Slide 1: Medistim ASA Third quarter 2018
Medistim ASA Third quarter 2018 Kari E. Krogstad, President and CEO Thomas Jakobsen, CFO October 25th, 2018
Slide 2: Disclaimer
2 25.10.2018 Medistim ASA Q3 2018 Disclaimer The information included in this Presentation contains 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 s
Slide 3: Table of contents
3 25.10.2018 Medistim ASA Q3 2018 Table of contents 1. Highlights third quarter 2. Financial statements 3. Business segments update 4. Implementing the strategy
Slide 4: 1. Highlights 3rd quarter
MED (STIM 1. Highlights 3rd quarter
Slide 5: Highlights 3rd quarter 2018
5 25.10.2018 Medistim ASA Q3 2018 Highlights 3rd quarter 2018 Q3 2018 QoQ • Sales for the third quarter increased with 2.5 % in NOK Revenue 2.5% o Currency neutral total sales up 2.2 % MNOK 77.6 (75.7) o Second best sales quarter ever o Solid growth in system sales builds basis for EBIT -25.2 % futu
Slide 6: 2. Financial statements
2. Financial statements
Slide 7: Profit and loss Q3 2018
7 25.10.2018 Medistim ASA Q3 2018 Profit and loss Q3 2018 Sales per Quarter (TNOK) Profit & loss 3Q 2018 3Q 2017 All numb ers in NOK 1000 90 000 80 000 Sales 77 613 75 694 70 000 Cost of goods sold 21 521 15 321 60 000 Salary and sosial expenses 26 907 26 998 50 000 Other operating expenses 11 605 1
Slide 8: Profit and loss YTD 2018
8 25.10.2018 Medistim ASA Q3 2018 Profit and loss YTD 2018 Sales per Quarter (TNOK) Profit & loss YTD Sep 2018 YTD Sep 2017 90 000 All numbers in NOK 1000 80 000 Sales 227 967 219 231 70 000 Cost of goods sold 58 382 52 206 60 000 Salary and sosial expenses 74 523 71 561 50 000 Other operating expen
Slide 9: Balance sheet - Assets
9 25.10.2018 Medistim ASA Q3 2018 Balance sheet - Assets Balance sheet 30.09.2018 31.12.2017 All numb ers in NOK 1000 300 000 Assets 250 000 Intangible assets 42 609 45 090 200 000 Fixed assets 29 205 25 744 Total intangible and fixed assets 71 814 70 834 150 000 Inventory 58 786 62 722 100 000 Cust
Slide 10: Balance sheet - Equity and liability
10 25.10.2018 Medistim ASA Q3 2018 Balance sheet - Equity and liability Balance sheet 30.09.2018 31.12.2017 300 000 All numb ers in NOK 1000 250 000 Share capital 4 585 4 585 Premium fund 44 172 44 172 200 000 Other equity 131 530 134 226 Total equity 180 287 182 983 150 000 Total long term debt 8 2
Slide 11: 3. Business segments update
3. Business segments update
Slide 12: Flow probes and systems in units
12 25.10.2018 Medistim ASA Q3 2018 Flow probes and systems in units Flow probes in units (excl USA) Flow systems in units (VeriQ & MiraQ capital sales) 2 500 40 2 000 35 30 1 500 25 1 000 20 15 500 10 5 - - Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4
Slide 13: Imaging probes and systems in units
13 25.10.2018 Medistim ASA Q3 2018 Imaging probes and systems in units Imaging probes in units (incl USA) Imaging systems in units (VeriQC & MiraQ capital sales) 20 35 30 25 15 20 15 10 10 5 5 - Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 0 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q
Slide 14: Q3 and YTD revenue performance by region
14 25.10.2018 Medistim ASA Q3 2018 Q3 and YTD revenue performance by region Mill NOK Q3 '18 Q3 '17 Q/Q YTD 18 YTD 17 Y/Y 2017 Europe 37,5 36,8 2,0 % 116,1 110,3 5,2 % 150,3 USA 27,5 27,3 0,6 % 74,4 77,1 -3,5 % 104,6 Asia & Jp 7,0 8,2 -14,8 % 24,8 21,3 16,6 % 27,0 ROW 5,6 3,4 65,5 % (MEA, CAN, SA, AU
Slide 15: Q3 and YTD revenue performance by product
15 25.10.2018 Medistim ASA Q3 2018 Q3 and YTD revenue performance by product Mill NOK Q3 '18 Q3 '17 Q/Q YTD 2018 YTD 2017 Y/Y 2017 Procedures (USA) 20,7 21,3 -2,7 % 61,9 64,4 -3,8 % 86,0 Flow probes 18,9 21,1 -10,5 % 60,7 55,9 8,6 % 78,9 Flow systems (VeriQ & MiraQ) 11,0 4,5 145,5 % 24,7 13,9 78,0 %
Slide 16: 4. Implementing the strategy
4. Implementing the strategy
Slide 17: Growth opportunities – in developing Medistim markets
17 25.10.2018 Medistim ASA Q3 2018 Growth opportunities – in developing Medistim markets 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL support e
