Medistim Asa · OSL:MEDI
Medistim Asa — Q4 2022 Earnings Presentation
27 slides from Medistim Asa's earnings presentation, Mar 1, 2023
Slide 1: Medistim ASA Q4 2022
Medistim ASA Q4 2022 March 1st 2023 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 3
Slide 4: Highlights
MED\STIM @ 01 Highlights
Slide 5: Highlights 4th Quarter
Highlights 4th Quarter Q4 2022 QoQ Another all-time high sales quarter for Medistim ➢ Beating our previous sales record by 20 % Revenue MNOK 141.8 (112.7) + 25.8 % o Imaging sales up 33.5 % in NOK, Flow sales up 28.1 % in NOK o Vascular sales up 8.8 % in NOK, Cardiac sales up 34.2 % in NOK EBIT MNOK
Slide 6: Highlights 2022
Highlights 2022 Full Year 2022 YoY Best year ever for revenue and EBIT Revenue MNOK 491.9 (427.3) + 15.1 % ➢ Sales revenue grows 15.1 % in NOK and 16.6 % when excluding the PPP grant revenue of MNOK 5.3 from 2021 EBIT MNOK 141.3 (116.3) + 21.5 % o Imaging sales up 44.0 %, Flow up 10.6 % in NOK o Vas
Slide 7: Financial Statements
MED\STIM 02 Financial Statements
Slide 8: Profit and loss Q4
Profit and loss Q4 Sales per Quarter (TNOK) Profit & loss Q4 2022 Q4 2021 150 000 1=NOK 1000 130 000 Sales revenue 141 823 112 740 110 000 Other revenue - - Total revenue 141 823 112 740 90 000 Cost of goods sold 32 771 27 884 70 000 Salary and social expenses 42 797 41 418 50 000 Other operating ex
Slide 9: Profit and loss 2022
Profit and loss 2022 Sales per Quarter (TNOK) Profit & loss FY 2022 FY 2021 150 000 1=NOK 1000 130 000 Sales revenue 491 937 421 984 110 000 Other revenue 5 292 Total revenue 491 937 427 276 90 000 Cost of goods sold 106 485 97 114 70 000 Salary and social expenses 146 376 134 507 50 000 Other opera
Slide 10: Balance sheet – Assets
Balance sheet 31.12.2022 31.12.2021 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 39 660 33 410 Fixed assets 57 104 63 337 Total intangible and fixed assets 96 764 96 747 Cash position by end of the year Inventory 114 333 97 413 was MNOK 152.6 Customers receivables 101 657
Slide 11: Balance sheet – Equity and Liability
Balance sheet 31.12.2022 31.12.2021 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 318 934 257 295 Total equity 367 692 306 052 Total long term debt 15 145 19 589 No interest-bearing debt Total short term debt 99 822 77
Slide 12: Business segments update
03 Business segments update 12
Slide 13: Imaging probes and systems in units
Imaging systems in units (capital sales) 30 28 Imaging probes and 25 23 systems in units 20 ROW 15 Europe Unit sales of imaging systems Asia sold as capital equipment 10 US continue to be strong, growing 5 21.7 % this quarter 0 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Unit sales of imag
Slide 14: Flow probes and systems in units
Flow systems in units (capital sales) 60 Flow probes and 50 49 41 systems in units 40 Europe 30 USA 20 ROW Number of flow systems sold as Asia capital equipment is down 16.3 % 10 from Q4 last year - Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 - 10 The total sale of systems (Flow and
Slide 15: Revenue performance by region
Revenue performance by region Mill NOK Q4 22 Q4 21 Q/Q 2022 2021 YTD / YTD Europe 60,5 49,3 22,5 % 200,6 190,2 5,5 % USA 48,0 39,1 22,8 % 198,1 154,1 28,5 % Asia 30,7 20,3 50,9 % 76,8 66,8 15,0 % ROW 2,7 4,0 -32,5 % 16,4 16,1 1,6 % (MEA, CAN, SA, AUS) Total 141,8 112,7 25,8 % 491,9 427,3 15,1 % • In
Slide 16: Revenue performance by product category
Revenue performance by product category Mill NOK Q4 22 Q4 21 Q/Q 2022 2021 YTD / YTD Procedures (USA) 37,9 28,6 32,7 % 139,9 111,8 25,1 % Flow probes 44,8 30,3 47,7 % 125,9 115,7 8,8 % Flow systems (MiraQ) 13,2 17,6 -24,7 % 49,8 51,0 -2,3 % Imaging systems (MiraQ) 20,6 15,1 36,2 % 86,6 57,9 49,6 % I
Slide 17: Covid-19: From gradually decreasing impact to strong recovery towards normalcy
Covid-19: From gradually decreasing impact to strong recovery towards normalcy Currency neutral change in sales revenues Quarter over Quarter (%) 40 36,7*) Global supply chains and economy 30,6 ▪ The ongoing Russian-Ukrainian war creates 30 26,8 increased uncertainty in global supply 21,6 chains and
Slide 18: Implementing the strategy
04 Implementing the strategy 18
Slide 19: 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 20: Developing the US market
MED\STIM Developing the US market 20
Slide 21: Performance US sales
86 030 90000 80000 Performance US sales 70000 CAGR (2013 – 2022) = 11.9 % 60000 50000 40000 > 30 % CABG Currency neutral sales revenue grows by 30000 market share 9.8 % in Q4 and 22.2 % in 2022, to USD 20.6 20000 Total number of procedures was up 8.2 % in Q4 Number of procedures per year and 19.4 %
Slide 22: Adding another great year to our history
SALES REVENUE OPERATING PROFIT (EBIT) (CAGR 10.6% 2011 – 2022) (CAGR 17.6% 2011 – 2022) Adding another great kNOK kNOK 160 000 year to our history 500 000 140 000 120 000 400 000 100 000 300 000 o 491.9 mill NOK in revenue 80 000 60 000 o EBIT margin of 28.7 % 200 000 40 000 o Equity ratio of 76.2%
Slide 23: Capital Markets Day with Medistim
Capital Markets Day with Medistim 23
Slide 24: Capital markets day March 21st – key topics
Capital markets day March 21st – key topics Grand Hotel, Oslo, from 08:00 to 11:00 Future of Cardiac bypass surgery Medistim in Vascular surgery Innovation from Medistim Prof. John D. Puskas, Prof. Pirkka Vikatmaa, VP Innovation, Håkon Grøthe Mount Sinai Health System, New York, USA Helsinki Univers
Slide 25: MED\STIM
MED\STIM 25
Slide 26: 20 largest shareholders per 28th February
20 largest shareholders per 28th February Rank Shareholder Number of shares Shares in % Citisenzhip 1 Aeternum Capital AS 1 862 500 10,16 % Norway 2 ODIN Fonder 1 800 000 9,82 % Norway 3 SEB Fonder 1 716 166 9,36 % Sweden 4 Øyvin A. Brøymer with companies 1 285 000 7,01 % Norway 5 Swedbank Robur Fon
Slide 27: MED\STIM
MED\STIM