Slide 1: Q3 Presentation 2024
a, MO P MEDCAP INVESTOR IN LIFE SCIENCE Q3 Presentation 2024
Slide 2: We create value in Life Science and contribute to improved quality of life
We create value in Life Science and contribute to improved quality of life 2
Slide 3: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter The Group’s net sales LTM (MSEK) The Group’s EBITDA and EBITA (line) LTM (MSEK) excluding one-time effects excluding one-time effects 3
Slide 4: MedCap | An active investor in Life Science companies
MedCap | An active investor in Life Science companies Last Twelve Months, Q3 2024 Sales by Business Area Sales by Market RoW 4% Specialty Pharma Europe 25% Assistive 21% Tech 1 789 41% Sweden MSEK 50% Nordic MedTech 25% 34% 4
Slide 5: MedCap Business Areas – three platforms
MedCap Business Areas – three platforms Assistive Tech Med Tech Specialty Pharma Diagnostic ECG Probiotics, Components for Ultra clean air for Nutrition CDMO medical imaging infection control and Packaging Position Simplifying life for people Digitalizing work-flow Partner for contract Partner for c
Slide 6: Group Highlights Q3
Group Highlights Q3 • Sales growth 13%; organic 5% (14% organic growth excl. Specialty Pharma Q3 2024 excl one-time effects with high comparison figures) Net Sales • Strong growth for Assistive Tech and (MSEK) 413.1 +13% MedTech; Specialty Pharma weaker • EBITA increased by 9% excluding one-time Adj
Slide 7: Sales and EBITA by quarter
Sales and EBITA by quarter +13% Net sales per quarter (MSEK) 500 450 457 462 458 413 Q3-24 YTD R12 400 380 386 365 323 Net Sales +13% +18% +23% 350 284 300 250 211 227 223 233 258 263 242 growth 206 201 202 175 160 Adj. EBITA 200 150 +4% +20% +27% 100 growth 50 0 * EBITA- Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 8: Assistive Tech Q3
Assistive Tech Q3 • EBITA growth of 32%, driven by sales growth Q3 2024 YTD • EBITA margin at 24% Net Sales • Abilia continue to see good demand in Norway (MSEK) 167.7 +33% 552.4 +35% and Sweden, and • Acquisition of Picomed in Norway and Alert-IT Adj EBITA (MSEK) 40.9 +32% 146.9 +58% in UK strength
Slide 9: Assistive Tech | Sales and EBITA rolling 12 months by quarter
Assistive Tech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 800 50% R12 Net sales +49%, primarily 734 driven by good demand and the 45% 700 692 acquisition of Swedelift 636 40% R12 EBITA +66% 591 600 35% 492 30% 500 25% 420 400 20% 345 15% 30
Slide 10: MedTech Q3
MedTech Q3 • EBITA growth of 29%, driven by sales growth • EBITA margin at 15% Q3 2024 YTD • Cardiolex: Good demand and revenue driven Net Sales by German entities. (MSEK) 142.9 +19% 454.6 +25% • Inpac: Stable demand and growth. Main part om the production in the new facility. One-time Adj. EBITA co
Slide 11: MedTech | Sales and EBITA rolling 12 months by quarter
MedTech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 650 25% R12 Net sales +23%, organic 579 603 growth driven by good demand and 552 acquisition of SurgiCube and Toul 550 512 20% Meditech 488 465 R12 EBITA +38% 453 444 450 427 413 369 390 15
Slide 12: Specialty Pharma Q3
Specialty Pharma Q3 • EBITA decline -52% • EBITA margin at 11% Q3 2024 YTD • Registered pharma portfolio represented 52% of Net Sales sales (MSEK) 102.5 -14% 325.6 -9% • Increase of top 8 products by 12% • Melatonin in the UK now has high competition EBITA (MSEK) 11.7 -52% 33.6 -52% resulting in a n
Slide 13: Specialty Pharma | Sales and EBITA rolling 12 months by quarter
Specialty Pharma | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 600 30% R12 Net sales +4% R12 EBITA -38% 500 485 481 25% 474 469 446 453 431 397 400 20% 371 352 335 331 329 315 317 309 300 15% 200 10% 100 5% 0 0% Excluding one-time effects 13
Slide 14: Sales development for portfolio of Specialty Pharma products
Sales development for portfolio of Specialty Pharma products Portfolio of attractive products Sales development for selection of key products R12 MSEK Attractive platform of own & partner products, +4% top 8 (R12 months) pipeline with new product launches, established expertise in product developmen
Slide 15: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter MSEK (Net sales) MSEK (EBITA) 1 900 Sales CAGR: 19% 400 1 800 EBITA CAGR: 29% 1740 1789 1 669 1 700 1 587 350 1 600 1 500 1 454 328 331 319 300 1 400 1 331 1 300 1 229 291 1 200 250 1 111 260 1 100 1 046 1 007 1 000 956 232 916 885 200 900 834 858 801 817
Slide 16: Working capital and Cash flow
Working capital and Cash flow Working capital/Net sales R12 Operating cash flow R12 360,0 28% 310,0 26% 24% 260,0 22% 210,0 20% 18% 160,0 16% 110,0 14% 12% 60,0 Q3-21 Q1-22 Q2-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q3-21 Q1-22 Q2-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Working
Slide 17: Return on Equity
Return on Equity 25% 20% 15% 10% 5% 0% Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 17
Slide 18: Financial Targets
Financial Targets Annual EBITA growth Return on Equity Net debt / EBITDA >15% >20% <3x 18
Slide 19: How we track our financial targets in our businesses
How we track our financial targets in our businesses Financial Objectives Key Metrics In Our Businesses Organic and acquisition driven sales growth (depending on maturity of business) >15% EBITA growth Profit margins Core Working Capital / Sales, Cash Conversion, EBITA / (Fixed assets & WC) Return o
Slide 20: Our Model
Our Model Life Science Entrepreneurship Group Scale Sector focus Decentralized & local responsibility Business development Network of expertise Integrity of acquired brands Merger & Acquisitions Knowledge sharing Quick and agile Governance – ESG Market insight Long-term mindset Financing 20
Slide 21: Investment strategy
Investment strategy Scope What we look for Life Science Life science Value creation journey Europe Clear value proposition Scalable business HQ in Northern Europe; Add-ons globally Market fundamentals M&A possibilities ESG Innovative PEOPLE Small / Mid-size Businesses Entrepreneurial Sales <50 mEUR
Slide 22: Thank You! Q&A
Thank You ! Q&A Anders Dahlberg Kristina Ekblad CEO CFO anders,dahlberg@medcap,se kristina,ekblad@medcap,se +46 704 269 262 +46 703 322 167 22