Medistim Asa · OSL:MEDI
Medistim Asa — Q2 2024 Earnings Presentation
33 slides from Medistim Asa's earnings presentation, Aug 16, 2024
Slide 1: Second Quarter and First Half 2024 Financial Results
Second Quarter and First Half 2024 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 2: Before we start
Before we start • You will be kept on mute during the presentation • Click on the Q&A button to write your questions • The host will read and answer your questions at the end of the presentation 2
Slide 3: Disclaimer
Disclaimer The information included in this Presentation may contain certain forward-looking statements that address activities, events or developments that Medistim ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various
Slide 4: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 4
Slide 5: 01 - Highlights
01 - Highlights Medistim Second Quarter and First Half Financial Results 2024
Slide 6: Medistim Track Record
Medistim Track Record Sales per year in MNOK EBIT in MNOK and EBIT % Dividend per share in NOK 6
Slide 7: Highlights Q2 2024
Highlights Q2 2024 o New record for quarterly sales o Operating profit slightly down, however, EBIT margin is normalizing: o Currency neutral sales development: • Q2-24: 28.5% EBIT (30.7%) • Total sales up 4.1% • Q1-24: 24.0% EBIT • Q4-23: 16.4% EBIT • Own products sales up 1.7% quarter • AMERICAS u
Slide 8: Highlights H1 2024
Highlights H1 2024 o Currency neutral sales development: o Operating profit slightly down, however, EBIT margin is normalizing: • Total sales up 3.2% • 26.3% EBIT (28.4%) • Own products sales up 1.5% • Running operating expenses at a higher level • AMERICAS up 1.4% • New direct sales organizations i
Slide 9: 02 – Financial Statements
02 – Financial Statements Medistim Second Quarter and First Half Financial Results 2024
Slide 10: Profit & Loss Q2 2024
Sales per Quarter (MNOK) Profit & Loss Q2 2024 EBIT per Quarter (MNOK & %) 10
Slide 11: Profit & Loss H1 2024
Sales per Quarter (MNOK) Profit & Loss H1 2024 EBIT per Quarter (MNOK & %) 11
Slide 12: Balance Sheet Assets
Balance Sheet Assets o High inventory levels due to company policy of securing stock of critical components and finished goods o Reduction in customer receivables o Cash position by quarter end was MNOK 107.1 o Dividend of 82.4 MNOK was paid 6th of May 12
Slide 13: Balance Sheet Equity & Liability
Balance Sheet Equity & Liability o No interest-bearing debt o 18.7 MNOK in obligations related to lease contracts, where 10.3 MNOK is long term o Deferred revenue related to extended warranty amounted to 1.6 MNOK
Slide 14: Key Figures
Figures KEY FIGURES Q2 2024 Q2 2023 Hi 2024 Hi 2023 FY 2023 Equity share 80.4 % 77.7% 80.4 % 801% 78.7 % Earnings per share NOK 1.90 NOK 1.80 NOK 3.23 NOK 3.21 NOK 5.68 Earnings per share diluted NOK 1.90 NOK 1.80 NOK 3.23 NOK 3.20 NOK 5.67 Average shares outstanding in 1000 18 314 18 264 18 314 18
Slide 15: Cash Flow
Flow CASH FLOW ANALYSIS 30.06.2024 30.06.2023 31.12.2023 All numbers in NOK 1000 Operating profit for the period 75 324 75 226 135 212 Cash from depreciation, tax and change in working capital (27 934) (43 047) (19 372) Cash flow from operation 47 390 32179 115 840 Cash flow from investments (7 598)
Slide 16: 03 Business Segments Update
03 Business Segments Update Medistim Second Quarter and First Half Financial Results 2024
Slide 17: Flow-and-Imaging Systems in Units (capital sales)
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 2 more Flow-and-Imaging units sold as capital in Q2 compared to Q2 last year 21 19 o 2 more in AMERICAS, sold in Latin America and Canada. USA sold 4 units which is the same as last year
Slide 18: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 17 fewer Imaging probes sold 48 o APAC down by 16 imaging probes 31 • Last order from the former Chinese distributor in Q2 23 • No probe sales to the distributor in Japan this quarter reflects variation in purchasing pattern
Slide 19: Flow-only Systems in Units (capital sales)
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital Capital sales of Flow systems in Q2 down by 6 units 36 30 o APAC down by 8 flow systems, highly affected by the transition from distributor to direct sales in China
Slide 20: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales down 5% in Q2 o AMERICAS up 11% 2577 2455 o EMEA down 3% o APAC down 19% • Last order from former distributor in China • Lower sales to the distributor in Japan due to variation in purchasing pattern
Slide 21: AMERICAS
AMERICAS MNOK 54.8 (53.9) in sales in Q2 MNOK 101.1 (106.0) in sales for the first half Currency neutral, revenue is up 6.0% for the quarter and 1.4% in the first half year o Total number of systems sold as capital, is at the same level as last year, both for the quarter and first half o However, mo
Slide 22: Performance AMERICAS
Performance AMERICAS Number of procedures sold in the USA Same total number of MiraQ systems sold as capital and one less outplaced on lease Total number of procedures sold*) is flat with Q2 LY • Flow procedures down 1.8% • Imaging procedures up 6.4% *) Procedures are counted based on PPP cards and
Slide 23: APAC
APAC MNOK 17.7 (20.7) in sales in Q2 MNOK 34.6 (44.4) in sales for the first half Currency neutral, revenue is down 15.5% for the quarter and down 23.3% in the first half year Growth was challenged by strong Q1 and Q2 from last year; o Exceptional high system sales to our distributor for China, prio
Slide 24: EMEA
EMEA MNOK 43.7 (41.0) in sales in Q2 MNOK 83.5 (70.1) in sales for the first half Currency neutral, revenue is up 5.0% for the quarter and up 17.3% in the first half year o Strong development in direct markets (Spain, Germany, Sweden) with currency neutral growth of 12% for the quarter and 29% for t
Slide 25: 3rd party products
3rd party products MNOK 24.4 (20.7) in sales in Q2 MNOK 46.8 (41.5) in sales for the first half Revenue is up 17.7% for the quarter and up 12.8% in the first half year o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest contributors o New agency from Peters Surgical sig
Slide 26: Revenue Performance by Region
Revenue Performance by Region 26
Slide 27: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split 27
Slide 28: Flow and Imaging Sales Split
Flow and Imaging Sales Split 28
Slide 29: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) 29
Slide 30: 04 Implementing the Strategy
04 Implementing the Strategy Medistim Second Quarter and First Half Financial Results 2024
Slide 31: The Growth Strategy
The Growth Strategy Emerging 1. Convert high-penetrated Flow-only CABG markets high.-growth to Flow-and-Imaging and the New-Standard-of-Care economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion with the upgradable MiraQ Developing Medistim 2. Grow adoption in under-
Slide 32: Defining Quality. Transforming lives.
Defining Quality. Transforming lives. ‘Srna nconermacs a) 49 MED\STIM
Slide 33: Medistim Shareholders
33 Shareholders 1 ACAPITAL MEDI HOLDCO AS 1900 219 10,36 % Norway 2 State Street Bank and Trust Comp 1307 240 7A3 % United States 3 FLOTEMARKEN AS 1285 000 7,01 % Norway 4 VERDIPAPIRFOND ODIN NORDEN 1180 000 6,43 % Norway 5 FOLLUM INVEST AS 970 000 5,29% Norway 6 State Street Bank and Trust Comp 919