Microport Scientific Corp. · HKEX:853
Microport Scientific — H1 2019 Earnings Presentation
24 slides from Microport Scientific's earnings presentation, 2019
Slide 1: Hands on Details | Eyes on Greatness
Hands on Details | Eyes on Greatness MicroPort Scientific Corporation | 2019 Interim Results
Slide 2: Disclaimer
MicroPort Scientific Corporation | 2019 Interim Results 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
Slide 3: Table of Contents
MicroPort Scientific Corporation | 2019 Interim Results TABLE OF CONTENTS 1 INTERIM RESULTS HIGHLIGHTS 1 INTERIM RESULTS 2 FINANCIAL REVIEW HIGHLIGHTS - Financial Highlights 3 BUSINESS REVIEW - Business Highlights - Product and Pipeline Progress 4 OUTLOOK • Revenue Growth Rates and Historic Revenue
Slide 4: Interim Results Highlights
INTERIM RESULTS HIGHLIGHTS MicroPort Scientific Corporation | 2019 Interim Results (USD: Million) Cardiovascular (“Cardio”) $129.1M +27.8% Cardiac Rhythm Orthopedics (“Ortho”) Management (“CRM”) REVENUE $113.4M $106.6M -4.8% +162.5%* $392.6M +33.9% NET PROFIT attributable to equity shareholders $65.
Slide 5: Interim Results Highlights (Cont'd)
INTERIM RESULTS HIGHLIGHTS (CONT’D) MicroPort Scientific Corporation | 2019 Interim Results FINANCIAL HIGHLIGHTS (USD：Million) BUSINESS HIGHLIGHTS Revenue: $392.6m, 33.9% YOY↑, mainly attributable to the consolidation Substantial progress in R&D and pipeline development in 2019 1H of CRM and the
Slide 6: Interim Results Highlights – Product and Pipeline Progress
INTERIM RESULTS HIGHLIGHTS (CONT’D) MicroPort Scientific Corporation | 2019 Interim Results – Product and Pipeline Progress CARDIO ORTHO ENDO Surgical Robot Firehawk TM NOVA Domestically made AspirationTM 3D Electronic Laparoscope Minos™ Ultra Low Profile AAA Medial Stability Total Knee Fi
Slide 7: Table of Contents – Financial Review
MicroPort Scientific Corporation | 2019 Interim Results TABLE OF CONTENTS 1 INTERIM RESULTS HIGHLIGHTS 2 FINANCIAL REVIEW 2 FINANCIAL REVIEW - Consolidated Financial Performance - Operating Expenses 3 BUSINESS REVIEW 4 OUTLOOK • Revenue Growth Rates and Historic Revenue Numbers Adjusted to Exclude F
Slide 8: Financial Review – Consolidated Financial Performance
FINANCIAL REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Consolidated Financial Performance Revenue Operating Expenses (USD: Million) (USD: Million) non-CRM CRM non-CRM CRM Total Growth Total Growth Business Business Business Business 2018 2018 266.1 43.8 309.9 149.5 26.5 176.0 1H
Slide 9: Financial Review – Operating Expenses
FINANCIAL REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Operating Expenses Sales and Administrative Research and Marketing Expenses Expenses Development Expenses (USD: Million) (USD: Million) (USD: Million) 2018 1H 2019 1H 2018 1H 2019 1H 2018 1H 2019 1H Non-CRM Non-CRM Non-CRM 76
Slide 10: Table of Contents – Business Review
MicroPort Scientific Corporation | 2019 Interim Results TABLE OF CONTENTS 1 INTERIM RESULTS HIGHLIGHTS 3 BUSINESS REVIEW 2 FINANCIAL REVIEW - Cardiovascular - Orthopedics 3 BUSINESS REVIEW - CRM - Endovascular - Neurovascular 4 OUTLOOK - Heart Valve & Surgical Robot • Revenue Growth Rates and Histor
Slide 11: Business Review – Cardiovascular
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Cardiovascular 2019 1H Revenue (USD: Million) Percentage of FirehawkTM in DES Sales Global: 27.8% ↑; Domestic: 25.7% ↑; Overseas: 66.0% ↑ 250 203 200 166 21 122 137 11 129 150 111 115 110 102 101 9 9 12 10 5 13 42% 100 6 191 5
Slide 12: Business Review – Orthopedics Non-China
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Orthopedics Non-China 350 2019 1H Revenue Net Loss Operating Loss (USD: Million) (USD: Million) (USD: Million) 300 250 -3.1 2018 1H -1.0 2018 1H 200 150 -8.9% 100 209 200 202 214 218 -7.6 2019 1H -4.6 2019 1H 50 112 102 0 2014
