333 370 Patents 412 412 Organization costs 225 225 Total gross value 3,089 2,592 Accumulated amortization for licenses (1,038) (863) Accumulated amortization for trade name and trademark (331) (368) Accumulated amortization for patents (412) (412) Accumulated amortization for organization costs (225) (225) Less: Total accumulated amortization (2,005) (1,868) Total 1,084 725 ​ Amortization expenses related to intangible assets amounted to €175 thousand, €141 thousand and €125 thousand, for the years ended December 31, 2023, 2022 and 2021, respectively. ​ ​ For the five coming years, the annual estimated amortization expense will consist of the following: ​ ​ ​ ​ ​ December 31, ​ 2023 2024 205 2025 195 2026 192 2027 175 2028 88 2029 and thereafter ​ 174 Total 1,029 ​

TRADE ACCOUNTS AND NOTES PAYABL

TRADE ACCOUNTS AND NOTES PAYABLE	12 Months Ended
	Dec. 31, 2023
TRADE ACCOUNTS AND NOTES PAYABLE
TRADE ACCOUNTS AND NOTES PAYABLE	10— TRADE ACCOUNTS AND NOTES PAYABLE Trade accounts and notes payable consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Trade accounts payable 11,236 6,640 Notes payable 61 7 Total 11,297 6,647 ​ Trade accounts payable usually represent invoices with a due date of 90 days or less and invoices to be received. Notes payable represent commercial bills of exchange (drafts) with initial maturities of 90 days or less.

DEFERRED REVENUES

DEFERRED REVENUES	12 Months Ended
	Dec. 31, 2023
DEFERRED REVENUES
DEFERRED REVENUES	11— DEFERRED REVENUES Deferred revenues consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Deferred revenues on maintenance contracts ​ 1,809 ​ 1,803 Deferred revenue on RPP ​ 492 ​ 517 Deferred revenue on sale of devices ​ 104 ​ 83 Deferred revenue on extension of warranty, included in sales contracts ​ 591 ​ 535 Deferred revenue on treatment probe lease and other ​ 1,696 ​ 1,376 Total ​ 4,693 ​ 4,314 Less long term portion ​ (643) ​ (264) Current portion ​ 4,049 ​ 4,050 ​ Deferred revenue on extension of warranty will be recognized over the following periods: ​ ​ ​ ​ ​ December 31, ​ 2023 2024 224 2025 183 2026 74 2027 46 2028 30 2029 and thereafter ​ 35 Total 591 ​ ​ ​ Changes in deferred revenue on extension of warranty are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Total Balance as of December 31, 2021 740 New extension of warranty 162 Recognition of revenue (367) Balance as of December 31, 2022 535 New extension of warranty 238 Recognition of revenue (181) Balance as of December 31, 2023 591 ​

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2023
OTHER ACCRUED LIABILITIES.
OTHER ACCRUED LIABILITIES	12— OTHER ACCRUED LIABILITIES Other accrued liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Retirement indemnities 2,310 2,153 Provision for warranty costs 172 162 Accruals for payroll and associated taxes 2,256 1,848 Conditional government advances 463 463 Value added tax payable 758 531 Advances received from customers 860 861 Provision for Asset Retirement Obligation (Japan) 91 101 Provision for employee termination indemnities (Korea) 149 122 Others 522 340 Total 7,581 6,583 Less non-current portion (3,075) (2,710) Current portion 4,506 3,873 ​ In 2021, we received conditional advances for €0.5 million from Banque Publique d’Investissement for business development programs in China and Africa. Grants that relate to expenses we incur for this research program are recognized in the line item “Research and Development Expenses” in the period in which the expenses subject to the grants have been incurred (see Note 21). Conditional advances as of December 31, 2023, mature as follows: ​ ​ ​ ​ 2024 111 2025 93 2026 93 2027 86 2028 81 2029 and thereafter ​ — Total 463 ​ Changes in the provision for warranty costs are as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning of year 162 252 Amount used during the year (124) (202) New warranty expenses 134 112 End of year 172 162 Less current portion (107) (100) Long term portion 65 62 ​

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2023
LEASE OBLIGATIONS
LEASE OBLIGATIONS	13— LEASE OBLIGATIONS 13-1 Financing leases The Company leases certain of its equipment under finance leases. At December 31, 2023, the corresponding liability associated with this lease equipment amounts to €10 thousand for medical devices and to €617 thousand for vehicles and other IT equipment. Maturities of finance leases liabilities for the years ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2024 ​ 214 2025 ​ 170 2026 ​ 134 2027 ​ 86 2028 ​ 52 2029 and thereafter ​ ​ 2 Total undiscounted minimum lease payments ​ 659 Less: amount representing interest ​ (33) Present value of minimum lease payments ​ 627 Less: current portion ​ (195) Long-term portion ​ 433 ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2023 234 2024 149 2025 102 2026 63 2027 12 2028 and thereafter ​ 6 Total undiscounted minimum lease payments 566 Less: amount representing interest (17) Present value of minimum lease payments 548 Less: current portion (224) Long-term portion 324 ​ Interest paid under finance lease obligations was €7 thousand, €12 thousand and €55 thousand the years ended December 31, 2023, 2022 and 2021 respectively. The weighted average remaining lease term and the weighted average discount rate for finance leases were respectively 3.75 years and 3.67% at December 31, 2023 and 1.02 years and 1.32% at December 31, 2022. 13-2 Operating leases Maturities of operating lease liabilities consist of the following amounts: ​ ​ ​ ​ ​ December 31, ​ 2023 2024 ​ 898 2025 485 2026 240 2027 157 2028 — 2029 and thereafter ​ — Total undiscounted minimum lease payments 1,780 Less: current portion (898) Long-term portion 882 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2023 901 2024 636 2025 238 2026 24 2027 — 2028 and thereafter ​ — Total undiscounted minimum lease payments 1,799 Less: current portion ​ (901) Long-term portion ​ 899 ​ The weighted average remaining lease term and the weighted average discount rate for operating leases were respectively 2.35 years and 4.98% at December 31, 2023 and 2.18 Total rent expenses under operating leases amounted to €1,017 thousand, €912 thousand and €953 thousand, for the years ended December 31, 2023, 2022 and 2021, respectively. These total rent expenses are related to office rentals, office equipment and car rentals.

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS	12 Months Ended
	Dec. 31, 2023
SHORT-TERM BORROWINGS.
SHORT-TERM BORROWINGS	14— SHORT-TERM BORROWINGS As of December 31, 2023 and 2022, short-term borrowings consist mainly of €2,466 thousand and €1,846 thousand of factored account receivables and for which the Company maintains the effective control, respectively.

LONG TERM DEBT

LONG TERM DEBT	12 Months Ended
	Dec. 31, 2023
LONG TERM DEBT
LONG TERM DEBT	15— LONG TERM DEBT 15-1 Long-term debt: ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 France term loan 3,222 4,593 Japanese term loan 323 558 Germany term loan — 28 USA term loan — — Korea term loan ​ 5 ​ 8 Malaysia term loan — — Total long term debt 3,551 5,188 Less current portion (1,553) (1,601) Total long-term portion 1,997 3,587 ​ As of December 31, 2023 and 2022, long-term debt in Japan consists of two loans in denominated in Yen and subscribed with the following conditions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP Technomed Co. Ltd 80,000,000 ​ August 2, 2026 1.98 % Monthly installment EDAP Technomed Co. Ltd 50,000,000 ​ April 2, 2025 1.8 % Monthly installment ​ ​ As of December 31, 2023 and 2022, long-term debt in France consists of three loans in Euro subscribed in 2020 which terms and maturity were amended and a new loan in Euro subscribed in 2021 with the following terms: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drown ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 1,066,081 ​ July 1, 2025 0.99 % Monthly installment ​ This loan is pledged against the Company’s cash in USD for an amount equal to the countervalue of the loan in USD. This loan constitutes a complete financial package of €1,530,000, of which €1,066,081 were drawn to finance HIFU treatment probes. This drawn amount will be reimbursed over three years until July 1, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 2,000,000 ​ July 30, 2026 0.73 % Monthly installment ​ This loan is a COVID-related loan guaranteed by the French government entered into in 2020 with an initial one-year repayment term subsequently extended to six years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 2,000,000 ​ August 4, 2026 0.73 % Monthly installment ​ ​ This loan, in Euro, is a COVID-related loan guaranteed by the French government in 2020 with an initial one year repayment term subsequently extended to six years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 72,222 ​ July 5, 2024 0.45 % Monthly installment ​ This loan is related to the acquisition of computer servers. As of December 31, 2022, long-term debt in Germany consists of one loan in Euro with the following terms : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS GMBH 400,000 ​ April 30, 2023 2.40 % Monthly installment ​ This loan was pledged against an HIFU equipment with a purchase value of €438 thousand. ​ ​ 15-2 Financial instruments carried at fair value: As of December 31, 2023, there are no warrants outstanding. Refer to Note 26 for more details on the fair value of other Financial Instruments. 15-3 Long-term debt maturity: Long-term debt carried at amortized cost at December 31, 2023 matures as follows: ​ ​ ​ ​ 2024 1,553 2025 1,320 2026 677 2027 — 2028 — 2029 and thereafter ​ — Total 3,551 ​

