Slide 1: Third Quarter and YTD September 2024 Financial Results
Third Quarter and YTD September 2024 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 2: Before we start
Before we start • You will be kept on mute during the presentation • Click on the Q&A button to write your questions • The host will read and answer your questions at the end of the presentation 2
Slide 3: Disclaimer
Disclaimer The information included in this Presentation may contain 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
Slide 4: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 4
Slide 5: 01 - Highlights
01 - Highlights Medistim Third Quarter and YTD September Financial Results 2024
Slide 6: Medistim Track Record
Medistim Track Record Sales per year in MNOK EBIT in MNOK and EBIT % Dividend per share in NOK 6
Slide 7: Highlights Q3 2024
Highlights Q3 2024 o Currency neutral sales development: o Operating profit slightly down, however, EBIT margin is normalizing: • Total sales up 5.3% • Own products sales up 3.4% • Q3 24: 24.0% EBIT (27.0%) • AMERICAS up 17.3% • Q2-24: 28.5% EBIT • EMEA down 8.7% • Q1-24: 24.0% EBIT • APAC down 14.0
Slide 8: Highlights YTD Sept 2024
Highlights YTD Sept 2024 o Currency neutral sales development: o Operating profit slightly down, however, EBIT margin is normalizing: • Total sales up 3.7% • 25.6% EBIT (27.9%) • Own products sales up 1.8% • Running operating expenses at a higher level • AMERICAS up 6.3% • New direct sales organizat
Slide 9: 02 – Financial Statements
02 – Financial Statements Medistim Third Quarter and YTD September Financial Results 2024
Slide 10: Profit & Loss Q3 2024
Profit & Loss Q3 2024 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 10
Slide 11: Profit & Loss YTD Sept 2024
Profit & Loss YTD Sept 2024 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Balance Sheet Assets
600 000 Balance Sheet 500 000 400 000 Assets 300 000 200 000 100 000 - Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Intangible assets Fixed assets Inventory Accounts receivable Other assets Cash o High inventory levels due to company policy of securing stock of critical components and finished goods o Reduction in
Slide 13: Balance Sheet Equity & Liability
600 000 500 000 Balance Sheet 400 000 300 000 Equity & Liability 200 000 100 000 - Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Share capital Premium fund Other equity Long term debt Short term debt o No interest-bearing debt o 17.5 MNOK in obligations related to lease contracts, where 7.5 MNOK is long term o Defe
Slide 14: Key Figures
Figures YTD YTD KEY FIGURES Q3 24 Q3 23 30.09.24 30.09.23 FY 2023 Equity share 82,5 % 79,7 % 82,5 % 79,7 % 78,7 % Earnings per share 1,28 1,43 4,51 4,64 5,68 Earnings per share diluted kr 1,28 kr 1,43 kr 4,51 kr 4,63 kr 5,67 Average shares outstanding in 1000 18 314 18 262 18 314 18 262 18 267 Avera
Slide 15: Cash Flow
Flow CASH FLOW ANALYSIS 30.09.2024 30.09.2023 31.12.2023 All numbers in NOK 1000 Profit for the period 82 530 84714 135 212 Other cash flow from operation -4 884 606 -19 372 Cash flow from operation 77 646 74 095 115 840 Cash flow from investments -15 493 12 819 -29 726 Cash flow from financial acti
Slide 16: 03 Business Segments Update
03 Business Segments Update Medistim Third Quarter and YTD September Financial Results 2024
Slide 17: Flow-and-Imaging Systems in Units (capital sales)
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 28 15 fewer units sold compared to last year Q3, 30 which was a strong comparable 25 o AMERICAS up by 1 unit 20 13 o Weak quarter for EMEA by -10 units, due to 15 weak distributor sales 10 o APAC -6 u
