Microport Scientific Corp. · HKEX:853
Microport Scientific — FY2020 Earnings Presentation
26 slides from Microport Scientific's earnings presentation, Mar 30, 2021
Slide 1: MicroPort Scientific Corporation 2020 Annual Results
MicroPort Scientific Corporation 2020 Annual Results 30 March 2021
Slide 2: Disclaimer
2020 Annual Results Disclaimer 30 March 2021 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
Contents 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements
Slide 4: Annual Results Highlights
Neurovascular USD 32.9mn, ↑17.5% YOY Annual Results Highlights CRM Revenue: USD 648.7mn, ↓18.8% YOY, given the elective surgeries postponed due to USD 180.3mn, ↓16.2% YOY COVID-19 pandemic, while several business segments have managed to achieve decent growth: Cardiovascular Heart Valve: ↑383.4% Y
Slide 5: Annual Result Highlights – Successful External Financing and Strategic Investment
2020 Annual Results Annual Result Highlights – Successful External Financing and Strategic Investment 30 March 2021 Raised a total of approximately USD1.0bn from external equity financing in the year of 2020 Heart Valve Surgical Robot Apr 16: Raised USD 130mn from a group of Apr 29: Led a strate
Slide 6: Annual Result Highlights – Product Pipeline and Clinical Progress
2020 Annual Results Annual Result Highlights – Product Pipeline and Clinical Progress 30 March 2021 30 medical devices obtained approval by National Medical Products Administration (“NMPA”), 2 medical devices entered NMPA Green Path (Cumulatively, 20 MicroPort products have entered the NMPA Green Pa
Slide 7: Contents
Contents 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements
Slide 8: Consolidated Financial Performance
2020 Annual Results Consolidated Financial Performance 30 March 2021 Revenue Gross Profit Margin USD: million 793.5 648.7 71.1% 67.2% 2019 2020 2019 2020 Operating Expenses Net (Loss)/Profit Attributable to Equity Shareholders USD: million USD: million 46.3 616.8 -191.3 546.1 2019 2020 2019 2020 8
Slide 9: Operating Expenses
2020 Annual Results Operating Expenses 30 March 2021 Sales & Marketing Expenses Administrative Expenses R&D Expenses USD: million USD: million USD: million 370 370 370 320 39.2% 320 320 34.7% 26.2% 29.7% 270 270 270 19.1% 15.0% 220 220 220 170 170 170 275.3 254.1 120 120 120 170.1 192.6 70 70 70 151
Slide 10: Cash Flow
2020 Annual Results Cash Flow 30 March 2021 Net Cash Flow Net Cash Flow Net Cash Flow from Operating Activities used in Investing Activities USD: million USD: million USD: million 700 170.0 150.0 600 130.0 500 110.0 400 90.0 675.6 26.5 300 70.0 148.1 50.0 200 80.0 -23.2 30.0 100 153.9 10.0 0 -10.0 2
Slide 11: Contents
Contents 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements
Slide 12: Cardiovascular Business
2020 Annual Results Cardiovascular Business 30 March 2021 Revenue Sales Highlights USD: million 19 2020 DES domestic revenue: USD 115.1mn, -50.2% YOY Revenue decline mainly due to the decrease in the number of clinical consultation and 12 surgery amid the pandemic, and GPO impact, including both t
Slide 13: Orthopedics Business (Non-China Business)
2020 Annual Results Orthopedics Business (Non-China Business) 30 March 2021 Revenue Breakdown by Regions Non-China Business Highlights 2020 revenue: USD 171.7mn, -16.8% YOY Non-China Revenue USD 171.7mn, Japan sales +0.5% YOY to USD 36.0mn despite the COVID-19, thanks to -16.8% YOY 9% strong bip
Slide 14: Orthopedics Business (China Business)
2020 Annual Results Orthopedics Business (China Business) 30 March 2021 2020 Revenue Breakdown China Business Highlights USD: million 2020 revenue of Joints USD 26.6mn, +9.5% YOY Made-in-China joints revenue +93.3% YOY to USD 4.5mn +93.3% YOY Newly penetrated 458 hospitals (+17% YOY), including