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	12 Months Ended
	Dec. 31, 2023
OTHER LONG-TERM LIABILITIES.
OTHER LONG-TERM LIABILITIES	16— OTHER LONG-TERM LIABILITIES Other long-term liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Provision for retirement indemnities (Japan & France), less current portion 2,241 1,962 Provision for employee termination indemnities (Korea) less current portion 149 122 Provision for Asset Retirement Obligation (Japan) less current portion 91 101 Provision for warranty costs, less current portion 65 62 Provision for guarantee given to customer, less curent portion ​ 66 ​ — Conditional government advances, less current portion 463 463 Accrued interest less current portion — — Total 3,075 2,710 ​ Provision for asset retirement obligation in Japan is related to subsidiary’s offices and warehouses. Pension, post-retirement and post-employment benefits for most of the Company’s employees are sponsored by European governments. In addition to government-sponsored plans, subsidiaries in Japan and France have defined benefit retirement plans in place. The provision for retirement indemnities at December 31, 2023 represents an accrual for lump-sum retirement benefit payments to be paid at the time an employee retires if he or she is still present at the Company at the date of retirement. This provision has been calculated taking into account the estimated payment at retirement (discounted to the current date), turnover and salary increases. The provision is management’s best estimate based on the following assumptions as of year-end: ​ ​ ​ ​ ​ ​ ​ ​ Retirement indemnities France ​ ​ 2023 ​ 2022 Discount rate 3.19% ​ 3.80% ​ Salary increase 3.00% ​ 3.00% ​ Retirement age 65 65 ​ Average retirement remaining service period 23 24 ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement indemnities Japan ​ ​ 2023 ​ 2022 Discount rate 1.30% ​ 1.30% ​ Salary increase 2.50% ​ 2.50% ​ Retirement age 60 60 ​ Average retirement remaining service period 14 14 ​ ​ The discount rate retained is determined by reference to the high quality rates for AA- rated corporate bonds for a duration equivalent to that of the obligations. At December 31, 2023, the provision which represents the projected benefit obligation in accordance with ASC 718 consists of: ​ ​ ​ ​ ​ ​ France Japan Non-current liabilities ​ 1,084 ​ 1,157 Current liabilities — 70 Total projected benefit obligation 1,084 1,227 ​ At December 31, 2022, the provision which represents the projected benefit obligation in accordance with ASC 718 consists of: ​ ​ ​ ​ ​ ​ France Japan Non-current liabilities ​ 845 ​ 1,117 Current liabilities 89 102 Total projected benefit obligation 934 1,219 ​ The Company does not have a funded benefit plan. A detailed reconciliation of pension cost components (in thousands of euros) during fiscal year for each of the three years ending December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ France 2023 2022 2021 Change in benefit obligations: Projected Benefit obligations at beginning of year 934 1,080 1,111 Service cost 67 84 90 Interest cost 34 11 6 Net loss or (gain) — — — Actuarial (gain) or loss 66 (241) (72) Amortization of net prior service cost — — — Benefits paid (17) — (56) Projected Benefit obligations at end of year (1) 1,084 934 1,080 Unrecognized actuarial (gain) loss (2) (146) (219) 22 Unrecognized prior service cost (2) 13 14 16 (1) The accumulated benefit obligation was €805 thousand and €701 thousand at December 31, 2023 and 2022 respectively. (2) The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2023 is €133 thousand. ​ ​ ​ ​ ​ ​ ​ ​ Japan 2023 2022 2021 Change in benefit obligations: Projected Benefit obligations at beginning of year 1,219 1,302 1,310 Service cost 114 112 120 Interest cost 13 7 7 Amortization of net loss — — — Actuarial (gain) / loss 4 (30) — Benefits paid (76) (75) (97) Plan Amendments ​ 74 ​ — ​ — Exchange rate impact (122) (95) (39) Projected Benefit obligations at end of year (1) 1,227 1,219 1,302 Unrecognized actuarial (gain) loss (2) 81 86 126 Unrecognized prior service cost (2) 74 — — (1) The accumulated benefit obligation was €1,030 thousand and €1,027 thousand at December 31, 2023 and 2022, respectively. (2) The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2023 is €156 thousand. The benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter, are detailed in the table below: ​ ​ ​ ​ ​ ​ ​ France Japan 2024 — 70 2025 — 152 2026 129 143 2027 85 67 2028 85 46 2029-2033 408 843 ​ 707 1,322 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS' EQUITY.
SHAREHOLDERS' EQUITY	17— SHAREHOLDERS’ EQUITY 17-1 Common stock As of December 31, 2023, EDAP TMS S.A.’s common stock consisted of 37,373,312 issued shares fully paid and with a par value of €0.13 each. 37,103,779 of the shares were outstanding. In September 2022, the Company completed a successful common stock offering and issued 3,066,667 new common shares in the form of ADS for $7.50 per share which resulted in gross proceeds of €23,913 thousand. In connection with this offering, the Company incurred issuance costs amounting to €1,954 thousand. 17-2 Pre-emptive subscription rights Shareholders have preemptive rights to subscribe on a pro rata 17-3 Dividend rights Dividends may be distributed from the statutory retained earnings, subject to the requirements of French law and the Company’s by-laws. The Company has not distributed any dividends since its inception as the result of an accumulated statutory deficit of 11,962 thousand. Dividend distributions, if any, will be made in euros. The Company has no plans to distribute dividends in the foreseeable future. 17-4 Treasury stock As of December 31, 2023, all 269,533 shares held as treasury stock consisted of (i), 89,243 shares acquired between August and December 1998 and (ii) 180,290 shares acquired in June and July 2001 for a total of €590 thousand. All treasury stocks have been acquired to cover stock purchase options (see Note 17-5). 17-5 Stock-option and free share plans As of December 31, 2023, EDAP TMS S.A. sponsored three stock purchase and subscription option plans open to employees of EDAP TMS group: On February 18, 2016, the shareholders authorized the Board of Directors to grant up to 1,000,000 options to subscribe to 1,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 575,000 options to subscribe to new shares to certain employees of EDAP TMS on April 26, 2016. The exercise price was fixed at €3.22 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of April 26, 2020 (i.e., four years after the date of grant). The options will expire on April 26, 2026 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted under this plan was €960 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses over a period of 48 months Conforming to this February 18, 2016 stock option plan, the Board of Directors granted 260,000 options to subscribe to new shares to certain employees of EDAP TMS on April 25, 2017. The exercise price was fixed at €2.39 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of April 25, 2021 (i.e., four years after the date of grant). The options will expire on April 25, 2027 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on April 25, 2017 under this plan was €335 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses over a period of 48 months Conforming to this February 18, 2016 stock option plan, the Board of Directors granted 165,000 options to subscribe to new shares to certain employees of EDAP TMS on August 29, 2018. The exercise price was fixed at €2.65 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of August 29, 2022 (i.e., four years after the date of grant). The options will expire on August 29, 2029 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on August 29, 2018 under this plan was €219 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses over a period of 48 months Conforming to this February 18, 2016 stock option plan, the Board of Directors granted 155,000 options to subscribe to new shares to certain employees of EDAP TMS on April 4, 2019. Forfeited options corresponding to employees’ departures were re-allocated. The exercise price was fixed at €3.90 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of April 4, 2023 (i.e., four years after the date of grant). The options will expire on April 4, 2029 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on April 4, 2019 under this plan was €299 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 48 months (using the graded vesting method). The impact of this February 18, 2016 Plan on operating income, in accordance with ASC 718, was €65 thousand, €25 thousand and €3 thousand in 2021, 2022 and 2023, respectively. Under this 2016 plan, 678,080 options are outstanding and are exercisable at December 31, 2023. On June 28, 2019, the shareholders authorized the Board of Directors to grant up to a maximum of 358,528 options to purchase pre-existing shares and to grant 1,000,000 options to subscribe to 1,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this June 28, 2019 stock option plan, the Board of Directors granted 292,428 options to purchase pre-existing shares and 1,000,000 options to subscribe to new shares to certain employees of EDAP TMS on June 11, 2021. The exercise price was fixed at €5.59 per share. Options were to begin vesting six months after the date of grant and most options will be fully vested as of June 11, 2024 (i.e., three years after the date of grant). On March 29, 2023, the vesting of 270,000 of these options was accelerated and such options may vest immediately. The options will expire on June 11, 2031 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of subscription options granted on June 11, 2021 under this plan was €681 thousand and the total fair value of purchase options was €2,371 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months The impact of this June 28, 2019 Plan on operating income, in accordance with ASC 718, was €1,484 thousand, €1,104 thousand and €410 thousand in 2021, 2022 and 2023, respectively. Under this 2019 plan, 1,244,533 options are outstanding, of which 1,037,111 are exercisable at December 31, 2023. On June 30, 2021, the shareholders authorized the Board of Directors to grant up to a maximum of 2,000,000 options to subscribe to 2,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this June 30, 2021 stock-option plan, the Board of Directors granted: (i) 100,000 options to subscribe to new shares to certain employees of EDAP TMS on November 17, 2021. The exercise price was fixed at € 5.18 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of November 17, 2024 (i.e., three years after the date of grant). The options will expire on November 17, 2031 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on November 17, 2021 under this plan was € 229 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (ii) 144,000 options to subscribe to new shares to certain employees of EDAP TMS on May 17, 2022. The exercise price was fixed at € 6.41 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of May 17, 2025 (i.e., three years after the date of grant). The options will expire on May 17, 2032 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on May 17, 2022 under this plan was € 450 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (iii) 32,000 options to subscribe to new shares to certain employees of EDAP TMS on November 8, 2022. The exercise price was fixed at € 10.32 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of November 8, 2025 (i.e., three years after the date of grant). The options will expire on November 8, 2032 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on November 8, 2022 under this plan was € 161 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (iv) 395,000 options to subscribe to new shares to certain employees of EDAP TMS on December 15, 2022. The exercise price was fixed at € 9.94 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of December 15, 2025 (i.e., three years after the date of grant). The options will expire on December 15, 2032 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on December 15, 2022 under this plan was € 1,858 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (v) 125,000 options to subscribe to new shares to certain employees of EDAP TMS on April 5, 2023. The exercise price was fixed at €9.96 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of April 5, 2026 (i.e., three years after the date of grant). The options will expire on April 5, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on April 5, 2023 under this plan was €687 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (vi) 200,000 options to subscribe to new shares to certain employees of EDAP TMS on May 2, 2023. The exercise price was fixed at €10.10 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of May 2, 2026 (i.e., three years after the date of grant). The options will expire on May 2, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on May 2, 2023 under this plan was €1,183 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (vii) 50,000 options to subscribe to new shares to certain employees of EDAP TMS on May 31, 2023. The exercise price was fixed at €9.32 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of May 31, 2026 (i.e., three years after the date of grant). The options will expire on May 31, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on May 31, 2023 under this plan was €270 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (viii) 177,000 options to subscribe to new shares to certain employees of EDAP TMS on August 23, 2023. The exercise price was fixed at €7.53 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of August 23, 2026 (i.e., three years after the date of grant). The options will expire on August 23, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on August 23, 2023 under this plan was €774 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (ix) 80,000 options to subscribe to new shares to certain employees of EDAP TMS on September 20, 2023. The exercise price was fixed at €6.08 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of September 20, 2026 (i.e., three years after the date of grant). The options will expire on September 20, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on September 20, 2023 under this plan was €296 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (x) 20,000 options to subscribe to new shares to certain employees of EDAP TMS on November 8, 2023. The exercise price was fixed at €6.64 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of November 8, 2026 (i.e., three years after the date of grant). The options will expire on November 8, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on November 8, 2023 under this plan was €81 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (xi) 34,000 options to subscribe to new shares to certain employees of EDAP TMS on December 6, 2023. The exercise price was fixed at €4.98 per share. Options were to begin vesting six months after the date of grant and all options will be fully vested as of December 6, 2026 (i.e., three years after the date of grant). The options will expire on December 6, 2033 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. The total fair value of the options granted on December 6, 2023 under this plan was €103 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). The impact of this June 30, 2021, Plan on operating income, in accordance with ASC 718, was €25 thousand, €442 thousand and €2,936 thousand in 2021, 2022 and 2023, respectively. Under this 2021 plan, 1,276,300 options are outstanding at December 31, 2023 and 282,475 are exercisable. Forfeited stock-options are recognized as they occur, in accordance with ASU 2016-09. The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dec-2023 Nov-2023 Sept-2023 Aug-2023 May-2023 May-2023 Apr-2023 Weighted-average expected life (years) 5.79 5.79 5.79 5.79 5.79 5.79 5.79 Expected volatility rates (1) 63.29 % 61.09 % 60.90 % 60.60 % 60.80 % 60.90 % 61.00 % Expected dividend yield 0 % 0 % 0 % 0 % 0 % 0 % 0 % Risk-free interest rate 4.16 % 4.55 % 4.55 % 4.35 % 3.77 % 3.47 % 3.39 % Weighted-average exercise price (€) 4.98 6.64 6.08 7.53 9.32 10.10 9.96 Weighted-average fair value of options granted during the year (€) 3.03 4.05 3.70 4.37 5.40 5.92 5.49 (1) Historical volatility calculated over the weighted-average expected life. ​ ​ ​ ​ As of December 31, 2023, a summary of stock option activity to purchase or to subscribe to Shares under these plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ 2021 ​ ​ Options Weighted ​ Options Weighted ​ Options Weighted ​ ​ ​ average ​ ​ average ​ ​ average ​ ​ ​ exercice ​ ​ exercice ​ ​ exercice ​ ​ price (€) ​ price (€) ​ price (€) Outstanding on January 1, 2,613,886 5.66 2,408,508 4.38 1,186,900 2.81 Granted 686,000 8.53 571,000 9.07 1,392,428 5.56 Exercised (55,973) 4.66 (320,622) 2.14 (150,820) 2.93 Forfeited (45,000) 7.99 (45,000) 5.34 (20,000) 4.01 Expired — — — — — — Outstanding on December 31, 3,198,913 6.26 2,613,886 5.66 2,408,508 4.38 Exercisable on December 31, 1,997,666 5.23 1,362,205 4.35 1,149,401 3.25 Share purchase options available for grant on December 31, 25,000 ​ 20,000 ​ 5,000 ​ ​ As of December 31, 2023, 643,000 options to subscribe to new shares are available for future grants. ​ The following table summarizes information about options to purchase existing Shares held by the Company, or to subscribe to new Shares, at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding options ​ Fully vested options (1) ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ average ​ average ​ Aggregate ​ ​ ​ average ​ Aggregate ​ ​ ​ ​ remaining ​ exercise ​ Intrinsic ​ ​ ​ exercise ​ Intrinsic ​ ​ ​ ​ contractual ​ price ​ Value ​ ​ ​ price ​ Value Exercise price (€) Options life (€) (2) Options (€) (2) 10.32 ​ 20,000 ​ 8.8 ​ 10.32 ​ — ​ 7,222 ​ 10.32 ​ — 10.10 ​ 200,000 ​ 9.3 ​ 10.10 ​ — ​ 38,889 ​ 10.10 ​ — 9.96 ​ 117,000 ​ 9.3 ​ 9.96 ​ — ​ 26,000 ​ 9.96 ​ — 9.94 ​ 395,000 ​ 9.0 ​ 9.94 ​ — ​ 131,667 ​ 9.94 ​ — 9.32 ​ 50,000 ​ 9.4 ​ 9.32 ​ — ​ 9,722 ​ 9.32 ​ — 7.53 ​ 177,000 ​ 9.7 ​ 7.53 ​ — ​ — ​ — ​ — 6.64 ​ 20,000 ​ 9.8 ​ 6.64 ​ — ​ — ​ — ​ — 6.41 ​ 100,000 ​ 8.3 ​ 6.41 ​ — ​ 52,778 ​ 6.41 ​ — 6.08 ​ 80,000 ​ 9.8 ​ 6.08 ​ — ​ — ​ — ​ — 5.59 ​ 1,244,533 ​ 7.4 ​ 5.59 ​ — ​ 1,037,111 ​ 5.59 ​ — 5.18 ​ 83,300 ​ 7.8 ​ 5.18 ​ 431,494 ​ 16,197 ​ 5.18 ​ 83,902 4.98 ​ 34,000 ​ 9.9 ​ 4.98 ​ 169,320 ​ — ​ — ​ — 3.90 107,500 5.8 3.90 419,250 107,500 ​ 3.90 ​ 419,250 3.22 357,000 2.3 3.22 1,149,540 357,000 ​ 3.22 ​ 1,149,540 2.65 77,500 4.7 2.65 205,375 77,500 ​ 2.65 ​ 205,375 2.39 136,080 3.3 2.39 325,231 136,080 ​ 2.39 ​ 325,231 2.39 to 10.32 3,198,913 7.8 0.84 2,700,210 1,997,666 1.09 2,183,298 (1) Fully vested options are all exercisable options. On March 29, 2023, the Board of Directors unanimously decided to appoint Ryan Rhodes as the new Chief Executive Officer of the Company effective on May 1, 2023. Marc Oczachowski would continue to serve as Chairman of the Board of the Company. In this context, the Board decided to accelerate the vesting of all unvested options granted to Mr. Oczachowski under the 2019 option plans such that these options fully vested and became exercisable on March 29, 2023. (Ref. Note 33. Subsequent Events.) (2) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $5.28 at December 31, 2023, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date. If closing stock price is under exercise price, then the aggregate intrinsic value is not considered. ​ A summary of the status of the non-vested options to purchase shares or to subscribe to new shares as of December 31, 2023, and changes during the three years ended December 31, 2023, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Grant-Date Fair ​ Options Value (€) Non-vested at January 1, 2021 ​ 216,250 1.59 Granted ​ 1,392,428 2.37 Vested ​ (329,571) 2.06 Forfeited ​ (20,000) 1.89 Non-vested at December 31, 2021 ​ 1,259,107 2.32 Granted ​ 571,000 ​ 4.33 Vested ​ (543,426) 2.32 Forfeited ​ (35,000) 2.80 Non-vested at December 31, 2022 ​ 1,251,681 2.32 Granted ​ 686,000 ​ 4.95 Vested (691,434) 3.22 Forfeited (45,000) 3.98 Non-vested at December 31, 2023 1,201,247 4.18 ​ As of December 31, 2023, there were €2,509 thousand of total unrecognized compensation expenses related to non-vested stock-options, over a period of 2.9 years. On June 30, 2021, the shareholders authorized the Board of Directors to grant up to a maximum of 200,000 free shares to certain employees. Conforming to this June 30, 2021 authorization, the Board of Directors granted: (i) 61,500 free shares to certain employees of EDAP TMS on September 28, 2021. Free shares shall be definitively acquired by the relevant beneficiaries at the end of the vesting period (minimum one year period starting on the allocation date and ending on the acquisition date, i.e. two years starting on the allocation date). On September 28, 2022, 57,500 free shares were definitely acquired by French resident beneficiaries. The total fair value of the free shares granted on September 28, 2021 under this plan was €340 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses upon allocation. (ii) 40,000 free shares to the CEO of EDAP TMS on March 30, 2022. Free shares shall be definitively acquired by the relevant beneficiaries at the end of the vesting period (minimum one year period starting on the allocation date and ending on the acquisition date, i.e. two years starting on the allocation date). The total fair value of the free shares granted on March 30, 2022 under this plan was €259 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses upon allocation. Under this 2021 plan, no free shares are outstanding at December 31, 2023. On June 30, 2022, the shareholders authorized the Board of Directors to grant up to 600,000 free shares. This new resolution superseded the June 30, 2021 resolution, cancelling the unused portion of the 2021 resolution. Conforming to this June 30, 2022 authorization, the Board of Directors granted: (i) 291,500 free shares to certain employees of EDAP TMS on November 8, 2022. Free shares shall be definitively acquired by the relevant beneficiaries at the end of the vesting period, which begins six months after the date of grant and all shares will be fully vested as of November 8, 2025 (i.e. three years after the date of the grant). The total fair value of the free shares granted on November 8, 2022, under this plan was €2,963 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). (ii) 150,000 free shares to Mr. Marc Oczachowski, Chairman and Chief Executive Officer EDAP TMS on March 29, 2023. All free shares shall be definitively acquired one year after the date of the grant. All free shares will be subject to the required 12-month conservation period following the acquisition of the shares. The total fair value of the free shares granted on March 29, 2023 under this plan was €1,542 thousand. This non-cash compensation expense was recognized in the Company’s operating expenses upon allocation. (iii) 50,000 free shares to the President of EDAP TMS France, Mr. Frédéric Pech on May 2, 2023. Free shares shall be definitively acquired at the end of the vesting period, which begins six months after the date of grant and all shares will be fully vested as of May 2, 2026 (i.e. three years after the date of the grant). The total fair value of the free shares granted on May 2, 2023, under this plan was €508 thousand. This non-cash compensation expense is recognized in the Company’s operating expenses over a period of 36 months (using the graded vesting method). 17-6 Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2023, and 2022, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ Foreign currency ​ Provision for ​ ​ ​ ​ translation ​ retirement indemnities ​ ​ ​ ​ adjustment ​ (net of tax) ​ Total Beginning balance (3,973) 144 (3,829) Other comprehensive income (loss) before reclassifications — — — Reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (loss) (478) (180) (658) Ending balance (4,451) (37) (4,487) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ Foreign currency ​ Provision for ​ ​ ​ ​ translation ​ retirement indemnities ​ ​ ​ ​ adjustment ​ (net of tax) ​ Total Beginning balance (3,377) ​ (212) ​ (3,589) Other comprehensive income (loss) before reclassifications — ​ — ​ — Reclassified from accumulated other comprehensive loss — ​ — ​ — Net current-period other comprehensive income (loss) (596) ​ 355 ​ (240) Ending balance (3,973) ​ 144 (3,829) ​

TOTAL SALES

TOTAL SALES	12 Months Ended
	Dec. 31, 2023
TOTAL SALES
TOTAL SALES	18— TOTAL SALES Amount of net sales derived from our operations in Asia, France, the United States. and other geographical areas, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Primary geographical markets (€) 2023 2022 2021 Asia 17,841 17,936 16,009 France 11,999 10,637 12,251 United States 16,717 15,036 5,524 Others geographical areas 13,865 11,500 10,276 Total Net Sales 60,423 55,108 44,060 ​ The amount of net sales is recognized following the timing below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Timing of revenue recognition 2023 2022 2021 Products transferred at a point in time 48,646 44,173 34,552 Products and services transferred over time 11,777 10,935 9,508 Total Net Sales 60,423 55,108 44,060 ​

OTHER REVENUES

OTHER REVENUES	12 Months Ended
	Dec. 31, 2023
OTHER REVENUES
OTHER REVENUES	19— OTHER REVENUES Other revenues consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Licenses and others — — 6 Total — — 6 ​ In 2021, other revenues mainly consist of sales of a license to Theraclion and training to customers.

COSTS OF SALES

COSTS OF SALES	12 Months Ended
	Dec. 31, 2023
COSTS OF SALES
COSTS OF SALES	20— COSTS OF SALES Costs of sales consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Direct costs of sales (22,624) (19,814) (16,199) Indirect costs of sales (13,388) (11,102) (9,443) Total costs of sales (36,012) (30,916) (25,643) ​

RESEARCH AND DEVELOPMENT EXPENS

RESEARCH AND DEVELOPMENT EXPENSES	12 Months Ended
	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENSES
RESEARCH AND DEVELOPMENT EXPENSES	21— RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Gross research and development expenses (7,596) (5,751) (4,757) Research Tax Credit 411 581 617 Grants 222 250 739 Net Research and development expenses (6,963) (4,920) (3,402) ​ In 2023 and 2022, grants consisted mainly of national grants for the assessment and optimization of the focal treatments of prostate cancer (Perfuse development project). In 2021, grants consisted mainly of national grants for the assessment and optimization of the focal treatments of prostate cancer (Perfuse development project) and of a financial impact for the development of innovative imaging solutions for the focal treatment of liver cancer (HECAM Development project). Ref. Note 12. Research and development costs are expensed as incurred and include amortization of assets, costs of prototypes, salaries, benefits and other headcount related costs, contract and other outside service fees, and facilities and overhead costs.

