Slide 1: Medistim ASA Third Quarter 2017
Medistim ASA Third Quarter 2017 Kari E. Krogstad, President and CEO Thomas Jakobsen, CFO October 24th, 2017
Slide 2: Disclaimer
2 24.10.2017 Medistim ASA Q3 2017 Disclaimer The information included in this Presentation contains 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 s
Slide 3: Table of contents
3 24.10.2017 Medistim ASA Q3 2017 Table of contents 1. Highlights third quarter 2. Financial statements 3. Business segments update 4. Implementing the strategy
Slide 4: 1. Highlights 3rd quarter
MED (STIM 1. Highlights 3rd quarter
Slide 5: Highlights 3rd quarter 2017
5 24.10.2017 Medistim ASA Q3 2017 Highlights 3rd quarter 2017 Q3 2017 QoQ • 11.4 % increase in sales for the quarter o Currency neutral total growth is 12.7 % Revenue 11.4% o Currency neutral growth of own products is 12.5% MNOK 75.7 (67.9) o Flow probe sales negatively impacted with MNOK 2.2, howev
Slide 6: 2. Financial statements
2. Financial statements
Slide 7: Profit and loss Q3 2017
7 24.10.2017 Medistim ASA Q3 2017 Profit and loss Q3 2017 Sales per Quarter (TNOK) Profit & loss Q3 2017 Q3 2016 2016 80 000 All numb ers in NOK 1000 70 000 Sales 75 694 67 933 268 061 60 000 Cost of goods sold 15 321 15 420 64 957 Salary and sosial expenses 26 998 23 320 89 719 50 000 Other operati
Slide 8: Profit and loss as of September 2017
8 24.10.2017 Medistim ASA Q3 2017 Profit and loss as of September 2017 Sales per Quarter (TNOK) 80 000 Profit & loss YTD Sept 2017 YTD Sept 2016 2016 All numb ers in NOK 1000 70 000 Sales 219 231 200 627 268 061 60 000 Cost of goods sold 52 206 48 428 64 957 50 000 Salary and sosial expenses 71 561
Slide 9: Balance sheet - Assets
9 24.10.2017 Medistim ASA Q3 2017 Balance sheet - Assets Balance sheet 30.09.2017 31.12.2016 All numb ers in NOK 1000 250 000 200 000 Assets 150 000 Intangible assets 46 335 51 698 100 000 Fixed assets 23 033 18 404 50 000 Total intangible and fixed assets 69 368 70 102 - Inventory 62 136 59 297 Q3
Slide 10: Balance sheet - Equity and liability
10 24.10.2017 Medistim ASA Q3 2017 Balance sheet - Equity and liability Balance sheet 30.09.2017 31.12.2016 250 000 All numb ers in NOK 1000 200 000 Share capital 4 585 4 585 Premium fund 44 172 44 172 150 000 Other equity 120 438 117 947 Total equity 169 195 166 704 100 000 Total long term debt 11
Slide 11: 3. Business segments update
3. Business segments update
Slide 12: Status production capacity of flow probes
12 24.10.2017 Medistim ASA Q3 2017 Status production capacity of flow probes • Development in number of TTFM probes in backorder • During the first half year we invested in building capacity at the end of the quarter: by increasing the number of probe assembly operators o Q4 2016: 400 o Q1 2017: 250
Slide 13: Flow probes and systems in units
13 24.10.2017 Medistim ASA Q3 2017 Flow probes and systems in units Flow probes in units (excl USA) Flow systems in units (VeriQ & MiraQ) 2 000 30 25 1 500 20 Europe 1 000 15 US ROW 500 10 Asia 5 - Q3 15Q4 15Q1 16Q2 16Q3 16Q4 16Q1 17Q2 17Q3 17 - Q2 15Q3 15Q4 15Q1 16Q2 16Q3 16Q4 16Q1 17Q2 17Q3 17 • 7
Slide 14: Imaging probes and systems in units
14 24.10.2017 Medistim ASA Q3 2017 Imaging probes and systems in units Imaging probes in units (incl USA) Imaging systems in units (VeriQC & MiraQ) 30 30 25 25 20 20 ROW 15 Europe 15 10 Asia 10 US 5 5 - Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 0 Imaging probes US imaging probes Q3 15 Q4
Slide 15: Q3 revenue performance by region
