Slide 1: MicroPort 2016 1H Earning Release
MicroPort 2016 1H Earning Release
Slide 2: Disclaimer
Disclaimer •This document is for information purposes only and does not constitute or form part of any offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for any securities of MicroPort Scientific Corporation, and no part of it shall form the basis of,
Slide 3: Contents
1. Interim Results Highlights 2. Financial Review Contents 3. Business Review * Appendix 1-Business Highlights *Appendix 1- Business Highlights 4. Appendix * Appendix 2-Financial Statements *Appendix 2- Financial Statements • Financial Statements
Slide 4: 1H 2016 Results Highlights
1H 2016 Results Highlights Highlights Key Financial Summary (*Excl. FX) Successfully achieved revenue of $198.6m, representing a growth rate of 6.9% excluding foreign exchange impact Revenue: +6.9%* Key segments and core products maintained robust growth Cardiovascular, Endovascular and Neurov
Slide 5: Contents
1. Interim Results Highlights 2. Financial Review Contents 3. Business Review * Appendix 1-Business Highlights *Appendix 1- Business Highlights 4. Appendix * Appendix 2-Financial Statements *Appendix 2- Financial Statements • Financial Statements
Slide 6: Consolidated Financial Performance
Consolidated Financial Performance Revenue Gross Profit Margin USD: million USD: million Non-Ortho ↑7% 191 199 Ortho ↑1% 67% 69% 85 92 106 107 2015 1H 2016 1H 2015 2016 1H Group revenue up 7% excl. FX, 4% as reported GP margin improved 2% Operating Expenses Net Profit/(Loss) USD: million Non-Ortho U
Slide 7: Operating Expenses
Operating Expenses Sales and Marketing Expenses Administrative Expenses Research and Develop. Expenses USD: million USD: million USD: million 30.9% 31.2% 16.2% 16.0% 12.9% 12.2% 62.0 59.1 31.0 31.7 24.7 24.2 2015 1H 2016 1H 2015 1H 2016 1H 2015 1H 2016 1H G&A % of Sales R&D % of Sales S&M % of Sales
Slide 8: Cashflow
Cashflow Net Cashflow from Operating Net Cashflow from Investing Net Cashflow Activities Activities USD: million USD: million USD: million 35.9 (156.4) 35.7 29.0 21.5 12.3 *2015 1H includes (160m) Otsuka loan repayment 2015 1H 2016 1H 2015 1H 2016 1H 2015 1H 2016 1H Net operating cash inflow Net inv
Slide 9: Contents
1. Interim Results Highlights 2. Financial Review Contents 3. Business Review *Appendix 1- Business Highlights 4. Appendix *Appendix 2- Financial Statements • Financial Statements
Slide 10: Orthopedics Business – Global Business
1 Orthopedics Business – Global Business Revenue Revenue by Geographic Areas 50 +3.2% USD：million Excl. FX 300 45 267 40 35 -2.8% 223 208 30 203 25 20 -2.9% +78%* 15 +4.1% 106 107 10 5 0 US Europe Japan China Others 2011 2012 2013 2014 2015 20151H 20161H 20151H 20161H Under Wright Under Microport *
Slide 11: Orthopedics Business – China Business
1 Orthopedics Business – China Business Revenue and Growth 2016 SuperpathTM and EvolutionTM USD：million Excl. FX Hospital Coverage SuperpathTM 159 Surgical Cases GSC 715 340% 99 67 Ortho 209 34% 12 7 10 2014 2015 2015 1H 2016 1H 31-Dec-2014 30-Jun-15 31-Dec-15 30-Jun-16 20151H 20161H SuperPath Evolu
Slide 12: Cardiovascular Business
2 Cardiovascular Business Revenue Domestic DES Sales Growth by Products USD：million Excl. FX USD：million Excl. FX Total: 16% ↑ 115 119 114 127 14 Firehawk: 133% ↑ 100 105 Firebird2: 6% ↑ 3 70 FH 62 11 FB2 113 5 105 101 93 53 56 2010 2011 2012 2013 2014 2015 20151H 20161H 2012 2013 2014 2015 20151H 2
Slide 13: Cardiovascular Business- International business
