Dri Healthcare Trust · TSX:DHT.U
Dri Healthcare Trust — Q3 2021 Earnings Presentation
11 slides from Dri Healthcare Trust's earnings presentation, Nov 9, 2021
Slide 1: Advancing Science in the Fast Growing Pharmaceutical and Biotechnology Sector
ADVANCING SCIENCE in the Fast Growing Pharmaceutical and Biotechnology Sector Q3 2021 Earnings Call | November 9, 2021
Slide 2: Disclaimer
DISCLAIMER Certain statements made in this Q3 2021 earnings call presentation, including responses to questions, may contain forward-looking statements within the meaning of the safe harbor provisions of Canadian provincial securities laws. Forward-looking statements involve risks and uncertainties
Slide 3: Agenda
AGENDA 1. Recent highlights Note: All dollar amounts shown in this presentation are 2. Financial review expressed in U.S. dollars 3. Recent transactions unless indicated otherwise 4. Outlook 5. Question & answer 3
Slide 4: Advancing Our Strategy
ADVANCING OUR STRATEGY Accretive Efficient capital Unitholder growth structure returns Two transactions $200 million in Doubled quarterly totaling up to credit facilities distribution to $185 million $0.075 per unit 4
Slide 5: Q3 Financial Highlights
Q3 FINANCIAL HIGHLIGHTS Royalty income $22.9 million ($59.0 million YTD) Cash Royalty Receipts(1)(2) $15.4 million ($86.5 million YTD) Adjusted EBITDA(1)(2) $12.4 million ($69.2 million YTD) Adjusted Cash Earnings per Unit(1) $0.48 ($1.44 YTD) 1. Cash Royalty Receipts, Adjusted EBITDA and Adjusted C
Slide 6: Well Capitalized for Growth
WELL CAPITALIZED FOR GROWTH As at September 30, 2021: US$41.2 million of cash and cash equivalents(1) US$44.0 million of royalties receivable On October 22, 2021, a subsidiary of the Trust entered into a credit agreement with a syndicate of banks regarding 3-year senior secured revolving fa
Slide 7: Strong YTD Cash Flow Generation
STRONG YTD CASH FLOW GENERATION Pro Forma Adjusted EBITDA for the Nine Months Ended September 30, 2021 (US$M)(1) Pro Forma $20.4 $79.4 $0.5 ($5.5) Adjusted EBITDA ($4.2) Margin(1)(4) ($1.0) $69.2 87% $59.0 Adjusted Cash Earnings per Unit(5) US$1.44 Royalty Net Change in Pro Forma Total Interest Inco
Slide 8: Q3 2021 Pro Forma Cash Royalty Receipts
Q3 2021 PRO FORMA CASH ROYALTY RECEIPTS (US$ thousands) Pro Forma Total Cash Royalty Receipts(1) Q3 2021 Q3 2020 % Change YTD 2021 YTD 2020 % Change Core Products Eylea (pro forma)(2) 4,718 3,530 34% 13,442 11,368 18% FluMist 7 - n/a 2,269 1,172 11% Natpara 551 355 55% 1,574 960 94% Oracea 3,711 - n
Slide 9: CTI BioPharma/Pacritinib Transaction
CTI BIOPHARMA/PACRITINIB TRANSACTION US$50 million secured loan Secured long-term royalty stream on high quality US$60 million (upon FDA approval of pacritinib) for tiered product, with immediate contribution to cash flow royalty on pacritinib on sales in the United States (expected PDUFA date o
Slide 10: Oracea Transaction
ORACEA TRANSACTION Immediately accretive US$46.4 million net purchase price (net of immediate acquisition of cash royalty) established high quality product Acquisition included royalty entitlements on two additional products – not expected to make material contribution Expected royalty expiry
Slide 11: Outlook and Summary
OUTLOOK AND SUMMARY Continued strong performance of existing assets On track to deliver on growth targets Target sustainable US$650 to US$750 million five-year aggregate compounded acquisition target growth in cash Transactions valued at up to US$185 million royalty receipts closed in first