Slide 1: Surgical Perfection. For Life.
Stille Surgical Perfection. For Life. October 2023
Slide 2: Disclaimer
DISCLAIMER Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to several risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or perfor
Slide 3: Stille meets the clinical need when there is no room for compromise
Stille meets the clinical need when there is no room for compromise. Stille offers market leading products with a focus on the cardiovascular, plastic and microsurgical disciplines. Clinical segments where product quality allows for premium pricing. 3
Slide 4: Specialising in niche surgical instruments & tables
SPECIALISING IN NICHE SURGICAL INSTRUMENTS & TABLES STILLE IN BRIEF BUSINESS UNITS KEY STATISTICS Surgical instruments Advanced surgical tables Headquarters Torshälla, Sweden World leading manufacturer of premium surgical instruments and advanced surgical tables Revenues (R12) SEK 279m Product portf
Slide 5: Stille's global footprint
STILLE´S GLOBAL FOOTPRINT USA EMEA RoW EMEA SEK SEK SEK 107m 110m 29m Direct sales Distributor territories Note: Full year 2022 sales LOCAL OFFICES MAIN PARTNERS DISTRIBUTORS > 50 Sweden HQ & production USA Sales & assembly Switzerland Sales & production 5
Slide 6: Stille's commitment to premium quality spans centuries
STILLE’S COMMITMENT TO PREMIUM QUALITY SPANS CENTURIES ” At the heart of our operations, manufacturing stands as the cornerstone of Stille’s business. Stille is the only medical instrument manufacturer in the world that produces handcrafted instruments from tubular steel in the company’s own forge.
Slide 7: Driving growth with clear strategic objectives
DRIVING GROWTH WITH CLEAR STRATEGIC OBJECTIVES 1 2 3 4 PRODUCT LEADERSHIP MARKET EXPANSION OPERATIONAL EXCELLENCE ACQUISITIONS Efficient and scalable Continuous growth and sales manufacturing processes Premium offering within development with strategic Additional growth through cardiovascular, plast
Slide 8: Stille offers a premium & diversified surgical portfolio
STILLE OFFERS A PREMIUM & DIVERSIFIED SURGICAL PORTFOLIO SURGICAL INSTRUMENTS Stille's craftsmanship and unique manufacturing process yields instruments of unparalleled quality C-ARM TABLES Stille’s C-arm tables, developed for specialized use during minimally invasive surgery, are among the most adv
Slide 9: Brief introduction to surgical instruments
BRIEF INTRODUCTION TO SURGICAL INSTRUMENTS Stille Ambassador Stille offers a wide range of premium instruments with exceptional quality. Focus is on select attractive clinical niches and segments where Stille offers unique value to its customers and maintains premium pricing power Products are devel
Slide 10: Sales distribution of surgical instruments
SALES DISTRIBUTION OF SURGICAL INSTRUMENTS PRODUCT TYPE GEOGRAPHY SALES CHANNEL % of 2022 sales (133 MSEK) % of 2022 sales (133 MSEK) % of 2022 sales (133 MSEK) 15% 23% 34% 46% 54% 77% 51% Traditional instruments Micro instruments U.S EMEA RoW Direct Distributors Stille’s product portfolio includes
Slide 11: Market opportunities surgical instruments
MARKET OPPORTUNITES SURGICAL INSTRUMENTS MARKET CONSOLIDATION PAVES THE WAY FOR ACQUISITION OPPORTUNITIES The instrument market is fragmented with numerous small and medium-sized companies across various regions, often focusing on niche high-growth surgical segments – Stille is well positioned to ca
Slide 12: Brief introduction to surgical tables
