El.en. S.p.a. · MIL:ELN
El.en — Investor Presentation (December 2023)
45 slides from El.en's investor presentation, Dec 4, 2023
Slide 1: Company Presentation
COMPANY PRESENTATION Milan December 4th , 2023 1
Slide 2: Disclaimer
DISCLAIMER Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward- looking statements involve known or unknown risks, including general economi
Slide 3: Agenda
AGENDA 1.Overview 2.Markets and Growth drivers 3.Innovation: products & applications 4.Financial Highlights 5.Current Outlook 6.Multiples & Comparables 3
Slide 4: Overview
OVERVIEW 4
Slide 5: Overview
OVERVIEW A PRIMARY PLAYER PROVIDING MEDICAL, INDUSTRIAL AND CONSERVATION LASER SOLUTIONS WORLDWIDE World Class Hi-Tech company Hi-Tech industrial group providing laser solutions with proprietary technologies and know how developed over 40 years Listed on Milan’s Stock Exchange Star segment since yea
Slide 6: Our Businesses
OUR BUSINESSES >40 >20 8 13 COUNTRIES WITH YEARS OF EXPERIENCE SUBSIDIARIES PLANTS DIRECT PRESENCE WE CREATE LIGHT, ENERGY,WAVES MEDICAL INDUSTRIAL CONSERVATION Our energy based systems improve Our LASER CUTTING and MARKING Our LASER SYSTEMS PRESERVE artworks of the people’s well-being and life qual
Slide 7: Our Approach
OUR APPROACH OUR STRATEGY FOR A SUSTAINABLE FUTURE: Create value over time and be ready Sustainalytics to successfully meet the future challenges R&D 8 € >19 MLN > 280 > 180 R&D dept. Yearly R&D investments Patents R&D specialists PRODUCTS > 50.000 ISO 9001 e ISO 13485 > 60 Laser sources produced Ce
Slide 8: Our History
OUR HISTORY 80s 2002 2008 Production of CO2 lasers for dermatology, Smartlipo (Deka Mela S.r.l.laserlipolisi : localized ® Mediostar XT (Asclepion GmbH) surgery and therapy removal of adipose deposits with minimally esthetics and hair removal. invasive treatment Industrial sector El.En.– creation of
Slide 9: Our History
OUR HISTORY 2012 2016 2019 Monna Lisa Touch (Deka Mela S.r.l.) for the TM Motus AX with Moveo (Deka Mela S.r.l.) hair The Chinese subsidiary Penta Laser Equipment treatment of vaginal atrophy removal,removal of pigmented lesions (Wenzhou) Co.Ltd incorporates Penta Laser Technology (Shangdong) Co.Ltd
Slide 10: El.En. Worldwide
EL.EN. WORLDWIDE Our people 1014 Italy 893 Row 47% 42% 230 Europe 11% https://elengroup.com/sustainability/reports.html 10
Slide 11: Growth History
GROWTH HISTORY REVENUES 674 Cagr 11/22: 571 +14% 401 408 346 307 253 218 in Euro million 180 137 151 157 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 81 EBIT 65 38 Cagr 11/22: 28 30 30 30 22 +26% 5 7 15 10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 11
Slide 12: Markets and Growth Drivers
MARKETS AND GROWTH DRIVERS 12
Slide 13: Laser Surgery Market Trends
LASER SURGERY MARKET TRENDS MINIMALLY INVASIVE SURGERIES: Painless procedures Lower risks and side effects Shorter hospital stays/Faster recovery Savings by Private & National Health Systems Attractive ROI for surgical services providers Rapidly Growing Urology laser market 13
Slide 14: Medical Aesthetics Market Trends
MEDICAL AESTHETICS MARKET TRENDS Aging demographics and increasing focus on improving appearance and youthfulness; Growing interest in non-invasive or minimally invasive procedures and awareness of energybased aesthetic treatments Growing global obesity rate Reductions in procedure costs, at
Slide 15: Market Researches Growth Estimates
MARKET RESEARCHES GROWTH ESTIMATES GLOBAL MEDICAL LASER MARKET Mordor Intelligence CAGR 13,4% to 2028 Fortune business insight CAGR 16,8% to 2029 Global Market Insights CAGR 14,5% to 2032 Research and Markets CAGR 13,2% to 2030 With an estimated market size of ≃ $5 Bln in 2021 including: O
Slide 16: Medical Aesthetics: Our Multi-Brand Approach
MEDICAL AESTHETICS: OUR MULTI-BRAND APPROACH 16
Slide 17: Industrial Laser Market Trend
INDUSTRIAL LASER MARKET TREND Laser cutting applications: Laser power increase + Cost reduction: enhanced flexibility, productivity and quality standards in manufacturing processes New application verticals Building and construction Laser marking: Products identification and traceability M
Slide 18: Innovation: Products & Applications
INNOVATION: PRODUCTS & APPLICATIONS 18
Slide 19: Innovation: Products & Applications
INNOVATION: PRODUCTS & APPLICATIONS 19
Slide 20: Hair Removal Devices
HAIR REMOVAL DEVICES Again Pro Motus Mediostar 20
Slide 21: Body Contouring Devices
esthelogue e e : Asclepien 21
Slide 22: Skin Devices
SKIN DEVICES Discovery Pico Smart Pico Unique high end system for laser tattoo removal RED Touch Pro Tissue regeneration for wrinkles, discoloration and vascular lesions 22
Slide 23: Monalisa Touch Glide - DuoGlide
MONALISA TOUCH GLIDE - DUOGLIDE Novel CO2 device for dermatology and gynecology featuring an additional 1540nm laser source 23
Slide 24: Urology
UROLOGY FIBER DUST - TFL One of the main worldwide players in high power medical fiber lasers Our novel disruptive technology for the most effective stones micro fragmentation 24
Slide 25: Physiotherapy
PHYSIOTHERAPY Dolore — -Lesioni; \~>\4 »muscolari /: Fee ih
Slide 26: Accure Laser 2023 Limited Release Program
Accure Laser 2023 Limited Release Program • Disruptive technology with active IP portfolio in the vast, global acne market • Positive safety profile & clinical results; non-drug based with expected durable outcomes • World-class team: Dr. Rox Anderson: Co-Founder; Chief Scientific & Medical Officer
Slide 27: Accure Laser 2023 Limited Release Program
Accure Laser 2023 Limited Release Program 27
Slide 28: Accure Laser 2023 Limited Release Program
Accure Laser 2023 Limited Release Program 28
Slide 29: Industrial Lasers Systems
INDUSTRIAL LASERS SYSTEMS STEEL CUTTING >14 kW Average power in 2023 sales Several 40 kW systems installed in 2023 Testing 60kw systems 29
Slide 30: Industrial Lasers Systems
INDUSTRIAL LASERS SYSTEMS 30
Slide 31: Laser Cutting Systems Offer in China
LASER CUTTING SYSTEMS OFFER IN CHINA 31
Slide 32: Financial Highlights
FINANCIAL HIGHLIGHTS 32 Mm i.