Slide 13: Business Review – Orthopedics China
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Orthopedics China Revenue and Growth (USD: Million) China Business Highlights Revenue: $11.5m, 53.3% YOY ↑ +55.8% Revenue of joints: $10.3m, 55.8% YOY ↑,driven by: +53.3% Revenue of imported Knee products increased by 45
Slide 14: Business Review – CRM
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results CRM 2019 1H China Business Revenue Product Launch for non-China Business (USD: Million) EnoTM,TeoTM and OtoTM SmartTouchTM NavigoTM Invicta TM January 2019 January 2019 Lead Lead Imported Pacemakers 0.13, 4% 1.70, 49% Pacemake
Slide 15: Business Review – Endovascular
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Endovascular 2019 1H Revenue (USD: Million) +41.6% EndovastecTM went public 0 35.0 0 on the Science and 25.1 25.6 0 0 18.8 Technology Innovation 18.1 0 12.0 13.1 15.2 Board of Shanghai Stock 8.8 10.2 0 0 8.1 Exchange on July 2
Slide 16: Business Review – Neurovascular
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Neurovascular 2019 1H Revenue Revenue by Products (USD: Million) (USD: Million) .0 .0 .0 +57.9% APOLLO 12% 17% .0 18.4 .0 WILLIS 3% 41% 13.5 12.4 .0 8.7 56% 7.3 7.9 Tubridge 29% .0 4.3 5.7 34% 2.0 2.6 3.1 .0 8% Others - 2010 2
Slide 17: Business Review – Heart Valve & Surgical Robot
BUSINESS REVIEW – MicroPort Scientific Corporation | 2019 Interim Results Heart Valve & Surgical Robot Heart Valve Surgical Robot VitaFlow® Solid progress in R&D VitaFlow® is designed to provide solution for aortic valve stenosis and has 3D Electrical Laparoscope demonstrated safety and effectiv
Slide 18: Table of Contents – Outlook
MicroPort Scientific Corporation | 2019 Interim Results TABLE OF CONTENTS 1 INTERIM RESULTS HIGHLIGHTS 4 OUTLOOK 2 FINANCIAL REVIEW - Continuous Product Pipeline Fueling Long-term Growth 3 BUSINESS REVIEW 4 OUTLOOK 5 APPENDIX: FINANCIAL STATEMENTS p.17
Slide 19: Outlook – Continuous Product Pipeline Fueling Long-term Growth
OUTLOOK – MicroPort Scientific Corporation | 2019 Interim Results Continuous Product Pipeline Fueling Long-term Growth Cardio Firefighter™ NC NMPA & CE Firebird2™ Nova NMPA & CE Firesorb™ NMPA Fantasy Drug-Eluting Stent NMPA & CE … Ortho Domestically made hip system NMPA Domestically made spine syst
Slide 20: Table of Contents – Appendix
MicroPort Scientific Corporation | 2019 Interim Results TABLE OF CONTENTS 1 INTERIM RESULTS HIGHLIGHTS 5 APPENDIX: 2 FINANCIAL REVIEW FINANCIAL STATEMENTS 3 BUSINESS REVIEW - Consolidated Income Statement - Consolidated Balance Sheet 4 OUTLOOK 5 APPENDIX: FINANCIAL STATEMENTS p.19
Slide 21: Appendix – Consolidated Income Statement
APPENDIX: FINANCIAL STATEMENTS MicroPort Scientific Corporation | 2019 Interim Results – Consolidated Income Statement Unit: USD'000 1H 2019 1H 2018 Var. Revenue 392,607 309,867 27% Cost of sales (110,969) 0 (90,438) 0 23% Gross profit 281,638 219,429 28% Other net income 8,613 4,274 102% Research a
Slide 22: Appendix – Consolidated Balance Sheet
APPENDIX: FINANCIAL STATEMENTS MicroPort Scientific Corporation | 2019 Interim Results – Consolidated Balance Sheet Unit: USD'000 30 June. 2019 31 Dec. 2018 Var. Non-current assets Investment properties 7,470 5,451 37% Other property, plant and equipment 349,463 336,263 4% Right-of-use assets 46,274
Slide 23: Appendix – Consolidated Balance Sheet (cont'd)
APPENDIX: FINANCIAL STATEMENTS MicroPort Scientific Corporation | 2019 Interim Results – Consolidated Balance Sheet (cont’d) Unit: USD'000 30 June. 2019 31 Dec. 2018 Var. Non-current liabilities Interest-bearing borrowings 145,680 137,829 6% Lease liabilities 37,618 - n.a Deferred income 18,465 23,9
Slide 24: MicroPort Scientific Corporation | 2019 Interim Results
MicroPort Scientific Corporation | 2019 Interim Results