Nova Eye Medical Ltd · ASX:EYE
Nova Eye Medical — Investor Presentation (August 2019)
31 slides from Nova Eye Medical's investor presentation, Aug 29, 2019
Slide 1: Group Sales Revenue Increase of 3% to $81.6 million
ASX / Media Release 29 August 2019 Group Sales Revenue Increase of 3% to $81.6 million Highlights: • Ellex iTrack™ revenues were up 29% to $14.3 million, with 2HFY19 EBITDA loss narrowing to $1.1 million driven by a 35% cc revenue increase in the US • Ellex 2RT® revenue increased 260% to $1.8 millio
Slide 2: Ellex iTrack performance
Ellex iTrack performance The Ellex iTrack surgical system global unit volumes were up 17% versus the pcp and revenues were up 29%. The segment EBITDA recorded a loss of $5.1 million, which was similar to FY18. Second half EBITDA loss was just $1.1 million, reflecting the significant increase in sale
Slide 3: SLT, retina, cataract, ultrasound and 2RT performance
versus pharmaceutical eye drops. Not only did patients who received SLT exhibit better control of their disease at three years, none of the SLT patients’ disease progressed to a stage that required surgical intervention and overall the procedure was more cost effective than eye drops. When coupled w
Slide 4: Cash Flow and Balance Sheet
capability to meet the expected increase in demand for its innovative ophthalmology products over the long term. The Company maintains a conservative level of debt, with gearing (D/D+E) of 19% and net cash of $0.3 million (gross debt: $15.1 million, cash $15.4 million). Balance sheet capitalised dev
Slide 5: Pre-registration Link
Pre-registration Link Investors who wish to pre-register for the conference may do so by following the link below. You will be given a unique pin number to enter when you call, which provides immediate access to the event. https://s1.c-conf.com/diamondpass/ellexmedical-10001676-invite.html Webcast L
Slide 6: Ellex Medical Lasers Limited (ASX:ELX)
Ellex Medical Lasers Limited (ASX:ELX) FY2019 Investor Presentation Maria Maieli, CEO 29 AUGUST 2019 ADELAIDE, AUSTRALIA
Slide 7: Disclaimer
2 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Disclaimer This presentation has been prepared by Ellex Medical (Ellex, ELX: ASX; OTCQX: ELXMY, ELXMF). While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or impli
Slide 8: FY19 Key Summary Information
3 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 Key Summary Information KEY FINANCIAL INFORMATION – 30 JUNE 2019 KEY MARKET INFORMATION Revenue $81.6 million Ticker ASX / OTCQX ELX / ELXMY, ELXMF EBITDA (reported) ($1.0 million) Shares on issue 143.6 million EBITDA (underlying)1 ($0.7 million)
Slide 9: Our Business
4 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Our Business • Comprehensive range of ophthalmic lasers, consumable device business and diagnostic equipment, targeting multiple eye diseases • Installed base of over 35,000 Ellex ophthalmic laser and ultrasound systems globally • To date, more than 10
Slide 10: FY19 Highlights
5 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 Highlights • Group sales revenue growth up 3% to $81.6 million • Ellex iTrack™ revenues up 29% to $14.3 million • 292 patient LEAD Clinical Trial released showing a four-fold reduction in the rate of progression to late stage AMD in 76% of patient
Slide 11: FY19 Group Financial Summary
6 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 Group Financial Summary • Sales revenue of $81.6 million, up 3% on the prior corresponding period (pcp) and down 6% on a constant FIVE YEAR SALES REVENUE ($m) FIVE YEAR EBITDA ($m) currency (cc)1 basis 90 20 10 81.6 79.3 • Four year CAGR of 9%, ah
Slide 12: Revenue by Geography
7 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Revenue by Geography FY18 ($m) & FY19 ($m) & Region growth pcp • North America (USA) continues to be the strongest Ellex market by sales mix % sales mix % absolute growth and by sales mix North America 36.5 (46%) 38.3 (47%) 4% • Driven by Ellex iTrack
Slide 13: Revenue by Eye Disease
8 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Revenue by Eye Disease • Glaucoma therapy sales grew +15% on pcp, comprising SLT lasers +10% on pcp and iTrack consumable devices +29% on pcp with a significant increase in glaucoma product mix, from 36% in FY16 to 57% of group revenues in FY19, justif
Slide 14: Operating Expenditure
9 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Operating Expenditure • Total operating expenditure was up 10.2% to $52.4m (64% of sales versus 60% in pcp) • Employee expenses were up 10% on pcp principally due to headcount expansion across field sales and management capability, commissions paid on