2 Cardiovascular Business- International business Overseas Revenue FirehawkTM TARGET AC Enrollment Status Exp. No. of Activated Sites USD：million Excl. FX Actual No. of Activated Sites Exp. Low speed model Exp. Middle speed model Actual Recruitment Firebird2+Firehawk Firehawk High speed model: 1137
Slide 14: Cardiovascular Business
2 Cardiovascular Business Firesorb-Bioresorbable Rapamycin Target Eluting Coronary Stent System Granted Green-Path for CFDA approval CFDA green FIM Clinical Trials (45 patients) completed Design Finalization FIM channel status Milestone Clinical follow-up ongoing and expected to receive report
Slide 15: Endovascular Business
3 Endovascular Business Revenue Sales growth by products USD：million Excl. FX USD：million Excl. FX 15.4 13.2 12.2 10.3 10.5 8.9 8.2 7.4 HT HBL HBB AB surgical 20151H 20161H 2010 2011 2012 2013 2014 2015 20151H 20161H Extensive product pipeline ~ 17 products expected by 2019 across all sectors Highli
Slide 16: Neurovascular Business
4 Neurovascular Business Revenue Sales growth by products USD：million Excl. FX 7.5 USD：million Excl. FX Ischemic Hemorrhagic 5.9 4.4 4.3 3.4 3.2 2.7 2.1 2010 2011 2012 2013 2014 2015 20151H 20161H APOLLO WILLIS 20151H 20161H Pipeline -- Full range of solutions Highlights 2 Revenue growth by 26.8%
Slide 17: Electrophysiology Business
5 Electrophysiology Business Revenue Highlights USD：million Excl. FX Total: 9.2% ↑ The only Chinese company to have 3-D Magnet Domestic: 10.2% ↑ Mapping System and full EP product line. International domestic Overseas: 1.2% ↑ 0.6 Revenue growth of 9.2% excl. FX or 2.4% in US$； 0.6 Columbus® an
Slide 18: MicroPort Sorin CRM (MSC)
MicroPort Sorin CRM (MSC) Who we are? • 51% Microport • 49% Sorin What we do? • R&D • Made-in-China Product I N N O V A T E D 创 新 起 搏 I N • Services C H I N A , F O R Why we do it? C H I N A 领 梦 中 国 • Demand in China • Know-how • break the monopoly How we do it? • Serving China • Made in China • Inn
Slide 19: Others
Others R&D Progress of surgical robot keep on schedule Complete first generation Complete design verification prototype Begin type testing 2014 2016 2018 2020 Project 2015 2017 2019 CFDA FIM approval Approval Online service platform "Life Line Live“ launched MicroPort® Online “Life-Line-Live ”
Slide 20: Contents
1. Interim Results Highlights 2. Financial Review Contents 3. Business Review *Appendix 1- Business Highlights 4. Appendix *Appendix 2- Financial Statements • Financial Statements
Slide 21: Appendix I - Consolidated Income Statement
Appendix I - Consolidated Income Statement (USD '000) 2016 1H 2015 1H Flux % Revenue 198,556 191,245 4% Cost of sales (61,595) (62,904) -2% Gross profit 136,961 128,341 7% Other revenue & net gain 5,084 1,027 395% Research and development costs (24,161) (24,712) -2% Distribution costs (62,038) (59,1
Slide 22: Appendix II - Consolidated Balance Sheet
Appendix II - Consolidated Balance Sheet USD'000 30 Jun 2016 31 Dec 2015 Fixed assets 267,842 271,203 Intangible assets 63,440 60,217 Prepayments for fix assets 3,378 2,711 Goodwill 54,458 55,463 Interest in a joint venture 2,917 4,759 Deferred tax assets 3,669 3,711 Time deposits - - Other non-curr
Slide 23: Appendix III - Condensed Consolidated Cash Flow Statement
Appendix III - Condensed Consolidated Cash Flow Statement - Adjusted (USD '000) 2016 1H 2015 1H Flux % Cash generate from operations 38,104 14,476 163% Income tax paid (2,381) (2,221) 7% Net cash generated from operating activities 35,723 12,255 191% Net cash (used in)/from investing activities* (29
Slide 24: Thank You
Thank You The Patient Always Comes First