Medistim ASA Second Quarter Kari E. Krogstad, President and CEO Thomas Jakobsen, CFO August 24th, 2016

Transcription

1 Medistim ASA Secnd Quarter 2016 Kari E. Krgstad, President and CEO Thmas Jakbsen, CFO August 24th, 2016

2 2 Disclaimer The infrmatin included in this Presentatin cntains certain frward-lking statements that address activities, events r develpments that Medistim ASA ( the Cmpany ) expects, prjects, believes r anticipates will r may ccur in the future. These statements are based n varius assumptins made by the Cmpany, which are beynd its cntrl and are subject t certain additinal risks and uncertainties. The Cmpany is subject t a large number f risk factrs including but nt limited t ecnmic and market cnditins in the gegraphic areas and markets where Medistim is r will be perating, IP risks, clinical develpment risks, regulatry risks, fluctuatins in currency exchange rates, and changes in gvernmental regulatins. Fr a further descriptin f ther relevant risk factrs we refer t Medistim s Annual Reprt fr 20. As a result f these and ther risk factrs, actual events and ur actual results may differ materially frm thse indicated in r implied by such frward-lking statements. The reservatin is als made that inaccuracies r mistakes may ccur in this infrmatin given abve abut current status f the Cmpany r its business. Any reliance n the infrmatin abve is at the risk f the reader, and Medistim disclaims any an all liability in this respect.

3 3 Table f cntents 1. Highlights secnd quarter 2. Financial statements 3. Business segments update 4. Implementing the strategy

4 1. Highlights secnd quarter

5 5 Highlights secnd quarter % sales grwth fr the quarter Sales f wn prducts increased with 22.2 % t MNOK 47.7 All time high US sales up 10.9 % t MNOK party sales up by 7.0 % t MNOK % EBIT grwth t MNOK 17.1 fr the quarter Fr the first half, EBIT is up 41.7 % t MNOK 30.6 Prfit per share grws 19.0% t NOK 0.69 (0.58) The Medistim technlgy has achieved reimbursement in Japan A dividend f NOK 1.65 (1.40) per share was paid n the 2 nd f May Revenue MNOK 67.2 (57.3) EBIT MNOK 17.1 (11.7) Currency 2016 N f units sld: Systems (capital sale) 27 Flw prbes Imaging prbes 13 Prcedures (USA) Q Q 17.4% 45.5 % 6.9 % 42.1 % 0.7 % 8.3 % 2.4 %

6 2. Financial statements

7 7 Prfit and lss 2016 Prfit & lss All numb ers in NOK 1000 Sales Cst f gds sld Salary and ssial expenses Other perating expenses Ttal perating expenses Op. res. befre depr. and write-ffs (EBITDA) EBITDA % 29,7 % 30,7 % Depreciatin Write ffs f gdwill Operating result (EBIT) EBIT % 25,4 % 20,5 % Financial incme Financial expenses Net finance (139) Pre tax prfit Tax Result Sales per Quarter (TNOK) EBIT per Quarter (TNOK) ,00% 25,00% 20,00%,00% 10,00% 5,00% 0,00%

8 8 Prfit and lss H Prfit & lss YTD 2016 YTD 20 All numb ers in NOK 1000 Sales Cst f gds sld Salary and ssial expenses Other perating expenses Ttal perating expenses Op. res. befre depr. and write-ffs (EBITDA) EBITDA % 27,4 % 26,1 % Depreciatin Write ffs f gdwill Operating result (EBIT) EBIT % 23,1 % 18,8 % Financial incme Financial expenses Net finance (1 079) Pre tax prfit Tax Result Sales per Quarter (TNOK) EBIT per Quarter (TNOK) ,00% 25,00% 20,00%,00% 10,00% 5,00% 0,00%

9 9 Balance sheet - Assets Balance sheet All numb ers in NOK 1000 Assets Intangible assets Fixed assets Ttal intangible and fixed assets Inventry Custmers receivables Other receivables Cash Ttal current assets Ttal assets Intangible assets Fixed assets Inventry Accunts receivable Other assets Cash Inventry build-up related t MiraQ prduct line intrductin and VeriQ/VeriQC last-time-buy f cmpnents Cmpensatin fr returned inventry t Medtrnic delayed Increased cnsignment inventry f Mentr prducts related t the Aleris agreement and HINAS tender

