Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (March 2024)
32 slides from Mauna Kea Technologies Sa Class O's investor presentation, March 2024
Slide 1: See cells Change lives
See cells Change lives
Slide 2: Our Mission
See Cells Change Lives At Mauna Kea Technologies, we are committed OUR to advancing human health by providing MISSION unparalleled insights into the human body Our innovative imaging tools enable precise diagnosis and treatment, leading to better outcomes and enhanced well-being for patients worldwi
Slide 3: Cellvizio, a breakthrough technology to visualize cells in vivo
CELLVIZIO®, A BREAKTHROUGH TECHNOLOGY TO VISUALIZE CELLS IN VIVO REAL-TIME VISUALIZATION OF CELLS TINY ULTRA-SOPHISTICATED AND CELLULAR ARCHITECTURE MICROSCOPE BROAD APPLICATIONS IN ONCOLOGY HUNDREDS OF LIVE MICROSCOPIC AND IMMUNOLOGY IMAGES PER MINUTE > 80,000 patient procedures > 1,200 clinical pa
Slide 4: Huge addressable markets with multi-billion dollar annual opportunities
HUGE ADDRESSABLE MARKETS WITH MULTI-BILLION DOLLAR ANNUAL OPPORTUNITIES Annual addressable opportunity GI - IBS (Food Intolerance) $1,500M GI - Barrett’s Esophagus and Stomach cancer $1,000M Interventional Pulmonology $500M Neurosurgery (Tasly JV) $300M Uro-oncologic surgery $200M (Telix) GI - Pancr
Slide 5: 2023: A pivotal year laying the groundwork for success
2023: A PIVOTAL YEAR LAYING THE GROUNDWORK FOR SUCCESS 2nd BEST SALES YEAR IN THE GROUP’S HISTORY Total sales 2020-2023 10,504 Strong uplift of the U.S. PPU business in (in €K) 11000 ASCs generated steady and recurring revenues 10000 9000 +57%+57% PPU sales growth in 2023 8000 7,700 7,479 7000 6,529
Slide 6: An experienced and visionary leadership powering success
AN EXPERIENCED AND VISIONARY LEADERSHIP POWERING SUCCESS Sacha Loiseau, Ph.D. Chairman and CEO, Founder Nathalie Lecoq Côme de La Tour du Pin Chief Operating Officer Chief Financial Officer Bruno Villaret François Lacombe, Ph.D. VP, International Sales Chief Scientific Officer Molly O'Neill Christop
Slide 7: A long term vision shared by major strategic shareholders
A LONG TERM VISION SHARED BY MAJOR STRATEGIC SHAREHOLDERS 19% 18% 2% Management & treasury shares 10% Other Institutional 51% investors Individual investors 3 MAJOR EQUITY INVESTMENTS SINCE 2019 Johnson & Johnson invested Telix Pharmaceuticals twice in 2019 and 2021 invested in 2023 7 All logos and
Slide 8: Investment thesis: a major growth opportunity with several free upsides
INVESTMENT THESIS: A MAJOR GROWTH OPPORTUNITY WITH SEVERAL FREE UPSIDES INTERVENTIONAL FOOD GI ONCOLOGY INTOLERANCE ENDOSCOPY INDICATIONS Establish the global Support the growing Invest alongside industry gold standard for food adoption and scaling of leaders to develop the next intolerance detectio
Slide 9: Food Intolerance
A ONCE-IN-A-LIFETIME OPPORTUNITY IN THE BOOMING FOOD INTOLERANCE MARKET Food Intolerance “ Our ambition is to set the gold standard in food intolerance characterization, empowering patients with unparalleled accuracy and insight, enabling them to take control of their health and dietary well-being 9
Slide 10: IBS is a daily problem for millions of patients
IBS IS A DAILY PROBLEM FOR MILLIONS OF PATIENTS AND IS DIRECTLY LINKED TO FOOD INTOLERANCE 10% 7th 1st worldwide most common diagnosis diagnosis made by Significant impact on population1 by all physicians2 gastroenterologists2 quality of life 10 Note: 1. https://www.jnmjournal.org/journal/view.html?