FINANCIAL INCOME, NET

FINANCIAL INCOME, NET	12 Months Ended
	Dec. 31, 2023
FINANCIAL INCOME, NET
FINANCIAL INCOME, NET	22— FINANCIAL INCOME, NET Interest (expense) income, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Interest income ​ 1,311 ​ 404 ​ 10 Interest expense (232) (168) (52) Paycheck Protection Program loan forgiveness — — 187 Total 1,079 236 145 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	23— INCOME TAXES 23-1 Income / (Loss) before income taxes Income / (loss) before income taxes is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 France ​ (9,026) ​ (418) ​ 869 Other countries (11,507) (1,678) 24 Total (20,533) (2,096) 893 ​ 23-2 Income tax (expense)/ benefit Income tax (expense)/benefit consists of the following : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Current income tax expense: ​ ​ ​ France (77) (485) (320) Other countries (533) (251) (436) Sub-total current income tax expense (610) (736) (756) Deferred income tax (expense) benefit: France 3 (8) 8 Other countries (37) (93) 556 Sub-total deferred income tax (expense) benefit (34) (101) 563 Total (644) (837) (193) ​ 23-3 Deferred income taxes: Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities reported for financial reporting purposes and such amounts as measured in accordance with tax laws. The tax effects of temporary differences which give rise to significant deferred tax assets (liabilities) are as follows by nature : ​ ​ ​ ​ ​ ​ ​ 2023 2022 Net operating loss carry forwards ​ 16,356 ​ 13,793 Elimination of intercompany profit in inventory 689 480 Elimination of intercompany profit in fixed assets 396 256 Provisions for retirement indemnities 663 658 Capital leases treated as operating leases for tax 10 26 Other items 354 360 Total deferred tax assets 18,468 15,573 Total deferred tax liabilities — — Net deferred tax assets 18,468 15,573 Valuation allowance for deferred tax assets (17,739) (14,744) Deferred tax assets (liabilities), net of allowance 729 829 ​ Net operating loss carryforwards available amount to €71,821 thousand as of December 31, 2023, of which €31,284 thousand relates to EDAP TMS SA, €40,310 thousand relates to Edap Technomed Inc. and €227 thousand relates to Edap Technomed Co Ltd Japan. These net operating losses generate deferred tax assets of €16,356 thousand as at December 31, 2023. Realization of these tax assets is contingent on future taxable earnings in the applicable tax jurisdictions. As of December 31, 2023, €71,594 thousand out of these €71,821 thousand net operating loss carry-forwards have no expiration date but the amount of the net operating loss carry-forward, which can be used each year to offset taxable earnings, is limited in all jurisdictions. The remaining tax loss carry-forwards expire from years 2023 through 2025. In accordance with ASC 740, a valuation allowance is established if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. 23-4 Effective tax income (expense) A reconciliation of differences between the statutory French income tax rate and the Company’s effective tax income (loss) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Theoretical income tax (expense) benefit at French statutory tax rate ​ 5,133 ​ 524 ​ (237) Income of foreign subsidiaries taxed at different tax rates (546) (174) (95) Effect of net operating loss carry-forwards and valuation allowances (4,439) (643) 626 Non-taxable debt fair value variation — — — Permanent differences (263) (99) (258) Effect of cancellation of intra-group positions (476) (366) (130) French business tax included in income tax (CVAE) (74) (99) (85) Other 20 20 (15) Effective income tax (expense) benefit (644) (837) (193) ​ 23-5 Uncertainty in Income Taxes According to ASC 740, the Company reviewed the tax positions of each subsidiary. On December 31, 2023 the Company believes that there is no significant uncertainty in the Company’s tax positions. The Company remains subject to examination by major tax jurisdictions. Interest and penalties on income taxes are classified as a component of the provision for income taxes. There were no interest or penalties in 2023, 2022 and 2021.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	24— EARNINGS (LOSS) PER SHARE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income (loss) available to common shareholders (in Euros) ​ € (21,177,772) ​ € (2,933,058) ​ € 699,890 Weighted average number of shares for the computation of basic EPS ​ 36,996,722 ​ 34,392,598 ​ 32,129,047 Basic EPS (in Euros) ​ € (0.57) ​ € (0.09) ​ € 0.02 Effect of dilutive securities ​ 2,653,050 ​ 2,502,171 ​ 293,824 Weighted average number of shares for the computation of diluted EPS ​ 36,996,722 ​ 34,392,598 ​ 32,422,871 Diluted EPS income / (loss) (in Euros) ​ € (0.57) ​ € (0.09) ​ € 0.02 ​ Diluted EPS income / (loss) available to common shareholders is computed including all dilutive securities that are in the money. The effects of dilutive securities for the year ended December 31, 2023 and 2022 were excluded from the calculation of diluted earnings per share as a net loss was reported in this period.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	25— COMMITMENTS AND CONTINGENCIES 25-1 Commitments The Company currently has commitments regarding its operating leases as described in Note 13-2. 25-2 Contingencies The Company currently has contingencies relating to standard warranties provided to customers for products as described in Note 1-15 and Note 12.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	26— FAIR VALUE OF FINANCIAL INSTRUMENTS The following disclosure of the estimated fair value of financial instruments was made in accordance with the requirements of ASC 820 ‘‘Disclosure about fair value of financial instruments’’ and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. ASC 820 defines three levels of inputs that may be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows: Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. ​ The recorded amount of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and short-term borrowings are a reasonable estimate of their fair value due to the short-term maturities of these instruments. As of December 31, 2023 and December 31, 2022, the Company did not have any other asset or liability measured at fair value. As of December 31, 2023, the fair value of the Company’s long-term debt was not materially different from the carrying value. ​

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
	Dec. 31, 2023
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK	27— CONCENTRATION OF CREDIT RISK Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts and notes receivable from customers, primarily located in France, Japan and the United States. The Company maintains cash deposits with major banks. Management periodically assesses the financial condition of these institutions and believes that credit risk is limited. The Company has implemented procedures to monitor the creditworthiness of its customers. The Company obtains bank guarantees for first time or infrequent unknown customers, and in certain cases obtains insurance against the risk of a payment default by the customer. The Company reviewed individual customer balances considering current and historical loss experience and general economic conditions in determining the allowance for doubtful accounts receivable of €0.2 million and €0.2 million, for the years ended December 31, 2023 and 2022, respectively. Actual losses may vary from the current estimates, and any adjustments are reported in earnings in the periods in which they become known. In 2023, 2022 and 2021, the Company did not generate more than 10% revenue with a single customer.

FOREIGN CURRENCY TRANSACTIONS

FOREIGN CURRENCY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
FOREIGN CURRENCY TRANSACTIONS
FOREIGN CURRENCY TRANSACTIONS	28— FOREIGN CURRENCY TRANSACTIONS The Company generates a significant percentage of its revenues, and of its operating expenses, in currencies other than the euro. The Company’s operating profitability could be materially adversely affected by large fluctuations in the rate of exchange between the euro and such other currencies. The Company may engage in foreign exchange hedging activities when deemed necessary, but there can be no assurance that hedging activities will be offset by the impact of movements in exchange rates on the Company’s results of operations. As of December 31, 2023, there were no outstanding hedging instruments.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	29— SEGMENT INFORMATION Our activity is organized into three divisions: HIFU, ESWL (including lithotripsy activities) and Distribution. Through these three divisions, we develop, produce, market and distribute minimally invasive medical devices, mainly for urological diseases. HIFU division includes sales of Focal One, Ablatherm and related consumables and services, ESWL division includes revenues generated by the existing Sonolith range of lithotripters and, Distribution division includes the sale of complimentary products such as lasers, micro-ultrasound systems and other products from third parties. The organization of our activities into three divisions better clarified our vision and enhanced our financial reporting of our three businesses HIFU, ESWL and Distribution. This new structure also allows for an improved measurement of our business progress. The business in which the Company operates is the development, production and distribution of minimally invasive medical devices, primarily for the treatment of urological diseases. Substantially all revenues result from the sale of medical devices and their related license and royalty payments from third parties. The segments derive their revenues from this activity. The following tables set forth the key Statement of income (loss) figures, by segment for fiscal years 2023, 2022 and 2021 and the key balance sheet figures, by segment, for fiscal years 2023, 2022 and 2021. Segment operating profit or loss and segment assets are determined in accordance with the same policies as those described in the summary of significant accounting policies and they are reviewed by the CODM, who is the CEO. Interest income and expense, current and deferred income taxes are not allocated to individual segments. A reconciliation of segment operating profit or loss to consolidated net loss is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Segment operating income (loss) (19,813) (4,257) (1,612) Financial income (expense), net 1,079 236 145 Foreign Currency exchange (losses) gains, net (1,799) 1,925 2,360 Income tax (expense) benefit (644) (837) (193) Consolidated net income (loss) (21,178) (2,933) 700 ​ A summary of the Company’s operations by segment is presented below for years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HIFU ESWL DISTRIB Reconciling Total 2023 ​ Division ​ Division ​ Division ​ Items ​ consolidated Sales of goods 13,510 3,844 24,980 ​ — 42,333 Sales of RPPs & leases 4,935 955 286 ​ — 6,176 Sales of spare parts and services 2,152 5,109 4,653 ​ — 11,914 Total sales 20,596 9,908 29,919 ​ — 60,423 External other revenues — — — ​ — — Total revenues 20,596 9,908 29,919 ​ — 60,423 Total COS (10,112) (6,268) (19,632) ​ — (36,012) Gross profit 10,484 3,640 10,287 ​ — 24,411 R&D expenses (5,755) (764) (444) ​ — (6,963) Selling and marketing expenses (13,524) (1,636) (7,466) ​ — (22,626) G&A expenses (5,983) (1,471) (2,625) (4,556) (14,634) Total expenses (25,262) (3,871) (10,535) (4,556) (44,224) Operating income (loss) from operations (14,778) (232) (248) (4,556) (19,813) Total Assets 22,443 ​ 12,798 ​ 31,400 ​ 24,908 91,548 Capital expenditures 3,577 ​ 288 ​ 479 ​ — 4,344 Non-current assets 6,516 ​ 2,105 ​ 4,448 ​ — 13,069 Goodwill 645 ​ 496 ​ 1,271 ​ — 2,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HIFU ESWL DISTRIB Reconciling Total 2022 ​ Division ​ Division ​ Division ​ Items ​ consolidated Sales of goods 9,437 4,880 24,145 — 38,462 Sales of RPPs & leases 4,287 1,058 272 — 5,617 Sales of spare parts and services 1,909 5,630 3,491 — 11,030 Total sales 15,634 11,568 27,907 — 55,108 External other revenues — — — — — Total revenues 15,634 11,568 27,907 — 55,108 Total COS (6,788) (6,732) (17,396) — (30,916) Gross profit 8,846 4,836 10,511 — 24,193 R&D expenses (3,525) (950) (444) — (4,920) Selling and marketing expenses (8,083) (1,887) (6,409) — (16,379) G&A expenses (2,131) (1,077) (1,690) (2,254) (7,152) Total expenses (13,739) (3,914) (8,543) (2,254) (28,450) Operating income (loss) from operations (4,894) 922 1,968 (2,254) (4,257) Total Assets 16,293 ​ 12,997 ​ 26,407 ​ 45,426 101,123 Capital expenditures 1,715 ​ 307 ​ 356 ​ — 2,378 Non-current assets 4,269 ​ 2,149 ​ 4,187 ​ — 10,605 Goodwill 645 ​ 496 ​ 1,271 ​ — 2,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HIFU ESWL DISTRIB Reconciling Total 2021 ​ Division ​ Division ​ Division ​ Items ​ consolidated Sales of goods 4,515 4,236 20,289 — 29,040 Sales of RPPs & leases 3,679 1,022 267 — 4,968 Sales of spare parts and services 1,715 5,758 2,578 — 10,052 Total sales 9,910 11,016 23,134 — 44,060 External other revenues 6 — — — 6 Total revenues 9,915 11,016 23,134 — 44,065 Total COS (5,311) (6,080) (14,252) — (25,643) Gross profit 4,604 4,936 8,882 — 18,422 R&D expenses (2,238) (835) (329) — (3,402) Selling and marketing expenses (3,910) (2,048) (4,774) — (10,732) G&A expenses (1,481) (1,161) (1,355) (1,904) (5,900) Total expenses (7,630) (4,043) (6,458) (1,904) (20,034) Operating income (loss) from operations (3,025) 893 2,424 (1,904) (1,612) Total Assets 13,597 ​ 13,596 ​ 25,344 ​ 24,690 77,226 Capital expenditures 1,234 ​ 141 ​ 261 ​ — 1,636 Non-current assets 3,689 ​ 2,185 ​ 3,971 ​ — 9,845 Goodwill 645 ​ 496 ​ 1,271 ​ — 2,412 ​

VALUATION ACCOUNTS

VALUATION ACCOUNTS	12 Months Ended
	Dec. 31, 2023
VALUATION ACCOUNTS
VALUATION ACCOUNTS	30— VALUATION ACCOUNTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance Allowance ​ ​ ​ ​ for deferred ​ for doubtful ​ Slow-moving ​ Warranty ​ ​ tax assets ​ accounts ​ inventory ​ reserve Balance as of December 31, 2020 15,508 ​ 721 ​ 1,563 ​ 369 Charges to costs and expenses 346 ​ 2 ​ 371 ​ 110 Deductions: write-off and others (1,513) ​ 19 ​ (464) ​ (227) Balance as of December 31, 2021 14,341 ​ 742 ​ 1,470 ​ 252 Charges to costs and expenses 1,538 ​ 32 ​ 93 ​ 112 Deductions: write-off and others (1,135) ​ (613) ​ (300) ​ (202) Balance as of December 31, 2022 14,744 ​ 161 ​ 1,262 ​ 162 Charges to costs and expenses 3,175 ​ 85 ​ 354 ​ 134 Deductions: write-off and others (180) ​ (21) ​ (353) ​ (124) Balance as of December 31, 2023 17,739 ​ 224 ​ 1,263 ​ 172 ​

