Slide 1: FY21 Results Investor Presentation
T | +61 3 5339 0704 E | info@integraldiagnostics.com.au Suite 9.02, level 9, 45 William St Melbourne Vic 3000 www.integraldiagnostics.com.au FY21 Results Investor Presentation 27 August 2021, Melbourne Integral Diagnostics Limited (ASX: IDX) attaches its FY21 Results Presentation. Authorised for lod
Slide 2: FY21 Results
FY21 Results Dr. Ian Kadish (MD & CEO) Anne Lockwood (CFCO) 27 August 2021 Integral Diagnostics
Slide 3: IDX Vision & Values
IDX VISION & VALUES Integral Diagnostics 2
Slide 4: Delivering on Our Values – FY21
DELIVERING ON OUR VALUES – FY21 Patients Medical Everyone Create Embrace First Leadership Counts Value Change • Served 797,118 patients • 237 reporting radiologists • 1,524 employees • Increased Operating NPAT • Managed workflows, • 157 employees • Reduced lost time injuries by 25.3% to $38.1m perso
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS 36.1% 25.3% 23.5% 14.5% 27.3% 19.3% 6.7% increase increase increase increase increase increase improved in in in in in in statutory operating operating operating operating free cash net debt NPAT NPAT EBITDA EPS revenue flow /LTM EBITDA $31.3m $38.1m $93.5m 19.0cps $348.8m $66.5
Slide 6: DI Industry Growth Australia
DI INDUSTRY GROWTH AUSTRALIA Industry growth rates in Australia impacted by COVID-19 in CY20, return of strong industry growth rates in CY21 off a lower base Published industry data is not available for the New Zealand market Integral Diagnostics 5
Slide 7: FY21 Financial Performance
FY21 Financial Performance Integral Diagnostics
Slide 8: FY21 Results Including AASB 16
FY21 RESULTS INCLUDING AASB 16 (1) $ millions FY21 FY20 Change ($) Change (%) Operating revenue(2) 348.8 274.1 74.7 27.3% Operating EBITDA(3) 93.5 75.7 17.8 23.5% EBITDA operating margin 26.8% 27.6% (0.8%) (2.9%) Operating EBITA 62.8 51.1 11.7 22.9% Operating NPAT 38.1 30.4 7.7 25.3% Operating Dilut
Slide 9: Reconciliation of Operating to Statutory
RECONCILIATION OF OPERATING TO STATUTORY $ million FY21 FY20 Change ($) Change (%) Operating NPAT 38.1 30.4 7.7 25.3% Non operating transactions net of tax Transaction and integration costs (1.4) (4.8) Share based payments (2.1) (1.3) Amortisation customer contracts (3.3) (1.2) Write off of brand na
Slide 10: Growth in Shareholder Returns
GROWTH IN SHAREHOLDER RETURNS 100 Operating EBITDA - millions AASB 16 90 uplift in EBITDA 93.5 80 70 FY20 and 60 FY21 50 75.7 40 53 30 33.5 38.1 20 FY 17 FY 18 FY 19 FY 20 FY21 IDX Dividends 12.5 Dividend cents per share 10.0 9.5 8.0 7.0 7.0 5 4 4 4 5 5.5 5.5 3 4 FY 17 FY 18 FY 19 FY 20 FY21 Interim
Slide 11: Revenue
REVENUE Solid underlying growth, despite ongoing COVID-19 impacts, driven by new sites, investment in new equipment and additional contribution from acquisitions Operating revenue up 27.3% to $348.8m • Revenue growth of $74.7m driven by • Imaging Queensland $23.0m for additional 4 months July 2020 –
Slide 12: Operating Expenditure
OPERATING EXPENDITURE IDX experienced a 0.8% ($2.7m) increase in operating costs as a % of revenue, largely driven by increasing employee and consumables costs • Employee costs increased by 0.3% ($1.1m) of revenues driven by radiologist cost pressures present in the industry and increased use of pai
Slide 13: Capital Management
CAPITAL MANAGEMENT Strong balance sheet with reduced leverage to support on-going growth strategy $ millions 30 Jun 21 30 Jun 20 30 Jun 19 • FY21 net debt of $137.4m (FY20: $124.4m) Cash and cash equivalents 62.2 58.0 21.0 • Reducing leverage 1.4x on trailing EBITDA prior Trade and other receivables
Slide 14: Cashflow and Cash Conversion
CASHFLOW AND CASH CONVERSION Strong business performance and cash conversion reflected in free cash flow growth • Normalised free cash flow conversion of $ millions FY21 FY20 71.1% (FY20 73.6%) – 89.1% net of replacement capex Operating EBITDA 93.5 75.7 • The application of AASB 16 results in the No
Slide 15: Capital Expenditure
CAPITAL EXPENDITURE Conservative growth capex in a COVID-19 environment $ millions(1) FY21 FY20 FY19 Replacement 16.8 9.4 10.7 Growth 6.3 16.7 9.7 Total 23.1 26.1 20.4 Depreciation 19.1 14.8 10.5 Replacement capex of $16.8m Growth capex of $6.3m • Installation of new cardiac CT in Busselton - $0.7m
Slide 16: Regulatory Update
Regulatory Update Integral Diagnostics
Slide 17: Regulatory Environment Activity
REGULATORY ENVIRONMENT ACTIVITY Australia MRI Licences • As at the date of this presentation no further licences or plans for deregulation of MRI licences have been announced. MRI licences and/or changes may occur in a Federal election year May 2021 Budget • Indexation across 90% of MBS items, equat
Slide 18: Strategy
Strategy Integral Diagnostics
Slide 19: IDX Operates in Key Geographic Markets
IDX OPERATES IN KEY GEOGRAPHIC MARKETS Integral Diagnostics 18
Slide 20: Management's FY22 Strategy – Good Medicine Is Still Good Business
MANAGEMENT’S FY22 STRATEGY – GOOD MEDICINE IS STILL GOOD BUSINESS Strategy 1 Grow existing business and margin 2 Strategic expansion Nurture and Execute on our Continue to evaluate further develop Key Priorities Increased focus Accelerate use environment, strategic expansion of digital and culture a
Slide 21: FY22 Capital Expenditure
FY22 CAPITAL EXPENDITURE $ millions FY22 FY21 FY20 Replacement 20.0 16.8 9.4 Growth 20-24 6.3 16.7 Total 40-44 23.1 26.1 Expected Replacement capex of approximately $20m • $8m on a new comprehensive site at Benowa on the Gold Coast. The site is 500m from the Pindara Hospital and will include a full
Slide 22: FDG PET for Diagnosis of Alzheimers Type Dementia
FDG PET FOR DIAGNOSIS OF ALZHEIMERS TYPE DEMENTIA • FDG PET scan for the diagnosis of Alzheimers type dementia has been approved by the Australian Government Department of Health; the legislative framework is expected to be finalised by 1 November 2021 and was included in the Budget 21/22 announceme
Slide 23: Questions
QUESTIONS Integral Diagnostics 22
Slide 24: Disclaimer
DISCLAIMER Some of the information contained in this presentation contains “forward-looking statements” which may not directly or exclusively relate to historical facts. These forward-looking statements reflect Integral Diagnostics Limited (IDX) and the consolidated entity consisting of IDX and the
Slide 25: Investors & Media
Investors & Media Dr Ian Kadish, MD & CEO P: +61 3 5339 0704 E: ikadish@idxgroup.com.au Integral Diagnostics