Slide 18: Performance US sales organization
18 25.10.2018 Medistim ASA Q3 2018 55000 50000 Performance US sales organization 45000 40000 35000 30000 25000 20000 2010 2011 2012 2013 2014 2015 2016 2017 Number of procedures per year RESULTS YTD September • Revenues at same level as last year in USD # of Procedures o Revenues down 3.5 % in NOK,
Slide 19: Growth opportunities – in developed Medistim markets
19 25.10.2018 Medistim ASA Q3 2018 Growth opportunities – in developed Medistim markets 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL support ec
Slide 20: REQUEST
REQUEST Clinical Study 2018 EACTS ____________ Prof. DP Taggart Oxford University ….. Prof. G Di Giammarco University of Chieti ….. Dr. J Puskas Mount Sinai St Luke’s ….. Dr. D Wendt University of Essen ….. Dr. G Trachiotis George Washington University ….. Dr. T Kieser University of Calgary ….. Prof
Slide 21: Study objectives
Study objectives Four endpoints 1. Any CHANGE in planned surgical procedure 2. Type of CHANGE (aorta, coronary target, conduit, anastomosis) 3. Number and reason for anastomotic revisions 4. MACCE (during hospitalization)
Slide 22: REQUEST protocol
REQUEST protocol ClinicalTrials.gov in Feb 2015 1. HFUS assessment of aorta prior to manipulation Soft plaque in aorta LAD with calcified plaque 2. HFUS assessment of arterial conduits & coronary target arteries 3. TTFM graft assessment (Flow, PI, DF, BF) 4. HFUS assessment of anastomosis Restricted
Slide 23: RESULTS (1) Changes to overall surgical strategy
RESULTS (1) Changes to overall surgical strategy A total of 357 surgical strategy changes were registered in 259 patients. 25 % 1.4 change/patient of patients with 72% are changes in surgical anastomotic strategy revisions Grafts Aorta Coronary target Conduits before anastomosis Distribution of surg
Slide 24: RESULTS (2) Changes in planned aorta manipulation
RESULTS (2) Changes in planned aorta manipulation 10% (80/806) of patients with HFUS of aorta had changes to the Changes in planned planned aorta manipulation: aortic manipulation in site selection for cannulation, clamping, proximal anastomosis 10 % of patients Pre-existing Soft plaque aorta dissec
Slide 25: RESULTS (3) Surgical strategy changes in coronary target
RESULTS (3) Surgical strategy changes in coronary target 20% (97/483) of patients with HFUS of coronary target arteries had changes, Surgical mostly due to selection of anastomotic strategy changes to planned site due to diseased or intramural vessel anastomotic site of coronary in 20 % of patients
Slide 26: RESULTS (4) Anastomotic revision rate of 3%
RESULTS (4) Interim Results Anastomotic revision rate of 3% 3 % (80/2959) of distal anastomoses were revised in 7% (73/1016) of patients Low flow in LAD examined by HFUS imaging Intimal flap Revision performed Improved flow
Slide 27: RESULTS (5) Adverse events
RESULTS (5) Adverse events 1051 Adverse events in 529 patients. Assessed by principal investigators and two independent adjudicators 9% MACCE 1.9 % SEVERE* Mortality 0.6% NOT SEVERE Stroke 0.9% 91 % MI 0.3% Revasc. 0.1% *Severe: Incapacitating or requiring immediate treatment, requiring or prolongin
Slide 28: Conclusions
Conclusions Surgical Quality In-hospital Guidance Assessment outcome HFUS of aorta, TTFM & HFUS of MACCE 1,9% conduit & anastomosis Mortality 0,6% coronary target Revision rate 3% Stroke 0,9% In the hands of experienced cardiac surgeons (40% OPCABG and 55% of patients with 2 or more arterial grafts)
Slide 29: 20 largest shareholders (per October 22nd 2018)
29 25.10.2018 Medistim ASA Q3 2018 20 largest shareholders (per October 22nd 2018) Shareholder Number of shares Shares in % INTERTRADE SHIPPING 4 003 500 21,83 SALVESEN & THAMS INV 1 862 500 10,16 SWEDBANK ROBUR SMABO NORDEN 1 375 246 7,50 Skandinaviska Enskil A/C CLIENTS ACCOUNT 1 034 379 5,64 FOLL
Slide 30: Seeing is believing
30 25.10.2018 Medistim ASA Q3 2018 Seeing is believing