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	31— SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Interest and income taxes paid are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income taxes paid (refunds received) 509 410 307 Interest paid 265 168 114 Interest received 1,311 403 10 ​ Non-cash transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Financing lease obligations incurred 358 162 233 Operating lease obligations incurred 1,098 1,162 674 ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Operating cash flow used in operating leases 1,009 900 ​ 916 Operating cash flow used in finance leases 7 12 ​ 18 Financing cash flow used in finance leases 242 350 ​ 406 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	32— RELATED PARTY TRANSACTIONS On August 19, 2019, EDAP Technomed Co. Ltd. (Japan) contracted a loan amounting to JPY 80,000,000. As a current practice in Japan, this loan required a personal warranty from the representative director, President and CEO of the subsidiary Mr. Jean-François Bachelard. EDAP TMS S.A., as the parent company, counter-warranted this personal loan and agreed to indemnify Mr. Bachelard, in an indemnification letter dated September 12, 2019 expiring upon loan maturity date of August 26, 2026. On April 22, 2020, EDAP Technomed Co. Ltd (Japan) contracted another loan amounting to JPY 50,000,000 requiring a personal warranty from the representative director, president and CEO of the subsidiary Mr. Jean-François Bachelard. EDAP TMS S.A., as the parent company, counter-warranted this personal loan and agreed to indemnify Mr. Bachelard, in an indemnification letter dated June 2, 2020, expiring upon loan maturity date of April 2, 2025. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	33— SUBSEQUENT EVENTS In order to align the Company’s organization to build shareholders value and expand its operational and commercial presence in the United States, the Company announced on January 2, 2024 the appointment of Ken Mobeck as its Chief Financial Officer and François Dietsch as its Chief Accounting Officer. ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of operations	1-1 Nature of operations EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, manufacturing, promotion and distribution of advanced minimally-invasive ultrasound technologies for both diagnosis and treatment of urological diseases. We have introduced the Focal One® Robotic HIFU (high-intensity focused ultrasound) system around the world including Europe, U.S., Latin America, and parts of Asia. With the addition of the ExactVu™ Micro-Ultrasound system, we offer customers a complete solution from diagnosis to treatment of prostate disease. The Company also produces and distributes systems for the treatment of urinary tract stones. These technologies include the Sonolith® i-move lithotripter system based on Extracorporeal ShockWave Lithotripsy (ESWL) technology and advanced surgical laser systems. We also derive revenues from the distribution of urodynamics products and urology lasers. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy, the United States and Asia. The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operations.
Basis of preparation	1-2 Basis of preparation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP).
Management estimates	1-3 Management estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market, duration and interest rate of operating leases, price of maintenance contracts used to determine the amount of revenue to be deferred and life duration of our range of products. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Consolidation	1-4 Consolidation The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries after elimination of intercompany balances and transactions. We do not have any significant interests in any variable interest entities.
Revenue recognition	1-5 Revenue recognition The Company’s revenue consists of: - Sales of goods (devices and consumables), where invoicing generally takes place upon delivery. Consumables revenues included in sales contracts are deferred until delivery. - Revenue-per-Procedures (“RPP”) and leases: they comprise (i) revenues on a per treatment basis which are invoiced after each treatment, or in advance, or on a periodic basis, (ii) leases of devices, which are generally invoiced on a monthly or quarterly basis, and (iii) lease components arising from multiple-element arrangements, where specific sales terms are negotiated in accordance with each customer’s individual requirements and which are generally invoiced based on contract terms, - Sales of spare parts and services (maintenance, upgrades, mobility and others). Spare parts are invoiced when delivered. Regarding services, invoicing is performed either on a subscription basis (in advance or at the end of the period) or when performed. Sales of our medical devices and sales of disposables, sales of RPPs and leases, and sales of spare parts and services, are all net of commissions. The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due between one to three months from date of invoice. The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and its customer, the rights of the goods or services and their payment terms can be identified, the contract has commercial substance, collectability of the contract consideration is probable, it is approved and the parties are committed to their obligations. Our sale arrangements may contain multiple elements, including device(s), consumables and services. For these multiple-element arrangements, the Company accounts for individual goods and services as separate performance obligations: (i) if a customer can benefit from the good or service on its own or with other resources that are readily available to the customer, and (ii) if they are a distinct good or service that is separately identifiable from other items in the multiple-element arrangement. The Company’s sale arrangements may include a combination of the following performance obligations: device(s), consumables, leases and services (such as, but not limited to, warranty extension). For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the goods or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the goods and services, geographies, and type of customer. The Company regularly reviews standalone selling prices and updates these estimates as necessary. The Company recognizes revenue when the performance obligations are satisfied by transferring control over the goods or service to a customer. The Company’s revenue consists of the following: Sales of goods: Sales of goods are and have historically been comprised of sales net of commission of medical devices (ESWL lithotripters and HIFU devices) and net sales of disposables (mostly Focalpaks in the HIFU division and electrodes in the ESWL division). Sales of goods also includes products such as micro-ultrasound devices, urology lasers and urodynamics devices distributed through our agents and third-party distributors. For devices and disposables, revenue is recognized when the Company transfers control to the customer (i.e. when the customer has the ability to direct the use of, and obtain substantially all of the remaining benefit from, the device or disposables), which is generally at the point of delivery, depending on the terms of the arrangement (i.e. when the customer can use the goods to provide services or sell or exchange the good), and based on contractual incoterms. Installation-related costs are immaterial in the context of the contract with the customer and do not constitute a distinct performance obligation. The Company’s sales arrangements do not provide a right of return. The goods are generally covered by a period of one Sales of RPPs and leases: Sales of RPP and leases include the revenues from the sale of treatment procedures and from the leasing of machines. For RPP, we provide machines to clinics and hospitals for free for a limited period, rather than selling the devices. These hospitals and clinics perform treatments using the devices and usually pay us based on the number of individual treatments provided. Revenues from leasing of machine are considered as immaterial. Revenues related to the sale of treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. Regarding multiple-element arrangements with a lease component, a portion of the contract is allocated to the lease component on the basis of observable market prices applied by the Company for similar devices under operating leases. The lease component is recognized on a straight line basis over the contractual period. Other immaterial components under the contract are recognized in accordance with their nature. Sales of spare parts and services: Revenues related to spare parts are recognized when spare parts are delivered to distributors who perform their own maintenance services. Spare parts used in the performance of EDAP’s own maintenance and repair services are generally not recognized separately, unless a type of spare part is specifically excluded from the maintenance contract terms. Revenues related to Services mainly consist of maintenance contracts which rarely exceed one year and are recognized on a straight line basis over the term of the service period as the customer benefits from the service equally throughout the service contract period. For services rendered when no maintenance contract is in place or for services not included in the scope of a maintenance contract, revenues are recorded when services are performed. The Company recognizes revenue for extended warranties included in the multiple-element arrangements as a separate performance obligation in Sales of services on a straight-line basis over the extended warranty period. In the majority of countries in which the Company operates, the statutory warranty period is one to two years and the extended warranty covers periods beyond this statutory period. Standard warranties do not constitute a separate performance obligation. The Company accrues for the warranty costs at the time of sale of the device through the multiple-element arrangement. Distributors: As part of its sale process in countries other than continental France, when the Company does not have a local subsidiary, sales of goods to end-customers are performed through agents and distributors. Such agents and distributors are primarily responsible for the sales’ process, bear the inventory risk, and are free to determine the sale prices. Sales of goods to agents and distributors are recognized when the control is transferred to the related agent or distributor which generally occurs based on contractual incoterms. Deferred revenue: Deferred revenue for the periods presented primarily relates to service contracts where the service fees are billed up-front, generally quarterly or annually, prior to those services having been performed, and consists primarily of billing or cash receipts in advance of services due under maintenance contracts or extended warranty contracts. The associated deferred revenue is generally recognized ratably over the service period. Disaggregation of revenue: Disaggregation by primary geographical market, and timing of revenue recognition is reported in Note 18. Contract Balances: Details on contract liabilities are reported on Note 11. The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. This relates mainly to maintenance services.
Costs of sales	1-6 Costs of sales Costs of sales include all direct product costs, costs related to shipping, handling, duties and importation fees, as well as certain indirect costs such as service and supply chain departments expenses. Indirect costs are allocated by type of sales (goods, RPP and leases, spare parts and services) using an allocation method determined by management by type of costs and segment activities and reviewed on an annual basis.
Shipping and handling costs	1-7 Shipping and handling costs Shipping and handling costs are not considered as performance obligations. Shipping and handling costs are recorded as a component of cost of sales.
Cash equivalents and short term investments	1-8 Cash equivalents and short term investments Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less. Cash investments with a maturity higher than 90 days are considered as short-term investments. There is no short-term investment at December 31, 2023.
Accounts Receivable	1-9 Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Write-offs for 2023 and 2022 approximated €1 thousand and €640 thousand, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers.
Inventories	1-10 Inventories Inventories are valued at the lower of cost and net realizable value. Cost is either the manufacturing cost, which is principally comprised of components and labor costs for our own manufactured products, or purchase price for urology products we distribute. Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value.
Property and equipment	1-11 Property and equipment Property and equipment is stated at historical cost, net of accumulated depreciation and impairment. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the related assets, as follows: ​ ​ ​ ​ ​ ​ ​ ​ Leasehold improvements (in years) ​ ​ 10 or lease term if shorter ​ ​ Equipment (in years) 3 — 10 Furniture, fixtures, fittings and other (in years) 2 ​ — 10 ​ Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices and treatment probes that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions. This equipment is generally depreciated over a period of five
Long-lived assets	1-12 Long-lived assets The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty.
Goodwill and intangible assets	1-13 Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired. When impairment indicators are identified, the impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, including goodwill. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products. Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: ​ ​ ​ ​ Patents (in years) 5 SAP Licenses (in years) 10 Other licenses (in years) 5 Trade name and trademark (in years) 7 ​
Treasury Stocks	1-14 Treasury Stocks Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. Treasury stocks held by a company cannot exceed 10% of the total number of shares issued.
Warranty expenses	1-15 Warranty expenses The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 2 years depending on the market. The warranty expense is incurred at time of accrual and not when paid. Warranty expense amounted to €134 thousand, €112 thousand and €110 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
Income taxes	1-16 Income taxes The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested. Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date.
Research and development costs	1-17 Research and development costs Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting research and development expenses.
Advertising costs	1-18 Advertising costs Advertising costs are recorded as an expense in the period in which they are incurred and are included in selling and administrative expenses in the accompanying consolidated statements of income (loss). Advertising costs amounted to €1,352 thousand, €929 thousand and €490 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
Foreign currency translation and transactions	1-19 Foreign currency translation and transactions Translation of the financial statements of consolidated companies The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at the following exchange rates: ● assets and liabilities are translated at year-end exchange rates; ● shareholders’ equity is translated at historical exchange rates (as of the date of contribution); ● statement of income (loss) items are translated at average exchange rates for the year; and ● translation gains and losses are recorded in a separate component of shareholders’ equity. Foreign currencies transactions Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are recorded in the statement of income (loss). Presentation in the Statement of Income (loss) Aggregate foreign currency transactions gains and losses are disclosed in a single caption in the Statement of Income (loss) under section “Foreign currency exchange gain (loss), net”.
Earnings per share	1-20 Earnings per share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period.
Derivative instruments	1-21 Derivative instruments ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses from derivative instruments are recorded in the Statement of Income (loss). As of December 31, 2023, there are no derivative instruments.
Employee stock option and free shares plan	1-22 Employee stock option and free shares plan The accounting for stock-based awards is based on the fair value of the award measured at the grant date. Accordingly, stock-based compensation cost is recognized in the consolidated statements of income (loss) and comprehensive income (loss) as an operating expense over the requisite service period. The fair value of stock options is determined using the Black-Scholes option-pricing model. The Company determines the fair value of stock option awards on the date of grant using assumptions regarding expected term, share price volatility over the expected term of the awards, risk-free interest rate, and dividend rate. The fair value of free shares is measured using the fair value of the Company's shares as if the free shares were vested and issued on the grant date. Forfeited stock-options and free shares are recognized as they occur, in accordance with ASU 2016-09. The Company recognizes compensation cost for employee awards with only service conditions that have a graded vesting schedule on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. At December 31, 2023, the Company had three stock-based employee compensation plans and two free shares plans.
Warrants	1-23 Warrants There are no warrants outstanding at December 31, 2023.
Leases	1-24 Leases Leases as a Lessee In accordance with ASC 842, Leases, and as from January 1, 2019, the Company classifies all leases at the inception of a contract and assess whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the company controls the use of the identified asset (e.g. whether the company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period, and whether the company has the right to direct the use of the asset). Leases are classified as either finance leases or operating leases. Substantially all our operating leases are comprised of office space leases, and substantially all our finance leases are comprised of office furniture and technology equipment. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, plus prepaid lease payments, less any lease incentives received. All ROU assets are reviewed for impairment. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at lease commencement date, discounted using the incremental borrowing rate for assets of same duration or characteristics. For finance leases the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. Lease payments included in the measurement of the lease liability comprise the following: the fixed payments, including in-substance fixed payments over the lease term (which includes termination penalties the Company would owe if the lease term assumes the Company’s exercise of a termination option), variable lease payments that depend on an index or rate payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, the exercise price of an option to purchase the underlying asset if the company is reasonably certain to exercise the option, and amounts expected to be payable under a Company provided residual value guarantee. The company assesses the discount rate by requesting credit simulation from certain banks. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as operating expenses in the Company’s consolidated statements of income (loss) in the same line item as expenses arising from fixed lease payments (operating leases) or amortization of the ROU asset (finance leases). Our real estate leases generally include non-lease maintenance services. The consideration in the contract is allocated to the lease and non-lease components based on standalone selling prices. Some of our real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement, and changes to index and rate-based variable lease payments are recognized in profit or loss in the period of the change. Variable payments that do not depend on an index or rate, such as rental payments based on the use of the underlying asset or property taxes and insurance reimbursement, are recorded as operating expenses when incurred. Lease modifications result in remeasurement of the lease payments when that modification is not accounted for as a separate contract. Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor . We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases on our right-of-use asset and lease liability was not material. We have elected not to review the classification for expired or existing leases, prior to January 1, 2019. Leases as a Lessor: A lessor shall classify a lease as a sales-type lease when the lease meets any of the following criteria at lease commencement: ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ● The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. ● The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease. ● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset. ● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of the criteria are met: A lessor shall classify the lease as either a direct financing lease or an operating lease. A lessor shall classify the lease as an operating lease unless both of the following criteria are met, in which case the lessor shall classify the lease as a direct financing lease: ● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) and/or any other third party unrelated to the lessor equals or exceeds substantially all of the fair value of the underlying asset; ● It is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee.
Recent accounting pronouncements	1-25 Recent accounting pronouncements Recently Adopted Accounting Pronouncements As of November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-07 (Segment reporting: Improvements to reportable segment disclosures) that improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. This Topic provides guidance “on how to report certain information about operating segments in complete sets of financial statements of the public entity and in condensed financial statements of interim periods issued to shareholders.” This standard is effective for the Company in fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of depreciation of property and equipment is estimated useful life of the related assets	​ ​ ​ ​ ​ ​ ​ ​ Leasehold improvements (in years) ​ ​ 10 or lease term if shorter ​ ​ Equipment (in years) 3 — 10 Furniture, fixtures, fittings and other (in years) 2 ​ — 10
Schedule of amortization of intangible assets is contractual or estimated useful life of the assets	​ ​ ​ ​ Patents (in years) 5 SAP Licenses (in years) 10 Other licenses (in years) 5 Trade name and trademark (in years) 7

CASH EQUIVALENTS (Tables)

CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2023
CASH EQUIVALENTS
Schedule of Cash and Cash Equivalents [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Total cash and cash equivalents 43,471 63,136 Short term investment ​ — ​ — Total cash and cash equivalents 43,471 63,136

TRADE ACCOUNTS AND NOTES RECE_2

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
TRADE ACCOUNTS AND NOTES RECEIVABLE, NET
Schedule of trade accounts and notes receivable	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Trade accounts receivable 17,186 12,965 Notes receivable 896 617 Less: allowance for doubtful accounts (224) (161) Total 17,858 13,421 Less current portion (17,858) (13,421) Total long-term portion — —

OTHER RECEIVABLES (Tables)

OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER RECEIVABLES.
Schedule of other receivables	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Research and development tax credit receivable from the French State ​ 411 581 Value-added taxes receivable ​ 863 894 Other receivables from Government and public authorities ​ 22 — Others ​ 84 46 Total ​ 1,380 1,522 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORIES.
Schedule of Inventory, Current	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Components, spare parts ​ 8,973 7,543 Work-in-progress ​ 512 283 Finished goods – own manufactured products ​ 2,115 1,514 Finished goods – distribution products ​ 4,775 3,702 Total gross inventories ​ 16,375 13,042 Less: allowance for slow-moving inventory and net realizable value ​ (1,263) (1,262) Total ​ 15,112 11,780

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Prepaid expenses, current portion ​ 659 660 Total ​ 659 660

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Schedule of Property and equipment	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Equipment ​ 11,900 ​ 9,553 Furniture, fixture, and fittings and other 3,672 3,108 Total gross value 15,573 12,661 Less: accumulated depreciation and amortization (9,686) (8,916) Total 5,887 3,745
Schedule of Finance lease right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Facilities ​ 242 ​ 269 Equipment 220 220 Vehicles and IT equipment 828 780 Total gross value 1,290 1,269 Less: accumulated depreciation and amortization 705 813 Total 585 455

OPERATING LEASE RIGHT-OF-USE _2

OPERATING LEASE RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
OPERATING LEASE RIGHT-OF-USE ASSETS.
Schedule of Operating lease right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Facilities 1,534 1,536 Equipment 30 57 Furniture, fixture, and fittings and other 157 191 Total net operating lease right of use 1,722 1,784

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Licenses 2,119 1,585 Trade name and trademark 333 370 Patents 412 412 Organization costs 225 225 Total gross value 3,089 2,592 Accumulated amortization for licenses (1,038) (863) Accumulated amortization for trade name and trademark (331) (368) Accumulated amortization for patents (412) (412) Accumulated amortization for organization costs (225) (225) Less: Total accumulated amortization (2,005) (1,868) Total 1,084 725
Schedule of Intangible assets, annual estimated amortization expense	​ ​ ​ ​ ​ December 31, ​ 2023 2024 205 2025 195 2026 192 2027 175 2028 88 2029 and thereafter ​ 174 Total 1,029 ​

TRADE ACCOUNTS AND NOTES PAYA_2

TRADE ACCOUNTS AND NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
TRADE ACCOUNTS AND NOTES PAYABLE
Schedule of trade accounts and notes payable	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Trade accounts payable 11,236 6,640 Notes payable 61 7 Total 11,297 6,647

DEFERRED REVENUES (Tables)

DEFERRED REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
DEFERRED REVENUES
Schedule of Deferred revenues	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Deferred revenues on maintenance contracts ​ 1,809 ​ 1,803 Deferred revenue on RPP ​ 492 ​ 517 Deferred revenue on sale of devices ​ 104 ​ 83 Deferred revenue on extension of warranty, included in sales contracts ​ 591 ​ 535 Deferred revenue on treatment probe lease and other ​ 1,696 ​ 1,376 Total ​ 4,693 ​ 4,314 Less long term portion ​ (643) ​ (264) Current portion ​ 4,049 ​ 4,050
Schedule of Deferred revenue on extension of warranty	​ ​ ​ ​ ​ December 31, ​ 2023 2024 224 2025 183 2026 74 2027 46 2028 30 2029 and thereafter ​ 35 Total 591
Changes in deferred revenue on extension of warranty	​ ​ ​ ​ ​ ​ ​ ​ Total Balance as of December 31, 2021 740 New extension of warranty 162 Recognition of revenue (367) Balance as of December 31, 2022 535 New extension of warranty 238 Recognition of revenue (181) Balance as of December 31, 2023 591 ​

OTHER ACCRUED LIABILITIES (Tabl

OTHER ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ACCRUED LIABILITIES.
Schedule of other accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Retirement indemnities 2,310 2,153 Provision for warranty costs 172 162 Accruals for payroll and associated taxes 2,256 1,848 Conditional government advances 463 463 Value added tax payable 758 531 Advances received from customers 860 861 Provision for Asset Retirement Obligation (Japan) 91 101 Provision for employee termination indemnities (Korea) 149 122 Others 522 340 Total 7,581 6,583 Less non-current portion (3,075) (2,710) Current portion 4,506 3,873
Schedule of Conditional advances	​ ​ ​ ​ 2024 111 2025 93 2026 93 2027 86 2028 81 2029 and thereafter ​ — Total 463
Schedule of Changes in the provision for warranty costs	​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning of year 162 252 Amount used during the year (124) (202) New warranty expenses 134 112 End of year 172 162 Less current portion (107) (100) Long term portion 65 62 ​

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2023
LEASE OBLIGATIONS
Schedule of Maturities of finance leases liabilities	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2024 ​ 214 2025 ​ 170 2026 ​ 134 2027 ​ 86 2028 ​ 52 2029 and thereafter ​ ​ 2 Total undiscounted minimum lease payments ​ 659 Less: amount representing interest ​ (33) Present value of minimum lease payments ​ 627 Less: current portion ​ (195) Long-term portion ​ 433 ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2023 234 2024 149 2025 102 2026 63 2027 12 2028 and thereafter ​ 6 Total undiscounted minimum lease payments 566 Less: amount representing interest (17) Present value of minimum lease payments 548 Less: current portion (224) Long-term portion 324
Schedule of Maturities of operating leases liabilities	​ ​ ​ ​ ​ December 31, ​ 2023 2024 ​ 898 2025 485 2026 240 2027 157 2028 — 2029 and thereafter ​ — Total undiscounted minimum lease payments 1,780 Less: current portion (898) Long-term portion 882 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2023 901 2024 636 2025 238 2026 24 2027 — 2028 and thereafter ​ — Total undiscounted minimum lease payments 1,799 Less: current portion ​ (901) Long-term portion ​ 899

LONG TERM DEBT (Tables)

LONG TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
LONG TERM DEBT
Schedule of Long-term Debt	​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 France term loan 3,222 4,593 Japanese term loan 323 558 Germany term loan — 28 USA term loan — — Korea term loan ​ 5 ​ 8 Malaysia term loan — — Total long term debt 3,551 5,188 Less current portion (1,553) (1,601) Total long-term portion 1,997 3,587
Schedule of Long-term Debt Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP Technomed Co. Ltd 80,000,000 ​ August 2, 2026 1.98 % Monthly installment EDAP Technomed Co. Ltd 50,000,000 ​ April 2, 2025 1.8 % Monthly installment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drown ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 1,066,081 ​ July 1, 2025 0.99 % Monthly installment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 2,000,000 ​ July 30, 2026 0.73 % Monthly installment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 2,000,000 ​ August 4, 2026 0.73 % Monthly installment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS FRANCE 72,222 ​ July 5, 2024 0.45 % Monthly installment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial ​ ​ Frequency of ​ Amount ​ Maturity ​ Fixed Interest rate principal payments EDAP TMS GMBH 400,000 ​ April 30, 2023 2.40 % Monthly installment
Schedule of Long-term Debt and Financial Instrument Maturities	​ ​ ​ ​ 2024 1,553 2025 1,320 2026 677 2027 — 2028 — 2029 and thereafter ​ — Total 3,551 ​

