Slide 1: Q1 Presentation 2024
aQ, MO P MEDCAP INVESTOR IN LIFE SCIENCE Q1 Presentation 2024
Slide 2: We create value in Life Science and contribute to improved quality of life
We create value in Life Science and contribute to improved quality of life 2
Slide 3: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter The Group’s net sales LTM (MSEK) The Group’s EBITDA and EBITA (line) LTM (MSEK) excluding one-time effects excluding one-time effects 3
Slide 4: MedCap | An active investor in Life Science companies
MedCap | An active investor in Life Science companies Last Twelve Months, Q1 2024 Sales by Business Area Sales by Market RoW 4% Specialty Europe Pharma Assistive 21% 29% Tech 38% 1 669 Sweden MSEK 51% Nordic 24% MedTech 33% 4
Slide 5: MedCap Business Areas – three platforms
MedCap Business Areas – three platforms Assistive Tech Med Tech Specialty Pharma Diagnostic ECG Probiotics, Components for Ultra clean air for Nutrition CDMO medical imaging infection control and Packaging Position Simplifying life for people Digitalizing work-flow Partner for contract Partner for c
Slide 6: Group Highlights Q1
Group Highlights Q1 • Sales growth by 21%; organic 12% Q1 2024 excl one-time effects • Strong growth for Assistive Tech and MedTech, weaker quarter for Specialty Net Sales Pharma (MSEK) 461.7 +21% • EBITA increased by 46% excluding one-time EBITA effects from Q1 2023 (MSEK) 88.5 +46% • Overall margi
Slide 7: Sales and EBITA by quarter
Sales and EBITA by quarter +21% Net sales per quarter (MSEK) 457 462 500 450 Q1-24 R12 400 380 386 365 350 323 Net Sales 258 263 284 +21% +36% 300 250 200 186 211 206 201 227 223 233 202 242 growth 200 160 175 150 EBITA growth +46% +57% 100 50 0 *Q2 EBITA-margin 19% 19% Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3
Slide 8: Assistive Tech Q1
Assistive Tech Q1 • EBITA growth of 85%, driven by sales growth Q1 2024 R12 • EBITA margin at 28% Net Sales • Abilia had good demand in Norway and (MSEK) 184.3 +33% 636.1 +84% Sweden • Abilia acquired Kompany which adds a EBITA (MSEK) 50.8 +85% 167.9 +75% communication product to assist in social in
Slide 9: Assistive Tech | Sales and EBITA rolling 12 months by quarter
Assistive Tech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 700 50% R12 Net sales +84%, primarily 636 driven by good demand and the 45% 600 591 acquisition of Swedelift 40% R12 EBITA +75% 492 500 35% 420 30% 400 345 25% 300 270 230 231 249 20
Slide 10: MedTech Q1
MedTech Q1 • EBITA growth of 77%, driven by sales growth • EBITA margin at 18% Q1 2024 R12 • Cardiolex: Good demand and sales growth in Net Sales both Germany and Sweden. Demand for (MSEK) 160.5 +33% 551.9 +22% vacuum systems stabilized. Progress in Germany with digital offering EBITA • Inpac: Incre
Slide 11: MedTech | Sales and EBITA rolling 12 months by quarter
MedTech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 600 30% R12 Net sales +22%, organic 552 growth driven by good demand and 512 acquisition of SurgiCube and Toul 488 500 465 25% Meditech 444 453 413 427 R12 EBITA +45% 400 369 390 20% 347 32
Slide 12: Specialty Pharma Q1
Specialty Pharma Q1 • EBITA decline -36% • EBITA margin at 12% Q1 2024 R12 • Registered pharma portfolio decreased Net Sales somewhat and represented 50% of sales (MSEK) 116.9 -4% 481.0 +12% • Growth of top 8 products by 4%, driven by Cresemba EBITA (MSEK) 14.2 -36% 83.9 26% • Outlicensing of Melato
Slide 13: Specialty Pharma | Sales and EBITA rolling 12 months by quarter
Specialty Pharma | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 600 30% R12 Net sales +12% R12 EBITA +26% 500 485 481 25% 474 446 431 397 400 20% 371 352 335 331 329 315 309 317 300 15% 200 10% 100 5% 0 0% Excluding one-time effects 13
Slide 14: Sales development for portfolio of Specialty Pharma products
Sales development for portfolio of Specialty Pharma products Portfolio of attractive products Sales development for selection of key products R12 MSEK Attractive platform of own & partner products, +4% top 8 (R12 months) pipeline with new product launches, established expertise in product developmen
Slide 15: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter MSEK (Net sales) MSEK (EBITA) 1 750 Sales CAGR: 18% 350 1 669 1 650 EBITA CAGR: 32% 1 587 1 550 1 454 319 300 1 450 1 331 1 350 291 1 229 1 250 250 260 1 150 1 111 1 046 1 050 1 007 232 956 916 200 950 885 834 858 203 850 801 817 763 786 187 739 734 757 7
Slide 16: Working capital and Cash flow
Working capital and Cash flow Working capital/Net sales R12 Operating cash flow R12 310,0 28% 260,0 26% 24% 210,0 22% 20% 160,0 18% 16% 110,0 14% 12% 60,0 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 W
Slide 17: Return on Equity
Return on Equity 25% 20% 15% 10% 5% 0% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 17
Slide 18: Financial Targets
Financial Targets Annual EBITA growth Return on Equity Net debt / EBITDA >15% >20% <3x 18
Slide 19: How we track our financial targets in our businesses
How we track our financial targets in our businesses Financial Objectives Key Metrics In Our Businesses Organic and acquisition driven sales growth (depending on maturity of business) >15% EBITA growth Profit margins Core Working Capital / Sales, Cash Conversion, EBITA / (Fixed assets & WC) Return o
Slide 20: Investment strategy
Investment strategy Scope What we look for Life Science Life science Value creation journey Europe Clear value proposition Scalable business HQ in Northern Europe; Add-ons globally Market fundamentals M&A possibilities ESG Innovative PEOPLE Small / Mid-size Businesses Entrepreneurial Sales <50 mEUR
Slide 21: Thank You! Q&A
Thank You ! Q&A Anders Dahlberg Kristina Ekblad CEO CFO anders,dahlberg@medcap,se kristina,ekblad@medcap,se +46 704 269 262 +46 703 322 167 21