Medical Developments International Limited · ASX:MVP
Medical Developments International — FY2023 Earnings Presentation
26 slides from Medical Developments International's earnings presentation, Aug 31, 2023
Slide 1: FY23 Full Year Results
ASX:MVP FY23 Full Year Results 31 August 2023
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about Medical Developments International Limited (ACN 108340667) and its related bodies corporate (together, MDI) and MDI’s activities as at the date of this presentation. It is information given in summary form only and
Slide 3: Key messages
FY23 Full Year Key messages Robust growth for Penthrox and Respiratory in all markets group revenue up 47% Gross margin improved $5.4 million delivered from pricing and volume growth in FY23 Primary investment phase complete driving delivery of growth strategy Strong momentum toward positive operati
Slide 4: Financial highlights
FY23 Full Year Financial highlights Revenue Pain Management Revenue Respiratory Revenue $32.3m 1 $20.4m1 $11.7m +47% +54% +43% Underlying EBIT Underlying Adjustments NPAT $18.3m (loss) $10.3m2 (gain) $5.6m (loss) (pcp $14.7m loss) (pcp $1.2m loss before tax) (pcp $12.4m loss) 4 1. Excludes Contract
Slide 5: Operational highlights
FY23 Full Year Operational highlights Market registrations Commercial milestones and product development • Expansion of Penthrox into Australian • Clinical trial in China discontinued hospital emergency departments • UK paediatric trial closed; submission • Strong growth for Penthrox in key expected
Slide 6: Financial Performance
FINANCIAL PERFORMANCE
Slide 7: Earnings summary
Earnings summary FY23 full year results $million FY22 FY23 Change $m Segment Revenue3 Revenue1 21.9 32.3 10.4 ($million) Underlying EBIT (14.7) (18.3) (3.6) 20.4 Underlying Adjustments (before tax)2 (1.2) 10.3 11.5 13.3 Reported EBIT (15.9) (8.0) 7.9 10.6 NPAT (12.4) (5.6) 6.8 Pain Management4 Comme
Slide 8: Revenue up 54%, higher volumes and pricing
Pain Management segment revenue Revenue up 54%, higher volumes and pricing $million FY22 FY23 Change % Commentary Europe 4.0 5.5 39% Europe Australia 7.4 9.6 30% • In-market volumes up 39% with growth in all countries Rest of World 1.9 4.6 141% • UK and Ireland in-market volumes up 34% with Product
Slide 9: Share gains drive revenues 43% higher
Respiratory segment revenue Share gains drive revenues 43% higher $million FY22 FY23 Change % Commentary Europe 1.7 2.3 40% Europe and Rest of World Australia 3.2 3.8 19% • Strong underlying demand USA 2.9 4.6 59% • Increased engagement with partners Rest of World 0.4 1.0 150% • Prices increased Res
Slide 10: Volume and pricing drive margin expansion
EBIT bridge Volume and pricing drive margin expansion Underlying EBIT bridge ($millions) Commentary Pricing • Stronger pricing in Pain Management and Respiratory Gross margin expansion Capability Build segments, particularly for Penthrox in Australia FY22 Underlying Volume Volume Australian Respirat
Slide 11: Primary investment phase complete, improved cashflows expected
Balance sheet and cashflow Primary investment phase complete, improved cashflows expected $’000 FY22 FY23 Change $m Commentary Underlying EBITDA (11.7) (15.1) (3.4) Change in working capital • Investment to support sales growth in both Pain Non-cash items 1.0 0.7 (0.3) Management and Respiratory seg
Slide 12: FY24 Priorities
FY24 PRIORITIES
Slide 13: FY24 priorities
FY24 priorities Deliver improved earnings and cashflow and advance US market entry 1. Improve margins through pricing and operational efficiency 2. Increase penetration of Penthrox in Australian hospital emergency departments (EDs) 3. Review go-to-market model for Europe 4. Progress partner search a
Slide 14: Improve margins through pricing and efficiency
FY24 priorities Improve margins through pricing and efficiency Incremental benefits of $6 million expected in FY24 Pricing benefits Cost efficiencies • Higher pricing in Australia • European restructuring • Opportunity to reset commercial • Supply chain efficiency arrangements in other markets • Sca
Slide 15: Increase penetration of Penthrox in Australian hospital emergency departments
FY24 priorities Increase penetration of Penthrox in Australian hospital emergency departments National Account Management Team delivering Attractive market encouraging progress opportunity1 Procedural 17% • Volume in Australia up 6% in FY23 Ambulance 31% Outpatients 7% • Progressing inclusion of Pen
Slide 16: Review go-to-market model for Europe
FY24 priorities Review go-to-market model for Europe Realise potential of Penthrox in key European markets through a more cost-effective approach • I n-market field team in France scaled back, service to existing customers remains a priority • everage attractive position established in France L (ann
Slide 17: Progress US partner search and finalise pathway for market entry
FY24 priorities Progress US partner search and finalise pathway for market entry Commencement of clinical pathway expected in FY25 Funding strategy Clinical pathway Commercialisation US adviser appointed Development of clinical Development of next to support search for pathway advancing generation d
Slide 18: Commercial market assessment
USA market entry Commercial market assessment Annual in-market revenue potential for Penthrox of US$300-US$400 million 1 Large addressable market Attractive pricing potential • 20 million adult patients2 in acute pain and • stimated in-market pricing between E trauma, 75% in emergency departments US
Slide 19: FY24 Outlook
FY24 OUTLOOK
Slide 20: FY24 outlook
FY24 outlook The Company expects underlying EBIT in FY24 to improve on the prior year, driven by: • Higher Penthrox volumes in Australian hospital emergency departments; • Share growth in the Respiratory segment; and • Incremental margin improvements of $6 million from pricing and efficiency. Capita
Slide 21: Appendix
Appendix
Slide 22: Reconciliation between underlying EBITDA and net loss after tax
Reconciliation between underlying EBITDA and net loss after tax $million FY22 FY23 Notes Underlying EBITDA (11.7) (15.1) FY23 1. Contract termination revenue arising from the termination Depreciation and amortisation expense (3.0) (3.2) of agreements for the distribution of Penthrox in China Underly
Slide 23: Company overview
Company overview • Medical Developments International Limited (ASX:MVP) is an Australian based pain management and respiratory company • The Company’s lead product, Penthrox (The Green Whistle®), an inhaled, needle-free, non opioid analgesic, is manufactured in Australia and sold globally • The Comp
Slide 24: Penthrox: over 8 million used worldwide
Penthrox Over 8 million used worldwide The superior efficacy, safety and administration The iconic Green Whistle benefits of Penthrox deliver improved patient outcomes and lower overall costs • Inhaled needle-free analgesic1 • Non-opioid1 • Portable, self administered device1 • Effective pain relief
Slide 25: Helping patients manage asthma and COPD
Respiratory Helping patients manage asthma and COPD 1 Providing pharmacies, medical clinics and hospitals with a range of respiratory devices which are designed to assist patients to manage asthma and COPD1 •Space chambers •Portable nebulisers FY23_FullYearResults_Draft22 •Silicon Face Masks 25 1. C
Slide 26: FY23 Full Year Results
ASX:MVP FY23 Full Year Results 31 August 2023
Medical Developments International — FY2023 Earnings Presentation on 6ix