Medistim Asa · OSL:MEDI
Medistim Asa — Q2 2021 Earnings Presentation
28 slides from Medistim Asa's earnings presentation, Aug 13, 2021
Slide 1: Welcome to Medistim ASA's Interim report Q2 and First Half 2021
Welcome to Medistim ASA’s Interim report Q2 and FIRST HALF 2021 The webinar will begin shortly 1
Slide 2: Before we start
Before we start You will be kept on mute during the presentation. All questions will be answered at the end of the presentation Click on this arrow to expand or minimize your GoToMeeting panel Add any questions here in the questions panel and we will answer them at the end of the presentation
Slide 3: Medistim ASA Q2 and first half 2021
Medistim ASA Q2 and first half 2021 August 13th 2021 Kari E. Krogstad Thomas Jakobsen PRESIDENT & CEO CFO 3
Slide 4: Disclaimer
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 statements are based on various ass
Slide 5: Table of Contents
Table of Contents 01 ● Highlights 02 ● Financial statements 03 ● Business segments update 04 ● Implementing the strategy 05 ● The COVID-19 pandemic 5
Slide 6: Highlights
MED\STIM @ 01 Highlights
Slide 7: Highlights 2nd Quarter
Highlights 2nd Quarter Q2 2021 %QoQ Best quarterly result ever for revenue and EBIT Revenue MNOK 109.8 (82.5) +33.1% ➢ Record quarterly sales revenue ever, up 26.6% in NOK to MNOK 104.5 o Imaging sales up 71% in NOK, Flow sales up 23.6% in NOK EBIT MNOK 42.7 (27.7) +54.0% o Vascular sales up 6.1% in
Slide 8: Highlights 1st Half
Highlights 1st Half H1 2021 %HoH Best first half ever for revenue and EBIT Revenue MNOK 212.8 (185.6) +14.4% ➢ Record first half sales revenue ever, up 11.6% in NOK to MNOK 207.1 o Imaging sales up 14%, Flow up 9.8% in NOK EBIT MNOK 71.7 (52.5) +36.7% o Vascular sales down 8.2 %, Cardiac up 12.8% in
Slide 9: Financial Statements
MED\STIM 02 Financial Statements
Slide 10: Profit and loss Q2 2021
Profit and loss Q2 2021 Profit & loss Q2 2021 Q2 2020 Sales per Quarter (TNOK) All numb ers in NOK 1000 120 000 Sales revenue 104 476 82 482 110 000 Other revenue 5 292 - 100 000 90 000 Total revenue 109 768 82 482 80 000 Cost of goods sold 22 637 15 892 70 000 60 000 Salary and sosial expenses 25 2
Slide 11: Profit and loss H1 2021
Profit and loss H1 2021 Profit & loss H1 2021 H1 2020 All numb ers in NOK 1000 Sales per Quarter (TNOK) Sales revenue 207 106 185 588 120 000 110 000 Other revenue 5 292 - 100 000 Total revenue 212 398 185 588 90 000 80 000 Cost of goods sold 45 438 38 966 70 000 Salary and sosial expenses 57 611 55
Slide 12: Balance sheet – Assets
Balance sheet 30.06.2021 31.12.2020 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 30 826 33 464 Fixed assets 60 329 66 570 Total intangible and fixed assets 91 154 100 034 Cash position by end of quarter Inventory 113 485 112 667 was MNOK 53.0 Customers receivables 66 041
Slide 13: Balance sheet – Equity and Liability
Balance sheet 30.06.2021 31.12.2020 All numb ers in NOK 1000 Balance sheet – Share capital Premium fund 4 585 44 172 4 585 44 172 Equity and Liability Other equity 212 229 208 089 Total equity 260 986 256 846 3.0 MNOK in interest-bearing debt. Total long term debt 19 550 29 497 MNOK 5.3 from the U.S
Slide 14: Business segments update
03 Business segments update 14
Slide 15: Imaging probes and systems in units
