Medistim Asa · OSL:MEDI
Medistim Asa — Q3 2020 Earnings Presentation
27 slides from Medistim Asa's earnings presentation, Oct 22, 2020
Slide 1: Medistim ASA Third quarter 2020
Medistim ASA Third quarter 2020 October 22nd 2020 Kari E. Krogstad Thomas Jakobsen PRESIDENT & CEO CFO 1
Slide 2: 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 3: Table of Contents
Table of Contents 01 ● Highlights 02 ● Financial statements 03 ● Business segments update 04 ● Implementing the strategy 05 ● The COVID-19 pandemic 3
Slide 4: Highlights
MED(STIM @ 01 Highlights
Slide 5: Highlights 3rd quarter
Highlights 3rd quarter Third quarter sales ended at 83.4MNOK Q3 2020 %QoQ The COVID-19 pandemic continue to postpone elective surgeries and sales revenues were down by 2.5% Revenue MNOK 83.4 (85.5) -2.5% o Improvement from Q2 which declined 12.5 % o Currency neutral sales of own products down 12.3
Slide 6: Year to date September
Year to date September YTD 2020 %HoH Year to date sales ended at 268.9 MNOK Revenue MNOK 268.9 (268.1) +0.3% Two consecutive quarters with COVID-19 pandemic effect neutralize the sales growth from Q1 EBIT MNOK 73.3 (70.0) +4.7% o Currency neutral sales of own products down 6.0 % Currency +7.3% Y
Slide 7: Financial Statements
MED(STIM oy 02 Financial Statements
Slide 8: Profit and loss Q3 2020
Profit and loss Q3 2020 Profit & loss Q3 2020 Q3 2019 All numbers in NOK 1000 Sales per Quarter (TNOK) Sales 83 361 85 517 110 000 100 000 Cost of goods sold 15 379 18 463 90 000 80 000 Salary and social expenses 31 186 32 156 70 000 60 000 Other operating expenses 10 170 11 258 50 000 Total operati
Slide 9: Profit and loss YTD Sept 2020
Profit and loss YTD Sept 2020 Profit & loss YTD 30.09.20 YTD 30.09.19 Sales per Quarter (TNOK) All numbers in NOK 1000 110 000 Sales 268 949 268 050 100 000 90 000 Cost of goods sold 54 346 60 302 80 000 Salary and social expenses 86 889 86 832 70 000 60 000 Other operating expenses 37 517 37 687 50
Slide 10: Balance sheet - Assets
Balance sheet 30.09.2020 31.12.2019 Balance sheet - Assets All numb ers in NOK 1000 Assets Intangible assets 35 377 40 773 Fixed assets 67 890 66 835 Cash flow from operations was Total intangible and fixed assets 103 267 107 608 MNOK 54.4 and the cash Inventory 112 910 90 070 position was MNOK 114.
Slide 11: Balance sheet – Equity and Liability
Balance sheet 30.09.2020 31.12.2019 All numb ers in NOK 1000 Share capital 4 585 4 585 Balance sheet – Equity Premium fund 44 172 44 172 and Liability Other equity 250 194 188 104 Total equity 298 951 236 861 Total long term debt 33 872 27 801 11.2 MNOK in interest-bearing debt, of which 6 MNOK is a
Slide 12: Business segments update
03 Business segments update 12
Slide 13: Imaging probes and systems in units
Imaging systems in units 40 Imaging probes and 35 systems in units 30 25 ROW 20 Europe Asia 15 The COVID-19 pandemic US 10 continues to affect all 5 geographies, seen as a reduced 0 Q3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20 number of elective surgeries and restrictions in access to Imaging probe
Slide 14: Flow probes and systems in units
Flow probes and Flow probes in units (excl USA) systems in units 2 500 The COVID-19 pandemic 2 000 continues to affect all 1 500 geographies, seen as a reduced 1 000 number of elective surgeries 500 and restrictions in access to - hospitals for new sales projects, Q3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20
Slide 15: Q3 and YTD 2020 revenue performance by region
Q3 and YTD 2020 revenue performance by region Mill NOK Q3 '20 Q3 '19 Q/Q YTD '20 YTD '19 Y/Y 2019 Europe 35,9 36,1 -0,6 % 117,4 117,1 0,3 % 163,9 USA 34,5 29,5 16,8 % 99,4 101,0 -1,5 % 136,1 Asia 10,8 14,1 -23,3 % 38,0 31,0 22,3 % 41,8 ROW 2,1 5,7 -63,0 % 14,1 19,0 -25,5 % 22,0 (MEA, CAN, SA, AUS) T
Slide 16: Q3 and YTD 2020 revenue performance by product
Q3 and YTD 2020 revenue performance by product Mill NOK Q3 '20 Q3 '19 Q/Q YTD '20 YTD '19 Y/Y Procedures (USA) 25,3 25,1 0,7 % 76,0 78,5 -3,1 % Flow probes 23,4 22,5 4,1 % 69,8 68,4 2,1 % Flow systems (MiraQ) 9,9 8,2 20,8 % 33,8 24,4 38,6 % Imaging systems (MiraQ) 9,3 14,0 -33,9 % 34,2 37,5 -8,8 % I
Slide 17: Implementing the strategy
04 Implementing the strategy 17
Slide 18: 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 the new standard of care through high-growth economies 4 → Early adopter & KOL support (e.g. BRIC) → REQUEST study → Ease conversion from flow
Slide 19: Sales expansion in the USA
MED(STIM Sales expansion in the USA
Slide 20: Performance US sales
Performance US sales Revenues in USD increased 6.5% in Q3 and decreased 10.3% YTD September due to COVID-19 o In NOK, revenues increased 16.8% in Q3 and 1.5% YTD September due to favorable currency Total number of procedures was up 2.3% in Q3 and down 9.9% YTD, reflecting the lower surgical activity
Slide 21: The COVID-19 pandemic
MED(STIM * 05 The COVID-19 pandemic 21
Slide 22: The COVID-19 pandemic
The COVID-19 pandemic Continued negative effects on sales revenues in Q3 No significant negative implications on Medistim’s operations o Lock-downs, travel and hospital access restrictions o Healthy employees o Hospital resources and capacity still treating, and o Intact supply chain keeping ready f
Slide 23: The COVID-19 pandemic (cont’d)
23 The COVID-19 pandemic (cont’d) Light at the end of the tunnel Uncertainties Measures taken o Serious medical conditions such as heart o For how long will the pandemic and its o The situation is being continuously disease and risk of stroke cannot be left aftermath last monitored untreated for too
Slide 24: The COVID-19 pandemic (cont’d)
The COVID-19 pandemic (cont’d) The sales revenues development from Q2 to Q3 may indicate decreasing impact from COVID → Q2: -12.5% vs LY → Q3: -2.5% vs LY Continued positive development will take surgical activity back to normal capacity → Improved handling of the COVID situation → Increasing pressu
Slide 25: MED(STIM
MED(STIM 25
Slide 26: Shareholders list per 20.10.2020
Shareholders list per 20.10.2020 Rank Shareholder # of shares % of total Country Type of account 1 INTERTRADE SHIPPING AS 2 000 000 10,9 Norway Ordinary 2 SALVESEN & THAMS INVEST AS 1 862 500 10,2 Norway Ordinary 3 VERDIPAPIRFOND ODIN NORDEN 1 800 000 9,8 Norway Ordinary 4 State Street Bank and Trus
Slide 27: MED\STIM
MED\STIM