Slide 15: CRM Business
2020 Annual Results CRM Business 30 March 2021 Product pipeline for Non-China Business Product pipeline for China Business ENO™,TEO™, Alizea™, Existing before Beflex™ SmartTouch™ Navigo™ Invicta™ Axone™ Smart Rega® Eno™ / Kora™ 250/ Platinium OTO™ Borea™, 2019 (Non-MRI): Non-MRI Kora™ 100 BeFlex™ la
Slide 16: Endovascular Business
2020 Annual Results Endovascular Business 30 March 2021 2020 Key Financials Sales Growth by Products USD: million USD: million +42.1% YOY +40.9% YOY +51.4% YOY 68.5 57.0 +16.1% YOY 48.5 40.1 30.8 20.5 7.0 8.1 Aortic stents Aortic stents Stent Stent graft graftoperations in surgical in Revenue Net Pr
Slide 17: Neurovascular Business
2020 Annual Results Neurovascular Business 30 March 2021 Revenue Sales Growth by Products USD: million USD: million Ischemic Hemorrhagic +17.5% YOY +3.2% YOY +16.6% YOY 32.9 10.9 11.2 11.4 27.6 9.7 18.4 13.5 6.3 7.9 8.8 1.5 2014 2015 2016 2017 2018 2019 2020 Apollo™ Tubridge® Numen® 2019 2020 Extens
Slide 18: Heart Valve Business
2020 Annual Results Heart Valve Business 30 March 2021 2020 Financial Results Product Pipeline USD: million +383.4% YOY Pre-clinical Clinical trial Registration VitaFlow® II and In-house development • Submitted for NMPA approval in 2020 TAVI +620.1% YOY Retrievable • Launched clinical trials in Euro
Slide 19: Surgical Robot Business
2020 Annual Results Surgical Robot Business 30 March 2021 Extensive Coverage on Five Promising Subsectors Business Highlights Successful completion of a number of sophisticated clinical trials Clinical Trial Registration Approval Toumai® laparoscopic surgical robot: Toumai® Laparoscopy completed
Slide 20: Contents
Contents 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements
Slide 21: Innovative Product Pipeline Fueling Long-Term Growth
2020 Annual Results Innovative Product Pipeline Fueling Long-Term Growth 30 March 2021 Firehawk® Coronary Atherectomy Coronary Intravascular Fantasy Microcatheter Guidewire Firesorb® Cardiovascular Plus NMPA/CE NPMA NMPA System NMPA Lithotripsy Balloon NMPA/CE NMPA&CE NMPA&CE Prime® Constrained Line
Slide 22: Contents
Contents 1 Annual Result Highlights 2 Financial Review 3 Business Review 4 Outlook 5 Appendix – Financial Statements
Slide 23: Appendix II - Consolidated Income Statement
2020 Annual Results Appendix II - Consolidated Balance Sheet 30 March 2021 USD'000 2020 2019 Var. Revenue 648,732 793,493 -18% Cost of sales (212,700) 0 (229,068) 0 -7% Gross profit 436,032 564,425 -23% Other net income 32,924 18,667 76% Research and development costs (192,629) (151,486) 27% Distrib
Slide 24: Appendix II - Consolidated Balance Sheet
2020 Annual Results Appendix II - Consolidated Balance Sheet 30 March 2021 USD'000 31 Dec. 2020 31 Dec. 2019 Var. Non-current assets Investment properties 5,284 5,222 1% Other property, plant and equipment 481,203 428,786 12% Intangible assets 138,397 125,811 10% Prepayments for non-current assets 7
Slide 25: Appendix II - Consolidated Balance Sheet
2020 Annual Results Appendix II - Consolidated Balance Sheet 30 March 2021 USD'000 31 Dec. 2020 31 Dec. 2019 Var. Non-current liabilities Interest-bearing borrowings 181,988 288,107 -37% Lease liabilities 42,774 44,527 -4% Deferred income 37,844 24,895 52% Convertible bonds 48,583 - n.a Contract lia
Slide 26: Appendix III - Condensed Consolidated Cash Flow Statement
2020 Annual Results Appendix III - Condensed Consolidated Cash Flow Statement 30 March 2021 USD'000 2020 2019 Var. Cash generated from operating activities 1,202 55,428 -98% Income tax paid (24,402) (28,977) -16% Net cash (used in) / generated from operating activities (23,200) 26,451 -188% Net cash