Slide 18: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 60 11 fewer Imaging probes sold, which is a 44 consequence of the 15 fewer imaging systems 50 sold 40 33 • AMERICAS down by -5 units 30 • EMEA down by -5 units 20 • APAC down by -1 unit 10 0 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q
Slide 19: Flow-only Systems in Units (capital sales)
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital 60 Capital sales of Flow systems in Q3 down by 50 6 units 40 o AMERICAS up by 4 units 25 30 o EMEA down by 8 flow systems 19 due to weak distributor sales 20 o APAC down by 2 units 10 0 Q3 21Q4 21Q1 22Q2 22Q3 22Q4
Slide 20: Flow Probes in Units
Flow Probes in Units Flow Probes in units 4000 Flow probe unit sales up 17.5% in Q3 3500 o AMERICAS up 46% 3000 2355 2500 o EMEA up 4.6% 2004 2000 o APAC up 30% 1500 1000 Indication of continued utilization of installed 500 base 0 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2
Slide 21: AMERICAS
AMERICAS MNOK 61.7 (51.7) in sales in Q3 MNOK 175.5 (162.2) in sales YTD September Currency neutral, revenue is up 17.3% for the quarter and 6.3% YTD September o Total number of systems sold as capital, is up by 5 units both for the quarter and YTD o All units were sold in USA for the quarter o New
Slide 22: Performance AMERICAS
Performance AMERICAS Number of procedures sold in the USA Capital sale of MiraQ systems up with 5 units and one system outplaced on lease Total number of procedures sold*) is flat in Q3 and up 2.3% YTD • Flow procedures up • Imaging procedures down 5 (7) new customers in Q3 and 16 (25) YTD 22 *) Pro
Slide 23: APAC
APAC MNOK 8.6 (9.8) in sales in Q3 MNOK 43.2 (54.3) in sales YTD Currency neutral, revenue is down 14.0% for the quarter and down 22.0% YTD September Growth YTD was challenged by strong first half LY; o Exceptional high system sales to our distributor for China, prior to Medistim going direct in Q2-
Slide 24: EMEA
EMEA MNOK 40.3 (42.1) in sales in Q3 MNOK 125.6 (115.3) in sales YTD Currency neutral, revenue is down 8.7% for the quarter and up 6.8% YTD o Strong development in direct markets (Spain,UK, Germany, Scandinavia) with currency neutral growth of 11% for the quarter and 22% YTD 24
Slide 25: 3rd party products
3rd party products MNOK 20.4 (17.5) in sales in Q3 MNOK 67.3 (59.0) in sales YTD Revenue is up 17.0% for the quarter and up 14.0% YTD o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest contributors o New agencies from Peters Surgical and TisgenX in good development 25
Slide 26: Revenue Performance by Region – oppdatering
Revenue Performance by Region – oppdatering 26
Slide 27: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split 27
Slide 28: Flow and Imaging Sales Split
Flow and Imaging Sales Split 28
Slide 29: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) 29
Slide 30: 04 Implementing the Strategy
04 Implementing the Strategy Medistim Third Quarter and YTD September Financial Results 2024
Slide 31: The Growth Strategy
The Growth Strategy Emerging 1. Convert high-penetrated Flow-only CABG markets high.-growth to Flow-and-Imaging and the New-Standard-of-Care economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion with the upgradable MiraQ Developing Medistim 2. Grow adoption in under-
Slide 32: Medistim 40 Years 1984 - 2024
Dinner Oscarsborg Surgeon Dinner Lisbon, Portugal Medistim 40 Years 1984 - 2024 32 Boat trip Oscarsborg Inside of Oscarsborg
Slide 33: Defining Quality. Transforming lives.
Defining Quality. Transforming lives. ‘Srna nconermacs a) 49 MED\STIM
Slide 34: Medistim largest shareholders
Medistim 20 largest shareholders RAN K N AM E N UM BER O F SHARES SHARES IN % C O UN TRY 1 ACAPITAL MEDI HOLDCO AS 1 900 219 10,36 % Norway 2 FLØTEMARKEN AS 1 28 5 000 7,01 % Norway 3 St at e St reet Bank and Trust Comp 1 258 4 95 6,8 6 % Unit ed St at es 4 VERDIPAPIRFOND ODIN NORDEN 1 18 0 000 6,4