Sedana Medical Ab · OMXSTO:SEDANA
Sedana Medical Ab — Q2 2024 Earnings Presentation
20 slides from Sedana Medical Ab's earnings presentation, Jul 23, 2024
Slide 1: Q2 2024 Report
Q2 2024 Report Johannes Doll, CEO Johan Spetz, CFO July 23, 2024 <
Slide 2: Disclaimer
Disclaimer Forward-looking statements This presentation may contain certain forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on Sedana Medical’s busines
Slide 3: Q2 Summary: acquisition of main supplier and US enrolment completion
Q2 Summary: highlights include acquisition of our main supplier and enrolment completion in the US Our 3 priorities Achieve growth in our Reach break-even ex- Make headway ex-US business US during 2024 towards US approval • H1 net sales of 90 MSEK • Acquisition of our main • Enrolment of both US cli
Slide 4: We will acquire our main supplier Innovatif Cekal
We will acquire our main supplier Innovatif Cekal The deal Strategic rationale Financial impact • We will acquire Innovatif • The acquisition of IC is a • Over time (once stock Cekal, our main supplier good strategic fit and from pre-closing is based in Klang near Kuala financially accretive: deplet
Slide 5: Sedana Medical has returned to a strong growth path
Sedana Medical has returned to a strong growth path Net sales SEK million Successful restructuring Guidance range (14-18% growth1) after post-Covid-19 period 159 154 142 • Streamlined corporate 123 headquarters and improved overall spend effectiveness 72 +20% • Shifted resources to the 58 frontline
Slide 6: At the same time, we have significantly improved our bottom line
At the same time, we have significantly improved our bottom line Net Sales 2022 2023 2024 Comments MSEK • Restructuring measures have resulted in strong bottom line 45 49 38 37 41 improvement after 34 36 34 27 27 highest loss in the company’s history in 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 • Q2 EBITDA
Slide 7: Part of the softer growth rate in Q2 is explained by the comparator period
Part of the softer growth rate in Q2 is explained by the comparator period Net Sales, MSEK Comments 37,8 • Our business is subject 37,3 2023 -1% to seasonality as less patients require mechanical ventilation in the summer months • On average, we see a sales decline of ~10% 48,8 41,1 between Q1 and Q
Slide 8: Germany had a weak quarter due to temporary absence of ventilated patients
Germany had a weak quarter due to temporary absence of ventilated patients # of mechanically ventilated Net Sales Q2 patients very low in June MSEK Comments Results from survey of 40 • Q2 sales were 4% lower than last German key customers year (in local currency) (performed in June) 26,4 25,4 • The
Slide 9: Other direct markets continued on their strong growth trajectory
Other direct markets continued on their strong growth trajectory Net Sales Q2, MSEK Comments • Among other direct markets, Spain continued to be the main growth engine in absolute terms, fuelled by new 12,4 treatment guidelines and pricing & reimbursement approval. We are continuing to invest in an
Slide 10: Our distributor markets also delivered solid growth in Q2
Our distributor markets also delivered solid growth in Q2 Net Sales Q2 2024, MSEK Comments • Distributor markets showed YoY growth for the third quarter in a row after a long period of 3,2 declining sales. Main reason for the previous decline was high stock levels built up during +30% Covid-19. 2,5
Slide 11: We see the company well on track to reach our financial targets
We see the company well on track to reach our financial targets Net Sales FY 2024 Communicated target: Status: 14-18% 19% in H1, Net Sales growth (excl. fx) putting us well on track to meet our targets. EBITDA Communicated target: Status: Break-even Positive ex-US EBITDA in Q1 and seasonal EBITDA de
Slide 12: We made a big step forward in our largest potential market
We made a big step forward in our largest potential market The US is by far our largest commercial opportunity Enrolment completed! • Both clinical trials in the US have completed enrolment in less than Europe (direct markets) United States two years respectively Ventilated adult • 235 patients have
Slide 13: 31 prominent clinical trial sites were involved
31 prominent clinical trial sites were involved – building a strong platform for KOL engagement and launch success INSPiRE-ICU1 INSPiRE-ICU2 • Vanderbilt • Rush University • University of Colorado • Columbia University • Cleveland Clinic • Massachusetts General Hospital • UT Southwestern • Universit
Slide 14: After enrolment completion, we are progressing towards NDA submission
After enrolment completion, we are progressing towards NDA submission Progress Target timeline Dependencies • Patient enrolment • First study results in H2 • Meeting the timeline completed • NDA submission in Q1, will require • We are on track with 2025 (unchanged) - Positive data read-out the activ
Slide 15: Several exciting milestones are upcoming
Several exciting milestones are upcoming Upcoming milestones Commercialization plans (and how they will reduce the risk) Enrolment completion – taking out the • US is our highest-potential market with study execution risk a concentrated customer base (~2.800 hospitals with ICUs of >10 beds) ❑ Top-
Slide 16: Financial result in Q2 2024
Financial result in Q2 2024 Net sales (MSEK, 12m rolling) Net sales Q2’24: 41 (37) MSEK, +10% y/y (+10% excl. fx) • Sales in Germany decreased by 3% y/y (-4% excl. fx), driven by a 180 160 decrease in ventilated patients during June. 140 • Other direct markets showed growth of 47% y/y (46% excl. fx)
Slide 17: Cash flow and available funds
Cash flow and available funds Change in cash position (MSEK) excl 2021 cap. raise and short-term deposits • Cash per June 30 2024: 304 MSEK compared to 361 MSEK at 40 the beginning of the quarter. Decrease fully driven by 20 investments in capitalized development expenditures (mainly US 0 -20 clinic
Slide 18: Largest shareholders June 30, 2024
Largest shareholders June 30, 2024 No of shares Share Linc AB 10,796,076 10.9% Anders Walldov direct and indirect (Brohuvudet AB) 10,000,000 10.1% Swedbank Robur Funds 8,919,013 9.0% Öhman Funds 6,978,325 7.0% Handelsbanken Funds 5,548,598 5.6% Ola Magnusson direct and indirect (Magiola AB) 4,312,09
Slide 19: Investment case - why Sedana Medical?
Investment case - why Sedana Medical? High gross Proof of Growth Strong balance margins concept opportunities sheet GM, in percent Cash 67 70 71 71 In SEK, end of Q2 63 304M 2020 2021 2022 2023 2024 YTD • Robust gross • Majority of German • Clinical benefits vs. • Financed to execute margins of our
Slide 20: Q&A
6 sedanamedical Q&A