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER LONG-TERM LIABILITIES.
Schedule of Other Long-term Liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Provision for retirement indemnities (Japan & France), less current portion 2,241 1,962 Provision for employee termination indemnities (Korea) less current portion 149 122 Provision for Asset Retirement Obligation (Japan) less current portion 91 101 Provision for warranty costs, less current portion 65 62 Provision for guarantee given to customer, less curent portion ​ 66 ​ — Conditional government advances, less current portion 463 463 Accrued interest less current portion — — Total 3,075 2,710 ​
Defined Benefit Plan, Assumptions	​ ​ ​ ​ ​ ​ ​ ​ Retirement indemnities France ​ ​ 2023 ​ 2022 Discount rate 3.19% ​ 3.80% ​ Salary increase 3.00% ​ 3.00% ​ Retirement age 65 65 ​ Average retirement remaining service period 23 24 ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement indemnities Japan ​ ​ 2023 ​ 2022 Discount rate 1.30% ​ 1.30% ​ Salary increase 2.50% ​ 2.50% ​ Retirement age 60 60 ​ Average retirement remaining service period 14 14 ​ ​
Schedule of Amounts Recognized in Balance Sheet	At December 31, 2023, the provision which represents the projected benefit obligation in accordance with ASC 718 consists of: ​ ​ ​ ​ ​ ​ France Japan Non-current liabilities ​ 1,084 ​ 1,157 Current liabilities — 70 Total projected benefit obligation 1,084 1,227 ​ At December 31, 2022, the provision which represents the projected benefit obligation in accordance with ASC 718 consists of: ​ ​ ​ ​ ​ ​ France Japan Non-current liabilities ​ 845 ​ 1,117 Current liabilities 89 102 Total projected benefit obligation 934 1,219 ​
Schedule of Defined Benefit Plans Disclosures	​ ​ ​ ​ ​ ​ ​ ​ France 2023 2022 2021 Change in benefit obligations: Projected Benefit obligations at beginning of year 934 1,080 1,111 Service cost 67 84 90 Interest cost 34 11 6 Net loss or (gain) — — — Actuarial (gain) or loss 66 (241) (72) Amortization of net prior service cost — — — Benefits paid (17) — (56) Projected Benefit obligations at end of year (1) 1,084 934 1,080 Unrecognized actuarial (gain) loss (2) (146) (219) 22 Unrecognized prior service cost (2) 13 14 16 (1) The accumulated benefit obligation was €805 thousand and €701 thousand at December 31, 2023 and 2022 respectively. (2) The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2023 is €133 thousand. ​ ​ ​ ​ ​ ​ ​ ​ Japan 2023 2022 2021 Change in benefit obligations: Projected Benefit obligations at beginning of year 1,219 1,302 1,310 Service cost 114 112 120 Interest cost 13 7 7 Amortization of net loss — — — Actuarial (gain) / loss 4 (30) — Benefits paid (76) (75) (97) Plan Amendments ​ 74 ​ — ​ — Exchange rate impact (122) (95) (39) Projected Benefit obligations at end of year (1) 1,227 1,219 1,302 Unrecognized actuarial (gain) loss (2) 81 86 126 Unrecognized prior service cost (2) 74 — — (1) The accumulated benefit obligation was €1,030 thousand and €1,027 thousand at December 31, 2023 and 2022, respectively. (2) The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2023 is €156 thousand.
Schedule of Expected Benefit Payments	​ ​ ​ ​ ​ ​ ​ France Japan 2024 — 70 2025 — 152 2026 129 143 2027 85 67 2028 85 46 2029-2033 408 843 ​ 707 1,322 ​

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS' EQUITY.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dec-2023 Nov-2023 Sept-2023 Aug-2023 May-2023 May-2023 Apr-2023 Weighted-average expected life (years) 5.79 5.79 5.79 5.79 5.79 5.79 5.79 Expected volatility rates (1) 63.29 % 61.09 % 60.90 % 60.60 % 60.80 % 60.90 % 61.00 % Expected dividend yield 0 % 0 % 0 % 0 % 0 % 0 % 0 % Risk-free interest rate 4.16 % 4.55 % 4.55 % 4.35 % 3.77 % 3.47 % 3.39 % Weighted-average exercise price (€) 4.98 6.64 6.08 7.53 9.32 10.10 9.96 Weighted-average fair value of options granted during the year (€) 3.03 4.05 3.70 4.37 5.40 5.92 5.49 (1) Historical volatility calculated over the weighted-average expected life. ​
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ 2021 ​ ​ Options Weighted ​ Options Weighted ​ Options Weighted ​ ​ ​ average ​ ​ average ​ ​ average ​ ​ ​ exercice ​ ​ exercice ​ ​ exercice ​ ​ price (€) ​ price (€) ​ price (€) Outstanding on January 1, 2,613,886 5.66 2,408,508 4.38 1,186,900 2.81 Granted 686,000 8.53 571,000 9.07 1,392,428 5.56 Exercised (55,973) 4.66 (320,622) 2.14 (150,820) 2.93 Forfeited (45,000) 7.99 (45,000) 5.34 (20,000) 4.01 Expired — — — — — — Outstanding on December 31, 3,198,913 6.26 2,613,886 5.66 2,408,508 4.38 Exercisable on December 31, 1,997,666 5.23 1,362,205 4.35 1,149,401 3.25 Share purchase options available for grant on December 31, 25,000 ​ 20,000 ​ 5,000 ​ ​ As of December 31, 2023, 643,000 options to subscribe to new shares are available for future grants.
Share-based Payment Arrangement, Option, Exercise Price Range	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding options ​ Fully vested options (1) ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ average ​ average ​ Aggregate ​ ​ ​ average ​ Aggregate ​ ​ ​ ​ remaining ​ exercise ​ Intrinsic ​ ​ ​ exercise ​ Intrinsic ​ ​ ​ ​ contractual ​ price ​ Value ​ ​ ​ price ​ Value Exercise price (€) Options life (€) (2) Options (€) (2) 10.32 ​ 20,000 ​ 8.8 ​ 10.32 ​ — ​ 7,222 ​ 10.32 ​ — 10.10 ​ 200,000 ​ 9.3 ​ 10.10 ​ — ​ 38,889 ​ 10.10 ​ — 9.96 ​ 117,000 ​ 9.3 ​ 9.96 ​ — ​ 26,000 ​ 9.96 ​ — 9.94 ​ 395,000 ​ 9.0 ​ 9.94 ​ — ​ 131,667 ​ 9.94 ​ — 9.32 ​ 50,000 ​ 9.4 ​ 9.32 ​ — ​ 9,722 ​ 9.32 ​ — 7.53 ​ 177,000 ​ 9.7 ​ 7.53 ​ — ​ — ​ — ​ — 6.64 ​ 20,000 ​ 9.8 ​ 6.64 ​ — ​ — ​ — ​ — 6.41 ​ 100,000 ​ 8.3 ​ 6.41 ​ — ​ 52,778 ​ 6.41 ​ — 6.08 ​ 80,000 ​ 9.8 ​ 6.08 ​ — ​ — ​ — ​ — 5.59 ​ 1,244,533 ​ 7.4 ​ 5.59 ​ — ​ 1,037,111 ​ 5.59 ​ — 5.18 ​ 83,300 ​ 7.8 ​ 5.18 ​ 431,494 ​ 16,197 ​ 5.18 ​ 83,902 4.98 ​ 34,000 ​ 9.9 ​ 4.98 ​ 169,320 ​ — ​ — ​ — 3.90 107,500 5.8 3.90 419,250 107,500 ​ 3.90 ​ 419,250 3.22 357,000 2.3 3.22 1,149,540 357,000 ​ 3.22 ​ 1,149,540 2.65 77,500 4.7 2.65 205,375 77,500 ​ 2.65 ​ 205,375 2.39 136,080 3.3 2.39 325,231 136,080 ​ 2.39 ​ 325,231 2.39 to 10.32 3,198,913 7.8 0.84 2,700,210 1,997,666 1.09 2,183,298 (1) Fully vested options are all exercisable options. On March 29, 2023, the Board of Directors unanimously decided to appoint Ryan Rhodes as the new Chief Executive Officer of the Company effective on May 1, 2023. Marc Oczachowski would continue to serve as Chairman of the Board of the Company. In this context, the Board decided to accelerate the vesting of all unvested options granted to Mr. Oczachowski under the 2019 option plans such that these options fully vested and became exercisable on March 29, 2023. (Ref. Note 33. Subsequent Events.) (2) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $5.28 at December 31, 2023, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date. If closing stock price is under exercise price, then the aggregate intrinsic value is not considered. ​
Schedule of Nonvested Share Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Grant-Date Fair ​ Options Value (€) Non-vested at January 1, 2021 ​ 216,250 1.59 Granted ​ 1,392,428 2.37 Vested ​ (329,571) 2.06 Forfeited ​ (20,000) 1.89 Non-vested at December 31, 2021 ​ 1,259,107 2.32 Granted ​ 571,000 ​ 4.33 Vested ​ (543,426) 2.32 Forfeited ​ (35,000) 2.80 Non-vested at December 31, 2022 ​ 1,251,681 2.32 Granted ​ 686,000 ​ 4.95 Vested (691,434) 3.22 Forfeited (45,000) 3.98 Non-vested at December 31, 2023 1,201,247 4.18 ​
Schedule of Accumulated Other Comprehensive Income (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ Foreign currency ​ Provision for ​ ​ ​ ​ translation ​ retirement indemnities ​ ​ ​ ​ adjustment ​ (net of tax) ​ Total Beginning balance (3,973) 144 (3,829) Other comprehensive income (loss) before reclassifications — — — Reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (loss) (478) (180) (658) Ending balance (4,451) (37) (4,487) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ Foreign currency ​ Provision for ​ ​ ​ ​ translation ​ retirement indemnities ​ ​ ​ ​ adjustment ​ (net of tax) ​ Total Beginning balance (3,377) ​ (212) ​ (3,589) Other comprehensive income (loss) before reclassifications — ​ — ​ — Reclassified from accumulated other comprehensive loss — ​ — ​ — Net current-period other comprehensive income (loss) (596) ​ 355 ​ (240) Ending balance (3,973) ​ 144 (3,829) ​

TOTAL SALES (Tables)

TOTAL SALES (Tables)	12 Months Ended
	Dec. 31, 2023
TOTAL SALES
Revenue from External Customers by Geographic Areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Primary geographical markets (€) 2023 2022 2021 Asia 17,841 17,936 16,009 France 11,999 10,637 12,251 United States 16,717 15,036 5,524 Others geographical areas 13,865 11,500 10,276 Total Net Sales 60,423 55,108 44,060 ​
Disaggregation of Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Timing of revenue recognition 2023 2022 2021 Products transferred at a point in time 48,646 44,173 34,552 Products and services transferred over time 11,777 10,935 9,508 Total Net Sales 60,423 55,108 44,060 ​

OTHER REVENUES (Tables)

OTHER REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER REVENUES
Schedule of Other Revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Licenses and others — — 6 Total — — 6

COSTS OF SALES (Tables)

COSTS OF SALES (Tables)	12 Months Ended
	Dec. 31, 2023
COSTS OF SALES
Schedule of Costs of Sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Direct costs of sales (22,624) (19,814) (16,199) Indirect costs of sales (13,388) (11,102) (9,443) Total costs of sales (36,012) (30,916) (25,643) ​

RESEARCH AND DEVELOPMENT EXPE_2

RESEARCH AND DEVELOPMENT EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENSES
Schedule of Research and Development Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Gross research and development expenses (7,596) (5,751) (4,757) Research Tax Credit 411 581 617 Grants 222 250 739 Net Research and development expenses (6,963) (4,920) (3,402)

FINANCIAL INCOME, NET (Tables)

FINANCIAL INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL INCOME, NET
Schedule of Interest Income and Interest Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Interest income ​ 1,311 ​ 404 ​ 10 Interest expense (232) (168) (52) Paycheck Protection Program loan forgiveness — — 187 Total 1,079 236 145 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of Income before Income Tax, Domestic and Foreign	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 France ​ (9,026) ​ (418) ​ 869 Other countries (11,507) (1,678) 24 Total (20,533) (2,096) 893
Schedule of Components of Income Tax (Expense)/Benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Current income tax expense: ​ ​ ​ France (77) (485) (320) Other countries (533) (251) (436) Sub-total current income tax expense (610) (736) (756) Deferred income tax (expense) benefit: France 3 (8) 8 Other countries (37) (93) 556 Sub-total deferred income tax (expense) benefit (34) (101) 563 Total (644) (837) (193)
Schedule of Deferred Tax Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ 2023 2022 Net operating loss carry forwards ​ 16,356 ​ 13,793 Elimination of intercompany profit in inventory 689 480 Elimination of intercompany profit in fixed assets 396 256 Provisions for retirement indemnities 663 658 Capital leases treated as operating leases for tax 10 26 Other items 354 360 Total deferred tax assets 18,468 15,573 Total deferred tax liabilities — — Net deferred tax assets 18,468 15,573 Valuation allowance for deferred tax assets (17,739) (14,744) Deferred tax assets (liabilities), net of allowance 729 829 ​
Schedule of Effective Income Tax Rate Reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Theoretical income tax (expense) benefit at French statutory tax rate ​ 5,133 ​ 524 ​ (237) Income of foreign subsidiaries taxed at different tax rates (546) (174) (95) Effect of net operating loss carry-forwards and valuation allowances (4,439) (643) 626 Non-taxable debt fair value variation — — — Permanent differences (263) (99) (258) Effect of cancellation of intra-group positions (476) (366) (130) French business tax included in income tax (CVAE) (74) (99) (85) Other 20 20 (15) Effective income tax (expense) benefit (644) (837) (193) ​

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER SHARE
Schedule of Earnings Per Share, Basic and Diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income (loss) available to common shareholders (in Euros) ​ € (21,177,772) ​ € (2,933,058) ​ € 699,890 Weighted average number of shares for the computation of basic EPS ​ 36,996,722 ​ 34,392,598 ​ 32,129,047 Basic EPS (in Euros) ​ € (0.57) ​ € (0.09) ​ € 0.02 Effect of dilutive securities ​ 2,653,050 ​ 2,502,171 ​ 293,824 Weighted average number of shares for the computation of diluted EPS ​ 36,996,722 ​ 34,392,598 ​ 32,422,871 Diluted EPS income / (loss) (in Euros) ​ € (0.57) ​ € (0.09) ​ € 0.02 ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
Schedule of Reconciliation of Operating Profit or Loss from Segments to Consolidated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Segment operating income (loss) (19,813) (4,257) (1,612) Financial income (expense), net 1,079 236 145 Foreign Currency exchange (losses) gains, net (1,799) 1,925 2,360 Income tax (expense) benefit (644) (837) (193) Consolidated net income (loss) (21,178) (2,933) 700
Schedule of Segment Reporting Information, by Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HIFU ESWL DISTRIB Reconciling Total 2023 ​ Division ​ Division ​ Division ​ Items ​ consolidated Sales of goods 13,510 3,844 24,980 ​ — 42,333 Sales of RPPs & leases 4,935 955 286 ​ — 6,176 Sales of spare parts and services 2,152 5,109 4,653 ​ — 11,914 Total sales 20,596 9,908 29,919 ​ — 60,423 External other revenues — — — ​ — — Total revenues 20,596 9,908 29,919 ​ — 60,423 Total COS (10,112) (6,268) (19,632) ​ — (36,012) Gross profit 10,484 3,640 10,287 ​ — 24,411 R&D expenses (5,755) (764) (444) ​ — (6,963) Selling and marketing expenses (13,524) (1,636) (7,466) ​ — (22,626) G&A expenses (5,983) (1,471) (2,625) (4,556) (14,634) Total expenses (25,262) (3,871) (10,535) (4,556) (44,224) Operating income (loss) from operations (14,778) (232) (248) (4,556) (19,813) Total Assets 22,443 ​ 12,798 ​ 31,400 ​ 24,908 91,548 Capital expenditures 3,577 ​ 288 ​ 479 ​ — 4,344 Non-current assets 6,516 ​ 2,105 ​ 4,448 ​ — 13,069 Goodwill 645 ​ 496 ​ 1,271 ​ — 2,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HIFU ESWL DISTRIB Reconciling Total 2022 ​ Division ​ Division ​ Division ​ Items ​ consolidated Sales of goods 9,437 4,880 24,145 — 38,462 Sales of RPPs & leases 4,287 1,058 272 — 5,617 Sales of spare parts and services 1,909 5,630 3,491 — 11,030 Total sales 15,634 11,568 27,907 — 55,108 External other revenues — — — — — Total revenues 15,634 11,568 27,907 — 55,108 Total COS (6,788) (6,732) (17,396) — (30,916) Gross profit 8,846 4,836 10,511 — 24,193 R&D expenses (3,525) (950) (444) — (4,920) Selling and marketing expenses (8,083) (1,887) (6,409) — (16,379) G&A expenses (2,131) (1,077) (1,690) (2,254) (7,152) Total expenses (13,739) (3,914) (8,543) (2,254) (28,450) Operating income (loss) from operations (4,894) 922 1,968 (2,254) (4,257) Total Assets 16,293 ​ 12,997 ​ 26,407 ​ 45,426 101,123 Capital expenditures 1,715 ​ 307 ​ 356 ​ — 2,378 Non-current assets 4,269 ​ 2,149 ​ 4,187 ​ — 10,605 Goodwill 645 ​ 496 ​ 1,271 ​ — 2,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ HIFU ESWL DISTRIB Reconciling Total 2021 ​ Division ​ Division ​ Division ​ Items ​ consolidated Sales of goods 4,515 4,236 20,289 — 29,040 Sales of RPPs & leases 3,679 1,022 267 — 4,968 Sales of spare parts and services 1,715 5,758 2,578 — 10,052 Total sales 9,910 11,016 23,134 — 44,060 External other revenues 6 — — — 6 Total revenues 9,915 11,016 23,134 — 44,065 Total COS (5,311) (6,080) (14,252) — (25,643) Gross profit 4,604 4,936 8,882 — 18,422 R&D expenses (2,238) (835) (329) — (3,402) Selling and marketing expenses (3,910) (2,048) (4,774) — (10,732) G&A expenses (1,481) (1,161) (1,355) (1,904) (5,900) Total expenses (7,630) (4,043) (6,458) (1,904) (20,034) Operating income (loss) from operations (3,025) 893 2,424 (1,904) (1,612) Total Assets 13,597 ​ 13,596 ​ 25,344 ​ 24,690 77,226 Capital expenditures 1,234 ​ 141 ​ 261 ​ — 1,636 Non-current assets 3,689 ​ 2,185 ​ 3,971 ​ — 9,845 Goodwill 645 ​ 496 ​ 1,271 ​ — 2,412 ​

