Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2023 Earnings Presentation
32 slides from Medistim Asa's earnings presentation, Apr 25, 2023
Slide 1: Welcome to Medistim ASA's Interim report for the first quarter 2023
Welcome to Medistim ASA’s Interim report for the first quarter 2023 The webinar will begin shortly 1
Slide 2: Before we start
Before we start You will be kept on mute during the presentation. Questions will be answered at the end of the presentation. Click on the Q&A button if you prefer to write your question. The host will read and answer your question at the end of the presentation Click on the hand icon if you want to
Slide 3: Medistim ASA Q1 2023
Medistim ASA Q1 2023 April 25th 2023 Kari E. Krogstad Thomas Jakobsen PRESIDENT & CEO CFO 3
Slide 4: Disclaimer
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 statements are based on various ass
Slide 5: Table of Contents
Table of Contents 01 ● Highlights 02 ● Financial statements 03 ● Business segments update 04 ● Implementing the strategy 5
Slide 6: Highlights
MED(STIM @ 01 Highlights
Slide 7: Highlights 1st Quarter
Highlights 1st Quarter Q1 2023 QoQ Strong sales quarter due to favorable currency 15.0 % growth in sales of own products in NOK Revenue MNOK 129.3 (116.1) + 11.3 % o Imaging sales up 9.1 % in NOK, Flow sales up 18.0 % in NOK EBIT MNOK 33.5 (33.4) 0.0 % o Vascular sales up 21.5 % in NOK, Cardiac sa
Slide 8: Financial Statements
MED(STIM O02 Financial Statements
Slide 9: Profit and loss Q1 2023
Profit and loss Q1 2023 Profit & loss Q1 2023 Q1 2022 Sales per Quarter (TNOK) All numb ers in NOK 1000 150 000 130 000 Total revenue 129 261 116 129 110 000 Cost of goods sold 25 900 23 681 90 000 Salary and sosial expenses 40 213 36 411 Other operating expenses 23 917 16 744 70 000 Total operating
Slide 10: Balance sheet – Assets
Balance sheet 31.03.2023 31.12.2022 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 41 976 39 660 Fixed assets 53 082 57 104 Total intangible and fixed assets 95 058 96 764 Cash position by end of the Inventory 129 441 114 333 quarter was MNOK 149.3 Customers receivables 104
Slide 11: Balance sheet – Equity and Liability
Balance sheet 31.03.2023 31.12.2022 All numb ers in NOK 1000 Balance sheet – Share capital Premium fund 4 585 44 172 4 585 44 172 Equity and Liability Other equity 350 435 318 934 Total equity 399 192 367 692 No interest-bearing debt Total long term debt 10 198 15 145 Total short term debt 90 152 99
Slide 12: Business segments update
03 Business segments update 12
Slide 13: Imaging probes and systems in units
Imaging systems in units (excl. PPP/leasing) 30 Imaging probes and 25 24 3 24 systems in units 8 20 6 8 15 8 9 8 9 15 15 8 6 12 8 12 10 2 2 9 9 9 6 7 Both imaging systems and 5 5 5 4 10 9 8 probes are at the same level as 6 4 7 6 5 0 2 4 1 4 4 4 Q1 last year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20
Slide 14: Flow probes and systems in units
Flow systems in units (excl. PPP/leasing) Flow probes and 50 44 systems in units 45 40 23 33 11 35 11 10 10 16 30 11 18 25 10 15 11 15 21 Number of flow systems sold as 20 25 24 18 28 29 15 16 19 capital equipment is up 33 % from 10 13 14 8 13 13 Q1 last year 5 6 7 7 9 7 8 6 2 5 4 5 5 3 4 0 Q1 Q2 Q3
Slide 15: Revenue performance by region
Revenue performance by region Mill NOK Q1 23 Q1 22 Q/Q 2022 Currency Sales channel • Direct AMERICAS 55,7 50,6 10,0 % 203,6 • Distributor APAC 23,7 13,3 78,8 % 79,0 Explaining difference in EMEA 29,1 30,5 -4,5 % 133,5 units and NOK Business model System configuration 3.party 20,8 21,8 -4,6 % 75,8 •
Slide 16: Revenue performance by product category
