Bonesupport Holding Ab · OMXSTO:BONEX
Bonesupport Holding Ab — Q1 2022 Earnings Presentation
18 slides from Bonesupport Holding Ab's earnings presentation, May 4, 2022
Slide 1: BONESUPPORT Q1 (2022) Report
BONESUPPORT Q1 (2022) Report May 4th, 2022 Emil Billbäck, CEO Håkan Johansson, CFO
Slide 2: Disclaimer
DISCLAIMER This presentation, which includes all information and data on the following slides, any oral statements made when presenting these slides, and any other material distributed or statements made at, or in connection with, such presentation (the “Presentation”), relates to BONESUPPORT HOLDIN
Slide 3: BONESUPPORT – First quarter report 2022
BONESUPPORT – First quarter report 2022 Q1 2022: • Net sales SEK 66.3 m, growth: 48% versus Q1 2021, +36% in constant exchange rates • EBIT: SEK -16.5 m (SEK -19.7 m): a SEK 7.3 m profit improvement before incentive provisions • Gradual ramp up of surgeries, in certain regions, restricted by shortag
Slide 4: COVID-19 impact on market dynamics – Last (hopefully) briefing
COVID-19 impact on market dynamics – Last (hopefully) briefing • Peak disruption over Christmas holiday, reaching into end of January, from Omicron surge. • Number of procedures increasing with 2-3% (U.S. and EUROPE) versus Q1 2021. • Sales of CERAMENT increased gradually over the quarter as rate of
Slide 5: New all-time-high, despite strong Omicron impact throughout January 2022
New all-time-high, despite strong Omicron impact throughout January 2022 LTM Quarterly Sales per Segment 250 234 250 225 213 225 205 Transition in U.S. 197 200 distributor 180 181 200 structure 173 175 166 165 175 155 Net Sales SEK m 150 132 129 128 132 150 126 114 119 125 105 107 125 98 100 97 98 1
Slide 6: North America: Very strong sales growth in Q1, advancing market positions
North America: Very strong sales growth in Q1, advancing market positions Q1 2022 • Sales of SEK 41.2 million, reported growth of 64% over Q1 2021, +47% in constant exchange rate • Sales in Q1 represented a sequential growth of 18% over Q4 2021 • Negative market sentiment in January (Omicron). Stron
Slide 7: EUROW: Strong sales recovery, except in Germany
EUROW Strong sales recovery, except in Germany, where restrictions have remained in place for full quarter Q1 2022 • Sales of SEK 25.2 million, a growth of 28% vs Q1 2021, +22% in constant exchange rates • Regionally high levels of COVID hospitalized patients • Restrictions in Germany only materiall
Slide 8: Other notable events (1/2)
Other notable events (1/2) • Conversion of Switzerland to distributor service model: − CERAMENT is well established in university clinics. Need stronger regional sales presence to expand sales to mid-size and smaller hospitals. − Switzerland represents 3.5% of EUROW sales • Advancing the build up of
Slide 9: Other notable events (2/2)
Other notable events (2/2) • Centers for Medicare and Medicaid Services (CMS) has ruled (April 18th 2022) to increase NTAP (new technology add-on payment) for CERAMENT G to 4 920 USD1 (3 913 USD) on basis of updated documentation submitted in October 2021 CMS recognizes the status of CERAMENT G as a
Slide 10: Financial Review
Financial Review
Slide 11: Q1 2022 net sales SEK 66.3 m
Q1 2022 net sales SEK 66.3 m • 64 percent reported growth in NA despite Omicron influence. 47 percent growth CER • 28 percent reported growth in EUROW despite Omicron influence. 22 percent growth CER 11
Slide 12: Net sales and gross margin by region
North America +64% EUROW +28% (+47% CER) (+22% CER) Net sales Net sales Q1-22 Q1-22 North America 2022 2021 EUROW 2022 2021 SEK m Q1-22 Q4-21 Q3-21 Q2-21 Q1-21 SEK m Q1-22 Q4-21 Q3-21 Q2-21 Q1-21 Net sales 41.2 34.8 32.7 29.1 25.1 Net sales 25.2 26.6 22.2 22.7 19.7 Gross profit 38.6 32.7 30.6 27.1 2
Slide 13: A 7.3 MSEK profit improvement before long-term incentive provisions
A 7.3 MSEK profit improvement before long-term incentive provisions Key Figures 2022 2021 2020 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Net sales 66.3 61.4 54.9 51.8 44.8 53.2 48.1 36.2 Gross margin (%) 90.5 89.3 89.0 89.5 88.6 89.8 91.4 86.7 Operating loss -16.5 -21.8 -13.3 -25.9 -19.7 -26.7 -19.2 -23.5 Cash
Slide 14: Q1 confirming a stable run rate
Q1 confirming a stable run rate Key Figures 2022 2021 2020 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Selling expenses (less commissions) 37.5 38.5 35.5 33.3 31.2 33.9 32.0 23.0 Sales commissions 12.9 11.4 10.0 9.3 7.9 8.4 9.2 6.9 Research and Development expenses 12.1 14.4 11.3 15.8 12.3 16.5 11.7 14.0 Administ
Slide 15: Clear Corporate Strategy Driving Value Creation
Clear Corporate Strategy Driving Value Creation
Slide 16: BONESUPPORT journey ahead - near term milestones
BONESUPPORT journey ahead - near term milestones Q3 2022: Potential CERAMENT G launch in the U.S. Spring 2021: Q2 2022: Q1 2024: Set up of Hybrid structure Health Economic model Q1 2023: SOLARIO study finished. European in Spain and Italy bone infection U.S. SOLARIO Last efficacy and safety study on
Slide 17: Commercial acceleration in post-pandemic market dynamics
Commercial acceleration in post-pandemic market dynamics • Strong leverage from strategic investments in key markets − Proven U.S. distribution model with excellent reach and market access (very strong GPO positions) − Leverage from the Netherlands converted to direct market during pandemic − Rapidl
Slide 18: Q&A
Q&A