Siemens Healthineers Ag · XETR:SHL
Siemens Healthineers — Q2 2023 Earnings Presentation
19 slides from Siemens Healthineers's earnings presentation, May 10, 2023
Slide 1: Q2 Analyst Call
Q2 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO May 10, 2023
Slide 2: Safe Harbour Statement
Safe Harbour Statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Double-digit revenue growth in Q2 (ex-antigen), outlook confirmed
Double-digit revenue growth in Q2 (ex-antigen) Outlook confirmed • Equipment book-to-bill >1 on top of excellent equipment revenue growth • Very strong revenue growth (ex-antigen) at 11%, incl. antigen -2.5% • Imaging with very strong growth (13%), strong margin expansion of +130 bps y-o-y • Diagnos
Slide 4: Our unique capabilities
Our unique capabilities Patient Twinning Precision Therapy Personalization of diagnosis, Intelligent and image guided therapy selection and monitoring, treatment for the most after care and managing health threatening diseases Digital, Data and AI Leveraging digital, data and AI and advance provider
Slide 5: On course for our New Ambition
On course for our New Ambition Rigorously driving performance NEW AMBITION 2025 Meet the UPGRADING today management 2022 2019 We build upon our unique strengths ▪ Expanding our leading positions in Imaging, Varian and Advanced Therapies ▪ Accelerating our success and strong backlog of Value Partners
Slide 6: A unique investment case: structural and innovation driven growth
A unique investment case: Structural and innovation driven growth paired with attractive earnings growth and resilience Structural and innovation driven growth • Essential technologies and leading innovations for fighting the most threatening diseases Unique Enabling and advancing Attractive • Conti
Slide 7: Double-digit revenue growth in Q2 (ex-antigen); EPS down
Double-digit revenue growth in Q2 (ex-antigen); EPS down due to no antigen contribution and Diagnostics transformation Revenue (€m) Adjusted basic earnings per share (€) Comparable PYQ: -2.5% Y-o-Y PYQ: -36% Growth +16% +53% Ex-antigen Ex-antigen +11% & DX transf. +11% 5,460 5,346 0.67 0.43 Antigen
Slide 8: Imaging with double digit growth; Diagnostics revenue still muted
Imaging with double digit growth and strong margin expansion; Diagnostics revenue still muted Imaging (€m) Diagnostics (€m) Adjusted revenue Adj. EBIT (margin) Adjusted revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +12.7% Y-o-Y +130 bps Growth -39.0% Y-o-Y -2,950 bps 342 523
Slide 9: Varian and Advanced Therapies with double digit growth and increasing profits
Varian and Advanced Therapies with double digit growth and increasing profits Varian (€m) Advanced Therapies (€m) Adjusted revenue Adj. EBIT (margin) Adjusted revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +27.0% Y-o-Y -120 bps Growth +9.9% Y-o-Y +470 bps 114 135 84 934 456 49
Slide 10: Pricing focus leads to stronger margins in H2; equipment book-to-bill >1
Successful focus on pricing will lead to stronger margins in H2; Continuous equipment book-to-bill >1 drives growth Margin improvements skewed towards H2 Continuous equipment book-to-bill >1 1.15 1.23 1.17 Adj. EBIT margin 1.06 EQ book-to-bill H1 H2 FY2023 FY 2020 FY 2021 FY 2022 FY2023 H1 Continuou
Slide 11: Financial impacts from Endovascular Robotics focus and Diagnostics transformation
Financial impacts from focusing Endovascular Robotics at Advanced Therapies, and from Diagnostics transformation Focusing Endovascular Robotics (Corindus) Executing the Diagnostics transformation Advanced Therapies Q2 FY23 FY23 Diagnostics Q1 FY23 Q2 FY23 FY231 Portfolio-related measures Severance €
Slide 12: Outlook FY2023 confirmed
Outlook FY2023 confirmed Comparable revenue growth1, 2 Adj. basic earnings per share2 Growth ex-antigen3: Growth ex-antigen3: 6 to 8% 13 to 24% 5.9% €2.29 €2.00 to €2.204 -1 to +1%4 Antigen Antigen accretion ~2% accretion ~55ct FY2022 FY2023E FY2022 FY2023E • Imaging growth at 7 to 9% • Imaging marg
Slide 13: Appendix
Appendix Q2 FY2023 Unrestricted © Siemens Healthineers AG, 2023 l 13
Slide 14: Free cash conversion rate at 1.37, driven by cash-in of receivables
Free cash conversion rate at 1.37, driven by cash-in of receivables Q2 FY23 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.9 CCR2 Diagnostics >1 Varian 0.6 Adv. Therapies >1 CCR1 1.37 978′ 60′ -60′ 86′ 771′ 122′ 43′ 731′ -205′ 237′ -43′ 533′ 517′ -257′ 345′ 189′ Healthineers PPA EBIT exc
Slide 15: FY23 balance sheet and net debt bridge
FY23 balance sheet and net debt bridge Net debt impacted by dividend pay-out in Q2 Net debt overview Capital structure development in FY23 (in €bn) in €bn Sep 30, 2022 Mar 31, 2023 Leverage1 3.0x 3.5x Cash and cash equivalents 1.4 1.4 12.7 13.3 Receivables from the Siemens 0.7 0.6 0.7 0.9 Pensions -
Slide 16: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Mar 31st, 20231 (in €m) Comments Other ▪ Total loan volume ~€13bn equivalent EUR ▪ Average interest rate ~1.3% p.a.3 USD 2,196 Top 10 loans ranked in € volume 85 254 Notional Volume Volume Interest Maturity Currency in m in €m rate USD $1,689 €1,5
Slide 17: Provisions for pensions
Provisions for pensions Q2 FY2023 Key financials – Pensions and similar obligations Q1 Q2 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2023 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.3) obligation (DBO) Fair value of plan 2.6 2.8 2.8 3.3 2.8 2.7 2.8 assets Provisions for pensions
Slide 18: Glossary
Glossary Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. Comparable revenue growth is defined as the development of adjusted r
Slide 19: Q2 FY2023 Unrestricted © Siemens Healthineers AG, 2023 l 19
Q2 FY2023 Unrestricted © Siemens Healthineers AG, 2023 l 19