10 10 Balance sheet - Equity and liability Balance sheet All numb ers in NOK 1000 Share capital Premium fund Other equity Ttal equity Ttal lng term debt Ttal shrt term debt Ttal equity and liability Share capital Premium fund Other equity 7.5 MNOK in interest bearing debt Dividend f NOK1.65 per share paid in May Lng term debt Shrt term debt

11 3. Business segments update

12 12 Flw prbes and systems in units Flw prbes in units (excl USA) Flw systems in units (VeriQ & MiraQ) Asia ROW US Eurpe Flat prbe sales develpment fr the secnd quarter 6.9 % grwth in prbe sales fr the first half f % grwth in number f flw systems sld, with 20 systems sld in 2016 cmpared t 16 in 20 In Eurpe, flw system sales increased with 50 % quarter ver quarter, due t psitive develpment in UK and France Of the 20 flw systems sld, 11 were MiraQ systems, with 10 sld in Eurpe and ne sld in Asia

13 13 Imaging prbes and systems in units Imaging prbes in units (incl USA) Imaging systems in units (VeriQC & MiraQ) Imaging prbes 16 US imaging prbes Imaging prbe sales at the same level as last year Outside the USA, prbe sales were mainly in Eurpe US Asia Eurpe ROW Imaging systems mre than dubled cmpared t last year Of the 7 imaging systems sld, 6 were MiraQ systems; 1 were sld in the UK, 1 in France, 2 in Nrway and 2 as capital sales in the USA

14 revenue perfrmance by regin Mill NOK '16 ' Q / Q H H1 20 Y/Y Eurpe 38,1 31,6 20,3 % 69,8 65,0 7,3 % USA 22,7 20,5 10,9 % 45,7 36,5 24,9 % Asia & Jp 4,0 2,9 40,4 % 11,2 8,7 28,0 % ROW (MEA, CAN, SA) 2,4 2,3 5,7 % 6,1 4,9 25,1 % Ttal 67,2 57,3 17,4 % 132,7 1,2,2 % In Eurpe, 3. party prducts increased by 7.0 % despite the lss f the Medtrnic agency. Own prducts increased with 38.0 % mainly driven by increased sales in UK and France. In the USA, grwth in NOK in was driven by bth vlume grwth and favrable currency. Currency neutral sales fr the quarter shws a 5.9 % increase. This is the best quarter ever achieved in the USA, and the grwth is cmpared t the secnd best quarter ever, which was 20. Bth Asia/Japan and ROW are s far smaller sales territries fr Medistim and quarterly perfrmance varies significantly. Sales in China drives the grwth fr bth first and secnd quarter. Psitive currency effects fr with 3.9 MNOK and with 8.0 MNOK fr H1. Average actual exchange rate fr USD 8.45 and EUR 9.42 versus last year USD 7.73 and EUR 8.64.

15 revenue perfrmance by prduct Mill NOK '16 ' Q/Q H H1 20 Y/Y Prcedures (USA) 20,3 17,9 13,5 % 40,8 33,3 22,5 % Flw prbes 17,6,0 17,6 % 34,8 28,8 20,9 % Flw systems (VeriQ & MiraQ) 4,1 3,4 19,3 % 8,4 6,1 37,2 % Imaging systems (VeriQ C & MiraQ) 3,9 2,1 85,6 % 9,8 6,8 45,0 % Imaging prbes 0,5 0,3 97,0 % 1,2 1,2 6,6 % 3rd party 19,5 18,2 7,0 % 35,9 38,0-5,6 % Other 1,3 0,4 231,7 % 1,7 1,0 63,1 % Ttal revenues 67,2 57,3 17,4 % 132,6 1,2,1 % Prcedure sale in the USA: Flw prcedures are at same level as last year and imaging prcedures are up 31.4 % in. Fr the 1 st half flw prcedures increased with 11.4 % while imaging prcedures increased with 33.5 %. Flw prbes revenue: Despite flat develpment in units fr the quarter, grwth is high due t higher level f direct sales and favrable currency. Fr the 1 st half prbe sales increased with 6.9 % in units. Flw systems: Strng flw system sales in Eurpe in, we sld 7 mre units cmpared t last year due t grwth in UK and France with 5 units. The increase fr the 1 st half is als driven by the psitive develpment in UK and France. Imaging systems and prbes: Ttal units sld in was 7, up 4 units frm last year. 4 sales t end-users cntribute t drive grwth in revenues; 2 capital sales in the US and 2 in Nrway. Higher level f direct sales increases revenue fr the 1 st half. 3 rd party prducts: Gd perfrmance despite the lss f the Medtrnic agency. Strng develpment in all main prduct areas.

