Microport Scientific Corp. · HKEX:853
Microport Scientific — FY2019 Earnings Presentation
26 slides from Microport Scientific's earnings presentation, Mar 30, 2020
Slide 1: 2019 Annual Results Presentation
2019 Annual Results 30 March 2020 2019 Annual Results Presentation 30 March 2020
Slide 2: Disclaimer
2019 Annual Results Disclaimer 30 March 2020 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 Corporation, and no pa
Slide 3: Contents
2019 Annual Results 30 March 2020 CONTENTS 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements 3
Slide 4: Annual Result Highlights
2019 Annual Results Annual Result Highlights 30 March 2020 Revenue Net profit attributable to equity shareholders $793.5 M $46.3 M +93.5 % +22.0 % YoY YoY Neurovascular Cardiovascular $27.6 M ↑55.6% $264.6 M ↑35.5% Heart valve Cardiac rhythm $3.1 M management (“CRM”) $209.0 M ↑36.9% Orthopedics Endo
Slide 5: Financial Highlights and New Catalysts for Future Growth
2019 Annual Results Annual Result Highlights 30 March 2020 Financial Highlights New Catalysts for future growth Revenue: $793.5m, 22.0% YOY↑, mainly attributable to the consolidation of CRM and 18 Class III medical devices obtained approval by National Medical Products the robust growth of key segme
Slide 6: Annual Result Highlights – Product Pipeline and Clinical Progress
2019 Annual Results Annual Result Highlights – Product Pipeline and Clinical Progress 30 March 2020 Cardiovascular Orthopedics CRM • FireCondor™, FirefighterTM NC PTCA Balloon Catheter, • Made-in-China Aspiration™ Medial Stability Total Knee • BonaFire™ passive pacing lead entered NMPA WALTZ CoCr Co
Slide 7: Contents
2019 Annual Results 30 March 2020 CONTENTS 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements 7
Slide 8: Consolidated Financial Performance
2019 Annual Results Consolidated Financial Performance 30 March 2020 Revenue Gross Profit Margin USD: million ↑22.0% 793.5 ↑90 bps 669.5 70.2% 71.1% 209.0 158.4 511.1 584.5 2018 2019 2018 2019 non-CRM Business CRM Business Operating Expenses Net Profit/(Loss) attributable to equity shareholders USD:
Slide 9: Operating Expenses
2019 Annual Results Operating Expenses 30 March 2020 Sales & Marketing Expenses Administrative Expenses 250 R&D Expenses USD: million USD: million USD: million 370 170 16.0% 200 19.1% 34.7% 35.0% 15.0% 320 150 14.0% 275.3 30.0% 14.3% 119.3 151.5 32.5% 130 270 150 12.0% 15.7% 217.8 25.0% 110 95.7 22.
Slide 10: Financial Review - Cash Flow
2019 Annual Results Financial Review - Cash Flow 30 March 2020 Net Cash Flow Net Cash Flow Net Cash Flow from Operating Activities used in Investing Activities USD: million USD: million USD: million 2018 2019 -80 154 84 -315 26 -26 2018 2019 2018 2019 Net Operating Cashflow decreased by Net Inve
Slide 11: Contents
2019 Annual Results 30 March 2020 CONTENTS 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements 11
Slide 12: Cardiovascular Business
2019 Annual Results Cardiovascular Business 30 March 2020 Revenue Percentage of Firehawk in Domestic DES Sales 300 USD: million 265 250 Global: 35.5% ↑; Domestic: 33.7% ↑; Overseas: 64.1% ↑ 19 195 200 12 160 150 132 11 107 111 106 118 98 9 246 35% 39% 100 93 12 10 5 13 3 6 184 21% 25% 149 123 50 90
Slide 13: Orthopedics Business (Non-China Business)
2019 Annual Results Orthopedics Business (Non-China Business) 30 March 2020 Revenue Non-China Business Highlights USD: million -4.7% Revenue: $ 206.0 m, -4.7% YOY US: -7.1% YOY, mainly due to the loss of a large distributor in 2018; but 212.1 216.2 206.0 through new distributor relationship and ex
Slide 14: Orthopedics Business (China Business)
