Stille Ab · OMXSTO:STIL
Stille Ab — Q3 2024 Earnings Presentation
22 slides from Stille Ab's earnings presentation, Oct 28, 2024
Slide 1: Surgical Perfection. For Life.
Stille Surgical Perfection. For Life. Oct 2024
Slide 2: Disclaimer
DISCLAIMER Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to several risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or perfor
Slide 3: Stille meets the clinical need when there is no room for compromise
Stille meets the clinical need when there is no room for compromise. Stille offers market leading products with a focus on the cardiovascular, plastic and microsurgical disciplines. Clinical segments where product quality allows for premium pricing. 3
Slide 4: Specialising in niche surgical instruments & tables
SPECIALISING IN NICHE SURGICAL INSTRUMENTS & TABLES STILLE IN BRIEF BUSINESS UNITS KEY STATISTICS 2024 Surgical instruments Advanced surgical tables Headquarters Torshälla, Sweden World leading manufacturer of premium surgical instruments and advanced surgical tables Revenues1 SEK 487m Product portf
Slide 5: Stille's global footprint
STILLE’S GLOBAL FOOTPRINT US EMEA RoW EMEA SEK SEK SEK 180m 202m 110m Direct sales Distributor sales Hybrid sales LOCAL OFFICES MAIN PARTNERS DISTRIBUTORS Sweden HQ, R&D & production USA Germany Switzerland Sales & assembly Sales & R&D Sales & production > 95 UAE & Malaysia Sales Note: Stille FY 202
Slide 6: Stille's commitment to premium quality spans centuries
STILLE’S COMMITMENT TO PREMIUM QUALITY SPANS CENTURIES ” At the heart of our operations, manufacturing stands as the cornerstone of Stille’s business. Stille is the only medical instrument manufacturer in the world that produces handcrafted instruments from tubular steel in the company’s own forge.
Slide 7: Driving growth with clear strategic objectives
DRIVING GROWTH WITH CLEAR STRATEGIC OBJECTIVES 1 2 3 4 PRODUCT LEADERSHIP MARKET EXPANSION OPERATIONAL EXCELLENCE ACQUISITIONS Efficient and scalable Premium offering within Continuous growth and sales manufacturing processes cardiac, cardiovascular, micro, development with strategic Additional grow
Slide 8: Stille offers a premium & diversified surgical portfolio
STILLE OFFERS A PREMIUM & DIVERSIFIED SURGICAL PORTFOLIO SURGICAL INSTRUMENTS Stille's craftsmanship and unique manufacturing process yields instruments of unparalleled quality C-ARM TABLES Stille’s C-arm tables, developed for specialized use during minimally invasive surgery, are among the most adv
Slide 9: Brief introduction to surgical instruments
BRIEF INTRODUCTION TO SURGICAL INSTRUMENTS Stille Ambassador Stille offers a wide range of premium instruments with exceptional quality. Focus is on select attractive clinical niches and segments where Stille offers unique value to its customers and maintains premium pricing power Products are devel
Slide 10: Sales distribution of surgical instruments
SALES DISTRIBUTION OF SURGICAL INSTRUMENTS PRODUCT TYPE GEOGRAPHY SALES CHANNEL % of 2023 sales (SEK 360m) 1 % of 2023 sales (SEK 360m) 1 % of 2023 sales (SEK 360m) 1 6% 26% 32% 58% 35% 42% 59% 42% Traditional instruments Micro instruments US EMEA RoW Direct Distributors MICS Stille’s product portfo
Slide 11: Market opportunities surgical instruments
MARKET OPPORTUNITES SURGICAL INSTRUMENTS MARKET CONSOLIDATION PAVES THE WAY FOR ACQUISITION OPPORTUNITIES The instrument market is fragmented with numerous small and medium-sized companies across various regions, often focusing on niche high-growth surgical segments – Stille is well positioned to ca