Imaging systems in units 30 Imaging probes and 25 systems in units 20 ROW 15 Europe Unit sales of imaging systems Asia 10 sold as capital equipment come US back strong after the COVID 5 slow down, growing 133.3% this quarter 0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Unit sales of imagi
Slide 16: Flow probes and systems in units
Flow probes and Flow systems in units (MiraQ capital sales) systems in units 45 40 35 Number of flow systems sold as 30 Europe capital equipment is down 15% 25 USA 20 from Q2 last year. 15 ROW It is Medistims strategy to convert 10 Asia 5 the market from Flow-only to - Flow-and-Imaging technology -5
Slide 17: Q2 and H1 revenue performance by region
Q2 and H1 revenue performance by region Mill NOK Q2 21 Q2 20 Q/Q H1 21 H1 20 H1 / H1 2020 Europe 50,4 40,7 23,8 % 95,1 81,5 16,7 % 173,3 USA 41,4 26,6 55,7 % 76,5 65,0 17,8 % 126,4 Asia 13,8 7,9 73,6 % 33,2 27,1 22,6 % 46,8 ROW 4,1 7,2 -42,6 % 7,6 12,0 -36,9 % 16,7 (MEA, CAN, SA, AUS) Total 109,8 82
Slide 18: Q2 and first half 2021 revenue performance by product
Q2 and first half 2021 revenue performance by product Mill NOK Q2 21 Q2 20 Q/Q H1 21 H1 20 H1 / H1 2020 Procedures (USA) 28,9 22,4 28,8 % 54,8 50,7 8,0 % 99,4 Flow probes 29,0 21,6 34,0 % 55,2 46,4 19,1 % 92,6 Flow systems (MiraQ) 8,4 9,8 -14,1 % 21,5 23,9 -10,1 % 47,2 Imaging systems (MiraQ) 14,8 7
Slide 19: Implementing the strategy
04 Implementing the strategy 19
Slide 20: Medistim growth strategy
Medistim growth strategy 1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as Emerging high-growth the new standard of care through economies 3 → Early adopter & KOL support (e.g. BRIC) → REQUEST study Developing → Ease conversio
Slide 21: Sales growth in the USA
MED\STIM Sales growth in the USA 21
Slide 22: Performance US sales
Performance US sales 65000 Strong Q2 growth in sales and total 60000 CAGR (2013 – 2020)=8.7 % 55000 revenue 50000 45000 o Total revenue in USD incl. the 40000 Paycheck Protection Program 35000 30000 extraordinary revenue of TUSD 630 25000 and grows at 79.8% 20000 2010 2011 2012 2013 2014 2015 2016 2
Slide 23: Adding the popular Pay Per Procedure option to MiraQ in the USA
Adding the popular Pay Per Procedure option to MiraQ™ in the USA ▪ Medistim offers various options for product acquisition: ▪ In the U.S.A., the PPP model has been offered on the previous system generations (Butterfly™, VeriQ™ and VeriQC™) and now we have added it to our latest MiraQ™ system generat
Slide 24: The COVID-19 pandemic
MED\STIM * 05 The COVID-19 pandemic 24
Slide 25: The COVID-19 pandemic
The COVID-19 pandemic From gradually decreasing impact to strong recovery this quarter Currency neutral sales development Not quite back to normal A positive outlook → Q2-20: -19.3 % vs LY o Still some travel and hospital → As vaccination rates continue to access restrictions increase, we expect few
Slide 26: MED\STIM
MED\STIM 26
Slide 27: Shareholders list per August 10th 2021
Shareholders list per August 10th 2021 Name: MEDISTIM ASA ISIN: NO0010159684 Number of investors: 1 070 Number of shares: 18 337 336 Rank Name Holding % of total Citizenship Type of account 1 AETERNUM CAPITAL AS 1 862 500 10,2 % Norway Ordinary 2 VERDIPAPIRFOND ODIN NORDEN 1 800 000 9,8 % Norway Ord
Slide 28: MED\STIM
MED\STIM