Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2025 Earnings Presentation
35 slides from Medistim Asa's earnings presentation, May 9, 2025
Slide 1: First Quarter 2025 Financial Results
First Quarter 2025 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: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 4: 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 5: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 5
Slide 6: Highlights
01 - Highlights Medistim First Quarter Financial Results 2025
Slide 7: Medistim Track Record
Medistim Track Record Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % 7
Slide 8: Highlights Q1 2025
Highlights Q1 2025 o Exceptionally strong sales and EBIT for a quarter, o Operating profit (EBIT) up 84.5% representing a new record o EBIT margin on the high side at 32.6% (24.0%) due to strong sales of own products in Q1 o Currency neutral sales development: • Total sales up 31.8% o Strengthening
Slide 9: Financial Statements
02 – Financial Statements Medistim First Quarter Financial Results 2025
Slide 10: Profit & Loss Q1 2025
Profit & Loss Q1 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 10
Slide 11: Balance Sheet: Assets
Assets in MNOK Balance Sheet Assets o In general, high inventory levels due to company policy of securing stock of critical components and finished goods o The increase from year end is mainly due to third-party products o Increase in customer receivables due to record sales, which increase working
Slide 12: Balance Sheet: Equity & Liability
Equity and liability in MNOK Balance Sheet Equity & Liability o No interest-bearing debt o 32.1 MNOK in obligations related to lease contracts, where 26.2 MNOK is long term o Deferred income related to extended warranty amounted to 4.5 MNOK
Slide 13: Key Figures
Figures KEY FIGURES Q1 25 Q1 24 FY 2024 Equity share 75.6 % 81.4% 75.9 % Earnings per share kr 2.37 kr 1.33 kr 5.67 Earnings per share diluted kr 2.37 kr 1.33 kr 5.67 Average shares outstanding in 1000 18 314 18 314 18 314 Average shares outstanding in 1000 diluted 18 314 18 314 18 314 MED(STIM
Slide 14: Cash Flow
Flow CASH FLOW (All numbers in NOK 1000) Q125 Q124 FY 2024 Profit before tax 56 710 30 664 134 246 Income tax paid (15 531) (12 936) (28 404) Depreciation and amortizations 3 375 4243 24 510 Change in working capital (19 917) (2 463) (7 855) Other (5 816) 2610 19 065 Cash flow from operation 18 821
Slide 15: Business Segments Update
03 Business Segments Update Medistim First Quarter Financial Results 2025
Slide 16: Flow-and-Imaging Systems in Units
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 11 more Flow-and-Imaging units sold compared to last year Q1 growth driven by 26 sales in AMERICAS o AMERICAS up by 9 units 15 o EMEA down by 1 unit o APAC up by 3 units High volume sale of this highe
Slide 17: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 13 more Imaging probes sold, driven by strong capital sales of systems 39 • AMERICAS up by 14 units 26 • EMEA down by 1 unit • APAC at same level as Q1 last year Upward trend in imaging probe sales last 5 quarters
Slide 18: Flow-only Systems in Units
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital Capital sales of Flow systems up 7 units compared to Q1 last year o AMERICAS down by 5 units 35 ▪ High Flow-and-imaging sales in Q1 28 o EMEA up by 10 units ▪ Increase in 5 units through distributors ▪ Increase of
Slide 19: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales up 18.5% in Q1 o AMERICAS up 18% 2838 2394 o EMEA up 1% o APAC up 60% Strong capital sales drive probe sales Inventory situation in China normalized Sales back on track for Japan
Slide 20: AMERICAS
AMERICAS MNOK 74.1 (54.7) in sales in Q1 Currency neutral, revenue is up 28.4% for the quarter o Total number of systems sold as capital, is up by 4 units in total. Flow-and-Imaging systems is up with 9 units, driving the growth for the region o New direct market Canada had a strong 1st quarter last
Slide 21: Performance USA
37% of the US CABG procedures Performance USA Number of Flow procedures*) sold in the USA per year o Capital sale of systems at improved level o Imaging systems driving revenue in Q1 Number of Flow procedures*) o Flow procedures from capital sold in the USA per quarter accounts are growing for the q
Slide 22: APAC
APAC MNOK 27.9 (16.8) in sales in Q1 Currency neutral, revenue is up 62.6% for the quarter We see recovery in sales to both China and Japan; o Entering 2025, sales to China is normalizing after the transition period after going from distributor to direct operations in 2023, with inventory build ups
Slide 23: EMEA
EMEA MNOK 47.9 (39.8) in sales in Q1 Currency neutral, revenue is up 18.2% for the quarter o Continued strong development in direct markets (Spain, Germany, Scandinavia) with currency neutral growth of 16.1% for the quarter. o Sales through distributors was up with a currency neutral growth of 22.2%
Slide 24: 3rd party products
3rd party products MNOK 31.6 (22.4) in sales in Q1 Revenue is up 41.2% for the quarter o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest contributors o New agency from Peters Surgical and TisgenX in good development o In Q1, the strong growth was driven by delivery of
Slide 25: Revenue Performance by Region
Revenue Performance by Region 25
Slide 26: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split Vascular products shows 45% growth in Q1 and make up 20% of sales of own products Cardiac sales also very strong with 32% growth 26
Slide 27: Flow and Imaging Sales Split
Flow and Imaging Sales Split After a challenging period in 2023 and 2024, the Imaging portfolio showed growth of 86% in Q1 27
Slide 28: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) o Recurring revenue is high, however, share of total is influenced by the strong capital sales in the quarter ➢ Q1: 67.7% (75.0%) ➢ LTM: 71.6% 28
Slide 29: Implementing the Strategy
04 Implementing the Strategy Medistim First Quarter Financial Results 2025
Slide 30: 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 31: This is the perfect time to strengthen our commercial efforts.
Medistim stands at a pivotal moment as we enter 2025, poised for significant growth driven by the launch of the INTUI software platform, which is advancing innovation in the Cardiac segment, and a focused strategy in the Vascular segment, supported by the PATENT study and This is the our commitment
Slide 32: Strengthening the Commercial Operations
Strengthening the Commercial Operations Mr. Mike Karim appointed Commercial as Chief Commercial Officer Operations Tactical Marketing AMERICAS EMEA APAC & Sales Support Mr. Tony Winter appointed Vice President of the AMERICAS sales region “With these strategic additions to our team, enhanced commerc
Slide 33: Medistim: One team. Bold moves.
MED\STIM 2025 a One team. i BOLD MOVES. Excellence redefined. tlt. =
Slide 34: Defining Quality. Transforming lives.
Defining Quality. Transforming lives. Somatvanccwmecloay 49 MED\STIM
Slide 35: Medistim Shareholders
Medistim Shareholders Chairman Øyvin Brøymer represent Fløtemarken AS and Intertrade Shipping AS that in total own 2 220 735 (12.1%) shares and is the largest shareholder in Medistim ASA 35