VALUATION ACCOUNTS (Tables)

VALUATION ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2023
VALUATION ACCOUNTS
Schedule of valuation accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance Allowance ​ ​ ​ ​ for deferred ​ for doubtful ​ Slow-moving ​ Warranty ​ ​ tax assets ​ accounts ​ inventory ​ reserve Balance as of December 31, 2020 15,508 ​ 721 ​ 1,563 ​ 369 Charges to costs and expenses 346 ​ 2 ​ 371 ​ 110 Deductions: write-off and others (1,513) ​ 19 ​ (464) ​ (227) Balance as of December 31, 2021 14,341 ​ 742 ​ 1,470 ​ 252 Charges to costs and expenses 1,538 ​ 32 ​ 93 ​ 112 Deductions: write-off and others (1,135) ​ (613) ​ (300) ​ (202) Balance as of December 31, 2022 14,744 ​ 161 ​ 1,262 ​ 162 Charges to costs and expenses 3,175 ​ 85 ​ 354 ​ 134 Deductions: write-off and others (180) ​ (21) ​ (353) ​ (124) Balance as of December 31, 2023 17,739 ​ 224 ​ 1,263 ​ 172 ​

SUPPLEMENTAL DISCLOSURES OF C_2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Schedule of supplemental cash flow disclosures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Income taxes paid (refunds received) 509 410 307 Interest paid 265 168 114 Interest received 1,311 403 10 ​ Non-cash transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Financing lease obligations incurred 358 162 233 Operating lease obligations incurred 1,098 1,162 674 ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Operating cash flow used in operating leases 1,009 900 ​ 916 Operating cash flow used in finance leases 7 12 ​ 18 Financing cash flow used in finance leases 242 350 ​ 406 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short term investment	€ 0
Accounts receivable, writeoff	€ 1	€ 640
Derivatives	0
Maximum treasury shares as percentage of total shares issued	10%
Warranty expense	€ 134	112	€ 110
Advertising expense	1,352	€ 929	€ 490
Warrants outstanding	€ 0
Number of stock-based employee compensation plans	3
Number of free share plans	2
Minimum
Warranty term	P1Y
Minimum | Sale and leaseback
Useful life	5 years
Maximum
Warranty term	two years
Maximum | Sale and leaseback
Useful life	7 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	Dec. 31, 2023
Leasehold improvements | Maximum
Property and equipment
Useful life	10 years
Equipment | Minimum
Property and equipment
Useful life	3 years
Equipment | Maximum
Property and equipment
Useful life	10 years
Furniture, fixtures, fittings and other | Minimum
Property and equipment
Useful life	2 years
Furniture, fixtures, fittings and other | Maximum
Property and equipment
Useful life	10 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	Dec. 31, 2023
Patents
Intangible assets
Useful life (in years)	5 years
SAP Licenses
Intangible assets
Useful life (in years)	10 years
Other licenses
Intangible assets
Useful life (in years)	5 years
Trade name and trademark
Intangible assets
Useful life (in years)	7 years

CASH EQUIVALENTS - Schedule of

CASH EQUIVALENTS - Schedule of Cash Equivalents and Short Term Investments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
CASH EQUIVALENTS
Total cash and cash equivalents	€ 43,471	€ 63,136
Short term investment	0
Total cash and cash equivalents	43,471	€ 63,136
Indebtedness pledged in cash positions in USD	€ 567

TRADE ACCOUNTS AND NOTES RECE_3

TRADE ACCOUNTS AND NOTES RECEIVABLE, NET (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TRADE ACCOUNTS AND NOTES RECEIVABLE, NET
Trade accounts receivable	€ 17,186	€ 12,965
Notes receivable	896	617
Less: allowance for doubtful accounts	(224)	(161)
Total	17,858	13,421
Less current portion	(17,858)	(13,421)
Bad debt expense:
Bad debt expense	€ 68	€ 32	€ 2

OTHER RECEIVABLES - (Details)

OTHER RECEIVABLES - (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER RECEIVABLES.
Research and development tax credit receivable from the French State	€ 411	€ 581
Value-added taxes receivable	863	894
Other receivables from Government and public authorities	22
Others	84	46
Total	€ 1,380	€ 1,522

INVENTORIES (Details)

INVENTORIES (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVENTORIES.
Components, spare parts	€ 8,973	€ 7,543
Work-in-progress	512	283
Finished goods - own manufactured products	2,115	1,514
Finished goods - distribution products	4,775	3,702
Total gross inventories	16,375	13,042
Less: allowance for slow-moving inventory and net realizable value	(1,263)	(1,262)
Total	15,112	11,780
Provision for slow moving inventory:
Inventory write-down	354	€ 93	€ 371
Reversal of allowance for slow-moving inventory	€ 301

OTHER ASSETS (Details)

OTHER ASSETS (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ASSETS
Prepaid expenses, current portion	€ 659	€ 660
Total	€ 659	€ 660

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, net (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment
Property and equipment, gross	€ 15,573	€ 12,661
Less: accumulated depreciation and amortization	(9,686)	(8,916)
Total	5,887	3,745
Equipment
Property and equipment
Property and equipment, gross	11,900	9,553
Furniture, fixture, and fittings and other
Property and equipment
Property and equipment, gross	€ 3,672	€ 3,108

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
Depreciation expense	€ 1,557	€ 1,194	€ 1,521
Depreciation expense related to financing lease right-of-use assets	193	303	275
Assets leased to customers, gross	885	753
Assets leased to customers, accumulated amortization	207	264
Depreciation expense on equipment leased to customers	€ 13	€ 37	€ 40

PROPERTY AND EQUIPMENT, NET -_2

PROPERTY AND EQUIPMENT, NET - Schedule of Financing leases right-of-use assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment
Total gross value	€ 1,290	€ 1,269
Less: accumulated depreciation and amortization	705	813
Total	€ 585	€ 455
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Facilities
Property and equipment
Total gross value	€ 242	€ 269
Equipment
Property and equipment
Total gross value	220	220
Vehicles and IT equipment
Property and equipment
Total gross value	€ 828	€ 780

OPERATING LEASE RIGHT-OF-USE _3

OPERATING LEASE RIGHT-OF-USE ASSETS - Components (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Right of use assets:
Operating lease, right of use	€ 1,722	€ 1,784
Facilities
Right of use assets:
Operating lease, right of use	1,534	1,536
Equipment.
Right of use assets:
Operating lease, right of use	30	57
Furniture, fixture, fittings and other
Right of use assets:
Operating lease, right of use	€ 157	€ 191

OPERATING LEASE RIGHT-OF-USE _4

OPERATING LEASE RIGHT-OF-USE ASSETS (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASE RIGHT-OF-USE ASSETS.
Operating lease cost	€ 1,053	€ 910
Variable lease costs	243	152
Short-term lease costs	€ 71	€ 74

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) item	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Goodwill
Goodwill	€ 2,412	€ 2,412	€ 2,412
Reporting units | item	3
Impairment	€ 0
Amortization expense	175	€ 141	€ 125
Lithotripsy (ESWL)
Goodwill
Goodwill	496
Distribution Services (DIST)
Goodwill
Goodwill	1,271
High Intensity Focused Ultrasound (HIFU)
Goodwill
Goodwill	€ 645

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Intangible assets, gross	€ 3,089	€ 2,592
Accumulated amortization	(2,005)	(1,868)
Intangible assets, net	1,084	725
Licenses
Intangible assets
Intangible assets, gross	2,119	1,585
Accumulated amortization	(1,038)	(863)
Trade name and trademark
Intangible assets
Intangible assets, gross	333	370
Accumulated amortization	(331)	(368)
Patents
Intangible assets
Intangible assets, gross	412	412
Accumulated amortization	(412)	(412)
Organization costs
Intangible assets
Intangible assets, gross	225	225
Accumulated amortization	€ (225)	€ (225)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Estimated amortization expense (Details) € in Thousands	Dec. 31, 2023 EUR (€)
GOODWILL AND INTANGIBLE ASSETS
2024	€ 205
2025	195
2026	192
2027	175
2028	88
2029 and thereafter	174
Total	€ 1,029

TRADE ACCOUNTS AND NOTES PAYA_3

TRADE ACCOUNTS AND NOTES PAYABLE (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
TRADE ACCOUNTS AND NOTES PAYABLE
Trade accounts payable	€ 11,236	€ 6,640
Notes payable	61	7
Total	€ 11,297	€ 6,647

DEFERRED REVENUES - Summary of

DEFERRED REVENUES - Summary of Deferred Revenues (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred revenues, total	€ 4,693	€ 4,314
Less long term portion	(643)	(264)
Current portion	4,049	4,050
Maintenance contracts
Deferred revenues, total	1,809	1,803
RPP
Deferred revenues, total	492	517
Sale of devices
Deferred revenues, total	104	83
Extension of warranty, included in sales contracts
Deferred revenues, total	591	535	€ 740
Treatment probe lease and other
Deferred revenues, total	€ 1,696	€ 1,376

DEFERRED REVENUES - Revenue Rec

DEFERRED REVENUES - Revenue Recognition (Details) - Extension of Warranty [Member] € in Thousands	Dec. 31, 2023 EUR (€)
2024	€ 224
2025	183
2026	74
2027	46
2028	30
2029 and thereafter	35
Total	€ 591

DEFERRED REVENUES - Change in D

DEFERRED REVENUES - Change in Deferred Revenue on Extension of Warranty (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	€ 4,314
Balance	4,693	€ 4,314
Extension of Warranty [Member]
Balance	535	740
New extension of warranty	238	162
Recognition of revenue	(181)	(367)
Balance	€ 591	€ 535

OTHER ACCRUED LIABILITIES - Sch

OTHER ACCRUED LIABILITIES - Schedule of other accrued liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement indemnities	€ 2,310	€ 2,153
Provision for warranty costs	172	162	€ 252
Accruals for payroll and associated taxes	2,256	1,848
Conditional government advances	463	463
Value added tax payable	758	531
Advances received from customers	860	861
Provision for Asset Retirement Obligation (Japan)	91	101
Others	522	340
Total	7,581	6,583
Less non-current portion	(3,075)	(2,710)
Current portion	4,506	3,873
Korea
Provision for employee termination indemnities (Korea)	€ 149	€ 122

OTHER ACCRUED LIABILITIES (Deta

OTHER ACCRUED LIABILITIES (Details) € in Millions	12 Months Ended
	Dec. 31, 2021 EUR (€)
OTHER ACCRUED LIABILITIES.
Proceeds from conditional advances	€ 0.5

OTHER ACCRUED LIABILITIES - Con

OTHER ACCRUED LIABILITIES - Conditional advances (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ACCRUED LIABILITIES.
2024	€ 111
2025	93
2026	93
2027	86
2028	81
Total	€ 463	€ 463

OTHER ACCRUED LIABILITIES - S_2

OTHER ACCRUED LIABILITIES - Schedule of Changes in warranty costs provision (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OTHER ACCRUED LIABILITIES.
Beginning of year	€ 162	€ 252
Amount used during the year	(124)	(202)
New warranty expenses	134	112
End of year	172	162
Less current portion	(107)	(100)
Long term portion	€ 65	€ 62

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability associated with lease equipment	€ 627	€ 548
Finance lease obligations	€ 7	€ 12	€ 55
Fianance lease, weighted average remaining lease term	3 years 9 months	1 year 7 days
Fianance lease, weighted average discount rate	3.67%	1.32%
Operating lease, weighted average remaining lease term	2 years 4 months 6 days	2 years 2 months 4 days
Operating lease, weighted average discount rate	4.98%	2.29%
Total rent expenses under operating leases	€ 1,017	€ 912	€ 953
Medical Devices [Member]
Liability associated with lease equipment	10
Vehicles and Other IT Equipment [Member]
Liability associated with lease equipment	€ 617

LEASE OBLIGATIONS - Maturities

LEASE OBLIGATIONS - Maturities of finance leases liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASE OBLIGATIONS
2023 / 2024	€ 214	€ 234
2024 / 2025	170	149
2025 / 2026	134	102
2026 / 2027	86	63
2027 / 2028	52	12
2028 / 2029 and thereafter	2	6
Total undiscounted minimum lease payments	659	566
Less: amount representing interest	(33)	(17)
Present value of minimum lease payments	627	548
Less: current portion	(195)	(224)
Long-term portion	€ 433	€ 324

LEASE OBLIGATIONS - Maturitie_2

LEASE OBLIGATIONS - Maturities of operating leases liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASE OBLIGATIONS
2023 / 2024	€ 898	€ 901
2024 / 2025	485	636
2025 / 2026	240	238
2026 / 2027	157	24
Total undiscounted minimum lease payments	1,780	1,799
Less: current portion	(898)	(901)
Long-term portion	€ 882	€ 899

SHORT-TERM BORROWINGS (Details)

SHORT-TERM BORROWINGS (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term borrowings	€ 2,466	€ 1,846
Factored Account Receivables [Member]
Short-term borrowings	€ 2,466	€ 1,846

LONG TERM DEBT (Details)

LONG TERM DEBT (Details) € in Thousands	Dec. 31, 2023 EUR (€)
Loans Payable [Member] | Germany | High Intensity Focused Ultrasound (HIFU) Equipment 2 [Member]
Debt Instrument, Collateral Amount	€ 438

LONG TERM DEBT - Schedule of Lo

LONG TERM DEBT - Schedule of Long Term Debt (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total long term debt	€ 3,551	€ 5,188
Less current portion	(1,553)	(1,601)
Total long-term portion	1,997	3,587
France
Total long term debt	3,222	4,593
Japan
Total long term debt	323	558
Germany
Total long term debt		28
Korea
Total long term debt	€ 5	€ 8

LONG TERM DEBT - Long-term Debt

LONG TERM DEBT - Long-term Debt (Details)	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2023 JPY (¥)	Dec. 31, 2022 JPY (¥)
Warrants outstanding	€ 0
Japan | EDAP Technomed Co Ltd. [Member] | Loan One [Member]
Debt Instrument, Face Amount | ¥				¥ 80,000,000	¥ 80,000,000
Maturity	Aug. 02, 2026	Aug. 02, 2026
Interest rate	1.98%	1.98%		1.98%	1.98%
Frequency of principal payments	Monthly installment	Monthly installment
Japan | EDAP Technomed Co Ltd. [Member] | Loan Two [Member]
Debt Instrument, Face Amount | ¥				¥ 50,000,000	¥ 50,000,000
Maturity	Apr. 02, 2025	Apr. 02, 2025
Interest rate	1.80%	1.80%		1.80%	1.80%
Frequency of principal payments	Monthly installment	Monthly installment
Germany | EDAP TMS GMBH [Member] | High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member] | Loan One [Member]
Debt Instrument, Face Amount		€ 400,000
Maturity		Apr. 30, 2023
Interest rate		2.40%			2.40%
Frequency of principal payments		Monthly installment
France | Loan One [Member] | High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member]
Debt	€ 1,066,081
Debt Instrument, Term	3 years
France | Loan One [Member] | High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member] | Maximum
Debt Instrument, Face Amount	€ 1,530,000
France | EDAP TMS France [Member] | Loan One [Member] | High Intensity Focused Ultrasound (HIFU) Equipment 1 [Member]
Maturity	Jul. 01, 2025	Jul. 01, 2025
Interest rate	0.99%	0.99%		0.99%	0.99%
Frequency of principal payments	Monthly installment	Monthly installment
Debt	€ 1,066,081	€ 1,066,081
France | EDAP TMS France [Member] | COVID-related loan guaranteed by the French government I [Member]
Debt Instrument, Face Amount			€ 2,000,000
Maturity			Jul. 30, 2026
Interest rate			0.73%
Frequency of principal payments			Monthly installment
Term initiation			1 year
Debt instrument term after extension			6 years
France | EDAP TMS France [Member] | COVID-related loan guaranteed by the French government II [Member]
Debt Instrument, Face Amount			€ 2,000,000
Maturity			Aug. 04, 2026
Interest rate			0.73%
Frequency of principal payments			Monthly installment
Term initiation			1 year
Debt instrument term after extension			6 years
France | EDAP TMS France [Member] | Loan related to acquisition of computer servers [Member]
Debt Instrument, Face Amount			€ 72,222
Maturity			Jul. 05, 2024
Interest rate			0.45%
Frequency of principal payments			Monthly installment

LONG TERM DEBT - Schedule Of _2

LONG TERM DEBT - Schedule Of Long-term Debt and Financial Instruments Maturities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
LONG TERM DEBT
2024	€ 1,553
2025	1,320
2026	677
Total	€ 3,551	€ 5,188

OTHER LONG-TERM LIABILITIES - O

OTHER LONG-TERM LIABILITIES - Other Long-term Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER LONG-TERM LIABILITIES.
Provision for retirement indemnities (Japan & France), less current portion	€ 2,241	€ 1,962
Provision for employee termination indemnities (Korea) less current portion	149	122
Provision for Asset Retirement Obligation (Japan) less current portion	91	101
Provision for warranty costs, less current portion	65	62
Provision for guarantee given to customer, less curent portion	66
Conditional government advances, less current portion	463	463
Total	€ 3,075	€ 2,710

OTHER LONG-TERM LIABILITIES - A

OTHER LONG-TERM LIABILITIES - Assumptions (Details)	Dec. 31, 2023 Y age	Dec. 31, 2022 age Y
Defined Benefit Retirement Indemnity Plans, France [Member]
Discount rate	3.19%	3.80%
Salary increase	3%	3%
Retirement age | age	65	65
Average retirement remaining service period | Y	23	24
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Discount rate	1.30%	1.30%
Salary increase	2.50%	2.50%
Retirement age | age	60	60
Average retirement remaining service period | Y	14	14

