Medistim ASA · OSL:MEDI
Medistim ASA — Investor Presentation (June 2004)
21 slides from Medistim ASA's investor presentation, June 2004
Slide 1: Medi-Stim ASA – Seeing is believing
Medi-Stim ASA – company presentation Seeing is believing June 2004
Slide 2: Cardiovascular diseases are the most common cause of death
Cardiovascular diseases are the most common cause of death in the western world Medi-Stim is the leading global supplier of quality control procedures for cardiovascular surgery 2 June 2004
Slide 3: History - strong track record in product development
History - strong track record in product development • 1984 Medi-Stim founded • 1992 Development of 1st flowmeter prototype • 1994 Cardiomed flowmeter and probes • 1997 Butterfly flowmeter • 1997 ISO9001 Certified, CE approval • 1999 FDA clearance for the U.S market • 2000 Breakthrough with Medtroni
Slide 4: Business Structure – highly skilled employees leveraging a global distributor network
Business Structure – 38 highly skilled employees leveraging a global distributor network Medi-Stim ASA Administration Arne Grip, CEO Thomas Jakobsen, CFO (3) Oslo Quality Control/ Regulatory Affairs Rigmor Blix Oslo Production Sales & Medi-Stim Medi-Stim Medi-Stim R&D Erik Swensen & Service Marketin
Slide 5: Medi-Stim has a key position in the value chain
Medi-Stim has a key position in the value chain Value Chain Diagnosis and Surgical Intensive Recovery - Hospital evaluation procedure Care Unit and Follow-Up Search, Guidance during Verification and Value Chain detection surgical documentation - Operating and planning procedure theatre Medi-Stim’s T
Slide 6: Product description – Quality Assurance Systems
Product description – Quality Assurance Systems • Graft patency verification: • VeriQ, Medi-Stim’s latest quality assurance system, is the most advanced tool available to search for blood vessels, detect damaged parts and verify the result after the procedure • Based on Transit Time and Doppler ultr
Slide 7: Product description – Probes
Product description – Probes • Patented design • Ultrasound transit time probe for graft patency verification • Doppler probes for searching and detecting stenosis • Programmed for use 50 times • Easy to use, clean, and sterilize • Normally 1.7 probes used per procedure • Portfolio of 47 probes • So
Slide 8: VeriQ: Quality assurance system designed for use in the operating theatre
VeriQ: Quality assurance system designed for use in the operating theatre • Visualization through graphics • Large touch screen with good visability for surgeon • Fast and easy operation • ECG syncronization MS: MS:Forkortelser Forkortelserforklares forklares! ! • Mean flow, PI & DFI calculations* •
Slide 9: Well documented benefits from four published studies
Well documented benefits from four published studies Intraoperative Graft Revision Rates Documented in Four Different Studies • Flowmeasurement detected that up to 9,0 % 7,8% of the patients had non- 8,0 % % of revised grafts functioing grafts that could be revised 7,0 % % of revised patients while
Slide 10: Strong business model – tailored to each market
Strong business model – tailored to each market Outside USA USA Third party Pay Per Own products products Procedure Systems Probes (Cap. Equipment) (Consumables) • Well established • Recurring sale • Sound profitability • Capital equipment on products with based on systems • Enables broad own balanc
Slide 11: Key trends within cardiac and vascular surgery
Key trends within cardiac and vascular surgery • Less invasive surgery – leading to shorter hospital stay • Increased demand for quality control and documentation • Drive for finding less traumatic and cost-effective ways to do bypass procedures • Focus shifted towards "off pump coronary artery bypa
Slide 12: Attractive and well defined Niche Market
Attractive and well defined Niche Market Cardiac Operating theatres Vascular Operating theatres 900 1500 USA USA 2100 ROW 4000 ROW 730.000 cardiac procedures annually 600.000 vascular procedures annually -330.000 in US -300.000 in US -400.000 in the rest of the world -300.000 in the rest of the worl
Slide 13: Annual market for cardiac applications
Annual market for cardiac applications Annual market for cardiac applications • Annual market for Transit Time Flowmeter (Systems, Probes and 3.000 PPP) is estimated to NOK 800 million 2.500 2.000 • New Doppler feature increases NOK mill market potential with NOK 350 1.500 million 1.000 • Company wi
Slide 14: Large potential in increased penetration (cardiac surgery)
Large potential in increased penetration (cardiac surgery) Region Penetration (Medi-Stim share) USA 5% Germany 25% Japan 30% Scandinavia 45% Management estimates “Medi-Stim’s unique technological base combined with the Company’s close relations to leading surgeons and hospitals forms the basis for f
Slide 15: Global presence with leading distributors in key markets
Global presence with leading distributors in key markets Norway: Medi-Stim Norge Germany: Medi-Stim Deutschland Italy: Levi Medical USA: Medtronic, supported by Medi-Stim USA Spain: Mercé Japan: Nippon BXI More than 30 distributors have installed Medi-Stim systems in over 40 countries globally, accu
Slide 16: Few surgeons document quality during surgery
Few surgeons document quality during surgery • Main competitor: No device • The majority of surgeons use finger palpation of the graft – however, there is no correlation between flow and felt pressure • Limited direct competition • X-ray - Very uncommon in cardiac surgery • Electromagnetic flowmeter
Slide 17: Product development – new quality control applications
Product development – new quality control applications • Future Application development • Doppler “M-mode” • VeriQ Workstation • Advanced data management, including data security and interconnectivity • Develop Imaging capability • Future Probe development • Complete 3rd generation Transit-Time flow
Slide 18: P&L 2001 – Q1 2004
P&L 2001 – Q1 2004 (Figures in NOK '000) Q1 2004 Q1 2003 2003 2002 2001 Operating revenues Sales income 19,409 13,706 62,991 52,715 35,528 Other income 0 0 0 15 757 Total income 19,409 13,706 62,991 52,730 36,285 Operating expenses Cost of goods sold 5,141 3,823 16,813 16,315 8,034 Salaries 5,978 4,
Slide 19: Balance sheet 2001 – Q1 2004
Balance sheet 2001 – Q1 2004 Assets Q1 2004 Q1 2003 2003 2002 2001 (Figures in NOK '000) Fixed assets Deferred tax asset 1,372 573 1,239 573 250 Goodwill 7,695 8,687 7,943 8,936 0 Machinery 3,624 4,781 3,845 4,858 3,485 Other long term assets 700 577 737 651 735 Long term receivables 298 234 302 234
Slide 20: Balance sheet 2001 – Q1 2004
Balance sheet 2001 – Q1 2004 Liabilities and shareholders equity Q1 2004 Q1 2003 2003 2002 2001 Figures in NOK'000 Equity Share capital 4,096 3,133 3,935 3,133 3,133 Share premium reserve 15,733 5,866 12,958 5,866 5,866 Retained equity Other equity 8,587 8,238 6,253 7,273 5,369 Total equity 28,416 1
Slide 21: Medi-Stim – Key financial figures
Medi-Stim – Key financial figures All numbers in NOK (ex.no.of shares) 2003 2002 2001 2000 Operating revenue 000’ 62,991 52,730 36,285 28,173 EBIT 000’ 11,192 5,071 5,208 994 Earnings per share 0.49 0.16 0.25 0.10 Net interest bearing debt 000’ 4,138 7,556 0 1,130 Equity per share 1.63 1.29 1.15 1.0