Slide 12: Brief introduction to surgical tables
BRIEF INTRODUCTION TO SURGICAL TABLES Stille Ambassador Stille’s market leading C-arm tables are specifically designed for minimally invasive procedures where precision and high-quality imaging are critical. The product range is developed in close cooperation with leading surgeons, based on latest i
Slide 13: Sales distribution of surgical tables
SALES DISTRIBUTION OF SURGICAL TABLES PRODUCT TYPE GEOGRAPHY SALES CHANNEL % of 2023 sales (132 MSEK) % of 2023 sales (132 MSEK) % of 2023 sales (132 MSEK) 17% 15% 48% 44% 56% 83% 37% Advanced Radiolucent Tables US EMEA RoW Partners Distributors Other Tables Stille’s advanced imaging tables are tail
Slide 14: Market opportunities surgical tables
MARKET OPPORTUNITES SURGICAL TABLES UNLOCKING NEW BUSINESS OPPORTUNITIES IN HIGH-GROWTH, HIGH-PROFIT SEGMENTS Stille leads the market through in-house development and partnerships with leading C-arm manufacturers. Innovations in technology and software, as well as increased requirements for versatil
Slide 15: Unlocking growth potential through acquisitions
UNLOCKING GROWTH POTENTIAL THROUGH ACQUISITIONS ” During its history, Stille has undertaken several M&A activities to grow its reach and capabilities. The S&T acquisition highlights Stille’s potential for inorganic growth and competence in deal execution. CASE STUDY: SUCCESSFUL ACQUISITION OF S&T AG
Slide 16: Financial KPIs & current performance
FINANCIAL KPIs & CURRENT PERFORMANCE OBJECTIVE ACTUAL 2024 ACTUAL 2020-20243, 4 600 400 ORGANIC SALES GROWTH1 > 10% 12,0% 200 0 2020 2021 2022 2023 2024 Sept 30% 25% EBITDA2 > 25% 24,3% 20% 15% 10% 2020 2021 2022 2023 2024 Sept 3.0 NET DEBT/EBITDA2 (Long term) <3 0,2 1.0 -1.0 2020 2021 2022 2023 202
Slide 17: Sales and profitability development
SALES AND PROFITABILITY DEVELOPMENT SALES DEVELOPMENT FINANCIAL HIGHLIGHTS 600 500 +22,3% CAGR +38,8% CAGR 400 Strong long- term 300 profitable growth in both 200 business units 100 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Q3 SEK, m LTM + Fehling1 Reduced OPEX ratio vs EBITD
Slide 18: Management team and board of directors
MANAGEMENT TEAM AND BOARD OF DIRECTORS Markus Spingler Johan Lundholm Brian Anderson Gerald Fehling Torbjörn Sköld Niklas Carlén Business Unit Manager Business Unit Manager General Manager General Manager CEO CFO Surgical Instruments Surgical Tables Stille US Fehling Lars Kvarnhem Victor Steien Jens
Slide 19: Top 10 shareholders
TOP 10 SHAREHOLDERS Name Total Shares1 Votes % 1. Impilo AB 2 056 075 22,9% 2. Linc AB 2 056 075 22,9% 3. SEB Funds 579 068 6,4% 4. Lannebo Funds 558 031 6,2% 5. ShapeQ GmbH 418 884 4,7% 6. Aktia Asset Management 380 353 4,2% 7. Berenberg Funds 357 426 4,0% 8. Ramhill AB 328 145 3,7% 9. Avanza Pensi
Slide 20: Stille – long standing, trusted surgical specialists
STILLE – LONG STANDING, TRUSTED SURGICAL SPECIALISTS A tradition of >180 years of expertise and innovation, trusted by excellence generations of surgeons Unparalleled Unique, premium offering in surgical tables and craftmanship instruments of the highest quality standards Strong global partner & dis
Slide 21: Stille Group in third quarter 2024
STILLE GROUP IN THIRD QUARTER 2024 ” Continued growth with improved gross margin and revised financial targets. HIGHLIGHTS • Net sales MSEK 127.9 (70.1), +82.4 percent, of which +7.4 percent was organic. • The gross profit margin 51.8 percent (46.7). • EBITDA* margin 23.6 percent (22.1). • Surgical
Slide 22: Thank you!
STILLE THANK YOU! = f j