Slide 11: Current tests are unable to detect atypical food intolerance in IBS patients
CURRENT TESTS ARE UNABLE TO DETECT ATYPICAL FOOD INTOLERANCE IN IBS PATIENTS of patients 50% receive negative results 11
Slide 12: Millions of patients desperately looking for solutions
MILLIONS OF PATIENTS DESPERATELY LOOKING FOR SOLUTIONS TO ALLEVIATE THEIR SYMPTOMS 2x INTERNET SEARCHES FOR FOOD INTOLERANCE SOLUTIONS VS WEIGHT LOSS PATIENT SPEND SIGNIFICANT AMOUNTS OF MONEY IN DIAGNOSTICS AND TREATMENTS WITH QUESTIONABLE EFFICACY AND POTENTIAL SIDE EFFECTS COST (per year) DIETARY
Slide 13: An unprecedented boom in the food intolerance market
AN UNPRECEDENTED BOOM IN THE FOOD INTOLERANCE MARKET WITH VERY STRONG INVESTOR APPETITE • Home health tests incl. food sensitivity • $330M raised from BlackRock, The Chernin Group, Foresite Capital • >$1.3Bn valuation 13
Slide 14: Our C-FIT procedure: validated and poised to become the gold standard
OUR C-FIT PROCEDURE: VALIDATED AND POISED TO BECOME THE GOLD STANDARD FOR FOOD INTOLERANCE DETECTION AND CHARACTERIZATION C-FIT, A UNIQUE AND SIMPLE VISUAL TEST TO ACCURATELY DETECT FOOD INTOLERANCE A unique direct visual functional test of the microscopic intestinal barrier allowing precise 15 YEAR
Slide 15: C-FIT in practice with Prof. Ralf Kiesslich
C-FIT IN PRACTICE WITH PROF. RALF KIESSLICH Click to watch C-FIT IS A $1.5B+ / YEAR OPPORTUNITY READILY ACCESSIBLE BY THE COMPANY 15
Slide 16: C-FIT is rooted in deep science and years of clinical trials
C-FIT IS ROOTED IN DEEP SCIENCE AND 10 YEARS OF CLINICAL TRIALS PROSPECTIVE STUDIES PUBLISHED IN 2014 AND 2019 IN GASTROENTEROLOGY1 (#1 JOURNAL IN THE FIELD) ๏ 155 patients with IBS received challenges with 5 common food components followed by CLE ๏ Patients with responses to food allergens during C
Slide 17: Seeing is believing: patients can see their own reaction results
SEEING IS BELIEVING: PATIENTS CAN SEE THEIR OWN REACTION RESULTS CONFIRMED W. REAL WORLD EVIDENCE 85% IMPROVED SYMPTOMS IN REAL WORLD PRACTICE1 Negative Positive: Cell Shedding - Leakage No reaction 17 Note: 1. Endomicroscopic detection of atypical food allergy in patients with irritable bowel syndr
Slide 18: Where we stand: active centers already proposing C-FIT
WHERE WE STAND: 25 ACTIVE CENTERS ALREADY PROPOSING C-FIT ALREADY ACTIVE IN THE U.S., FRANCE AND GERMANY Modest installed base achieved with no commercial investment Solid physician and KOL support Rapidly expanding practice adoption despite limited marketing efforts with 18
Slide 19: A huge addressable market with no direct competition
A HUGE ADDRESSABLE MARKET WITH NO DIRECT COMPETITION RESTRICTIVE PATIENT FUNNEL YET LEADING TO A HUGE MARKET POTENTIAL OF 3 MILLION PATIENTS IN THE U.S. & EU ONLY U.S. & EU population 550M IBS prevalence (10%)1 55M Consulting for symptoms (30%)2 16M Unsatisfied with therapies (66%)3 11M 3M patients
Slide 20: A go-to-market plan led by a recognized marketing and commercialization expert
A GO-TO-MARKET PLAN LED BY A RECOGNIZED MARKETING & COMMERCIALIZATION EXPERT BENOIT CHARDON APPOINTED SENIOR ADVISOR TO SCALE THE BUSINESS >20 years experience in medical aesthetics and direct to patient marketing approach Proven track record in the launch and scaling of successful new category crea
Slide 21: A very strong growth ambition yet reasonable given the market size
A VERY STRONG GROWTH AMBITION YET REASONABLE GIVEN THE MARKET SIZE Sales ambition in food intolerance €50m 60 2023-2028 (in €m) EOY ARR KEY METRICS END OF 2028 50 40 300 centers operational for regular Cellvizio C-FIT procedure with 20 procedures / month 30 x100 €600 per procedure for Mauna Kea 3-5%
Slide 22: GI Endoscopy
V A REVITALIZED LEGACY BUSINESS IN GI ENDOSCOPY, POISED FOR SCALE-UP AND PARTNERING GI Endoscopy “ Our ambition is to become the standard of care in early esophageal and gastric cancer detection and pancreatic lesion characterization, enabling major benefits for patients, providers and payers. 22
