United Orthopedic Corporation · TPEX:4129
United Orthopedic — 2023 Investor Conference
27 slides from United Orthopedic's conference presentation, May 30, 2023
Slide 1: United Orthopedic Corporation 2023 Investor Conference
United Orthopedic Corporation 2023 Investor Conference Jason Lin May 30, 2023
Slide 2: Safe Harbor Notice
Safe Harbor Notice Except for historical information set forth herein, this presentation contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from what may be expressed or implied by such statements. Investors sh
Slide 3: Agenda
Agenda Year 2022 Financial Results The first-quarter performance of 2023 Business Update Q&A 3
Slide 4: A 30-year Established Professional Manufacturer of Artificial Joints
A 30-year Established Professional Manufacturer of Artificial Joints Healthy Diseased Healthy Diseased Company setup 1993 Employees 700+ persons IPO 2004 Capitalization NT$ 881 M Stock symbol 4129 Founder 林延生 4
Slide 5: Revenue & Net Profit
Revenue & Net Profit Benefiting from the easing of the pandemic, the company 3,600,000 achieved record-breaking revenue and profits in 2022. (NT$ thousands) +23% +10% 1,800,000 0 2020 2020 2021 2021 2022 2022 YoY % Revenue 2,342,226 2,570,866 3,168,680 597,814 +23% Operating P/L 89,878 161,425 341,5
Slide 6: Revenue by Regions (2021 vs. 2022)
Revenue by Regions (2021 vs. 2022) 2021 2022 $2,571M $3169M JPN 3% OEM 0% JPN 4% OEM 0% A-Spine A-Spine TW TW 12% 10% 23% 26% EU 21% EU INTL's 26% INTL's 13% 16% China USA 9% China USA 16% 7% 14% 6
Slide 7: The first-quarter performance of 2023
The first-quarter performance of 2023 1,000,000 (NT$ thousands) +25% 500,000 0 2022 2022 Q1 Q1 2023 2023 Q1 Q1 DIFF % Revenue 739,751 928,095 188,344 +25% Operating P/L 60,922 101,757 40,835 +67% Non-OP P/L (10,746) (18,700) (7,954) -74% Net Profit 36,355 67,059 30,704 +84% 7 EPS 0.46 0.85 0.39
Slide 8: Revenue by Regions (Q1’22 vs. Q1’23)
Revenue by Regions (Q1’22 vs. Q1’23) 2022 Q1 2023 Q1 $740M $928M JPN 5% OEM 0% JPN 5% OEM 0% A-Spine TW A-Spine TW 10% 24% 9% 21% INTL's INTL's EU 11% 10% EU 30% 34% USA USA China 13% China 16% 8% 4% 8
Slide 9: Operating Results
Operating Results Revenue Trend Chart Financial Ratios (NT$ millions) 1,000 925 928 Margin% OP EXP% 9% 9% 78% 740 744 744 75% 74% 75% 74% 10% 11% 12% 91% 91% 500 66% 90% 89% 88% 65% 65% 64% 62% Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 0 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 In 2022, the gross profit margin w
Slide 10: Benchmarking
Benchmarking Zimmer Biomet United (US$M) 2020 2021 2022 (US$M) 2020 2021 2022 Sales 6,128 6,827 6,940 Sales 80.1 91.6 108.5 COGS 1,824 1,960 2,020 COGS 23.8 25.9 27.8 Margins 4,303 4,867 4,920 Margins 56.3 65.6 80.7 % 70% 71% 71% % 70% 72% 74% OP Exp. 4,220 4,007 4,224 OP Exp. 53.3 59.9 69.0 % 69% 5
Slide 11: Volume of Artificial Joint Replacement Surgery
Volume of Artificial Joint Replacement Surgery 45 countries , 9 worldwide offices , 583,000 cases 11
Slide 12: Taiwan Market Performance
Taiwan Market Performance (NT$ millions) 900 Annual Sales (NT$ millions) Quarterly Sales +15% 200 723 +5% 665 +9% 165 174 641 +4% 600 300 2021 Q1 2022 Q1 2023 Q1 0 2020 2021 2022 12
Slide 13: Growth trend in the domestic market of Taiwan
Growth trend in the domestic market of Taiwan 800 700 600 500 400 300 200 100 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 13
Slide 14: International Market Performance
International Market Performance 600 (NT$ millions) (NT$ millions) Quarterly Sales Annual Sales 501 +33% 100 +18% +47% 76 64 341 +31% 300 260 2021 Q1 2022 Q1 2023 Q1 • 2022.12 Philippines • 2022.12 Malaysia • 2023. 2 Malaysia • 2023. 2 Indonesia • 2023. 2 Colombia & Dominican 0 • 2023. 2 Vietnam • 2
Slide 15: Growth trend in the international market over the past decade
Growth trend in the international market over the past decade 600 500 400 300 國際 線性(國際) 200 100 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 15
Slide 16: USA Market Performance
USA Market Performance 600 (NT$ millions) Annual Sales (NT$ millions) Quarterly Sales 147 +49% 439 410 +7% +6% 351 +17% 93 98 300 2021 Q1 2022 Q1 2023 Q1 0 2020 2021 2022 16
Slide 17: Growth trend in the USA over the past decade
Growth trend in the USA over the past decade 500 450 400 350 300 250 200 150 100 50 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 17
Slide 18: Europe Market Performance
Europe Market Performance (NT$ millions) (NT$ millions) 1,000 Annual Sales Quarterly Sales 837 +43% 319 +55% +64% 224 539 500 +53% 137 352 2021 Q1 2022 Q1 2023 Q1 0 2020 2021 2022 18
Slide 19: Growth trend in Europe
Growth trend in Europe 900 800 700 600 500 EU 400 300 200 100 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 19
Slide 20: China Market Performance
China Market Performance 400 (NT$ millions) Annual Sales (NT$ millions) Quarterly Sales 305 -29% 77 217 -26% 204 200 -6% 57 -40% 34 0 2020 2021 2022 2021 Q1 2022 Q1 2023 Q1 20
Slide 21: Ten-year growth trend in exporting to China (SVUOC)
Ten-year growth trend in exporting to China(SVUOC) 500 450 400 350 300 中國 250 線性(中國) 200 150 100 50 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 21
Slide 22: Japan Market Performance
Japan Market Performance 150 (NT$ millions) Annual Sales (NT$ millions) Quarterly Sales 130 +23% 43 +53% 35 100 +99% 85 +46% 18 58 50 2021 Q1 2022 Q1 2023 Q1 0 2020 2021 2022 22
Slide 23: Growth trend in Japan
Growth trend in Japan 140 120 100 80 60 40 20 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 23
Slide 24: The ten-year revenue growth trend (Artificial Joints of United)
The ten-year revenue growth trend (Artificial Joints of United) 3,000 25.5% 2,500 14.8% 2,000 1,500 1,000 500 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 24
Slide 25: Global Artificial Joint Market in 2021
Global Artificial Joint Market in 2021 • Global Artificial Joint Market in 2021: US$19.4 billion. • The four leading companies with a century of entrepreneurship account for 74.9% of the market share, totaling US$15.4 billion. • The tenth-ranked company holds a market share of 1.06%, amounting to US
Slide 26: United has been established for thirty years 1993-2023
United has been established for thirty years 1993-2023 The joint brand "UNITED" by United has been widely distributed worldwide, and its long-term clinical performance is on par with top-tier brands. • With 30 years of accumulated research and development capabilities, as well as talented individual
Slide 27: Thank you for listening
Thank you for listening Each Step We Care