Slide 15: Ellex iTrack MIGS
10 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex iTrack™ MIGS
Slide 16: FY19 Financial Results – Ellex iTrack
11 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 Financial Results – Ellex iTrack • Unit volumes increased 17% on pcp and revenues were up 29% to $14.3m • Low double-digit price rise implemented in 4QFY2019, reimbursement remains very strong in key US market • Higher Average AUD price attributa
Slide 17: Ellex iTrack Performance by Region
12 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex iTrack Performance by Region • USA unit sales were up 30% versus the pcp (revenues +45% to $10m, +33% in cc terms) reflecting continued expansion of accounts, users and deeper penetration within accounts • OUS unit sales were down 9% (revenues +
Slide 18: Detailed Ellex iTrack USA Update
13 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Detailed Ellex iTrack USA Update • New account growth of 49% has been strong, with field sales representation in the 2H identical to 1HFY19 • Increase in FY19 re-orders of 46% versus pcp, while new order/reorder mix of 91% / 9% reflected a focus on hi
Slide 19: Lasers & Ultrasound
14 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Lasers & Ultrasound
Slide 20: FY19 Financial Results – Lasers & Ultrasound
15 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 Financial Results – Lasers & Ultrasound LASERS & ULTRASOUND REVENUE BY DISEASE ($m) LASERS & ULTRASOUND EBITDA ($m) 11.0 • Lasers and ultrasound revenue were down 3% to 80 9.5 67.7 $65.5m 65.5 9.0 8.3 60 • Gross margins up 5% to 59% ex labour 7.0
Slide 21: Ellex 2RT® for Intermediate AMD
16 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex 2RT® for Intermediate AMD
Slide 22: FY19 Financial Results – 2RT
17 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 Financial Results – 2RT • 260% increase in revenue to $1.8m ELLEX 2RT REVENUE ($m) ELLEX 2RT EBITDA ($m) • Sales moderated in the 2H 2.0 1.8 0.0 • Gross margin increased 15% to 57% versus pcp as -0.2 unit sales mix initially skewed to distributor
Slide 23: 2RT FDA Update
18 F Y 1 9 I N V E S T O R P R E S E N TAT I O N 2RT FDA Update LEAD • LEAD was the first ever study to show a significant efficacy effect in an iAMD population • Establish the US regulatory pathway for 2RT in iAMD with the FDA; expected during CY19 • Submission to the FDA anticipated in current Qua
Slide 24: Outlook
19 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Outlook • FY20 EBITDA expected to show an improvement versus FY19, subject to global economic conditions and foreign exchange rates • iTrack revenue growth to continue, positive EBITDA contribution in the 2H FY20 • Focus on OPEX control as investing p
Slide 25: Contacts
20 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Contacts MARIA MAIELI KIMBERLEY MENZIES DR. TOM DUTHY CEO Global Finance Manager & Investor Relations & Company Secretary Corporate Development W: +61 +61 8 7074 8200 W: +61 8 7074 8200 M: +61 402 493 727 E: mmaieli@ellex.com E: kmenzies@ellex.com E:
Slide 26: Questions/Discussion
21 F Y 1 9 I N V E S T O R P R E S E N TAT I O N QUESTIONS/DISCUSSION
Slide 27: Appendices
22 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Appendices
Slide 28: Average FX Rates
23 F Y 1 9 I N V E S T O R P R E S E N TAT I O N Average FX Rates Average FX FY18 FY19 AUD:USD 0.77 0.72 AUD:EUR 0.65 0.63 AUD:YEN 85.4 79.6
Slide 29: FY19 EBITDA by Segment
24 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY19 EBITDA by Segment A$’000’s CLU iTrack 2RT Corporate Total Revenue 65,522 14,324 1,791 - 81,637 Other Income - - - 592 592 Changes in inventories of finished goods and work in progress 1,007 54 (8) - 1,053 Raw materials and consumables used (28,13
Slide 30: FY18 EBITDA by Segment
25 F Y 1 9 I N V E S T O R P R E S E N TAT I O N FY18 EBITDA by Segment A$’000’s CLU iTrack 2RT Corporate Total Revenue 67,668 11,085 497 - 79,250 Other Income - - - 477 477 Changes in inventories of finished goods and work in progress (646) 282 (28) - (392) Raw materials and consumables used (30,48
Slide 31: iTrack 1H/2H unit sales
26 F Y 1 9 I N V E S T O R P R E S E N TAT I O N iTrack 1H/2H unit sales 9000 8000 1,200 7000 850 1,003 6000 700 2,222 5000 765 2,039 2,373 4000 400 2,322 2,057 3000 2,154 2,086 2000 1,333 1,882 1,344 4,488 3,378 3,826 3,014 1000 2,505 1,368 1,587 1,835 1,842 1,316 0 1HFY15 2HFY15 1HFY16 2HFY16 1HFY
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