OTHER LONG-TERM LIABILITIES - P

OTHER LONG-TERM LIABILITIES - Provision Presentation According to ASC 715 (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Retirement Indemnity Plans, France [Member]
Non-current liabilities	€ 1,084	€ 845
Current liabilities		89
Total projected benefit obligation	1,084	934
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Non-current liabilities	1,157	1,117
Current liabilities	70	102
Total projected benefit obligation	€ 1,227	€ 1,219

OTHER LONG-TERM LIABILITIES - R

OTHER LONG-TERM LIABILITIES - Reconciliation of Pension Cost Components (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	us-gaap_GeneralAndAdministrativeExpense, us-gaap_ResearchAndDevelopmentExpense, us-gaap_SellingAndMarketingExpense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	us-gaap_GeneralAndAdministrativeExpense, us-gaap_ResearchAndDevelopmentExpense, us-gaap_SellingAndMarketingExpense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	us-gaap_GeneralAndAdministrativeExpense, us-gaap_ResearchAndDevelopmentExpense, us-gaap_SellingAndMarketingExpense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	us-gaap_GeneralAndAdministrativeExpense, us-gaap_ResearchAndDevelopmentExpense, us-gaap_SellingAndMarketingExpense
Defined Benefit Retirement Indemnity Plans, France [Member]
Projected Benefit obligations at beginning of year	€ 934	€ 1,080	€ 1,111
Service cost	67	84	90
Interest cost	34	11	6
Actuarial (gain) or loss	66	(241)	(72)
Benefits paid	(17)		(56)
Projected Benefit obligations at end of year	1,084	934	1,080
Unrecognized actuarial (gain) loss	(146)	(219)	22
Unrecognized prior service cost	13	14	16
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Projected Benefit obligations at beginning of year	1,219	1,302	1,310
Service cost	114	112	120
Interest cost	13	7	7
Actuarial (gain) or loss	4	(30)
Benefits paid	(76)	(75)	(97)
Plan Amendments	74
Exchange rate impact	(122)	(95)	(39)
Projected Benefit obligations at end of year	1,227	1,219	1,302
Unrecognized actuarial (gain) loss	81	€ 86	€ 126
Unrecognized prior service cost	€ 74

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Retirement Indemnity Plans, France [Member]
Accumulated Benefit Obligation	€ 805	€ 701
Accumulated other comprehensive income (loss)	133
Defined Benefit Retirement Indemnity Plans, Japan [Member]
Accumulated Benefit Obligation	1,030	€ 1,027
Accumulated other comprehensive income (loss)	€ 156

OTHER LONG-TERM LIABILITIES - E

OTHER LONG-TERM LIABILITIES - Expected Benefit Payments (Details) € in Thousands	Dec. 31, 2023 EUR (€)
Defined Benefit Retirement Indemnity Plans, France [Member]
2026	€ 129
2027	85
2028	85
2029-2033	408
Total	707
Defined Benefit Retirement Indemnity Plans, Japan [Member]
2024	70
2025	152
2026	143
2027	67
2028	46
2029-2033	843
Total	€ 1,322

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details)

1 Months Ended

2 Months Ended

5 Months Ended

12 Months Ended

38 Months Ended

Dec. 06, 2023 EUR (€) € / shares shares

Nov. 08, 2023 EUR (€) € / shares shares

Sep. 20, 2023 EUR (€) € / shares shares

Aug. 23, 2023 EUR (€) € / shares shares

May 31, 2023 EUR (€) € / shares shares

May 02, 2023 EUR (€) € / shares shares

Apr. 05, 2023 EUR (€) € / shares shares

Mar. 29, 2023 shares

Dec. 15, 2022 EUR (€) € / shares shares

Nov. 08, 2022 EUR (€) € / shares shares

May 17, 2022 EUR (€) € / shares shares

Nov. 17, 2021 EUR (€) € / shares shares

Jun. 11, 2021 EUR (€) € / shares shares

Apr. 04, 2019 EUR (€) € / shares shares

Aug. 29, 2018 EUR (€) € / shares shares

Apr. 25, 2017 EUR (€) € / shares shares

Apr. 26, 2016 EUR (€) € / shares shares

Sep. 30, 2022 EUR (€) shares

Jul. 31, 2001 shares

Dec. 31, 1998 shares

Dec. 31, 2023 EUR (€) € / shares shares

Dec. 31, 2022 EUR (€) € / shares shares

Dec. 31, 2021 EUR (€) € / shares shares

Sep. 30, 2001 EUR (€)

Dec. 31, 2023 $ / shares

Sep. 30, 2022 $ / shares

Jun. 30, 2021 shares

Dec. 31, 2020 shares

Jun. 28, 2019 shares

Feb. 18, 2016 shares

Common stock, shares issued

37,373,312

37,197,731

Common stock, par value | € / shares

€ 0.13

€ 0.13

Commons stock, shares outstanding

37,103,779

36,910,925

Issuance costs | €

€ 1,954,000

€ 1,961,000

Statutory Retained Earnings (Statutory Accumulated Deficit) | €

€ 11,962,000

Treasury stock

269,533

286,806

Treasury Stock, Shares, Acquired (in shares)

180,290

89,243

Treasury Stock, Value, Acquired, Par Value Method | €

€ 590,000

Number of stock-based employee compensation plans

3

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

686,000

571,000

1,392,428

Share Price | $ / shares

$ 5.28

The 2016 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

1,000,000

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) | € / shares

€ 8.53

€ 9.07

€ 5.56

Share-based Compensation Arrangement by Share-based Payment Award, Options Accelerated Vesting (in shares)

3,198,913

2,613,886

2,408,508

1,186,900

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

686,000

571,000

1,392,428

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)

1,997,666

1,362,205

1,149,401

Stock issued during period shares stock options exercised

55,973

320,622

150,820

Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | €

€ 2,509,000

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years 10 months 24 days

Share-based Payment Arrangement, Option [Member] | The 2016 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

1,000,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) | € / shares

€ 3.90

€ 2.65

€ 2.39

€ 3.22

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

10 years

10 years

10 years

10 years

Share-based Compensation Arrangement by Share-based Payment Award, Options Accelerated Vesting (in shares)

678,080

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

155,000

165,000

260,000

575,000

Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | €

€ 299,000

€ 219,000

€ 335,000

€ 960,000

Recognition period of non-cash financial charges

48 months

48 months

48 months

48 months

Share-based Payment Arrangement, Expense | €

€ 3,000

€ 25,000

€ 65,000

Share-based Payment Arrangement, Option [Member] | The 2016 Plan [Member] | Minimum

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

1 year

1 year

1 year

1 year

Share-based Payment Arrangement, Option [Member] | The 2016 Plan [Member] | Maximum

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

4 years

4 years

4 years

4 years

Share-based Payment Arrangement, Option [Member] | The 2019 Plan [Member]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) | € / shares

€ 5.59

Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number

270,000

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

10 years

Share-based Compensation Arrangement by Share-based Payment Award, Options Accelerated Vesting (in shares)

1,244,533

Recognition period of non-cash financial charges

36 months

Share-based Payment Arrangement, Expense | €

€ 410,000

1,104,000

1,484,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)

1,037,111

Share-based Payment Arrangement, Option [Member] | The 2019 Plan [Member] | Minimum

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

6 months

Share-based Payment Arrangement, Option [Member] | The 2019 Plan [Member] | Maximum

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

3 years

Share-based Payment Arrangement, Option [Member] | The 2019 Plan, options to purchase pre-existing shares

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

358,528

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

292,428

Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | €

€ 2,371,000

Share-based Payment Arrangement, Option [Member] | The 2019 Plan, options to purchase new shares

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

1,000,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

1,000,000

Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | €

€ 681,000

Share-based Payment Arrangement, Option [Member] | The 2021 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

2,000,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in EUR per share) | € / shares

€ 4.98

€ 6.64

€ 6.08

€ 7.53

€ 9.32

€ 10.10

€ 9.96

€ 9.94

€ 10.32

€ 6.41

€ 5.18

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

10 years

10 years

10 years

10 years

10 years

10 years

10 years

10 years

10 years

10 years

10 years

Share-based Compensation Arrangement by Share-based Payment Award, Options Accelerated Vesting (in shares)

1,276,300

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

34,000

20,000

80,000

177,000

50,000

200,000

125,000

395,000

32,000

144,000

100,000

Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | €

€ 103,000

€ 81,000

€ 296,000

€ 774,000

€ 270,000

€ 1,183,000

€ 687,000

€ 1,858,000

€ 161,000

€ 450,000

€ 229,000

Recognition period of non-cash financial charges

36 months

36 months

36 months

36 months

36 months

36 months

36 months

36 months

36 months

36 months

36 months

Share-based Payment Arrangement, Expense | €

€ 2,936,000

€ 442,000

€ 25,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)

282,475

Share-based Payment Arrangement, Option [Member] | The 2021 Plan [Member] | Minimum

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

6 months

6 months

6 months

6 months

6 months

6 months

6 months

6 months

6 months

6 months

6 months

Share-based Payment Arrangement, Option [Member] | The 2021 Plan [Member] | Maximum

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

3 years

3 years

3 years

3 years

3 years

3 years

3 years

3 years

3 years

3 years

3 years

Common stock

Stock Issued During Period, Shares, New Issues (in shares)

192,854

3,444,789

4,300,820

Common stock | American Depository Shares (ADS) [Member]

Stock Issued During Period, Shares, New Issues (in shares)

3,066,667

Price per share | $ / shares

$ 7.50

Gross Proceeds From Issuance of Stock | €

€ 23,913,000

Issuance costs | €

€ 1,954,000

SHAREHOLDERS' EQUITY - Stock Op

SHAREHOLDERS' EQUITY - Stock Option Assumptions (Details) - € / shares	1 Months Ended						12 Months Ended
	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2023	May 31, 2023	Apr. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average fair value of options granted during the year							€ 4.95	€ 4.33	€ 2.37
December 2023 grant
Weighted-average expected life (years) (Year)	5 years 9 months 14 days
Expected volatility rates(1)	63.29%
Expected dividend yield	0%
Risk-free interest rate	4.16%
Weighted-average exercise price (in EUR per share)	€ 4.98						€ 4.98
Weighted-average fair value of options granted during the year	€ 3.03
November 2023 grant
Weighted-average expected life (years) (Year)		5 years 9 months 14 days
Expected volatility rates(1)		61.09%
Expected dividend yield		0%
Risk-free interest rate		4.55%
Weighted-average exercise price (in EUR per share)		€ 6.64
Weighted-average fair value of options granted during the year		€ 4.05
September 2023 grant
Weighted-average expected life (years) (Year)			5 years 9 months 14 days
Expected volatility rates(1)			60.90%
Expected dividend yield			0%
Risk-free interest rate			4.55%
Weighted-average exercise price (in EUR per share)			€ 6.08
Weighted-average fair value of options granted during the year			€ 3.70
August 2023 grant
Weighted-average expected life (years) (Year)				5 years 9 months 14 days
Expected volatility rates(1)				60.60%
Expected dividend yield				0%
Risk-free interest rate				4.35%
Weighted-average exercise price (in EUR per share)				€ 7.53
Weighted-average fair value of options granted during the year				€ 4.37
May 2023 Grant I
Weighted-average expected life (years) (Year)					5 years 9 months 14 days
Expected volatility rates(1)					60.80%
Expected dividend yield					0%
Risk-free interest rate					3.77%
Weighted-average exercise price (in EUR per share)					€ 9.32
Weighted-average fair value of options granted during the year					€ 5.40
May 2023 Grant II
Weighted-average expected life (years) (Year)					5 years 9 months 14 days
Expected volatility rates(1)					60.90%
Expected dividend yield					0%
Risk-free interest rate					3.47%
Weighted-average exercise price (in EUR per share)					€ 10.10
Weighted-average fair value of options granted during the year					€ 5.92
April 2023 grant
Weighted-average expected life (years) (Year)						5 years 9 months 14 days
Expected volatility rates(1)						61%
Expected dividend yield						0%
Risk-free interest rate						3.39%
Weighted-average exercise price (in EUR per share)						€ 9.96
Weighted-average fair value of options granted during the year						€ 5.49

SHAREHOLDERS' EQUITY - Disclosu

SHAREHOLDERS' EQUITY - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - € / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-vested options granted (in shares)	686,000	571,000	1,392,428
Share-based Payment Arrangement, Option [Member]
Outstanding - number (in shares)	2,613,886	2,408,508	1,186,900
Outstanding - Weighted average exercise price (in EUR per share)	€ 5.66	€ 4.38	€ 2.81
Non-vested options granted (in shares)	686,000	571,000	1,392,428
Granted - Weighted average exercise price (in EUR per share)	€ 8.53	€ 9.07	€ 5.56
Exercised - number (in shares)	(55,973)	(320,622)	(150,820)
Exercised - Weighted average exercise price (in EUR per share)	€ 4.66	€ 2.14	€ 2.93
Forfeited - number (in shares)	(45,000)	(45,000)	(20,000)
Forfeited - Weighted average exercise price (in EUR per share)	€ 7.99	€ 5.34	€ 4.01
Outstanding - number (in shares)	3,198,913	2,613,886	2,408,508
Outstanding - Weighted average exercise price (in EUR per share)	€ 6.26	€ 5.66	€ 4.38
Exercisable - number (in shares)	1,997,666	1,362,205	1,149,401
Exercisable - Weighted average exercise price (in EUR per share)	€ 5.23	€ 4.35	€ 3.25
Share purchase options available for grant - number (in shares)	25,000	20,000	5,000
Number of options to subscribe to new shares available for future grant	643,000

SHAREHOLDERS' EQUITY - Schedule

SHAREHOLDERS' EQUITY - Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details)	12 Months Ended
	Dec. 31, 2023 EUR (€) € / shares shares
Range 1 [Member]
Outstanding options - Number (in shares) | shares	20,000
Outstanding options - Weighted average remaining contractual life (Year)	8 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 10.32
Exercisable options - Number (in shares) | shares	7,222
Exercisable options - Weighted average exercise price (in EUR per share)	€ 10.32
Exercise price, Lower range (in EUR per share)	€ 10.32
Range 2 [Member]
Outstanding options - Number (in shares) | shares	200,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 10.10
Exercisable options - Number (in shares) | shares	38,889
Exercisable options - Weighted average exercise price (in EUR per share)	€ 10.10
Exercise price, Lower range (in EUR per share)	€ 10.10
Range 3 [Member]
Outstanding options - Number (in shares) | shares	117,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 9.96
Exercisable options - Number (in shares) | shares	26,000
Exercisable options - Weighted average exercise price (in EUR per share)	€ 9.96
Exercise price, Lower range (in EUR per share)	€ 9.96
Range 4 [member]
Outstanding options - Number (in shares) | shares	395,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years
Outstanding options - Weighted average exercise price (in EUR per share)	€ 9.94
Exercisable options - Number (in shares) | shares	131,667
Exercisable options - Weighted average exercise price (in EUR per share)	€ 9.94
Exercise price, Lower range (in EUR per share)	€ 9.94
Range 5 [Member]
Outstanding options - Number (in shares) | shares	50,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 4 months 24 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 9.32
Exercisable options - Number (in shares) | shares	9,722
Exercisable options - Weighted average exercise price (in EUR per share)	€ 9.32
Exercise price, Lower range (in EUR per share)	€ 9.32
Range 6 [Member]
Outstanding options - Number (in shares) | shares	177,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 8 months 12 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 7.53
Exercise price, Lower range (in EUR per share)	€ 7.53
Range 7 [Member]
Outstanding options - Number (in shares) | shares	20,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 6.64
Exercise price, Lower range (in EUR per share)	€ 6.64
Range 8 [Member]
Outstanding options - Number (in shares) | shares	100,000
Outstanding options - Weighted average remaining contractual life (Year)	8 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 6.41
Exercisable options - Number (in shares) | shares	52,778
Exercisable options - Weighted average exercise price (in EUR per share)	€ 6.41
Exercise price, Lower range (in EUR per share)	€ 6.41
Range 9 [Member]
Outstanding options - Number (in shares) | shares	80,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 6.08
Exercise price, Lower range (in EUR per share)	€ 6.08
Range 10 [Member]
Outstanding options - Number (in shares) | shares	1,244,533
Outstanding options - Weighted average remaining contractual life (Year)	7 years 4 months 24 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 5.59
Exercisable options - Number (in shares) | shares	1,037,111
Exercisable options - Weighted average exercise price (in EUR per share)	€ 5.59
Exercise price, Lower range (in EUR per share)	€ 5.59
Range 11 [Member]
Outstanding options - Number (in shares) | shares	83,300
Outstanding options - Weighted average remaining contractual life (Year)	7 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 5.18
Outstanding options - Aggregate intrinsic value | €	€ 431,494
Exercisable options - Number (in shares) | shares	16,197
Exercisable options - Weighted average exercise price (in EUR per share)	€ 5.18
Exercisable options - Aggregate intrinsic value | €	€ 83,902
Exercise price, Lower range (in EUR per share)	€ 5.18
Range 12 [Member]
Outstanding options - Number (in shares) | shares	34,000
Outstanding options - Weighted average remaining contractual life (Year)	9 years 10 months 24 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 4.98
Outstanding options - Aggregate intrinsic value | €	€ 169,320
Exercise price, Lower range (in EUR per share)	€ 4.98
Range 13 [Member]
Outstanding options - Number (in shares) | shares	107,500
Outstanding options - Weighted average remaining contractual life (Year)	5 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 3.90
Outstanding options - Aggregate intrinsic value | €	€ 419,250
Exercisable options - Number (in shares) | shares	107,500
Exercisable options - Weighted average exercise price (in EUR per share)	€ 3.90
Exercisable options - Aggregate intrinsic value | €	€ 419,250
Exercise price, Lower range (in EUR per share)	€ 3.90
Range 14 [Member]
Outstanding options - Number (in shares) | shares	357,000
Outstanding options - Weighted average remaining contractual life (Year)	2 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 3.22
Outstanding options - Aggregate intrinsic value | €	€ 1,149,540
Exercisable options - Number (in shares) | shares	357,000
Exercisable options - Weighted average exercise price (in EUR per share)	€ 3.22
Exercisable options - Aggregate intrinsic value | €	€ 1,149,540
Exercise price, Lower range (in EUR per share)	€ 3.22
Range 15 [Member]
Outstanding options - Number (in shares) | shares	77,500
Outstanding options - Weighted average remaining contractual life (Year)	4 years 8 months 12 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 2.65
Outstanding options - Aggregate intrinsic value | €	€ 205,375
Exercisable options - Number (in shares) | shares	77,500
Exercisable options - Weighted average exercise price (in EUR per share)	€ 2.65
Exercisable options - Aggregate intrinsic value | €	€ 205,375
Exercise price, Lower range (in EUR per share)	€ 2.65
Range 16 [Member]
Outstanding options - Number (in shares) | shares	136,080
Outstanding options - Weighted average remaining contractual life (Year)	3 years 3 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 2.39
Outstanding options - Aggregate intrinsic value | €	€ 325,231
Exercisable options - Number (in shares) | shares	136,080
Exercisable options - Weighted average exercise price (in EUR per share)	€ 2.39
Exercisable options - Aggregate intrinsic value | €	€ 325,231
Exercise price, Lower range (in EUR per share)	€ 2.39
Range 17 [Member]
Outstanding options - Number (in shares) | shares	3,198,913
Outstanding options - Weighted average remaining contractual life (Year)	7 years 9 months 18 days
Outstanding options - Weighted average exercise price (in EUR per share)	€ 0.84
Outstanding options - Aggregate intrinsic value | €	€ 2,700,210
Exercisable options - Number (in shares) | shares	1,997,666
Exercisable options - Weighted average exercise price (in EUR per share)	€ 1.09
Exercisable options - Aggregate intrinsic value | €	€ 2,183,298
Exercise price, Lower range (in EUR per share)	€ 2.39
Exercise price, Upper range (in EUR per share)	€ 10.32