15 24.10.2017 Medistim ASA Q3 2017 Q3 revenue performance by region Mill NOK Q3 '17 Q3 '16 Q/Q YTD '17 YTD '16 Y/Y 2016 Europe 36,8 28,3 30,1 % 110,3 98,1 12,5 % 136,4 USA 27,3 23,5 16,4 % 77,1 69,1 11,5 % 91,0 Asia & Jp 8,2 8,9 -7,8 % 21,3 20,1 6,1 % 24,8 ROW 3,4 7,3 -53,5 % 10,6 13,4 -20,9 % 15,9
Slide 16: Q3 revenue performance by product
16 24.10.2017 Medistim ASA Q3 2017 Q3 revenue performance by product Mill NOK Q3 '17 Q3 '16 Q/Q YTD '17 YTD '16 Y/Y 2016 Procedures (USA) 21,3 20,9 2,0 % 64,4 61,6 4,4 % 81,9 Flow probes 21,1 18,1 16,3 % 55,9 52,9 5,6 % 70,4 Flow systems (VeriQ & MiraQ) 4,5 3,7 22,3 % 13,9 12,1 15,1 % 17,7 Imaging s
Slide 17: 4. Implementing the strategy
4. Implementing the strategy
Slide 18: Growth opportunities – in developing Medistim markets
18 24.10.2017 Medistim ASA Q3 2017 Growth opportunities – in developing Medistim markets 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL support e
Slide 19: High performance US sales organization
19 24.10.2017 Medistim ASA Q3 2017 50000 45000 40000 High performance US sales organization 35000 30000 RESULTS Q3 25000 20000 2010 2011 2012 2013 2014 2015 2016 • Revenues up by 16.4 % in NOK and 17.8 % in Number of procedures per year USD # of Procedures • Number of procedures up by 18.5 % per Con
Slide 20: Growth opportunities – Convert Flow market to Flow & Imaging
20 24.10.2017 Medistim ASA Q3 2017 Growth opportunities – Convert Flow market to Flow & Imaging 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL su
Slide 21: Ultrasonic Surgical Guidance & Quality Assessment
21 24.10.2017 Medistim ASA Q3 2017 GOAL: CONVERT A FLOW MARKET TO A FLOW-AND-IMAGING MARKET Ultrasonic Surgical Guidance & Quality Assessment Optimize graft Reduce strokes Verify graft functionality…revise when needed strategy Evaluate ascending Assess graft functionality Evaluate morphology Evaluat
Slide 22: What is the study protocol?
22 24.10.2017 Medistim ASA Q3 2017 What is the study protocol? Why are these data interesting to the surgical • Perform ultrasound imaging of the aorta, conduit arteries community? in situ, compromised coronary arteries and completed • The hypothesis motivating the REQUEST registry study grafts (ana
Slide 23: Study objective
34 07.09.2017 Medistim company presentation Study objective Objective: Prospective study of the number and type of CABG surgical procedure changes (to aortic manipulation and coronary grafting) based on aortic and coronary ultrasound intraoperative images and transit time flow measurements (TTFM) wi
Slide 24: Surgical protocol
36 07.09.2017 Medistim company presentation Surgical protocol 1) Ultrasound assessment Soft plaque in aorta of aorta prior to manipulation LAD with stenosis 2) Ultrasound assessment of conduit arteries in situ and 3) diseased coronaries 4) TTFM graft assessment (Flow, PI, DF, BF) 5) Ultrasound asses
Slide 25: Preliminary findings presented at ICC, New York, August 19th
37 07.09.2017 Medistim company presentation Preliminary findings presented at ICC, New York, August 19th • 285 changes in the surgical procedure in 203 of 776 patients • 26% of patients had at least 1 surgical change ICC = International Coronary Conference
Slide 26: 20 largest share holders (per 16. October 2017)
26 24.10.2017 Medistim ASA Q3 2017 20 largest share holders (per 16. October 2017) Number of Shares in % Shareholder Account type Nationality shares 4 003 500 21,83 INTERTRADE SHIPPING NOR 1 862 500 10,16 SALVESEN & THAMS INV NOR 1 376 596 7,51 JPMorgan Chase Bank, NORDEA TREATY ACCOUN NOM GBR 1 000
Slide 27: Seeing is believing
27 24.10.2017 Medistim ASA Q3 2017 Seeing is believing