Slide 33: Income Statement – FY 2022
INCOME STATEMENT – FY 2022 Euro '000 31/12/21 % 31/12/22 % Var. % unaudited Medical 311.290 54,5% 382.063 56,7% 22,7% Industrial 260.112 45,5% 291.518 43,3% 12,1% Revenues 571.402 100,0% 673.581 100,0% 17,9% Gross margin 212.073 37,1% 249.695 37,1% 17,7% Operating Expenses 47.812 8,4% 56.250 8,4% 17
Slide 34: Balance Sheet – FY 2022
BALANCE SHEET– FY 2022 Euro '000 31/12/21 31/12/22 Var.% restated Total non current assets 136.648 165.786 21,3% Net Working Capital 144.641 200.536 38,6% Other receivables/payables ST (91.278) (80.154) -12,2% Net financial position 115.766 75.363 -34,9% Long term liabilities 18.076 18.077 0,0% Net
Slide 35: Income Statement – 9M 2023
Income Statement – 9M 2023 Euro '000 30/09/22 % 30/09/23 % Var. % unaudited unaudited Medical 270.529 55,9% 287.954 58,4% 6,4% Industrial 213.820 44,1% 205.057 41,6% -4,1% Revenues 484.348 100,0% 493.011 100,0% 1,8% Gross margin 179.496 37,1% 187.211 38,0% 4,3% Operating Expenses 41.511 8,6% 44.393
Slide 36: Cash Flow
Cash Flow 9 months 50 mln 14 mln 19 mln Q3 36
Slide 37: Revenue Breakdown by Business
Revenue breakdown by business -1% Medical: +6% 2022 2023 167,1 165,6 +28% +11% +2% 43,8 55,9 47,1 52,2 11,9 11,6 Aesthetic Surgical Physioth. Service -8% 2022 in Euro million 2023 180,5 166,2 +18% +17% +10% Industrial: -4% 17,2 20,3 15,0 2,8 3,1 12,8 Cutting Marking Laser sources Service 37
Slide 38: Revenue Breakdown by Area
Revenue breakdown by area +8% +6% in Euro million -2% -18% +15% +7% 38
Slide 39: Current Outlook
CURRENT OUTLOOK 39
Slide 40: 2023 Guidance
2023 Guidance Revenue 2023 > Revenue 2022 EBIT 2022 EBIT 2023 40
Slide 41: Multiples & Comparables
MULTIPLES & COMPARABLES 41
Slide 42: Multiples
MULTIPLES Stockholder's Equity per share 4,5 Price / Book Value Adj. 2,0 EV /EBIT (90% EBIT) 10,9 EV / Sales (90% Sales) 1,1 El.En. Market Cap. 730,9 @ € 9,14 Net financial position 32,1 @ 30/09/23 Financial investments m/l term 23,6 @ 30/09/23 Enterprise Value 675,2 42
Slide 43: Comparables
COMPARABLES Sept. 30th , 2023 Price on Nov.15, Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/Book Medical/Aesthetic 2023 Rev. (*) (*) Value Cutera (2) $2,23 $116 -5% $(53) -46% $44 $251 1,1 n.a. n.a. InMode $20,97 $365 14% $144 40% $1.740 $1.067 2,2 5,6 2,4 Beauty Health $1,39 $301 13% $(1
Slide 44: Comparables
0 100 200 300 400 500 600 700 800 900 1000 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 El.En. S.p.A. Jun-21 Jul-21 Sisram Medical Ltd. Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Han's Laser Tech Mar-22 Apr-22 IPG Photonics Corporation May-22 Jun-22 Jul-22 COMPARABLES InMode Ltd. Aug-22 Bystronic
Slide 45: Contacts
CONTACTS El.En. S.P.A. Enrico Romagnoli Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR Financial Communication, IR and Press Office Bianca Fersini Mastelloni - b.fersini@polytemshir.it Silvia Marongiu - s.marongiu@polytemshir.it Tel. +39 06-69923324 45