SHAREHOLDERS' EQUITY - Non-vest

SHAREHOLDERS' EQUITY - Non-vested Options Activity (Details) - € / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHAREHOLDERS' EQUITY.
Non-vested options outstanding (in shares)	1,251,681	1,259,107	216,250
Non-vested options outstanding, weighted average grant-date fair value (in EUR per share)	€ 2.32	€ 2.32	€ 1.59
Non-vested options granted (in shares)	686,000	571,000	1,392,428
Non-vested options granted, weighted average grant-date fair value (in EUR per share)	€ 4.95	€ 4.33	€ 2.37
Non-vested options vested (in shares)	(691,434)	(543,426)	(329,571)
Non-vested options vested, weighted average grant-date fair value (in EUR per share)	€ 3.22	€ 2.32	€ 2.06
Non-vested options forfeited (in shares)	(45,000)	(35,000)	(20,000)
Non-vested options forfeited, weighted average grant-date fair value (in EUR per share)	€ 3.98	€ 2.80	€ 1.89
Non-vested options outstanding (in shares)	1,201,247	1,251,681	1,259,107
Non-vested options outstanding, weighted average grant-date fair value (in EUR per share)	€ 4.18	€ 2.32	€ 2.32

SHAREHOLDERS' EQUITY - Componen

SHAREHOLDERS' EQUITY - Components of Accumulated Other Comprehensive Income (Loss) Net of Tax (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	€ 71,632	€ 50,054
Balance	56,922	71,632
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(3,973)	(3,377)
Net current-period other comprehensive income (loss)	(478)	(596)
Balance	(4,451)	(3,973)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	144	(212)
Net current-period other comprehensive income (loss)	(180)	355
Balance	(37)	144
Other comprehensive income (loss)
Balance	(3,829)	(3,589)
Net current-period other comprehensive income (loss)	(658)	(240)
Balance	€ (4,487)	€ (3,829)

SHAREHOLDERS' EQUITY - Free sha

SHAREHOLDERS' EQUITY - Free share awards (Details) - Free share awards - EUR (€) € in Thousands	May 02, 2023	Mar. 29, 2023	Nov. 08, 2022	Sep. 28, 2022	Jun. 30, 2022	Mar. 30, 2022	Sep. 28, 2021	Dec. 31, 2023	Jun. 30, 2021
The 2021 Plan [Member]
Awards available for grant - number (in shares)									200,000
Shares granted							61,500
Awards outstanding								0
2021 Plan, grants to employees
Shares granted							61,500
Shares exercised				57,500
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture							€ 340
2021 Plan, grants to employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							1 year
2021 Plan, grants to employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							2 years
2021 Plan, grants to CEO
Shares granted						40,000
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture						€ 259
2021 Plan, grants to CEO | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)						1 year
2021 Plan, grants to CEO | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)						2 years
The 2022 Plan
Awards available for grant - number (in shares)					600,000
Awards outstanding								273,500
2022 Plan, grants to employees
Shares granted			291,500
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture			€ 2,963
Period between date of grant and start of vesting period					6 months
Recognition period of non-cash financial charges			36 months
2022 Plan, grants to CEO
Shares granted		150,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		1 year
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		€ 1,542
2022 Plan, grants to president
Shares granted	50,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	€ 508
Period between date of grant and start of vesting period	6 months
Recognition period of non-cash financial charges	36 months

TOTAL SALES - Sales by Geograph

TOTAL SALES - Sales by Geographical Area (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	€ 60,423	€ 55,108	€ 44,065
Product
Revenues	60,423	55,108	44,060
Asia | Product
Revenues	17,841	17,936	16,009
France | Product
Revenues	11,999	10,637	12,251
United States | Product
Revenues	16,717	15,036	5,524
Other geographical areas | Product
Revenues	€ 13,865	€ 11,500	€ 10,276

TOTAL SALES - Timing of Revenue

TOTAL SALES - Timing of Revenue Recognition (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	€ 60,423	€ 55,108	€ 44,065
Product
Revenues	60,423	55,108	44,060
Products transferred at a point in time | Product
Revenues	48,646	44,173	34,552
Products and services transferred over time | Product
Revenues	€ 11,777	€ 10,935	€ 9,508

OTHER REVENUES - Other Revenues

OTHER REVENUES - Other Revenues (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other revenues
Revenues	€ 60,423	€ 55,108	€ 44,065
Other revenues
Other revenues
Revenues			6
Licenses and others
Other revenues
Revenues			€ 6

COSTS OF SALES - Schedule of Co

COSTS OF SALES - Schedule of Costs of Sales (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
COSTS OF SALES
Direct costs of sales	€ (22,624)	€ (19,814)	€ (16,199)
Indirect costs of sales	(13,388)	(11,102)	(9,443)
Total cost of sales	€ (36,012)	€ (30,916)	€ (25,643)

RESEARCH AND DEVELOPMENT EXPE_3

RESEARCH AND DEVELOPMENT EXPENSES - Research and Development Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RESEARCH AND DEVELOPMENT EXPENSES
Gross research and development expenses	€ (7,596)	€ (5,751)	€ (4,757)
Research Tax Credit	411	581	617
Grants	222	250	739
Net Research and development expenses	€ (6,963)	€ (4,920)	€ (3,402)

FINANCIAL INCOME, NET - Schedul

FINANCIAL INCOME, NET - Schedule of Financial Income (Expense) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL INCOME, NET
Interest income	€ 1,311	€ 404	€ 10
Interest expense	(232)	(168)	(52)
Paycheck Protection Program loan forgiveness			187
Total	€ 1,079	€ 236	€ 145

INCOME TAXES (Details)

INCOME TAXES (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards, Total	€ 71,821
Income tax interest and penalties	0	€ 0	€ 0
EDAP TMS S.A. [Member]
Operating Loss Carryforwards, Total	31,284
EDAP Technomed Inc. [Member]
Operating Loss Carryforwards, Total	40,310
Edap Technomed Co Ltd Japan [Member]
Operating Loss Carryforwards, Total	€ 227

INCOME TAXES - Income (Loss) Be

INCOME TAXES - Income (Loss) Before Income Taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss)	€ (20,533)	€ (2,096)	€ 893
France
Income (loss)	(9,026)	(418)	869
Other countries
Income (loss)	€ (11,507)	€ (1,678)	€ 24

INCOME TAXES - Income Tax Benef

INCOME TAXES - Income Tax Benefit (Expense) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax expense	€ (610)	€ (736)	€ (756)
Deferred income tax (expense) benefit	(34)	(101)	563
Effective income tax (expense) benefit	(644)	(837)	(193)
France
Current income tax expense	(77)	(485)	(320)
Deferred income tax (expense) benefit	3	(8)	8
Other countries
Current income tax expense	(533)	(251)	(436)
Deferred income tax (expense) benefit	€ (37)	€ (93)	€ 556

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Net operating loss carry forwards	€ 16,356	€ 13,793
Net operating loss carry forwards with no expiration date	71,594
Elimination of intercompany profit in inventory	689	480
Elimination of intercompany profit in fixed assets	396	256
Provisions for retirement indemnities	663	658
Capital leases treated as operating leases for tax	10	26
Other items	354	360
Total deferred tax assets	18,468	15,573
Net deferred tax assets	18,468	15,573
Valuation allowance for deferred tax assets	(17,739)	(14,744)
Deferred tax assets (liabilities), net of allowance	€ 729	€ 829

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Theoretical income tax (expense) benefit at French statutory tax rate	€ 5,133	€ 524	€ (237)
Income of foreign subsidiaries taxed at different tax rates	(546)	(174)	(95)
Effect of net operating loss carry-forwards and valuation allowances	(4,439)	(643)	626
Permanent differences	(263)	(99)	(258)
Effect of cancellation of intra-group positions	(476)	(366)	(130)
French business tax included in income tax (CVAE)	(74)	(99)	(85)
Other	20	20	(15)
Effective income tax (expense) benefit	€ (644)	€ (837)	€ (193)

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EARNINGS (LOSS) PER SHARE
Net income (loss)	€ (21,177,772)	€ (2,933,058)	€ 699,890
Weighted average number of shares for the computation of basic EPS	36,996,722	34,392,598	32,129,047
Basic EPS (in Euros)	€ (0.57)	€ (0.09)	€ 0.02
Effect of dilutive securities (in shares)	2,653,050	2,502,171	293,824
Weighted average number of shares for the computation of diluted EPS	36,996,722	34,392,598	32,422,871
Diluted EPS income / (loss) (in Euros)	€ (0.57)	€ (0.09)	€ 0.02

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) - EUR (€) € in Millions	Dec. 31, 2023	Dec. 31, 2022
CONCENTRATION OF CREDIT RISK
Allowance for doubtful accounts receivable	€ 0.2	€ 0.2

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2023 segment
SEGMENT INFORMATION
Reportable segments	3

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of segment operating profit or loss to consolidated net loss (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEGMENT INFORMATION
Segment operating income (loss)	€ (19,813,000)	€ (4,257,000)	€ (1,612,000)
Financial income (expense), net	1,079,000	236,000	145,000
Foreign Currency exchange (losses) gains, net	(1,799,000)	1,925,000	2,360,000
Income tax (expense) benefit	(644,000)	(837,000)	(193,000)
Net income (loss)	€ (21,177,772)	€ (2,933,058)	€ 699,890

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Reporting Information By Segment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	€ 60,423	€ 55,108	€ 44,065
Cost of sales	(36,012)	(30,916)	(25,643)
Gross profit	24,411	24,193	18,422
R&D expenses	(6,963)	(4,920)	(3,402)
Selling and marketing expenses	(22,626)	(16,379)	(10,732)
G&A expenses	(14,634)	(7,152)	(5,900)
Total expenses	(44,224)	(28,450)	(20,034)
Operating income (loss) from operations	(19,813)	(4,257)	(1,612)
Total Assets	91,548	101,123	77,226
Capital expenditures	4,344	2,378	1,636
Non-current assets	13,069	10,605	9,845
Goodwill	2,412	2,412	2,412
Product
Revenues	60,423	55,108	44,060
Goods
Revenues	42,333	38,462	29,040
Cost of sales	(23,302)	(20,528)	(16,181)
RPP's and leases
Revenues	6,176	5,617	4,968
Cost of sales	(4,541)	(3,387)	(3,108)
Spare parts and services
Revenues	11,914	11,030	10,052
Cost of sales	(8,169)	(7,000)	(6,354)
External other revenues
Revenues			6
Operating Segments | High Intensity Focused Ultrasound (HIFU)
Revenues	20,596	15,634	9,915
Cost of sales	(10,112)	(6,788)	(5,311)
Gross profit	10,484	8,846	4,604
R&D expenses	(5,755)	(3,525)	(2,238)
Selling and marketing expenses	(13,524)	(8,083)	(3,910)
G&A expenses	(5,983)	(2,131)	(1,481)
Total expenses	(25,262)	(13,739)	(7,630)
Operating income (loss) from operations	(14,778)	(4,894)	(3,025)
Total Assets	22,443	16,293	13,597
Capital expenditures	3,577	1,715	1,234
Non-current assets	6,516	4,269	3,689
Goodwill	645	645	645
Operating Segments | High Intensity Focused Ultrasound (HIFU) | Product
Revenues	20,596	15,634	9,910
Operating Segments | High Intensity Focused Ultrasound (HIFU) | Goods
Revenues	13,510	9,437	4,515
Operating Segments | High Intensity Focused Ultrasound (HIFU) | RPP's and leases
Revenues	4,935	4,287	3,679
Operating Segments | High Intensity Focused Ultrasound (HIFU) | Spare parts and services
Revenues	2,152	1,909	1,715
Operating Segments | High Intensity Focused Ultrasound (HIFU) | External other revenues
Revenues			6
Operating Segments | Lithotripsy (ESWL)
Revenues	9,908	11,568	11,016
Cost of sales	(6,268)	(6,732)	(6,080)
Gross profit	3,640	4,836	4,936
R&D expenses	(764)	(950)	(835)
Selling and marketing expenses	(1,636)	(1,887)	(2,048)
G&A expenses	(1,471)	(1,077)	(1,161)
Total expenses	(3,871)	(3,914)	(4,043)
Operating income (loss) from operations	(232)	922	893
Total Assets	12,798	12,997	13,596
Capital expenditures	288	307	141
Non-current assets	2,105	2,149	2,185
Goodwill	496	496	496
Operating Segments | Lithotripsy (ESWL) | Product
Revenues	9,908	11,568	11,016
Operating Segments | Lithotripsy (ESWL) | Goods
Revenues	3,844	4,880	4,236
Operating Segments | Lithotripsy (ESWL) | RPP's and leases
Revenues	955	1,058	1,022
Operating Segments | Lithotripsy (ESWL) | Spare parts and services
Revenues	5,109	5,630	5,758
Operating Segments | DISTRIB Division
Revenues	29,919	27,907	23,134
Cost of sales	(19,632)	(17,396)	(14,252)
Gross profit	10,287	10,511	8,882
R&D expenses	(444)	(444)	(329)
Selling and marketing expenses	(7,466)	(6,409)	(4,774)
G&A expenses	(2,625)	(1,690)	(1,355)
Total expenses	(10,535)	(8,543)	(6,458)
Operating income (loss) from operations	(248)	1,968	2,424
Total Assets	31,400	26,407	25,344
Capital expenditures	479	356	261
Non-current assets	4,448	4,187	3,971
Goodwill	1,271	1,271	1,271
Operating Segments | DISTRIB Division | Product
Revenues	29,919	27,907	23,134
Operating Segments | DISTRIB Division | Goods
Revenues	24,980	24,145	20,289
Operating Segments | DISTRIB Division | RPP's and leases
Revenues	286	272	267
Operating Segments | DISTRIB Division | Spare parts and services
Revenues	4,653	3,491	2,578
Reconciling Items
G&A expenses	(4,556)	(2,254)	(1,904)
Total expenses	(4,556)	(2,254)	(1,904)
Operating income (loss) from operations	(4,556)	(2,254)	(1,904)
Total Assets	€ 24,908	€ 45,426	€ 24,690

VALUATION ACCOUNTS (Details)

VALUATION ACCOUNTS (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for deferred tax assets
Balance	€ 14,744	€ 14,341	€ 15,508
Charges to costs and expenses	3,175	1,538	346
Deductions: write-off and others	(180)	(1,135)	(1,513)
Balance	17,739	14,744	14,341
Allowance for doubtful accounts
Balance	161	742	721
Charges to costs and expenses	85	32	2
Deductions: write-off and others	(21)	(613)	19
Balance	224	161	742
Slow-moving inventory
Balance	1,262	1,470	1,563
Charges to costs and expenses	354	93	371
Deductions: write-off and others	(353)	(300)	(464)
Balance	1,263	1,262	1,470
Warranty reserve
Balance	162	252	369
Charges to costs and expenses	134	112	110
Deductions: write-off and others	(124)	(202)	(227)
Balance	€ 172	€ 162	€ 252

SUPPLEMENTAL DISCLOSURES OF C_3

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Income taxes paid (refunds received)	€ 509	€ 410	€ 307
Interest paid	265	168	114
Interest received	1,311	403	10
Financing lease obligations incurred	358	162	233
Operating lease obligations incurred	1,098	1,162	674
Operating cash flow used in operating leases	1,009	900	916
Operating cash flow used in finance leases	7	12	18
Financing cash flow used in finance leases	€ 242	€ 350	€ 406

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Subsidiaries - Japan - Guarantee of Indebtedness of Others - Parent Company [Member] - JPY (¥)	Apr. 22, 2020	Aug. 19, 2019
EDAP Technomed Co. Ltd, August 19, 2019 loan
Related Party Transaction [Line Items]
Amount warranted		¥ 80,000,000
EDAP Technomed Co. Ltd, April 22, 2020 loan
Related Party Transaction [Line Items]
Amount warranted	¥ 50,000,000