Slide 23: The heavy toll of diagnostic uncertainties in gastrointestinal cancer care
THE HEAVY TOLL OF DIAGNOSTIC UNCERTAINTIES IN GASTROINTESTINAL CANCER CARE CANCERS REPRESENT A HUGE BURDEN ON PATIENTS AND HEALTHCARE SYSTEMS DUE TO LACK OF ADEQUATE VISUALIZATION LEADING TO POOR DIAGNOSIS AND INCOMPLETE TREATMENTS of esophageal cancer cases missed during Esophageal & Stomach cancer
Slide 24: Improved profitability profile thanks to U.S. sales growth
IMPROVED PROFITABILITY PROFILE THANKS TO U.S. SALES GROWTH U.S. NOW ACCOUNTS FOR $5M IN SALES AND 72% OF TOTAL SALES1 U.S. sales 2020-2023 4,480 Stronger gross margin profile thanks to the (in €K) 4600 growing weight of U.S. sales 4400 4,202 4200 4,180 +12 pts +57% share of U.S. sales in 2023 4000 3
Slide 25: A sustainable PPU business in esophageal cancer
A SUSTAINABLE PPU BUSINESS IN ESOPHAGEAL CANCER ACCOUNTING FOR 63% OF U.S. SALES Number of quarterly procedures Rationalization of the customer base in 2022 1600 to focus on the most active and profitable 1,361 accounts 1400 x2 1200 Increased monthly usage and acquisition of 1000 new accounts with a
Slide 26: Strong opportunity for expansion in ASCs still largely untapped
STRONG OPPORTUNITY FOR EXPANSION IN ASCs STILL LARGELY UNTAPPED 120 HUGE RESERVOIR OF GROWTH A FAVORABLE STRUCTURAL SHIFT FROM 100 HOSPITAL TO ASCs IN THE U.S. 6,000 centers 80 14M GI endoscopy procedures in ASCs in 20231 60 +22% expected growth by 20332 40 Upper GI endoscopy identified as the highe
Slide 27: Building on strong growth momentum to triple PPU procedures by end 2025
BUILDING ON STRONG GROWTH MOMENTUM TO TRIPLE PPU PROCEDURES BY END 2025 40 40 Average PPU procedures /account / month Ambition - End-2025 ‣30 procedures/account/month 30 30 ‣40 active accounts Inflection point in 2023 ‣14,500 annual procedures thanks to better targeting of 20 high volume ASCs 20 Act
Slide 28: CLIMB pivotal study to make Cellvizio the standard of care for pancreatic cyst diagnosis
CLIMB PIVOTAL STUDY TO MAKE CELLVIZIO THE STANDARD OF CARE FOR PANCREATIC CYST DIAGNOSIS A PARADIGM SHIFT FOR PANCREATIC CYSTS MANAGEMENT SIGNIFICANT MARKET TRACTION FOR CELLVIZIO 100% specificity in Mucinous Cystic Lesions and Serous Cystadenomas characterizations1,2 EXPECTED AFTER CLINICAL RESULTS
Slide 29: Strategic roadmap: accelerating growth in the U.S. to achieve profitability
STRATEGIC ROADMAP: ACCELERATING GROWTH IN THE U.S. TO ACHIEVE PROFITABILITY $50M- 1. ACCELERATE PPU GROWTH IN ESOPHAGEAL CANCER • Optimize and increase monthly use $100M • Expand installed base potential sales in the future 2. EXPAND CELLVIZIO USE IN PANCREATIC CYSTS • Expand commercial reach in nic
Slide 30: China: expand into the Chinese market through the JV with Tasly
CHINA: EXPAND INTO THE CHINESE MARKET THROUGH THE JV WITH TASLY MAUNA KEA OWNS 44% OF A JV WITH TASLY PHARMACEUTICAL, A CHINESE PHARMA COMPANY WITH $1.5bn SALES • Capitalize on Solid installed base of c.50 systems and the support of KOL support in Eastern China • Leverage Tasly Pharmaceutical's expe
Slide 31: Transformative partnerships recently signed to leverage Cellvizio in other indications
TRANSFORMATIVE PARTNERSHIPS RECENTLY SIGNED TO LEVERAGE CELLVIZIO IN OTHER INDICATIONS 10,504 $380bn $2bn $3bn Market cap Market cap Market cap R&D collaboration R&D collaboration Commercial license in Interventional in Urologic Oncologic in China pulmonology surgery R&D collaboration Complement Com
Slide 32: Conclusion
Conclusion ✓ New strategy validated with recent Tasly Pharmaceutical and Telix partnerships, strong top-line growth and positive net financial results in H1 2023 ✓ Improved corporate profile, leadership, and liquidity ✓ Multi-billion market opportunities addressed by proprietary Cellvizio® platform
Mauna Kea Technologies — Investor Presentation (March 2024) on 6ix