16 4. Implementing the strategy

17 17 Grwth pprtunities in develping Medistim markets Emerging, high-grwth ecnmies (e.g. bric) 4 1. Cnvert the rutine Flw market t a Flw-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard f care thrugh Early adpter & KOL supprt REQUEST study Ease cnversin frm flw t imaging with MiraQ Develping Medistim markets (e.g. USA, UK, Fra) 2 2. Achieve rutine use f bth Flw and Imaging by fighting ignrance, indifference and ease-f-use bjectins thrugh Clinical marketing & Educatinal prgrams Strng Medistim markets (e.g. Jp, Nrdic, Germany) >50% CABG share 1 3 Prduct innvatin fr ease f use Increased sales frce capacaity 3. Build and strengthen psitin in vascular surgery Dedicated system (MiraQ Vascular) & prbes GEOGRAPHIES APPLICATION AREAS CABG surgery (2 BNOK) Vascular surgery (>1 BNOK) Other pen heart surgery (1 BNOK) Build psitin with scieties and KOLs 4. Offer an entry-level slutin t reach emerging, pricesensitive, high-grwth markets

18 18 High perfrmance US sales rganizatin Number f prcedures per year RESULTS H Revenues up by 24.9 % in NOK # f Prcedures per Cnsecutive Quarter.3 % grwth in USD Number f prcedures up by 13.5 % 11.4 % grwth in flw prcedures 33.5 % grwth in imaging prcedures best quarter ever in the USA 9 cmpletely new accunts 1 TTFM accunt cnverted t Imaging

19 19 Grwth pprtunities in strng Medistim markets Emerging, high-grwth ecnmies (e.g. bric) 4 1. Cnvert the rutine Flw market t a Flw-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard f care thrugh Early adpter & KOL supprt REQUEST study Ease cnversin frm flw t imaging with MiraQ Develping Medistim markets (e.g. USA, UK, Fra) 2 2. Achieve rutine use f bth Flw and Imaging by fighting ignrance, indifference and ease-f-use bjectins thrugh Clinical marketing & Educatinal prgrams Strng Medistim markets (e.g. Jp, Nrdic, Germany) >50% CABG share 1 3 Prduct innvatin fr ease f use Increased sales frce capacaity 3. Build and strengthen psitin in vascular surgery Dedicated system (MiraQ Vascular) & prbes GEOGRAPHIES APPLICATION AREAS CABG surgery (2 BNOK) Vascular surgery (>1 BNOK) Other pen heart surgery (1 BNOK) Build psitin with scieties and KOLs 4. Offer an entry-level slutin t reach emerging, pricesensitive, high-grwth markets

20 20 Medistim technlgies gain reimbursement in Japan Valid frm 1 st April 2016, the Ministry f Health, Labur and Welfare in Japan apprved a reimbursement f YEN 25,000 [EUR 225] when graft bld flw is cntrlled, using either transit time flw measurement r high-reslutin epicardial ultrasngraphy intraperatively Number f CABG prcedures in Japan is apprx per year Medistim equipment is used in 80 % f the prcedures perfrmed in Japan = STANDARD OF CARE Expected t encurage cnversin f flw custmers t flw and imaging custmers in Japan Culd lead ther cuntries t acknwledge the clinical value f Medistim s equipment and see the pprtunity t establish reimbursement t drive imprved surgical quality and clinical utcmes in CABG and ther vascular surgery

21 21 20 largest share hlders (per 22. august 2016) SHARE HOLDER Number f shares per INTERTRADE SHIPPING SALVESEN & THAMS INV STENSHAGEN INVEST AS PROTECTOR FORSIKRING SKAGEN VEKST FOLLUM CAPITAL AS HOLBERG NORDEN VERDIPAPIRFONDET BUANES ASBJØRN JOHN DYVI INVEST AS GRANDEUR PEAK INTERN BROWN BROTHERS VEVLEN GÅRD HARRI AS VERDIPAPIRFONDET HAN NORGE HOLMEN SPESIALFOND HOLBERG NORGE VERDIPAPIRFONDET Danske Invest Nrge The Bank f New Yrk BNY MELLON BANK JULIUS BÄR & CO S/A CLIENTS ASSETS ROSLAND BRIGT Medistim ASA The Nrthern Trust C RE IEDP AIF CL. NON largest share hlders ttal Ttal number f shares utstanding largest share hlders % f ttal 81,7 %

22 22 Seeing is believing