Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — FY2023 Earnings Presentation
20 slides from Mauna Kea Technologies Sa Class O's earnings presentation, Apr 25, 2024
Slide 1: 2023 Full Year Results Presentation
See cells Change lives 2023 Full Year Results Presentation 25 April 2024
Slide 2: Agenda
AGENDA 1 2 3 4 Business Financials Perspectives Q&A Overview 2
Slide 3: Business Overview
V BUSINESS OVERVIEW 3
Slide 4: An ambitious transformation roadmap built on solid foundations
AN AMBITIOUS TRANSFORMATION ROADMAP BUILT ON SOLID FOUNDATIONS 2026+ SUSTAINED PROFITABILITY 2023-2025 Commercialization of combined technologies with partners GROWTH EXPANSION Cash flow generation Ramp-up of U.S. GI 2022 Launch of new indications NEW FOUNDATIONS (pancreatic cysts and food intoleran
Slide 5: 2023 achievements: delivered on commitments, establishing foundations for future growth
2023 ACHIEVEMENTS: DELIVERED ON COMMITMENTS ESTABLISHING FOUNDATIONS FOR FUTURE GROWTH ENCOURAGING FINANCIAL RESULTS PARTNERSHIPS AGREEMENTS FY sales of €10.5m up +42%1 Tasly JV operational launch of Tasly JV Positive operating income of €1.2m Iris Alliance with Telix extended vs negative €9.1m in 2
Slide 6: Acceleration of sales in 2023, 2nd best year in the Group's history
ACCELERATION OF SALES IN 2023, 2nd BEST YEAR IN THE GROUPE’S HISTORY Total sales 2020-2023 (in €K) 11000 10,504 10000 Uplift of the U.S. driven by the acceleration 9000 PPU usage generating steady and recurring 7,700 revenues 8000 7,479 7000 6,529 6000 First contribution from Tasly JV with licensing
Slide 7: Q1 2024 Sales
Q1 2024 SALES In €k Q1 2024 Q1 2023 Change (%) Systems sales ‣ Timing of system sales shifted to Q2 2024 Systems 70 387 -82% Consumables sales ‣ Continued positive trend of PPU volume more Consumables 870 662 +32% than compensating negative price impact Services sales Services 216 318 -32% ‣ Lower i
Slide 8: A growing and sustainable PPU business in esophageal cancer in the U.S.
A GROWING AND SUSTAINABLE PPU BUSINESS IN ESOPHAGEAL CANCER IN THE U.S. Number of quarterly procedures Rationalization of the customer base focusing 1600 + 64% 1400 on active and profitable accounts 1200 1000 Increased monthly usage and addition of new accounts with quick ramp-up 800 600 Focus on co
Slide 9: Strong opportunity for expansion in ASCs still largely untapped
STRONG OPPORTUNITY FOR EXPANSION IN ASCs STILL LARGELY UNTAPPED 120 HUGE RESERVOIR OF GROWTH A FAVORABLE STRUCTURAL SHIFT FROM 100 HOSPITAL TO ASCs IN THE U.S. 6,000 centers 80 14M GI endoscopy procedures in ASCs in 20231 60 +22% expected growth by 20332 40 Upper GI endoscopy identified as the highe
Slide 10: Building on strong growth momentum to triple PPU procedures by end 2025
BUILDING ON STRONG GROWTH MOMENTUM TO TRIPLE PPU PROCEDURES BY END 2025 40 40 x3 Average PPU procedures /account / month usage by end-2025 30 30 Ambition - End-2025 ‣30 procedures/account/month Inflection point in 2023 ‣40 active accounts thanks to better targeting of ‣14,500 annual procedures 20 hi
Slide 11: Sharp reduction in operating losses, cut by more than half since 2020
SHARP REDUCTION IN OPERATING LOSSES CUT BY MORE THAN HALF SINCE 2020 Current operating income 2020-2023 (in €K) 1,361 0 Top line improvement including licensing revenues -2000 -4000 Dramatic cut in U.S. commercial costs with the -6000 team restructuring in 2022 (5,686) -8000 Several costs reduction
Slide 12: Improvement of financial structure and balance sheet
IMPROVEMENT OF FINANCIAL STRUCTURE AND BALANCE SHEET EIB loan maturities1 (in €K) Extension of EIB loan maturities 15,000 15000000 14000000 67%1 of repayments deferred to 2028-2029 vs 2024-2025 before restructuring 12000000 10000000 Before 10,000 Strengthened shareholders' equity restructuring 80000
Slide 13: FY 2024 Guidance
FY 2024 GUIDANCE > +20% sales growth Positive PPU sales growth despite adverse Excluding licensing revenues reimbursement impact First capital sales to Tasly JV x2 Cellvizio production Commercial launch of food intolerance business To cope with rising demand Improving financial profile 13
Slide 14: Financials
V FINANCIALS 14
Slide 15: P&L - Current Operating Income
P&L - CURRENT OPERATING INCOME In €k FY 2023 FY 2022 Change (%) Total sales ‣ Licensing revenues from Tasly JV Total sales 10.480 7.479 +40% Other revenues Other revenues 547 631 -13% ‣ Reduced tax credit with lower R&D costs Cost of goods sold (2,118) (2,004) +6% Cost of goods sold Gross Profit 8,4
Slide 16: P&L - Net Profit
P&L - NET PROFIT In €k FY 2023 FY 2022 Change (%) Non-recurring income ‣ Capital gain on transfer of patents in Current Operating Income (5.686) (8.983) -37% neurology/neurosurgery to Tasly JV Share of profit of associates Non-recurring income 6.918 (80) - ‣ Net loss from Tasly JV for the period Ope
Slide 17: Cash Flow
CASH FLOW In €k FY 2023 FY 2022 Change (%) Free cash flow Opening cash 3.137 11.866 -37% ‣ Cash payments from Tasly JV offsetting cash outflows from operations Free cash flow (753) (8.830) -91% Investments Investments (354) (57) +521% ‣ Placement of new PPU with Gen3 Cellvizio Capital increase 7.394
Slide 18: Perspectives
V PERSPECTIVES 18
Slide 19: A clear and ambitious roadmap
A CLEAR AND AMBITIOUS ROADMAP INTERVENTIONAL FOOD GI ONCOLOGY INTOLERANCE ENDOSCOPY INDICATIONS Establish the global Support the growing Invest alongside industry gold standard for food adoption and scaling of leaders to develop the next intolerance detection the GI legacy business generation techno
Slide 20: Conclusion
CONCLUSION Top line growth and PPU volume DELIVER FINANCIAL RESULTS Improved financial profile Large-scale launch of Food intolerance business EXPAND COMMERCIAL ACTIVITIES System/probe sales to Tasly JV Combination product in uro-oncology with Telix BUILD PIPELINE Development of AI for multiple indi
Mauna Kea Technologies — FY2023 Earnings Presentation on 6ix