2019 Annual Results Orthopedics Business (China Business) 30 March 2020 2019 Revenue China Business Highlights ↑57.1% ↑52.6% USD: million Revenue: $26.5m, 57.1% YOY ↑ 26.5 23.9 Revenue of Joints: $23.9m, 52.6% YOY ↑, driven by: 16.9 15.6 Revenue of imported joint products increased by 37.8% YOY↑,
Slide 15: CRM Business
2019 Annual Results CRM Business 30 March 2020 Product pipeline for Non-China Business Revenue 2019 China Business Revenue Breakdown ENOTM,TEOTM, OTOTM SmartTouchTM 2018 2019 launched in NavigoTM InvictaTM launched in January 52% January 2019 Lead Lead 50% 2019 Fast sales ramp-up of 10% domestic Pac
Slide 16: Endovascular Business
2019 Annual Results Endovascular Business 30 March 2020 2019 Revenue Sales Growth by Products USD: million ↑44.5% USD: million 48.5 2018 ↑45.7% 50.0 2019 40.1 40.0 33.6 30.0 24.1 27.6 18.1 ↑25.4% 20.0 12.6 14.6 9.8 11.6 7.8 8.4 7.0 10.0 5.6 - Aortic stents Aortic stents Stent Stent graft graftoperat
Slide 17: Neurovascular Business
2019 Annual Results Neurovascular Business 30 March 2020 2019 Revenue Sales Growth by Products USD: million ↑55.6% USD: million Ischemic Hemorrhagic 27.6 ↑31.7% ↑180% 10.9 17.8 9.7 2018 8.3 ↓23.2% 13.0 2019 8.4 3.5 3.5 7.0 2.7 5.5 3.0 4.1 1.9 2.5 2010 2011 2012 2014 2014 2015 2016 2017 2018 2019 APO
Slide 18: Heart Valve & Surgical Robot
Heart Valve & Surgical Robot 2019 Annual Results 30 March 2020 Heart Valve Surgical Robot VitaFlow™ is the first approved TAVI product made of bovine DFVision™ 3D Electronic Laparoscope pericardial leaflets in China, with novel inner and outer PET skirts and motorized handle The Company’s 16th pro
Slide 19: Contents
2019 Annual Results 30 March 2020 CONTENTS 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements 19
Slide 20: Innovative Product Pipeline Fueling Long-Term Growth
2019 Annual Results Innovative Product Pipeline Fueling Long-Term Growth 30 March 2020 Firesorb™ Bioresorbable Firebird2™ Nova Rapamycin Target Eluting Paclitaxel-coated balloons Cardiovascular NMPA 2020E NMPA Coronary Scaffold System NMPA Evolution® NitrX™ Medial- DYNASTY® Dual Mobility PROFEMUR Gl
Slide 21: Contents
2019 Annual Results 30 March 2020 CONTENTS 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements 21
Slide 22: Appendix I - Consolidated Income Statement
2019 Annual Results Appendix I - Consolidated Income Statement 30 March 2020 Unit: USD'000 2019 2018 Var. Revenue 793,493 669,490 19% Cost of sales (229,068) 0 (199,474) 0 15% Gross profit 564,425 470,016 20% Other net income 18,667 13,796 35% Research and development costs (151,486) (104,814) 45% D
Slide 23: Appendix II - Consolidated Balance Sheet
2019 Annual Results Appendix II - Consolidated Balance Sheet 30 March 2020 Unit: USD'000 31 Dec. 2019 31 Dec. 2018 Var. Non-current assets Investment properties 5,222 5,451 -4% Other property, plant and equipment 365,789 336,263 9% Right-of-use assets 62,997 - n.a Land use right - 15,087 -100% Intan
Slide 24: Appendix II - Consolidated Balance Sheet
2019 Annual Results Appendix II - Consolidated Balance Sheet 30 March 2020 Unit: USD'000 31 Dec. 2019 31 Dec. 2018 Var. Non-current liabilities Interest-bearing borrowings 288,107 137,829 109% Lease liabilities 44,527 - n.a Deferred income 24,895 23,905 4% Convertible bonds - 3,571 -100% Contract li
Slide 25: Appendix III - Condensed Consolidated Cash Flow Statement
2019 Annual Results Appendix III - Condensed Consolidated Cash Flow Statement 30 March 2020 Unit: USD'000 2019 2018 Var. Cash generated from operating activities 55,428 100,621 -45% Income tax paid (28,977) (16,491) 76% Net cash generated from operating activities 26,451 84,130 -69% Net cash generat
Slide 26: 2019 Annual Results 30 March 2020
2019 Annual Results 30 March 2020