Revenue performance by product category Mill NOK Q1 23 Q1 22 QoQ 2022 2021 Yo Y Procedures (USA) 26,8 21,7 23,8 % 93,8 111,8 -16,1 % Flow probes 43,5 35,5 22,6 % 169,2 115,7 46,2 % Flow systems (MiraQ) 13,1 12,2 7,1 % 49,7 51,0 -2,6 % Imaging systems (MiraQ) 21,5 20,8 3,6 % 86,4 57,9 49,3 % Imaging
Slide 17: Implementing the strategy
04 Implementing the strategy 17
Slide 18: Medistim growth strategy
Medistim growth strategy 1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as Emerging high-growth the new standard of care through economies 3 → Early adopter & KOL support (e.g. BRIC) → REQUEST study Developing → Ease conversio
Slide 19: Developing the US market
MED(STIM Developing the US market 19
Slide 20: Performance US sales
86 030 90000 80000 Performance US sales 70000 CAGR (2013 – 2022) = 11.9 % 60000 50000 > 30 % CABG Currency neutral sales revenue declined by 40000 market share 8.0 % in Q1 – related to strong finish in 2022 30000 20000 Total number of procedures was up 5.7 % in Q1 (counting PPP/Lease procedures and
Slide 21: Build and strengthen position in Vascular surgery
Build and strengthen position in Vascular surgery 21
Slide 22: Surgical guidance & quality assessment is needed in Vascular surgery as well
Surgical guidance & quality assessment is needed in Vascular surgery as well - the MiraQ system is a versatile tool for multiple applications Peripheral Bypass Carotid Endarterectomy (CEA) AV Access Assess graft patency in peripheral Guide CEA and assess for Quantify flow for guidance during bypass
Slide 23: Large global market for Vascular surgery
Large global market for Size of key Applications Clinical needs Vascular sugery markets Reduce risk of stroke and death CEA surgery >250 000 Improve cost-effectiveness Global vascular market is Improve long-term graft > 900 000 procedures Peripheral bypass patency annually >450 000 surgery Avoid amp
Slide 24: Growing the Vascular segment
Growing the Vascular segment 80 000 Vascular sales per Year Vascular sales per Quarter 70 000 20 000 CAGR 15.6% 18 000 60 000 (2017 – 2022) 16 000 14 000 50 000 12 000 10 000 40 000 8 000 6 000 30 000 4 000 2 000 - 20 000 10 000 2017 2018 2019 2020 2021 2022 Endovascular treatments dominate also i
Slide 25: Expand our direct market coverage
Expand our direct market coverage 25
Slide 26: Going direct in Canada (press release 20.03.23)
Going direct in Canada (press release 20.03.23) Medistim has a strong position in the Canadian CABG market already → 18,000 CABG procedures per year, 37% supported by Medistim technology → 38 cardiac centers, 15 are using Medistim technology → Prof Teresa Kieser, Calgary, long standing advocate an
Slide 27: Going direct in China (press release 03.04.23)
Going direct in China (press release 03.04.23) Strong position in the Chinese CABG market already Opening of Medistim China with Consul General Hege → >60,000 CABG procedures per year, about 70% Araldsen 29.3 in Guangzhou, Greater Bay Area supported by Medistim technology → Medistim is used in a
Slide 28: Capital Markets Day with Medistim
Capital Markets Day with Medistim 28
Slide 29: Capital Markets Day March 21st – key take homes
Capital Markets Day March 21st – key take homes Grand Hotel, Oslo Future of Cardiac bypass surgery Medistim in Vascular surgery Key take-homes Prof. John D. Puskas, Prof. Pirkka Vikatmaa, “[Coronary bypass surgery] is the only Mount Sinai Health System, New York, USA Helsinki University Hospital,
Slide 30: MED(STIM
MED(STIM 30
Slide 31: 20 largest shareholders per 24th April
20 largest shareholders per 24th April Name Rank Holding In % Country (post) Type of account AETERNUM CAPITAL AS 1 1 862 500 10,16 % Sweden Ordinary FLØTEMARKEN AS 2 1 285 000 7,01 % Norway Ordinary VERDIPAPIRFOND ODIN NORDEN 3 1 200 000 6,54 % Norway Ordinary FOLLUM INVEST AS 4 970 000 5,29 % Norwa
Slide 32: MEDI\STIM
MEDI\STIM