BRIEF INTRODUCTION TO SURGICAL TABLES Stille Ambassador Stille’s market leading C-arm tables are specifically designed for minimally invasive procedures where precision and high-quality imaging are critical. The product range is developed in close cooperation with leading surgeons, based on latest i
Slide 13: Sales distribution of surgical tables
SALES DISTRIBUTION OF SURGICAL TABLES PRODUCT TYPE GEOGRAPHY SALES CHANNEL % of 2022 sales (114 MSEK) % of 2022 sales (114 MSEK) % of 2022 sales (114 MSEK) 8% 22% 37% 47% 55% 53% 78% Advanced Radiolucent Tables U.S EMEA RoW Partners Distributors Other Tables Stille’s advanced imaging tables are tail
Slide 14: Market opportunities surgical tables
MARKET OPPORTUNITES SURGICAL TABLES UNLOCKING NEW BUSINESS OPPORTUNITIES IN HIGH-GROWTH, HIGH-PROFIT SEGMENTS Stille leads the market through in-house development and partnerships with leading C-arm manufacturers. Innovations in technology and software, as well as increased requirements for versatil
Slide 15: Unlocking growth potential through acquisitions
UNLOCKING GROWTH POTENTIAL THROUGH ACQUISITIONS ” During its history, Stille has undertaken several M&A activities to grow its reach and capabilities. The S&T acquisition highlights Stille’s potential for inorganic growth and competence in deal execution. CASE STUDY: SUCCESSFUL ACQUISITION OF S&T AG
Slide 16: Financial KPIs & current performance
FINANCIAL KPIs & CURRENT PERFORMANCE OBJECTIVE ACTUAL 2023 Q3 R12 ACTUAL 2019-20233 300 ORGANIC SALES GROWTH1 > 10% 14.5% 200 100 0 2019 2020 2021 2022 2023 Q3 R12 50% > 50% 44.8% 45% GROSS MARGIN 40% 35% 2019 2020 2021 2022 2023 Q3 R12 25% > 20% 20.3% 20% EBITDA2 15% 10% 2019 2020 2021 2022 2023 Q3
Slide 17: Sales and profitability development
SALES AND PROFITABILITY DEVELOPMENT SALES DEVELOPMENT FINANCIAL HIGHLIGHTS +17.5% CAGR 300 +30.9% CAGR 250 200 Strong long-term profitable 150 growth in both business units 100 50 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q3 Reduced OPEX ratio vs. sales, R12 SEK, m 29% Q1-Q3 2023
Slide 18: Key financials comparison
KEY FINANCIALS COMPARISON 2023 Q3 2022 Q3 2023 Q1-Q3 2022 Q1-Q3 2022 FY 2021 FY Sales, SEK m 70.1 59.6 217.6 184.5 246.3 187.1 Gross margin, % 46.7% 45.1% 44.6% 45.1% 45.3% 44.6% EBITDA, SEK m 15.5 9.4 45.0 30.5 42.1 30.3 EBITDA, % 22.1% 15.8% 20.7% 16.5% 17.1% 16.2% Earning per share, SEK 2.4 1.4 6
Slide 19: Management team and board of directors
MANAGEMENT TEAM AND BOARD OF DIRECTORS Torbjörn Sköld Markus Spingler Johan Lundholm Niklas Carlén Brian Anderson CEO Business Unit Manager Business Unit Manager CFO General Manager U.S. Surgical Instruments Surgical Tables Lars Kvarnhem Stefan Tell Thomas Anderzon Yonna Olsson Per Carlsson Sirpa Mä
Slide 20: Top 10 shareholders
TOP 10 SHAREHOLDERS Name Total Shares Votes % 1. LINC AB 1 942 585 38.8 % 2. HEALTHINVEST PARTNERS AB 460 000 9.2 % 3. LANNEBO FONDER 445 882 8.9 % 4. SEB NANOCAP 392 202 7.8 % 5. J.P. MORGAN SE, LUXEMBOURG BRANCH, W8IMY/NQI 262 229 5.2 % 6. SIJOITUSRAHASTO AKTIA NORDIC 220 000 4.4 % 7. MARKUS & ROL
Slide 21: Stille – long standing, trusted surgical specialists
STILLE – LONG STANDING, TRUSTED SURGICAL SPECIALISTS A tradition of >180 years of expertise and innovation, trusted by excellence generations of surgeons Unparalleled Unique, premium offering in surgical tables and craftmanship instruments of the highest quality standards Strong global partner & dis
Slide 22: Thank you!
THANK YOU! ~ STILLE