Medistim Asa · OSL:MEDI
Medistim Asa — Q4 2021 Earnings Presentation
31 slides from Medistim Asa's earnings presentation, Feb 25, 2022
Slide 1: Welcome to Medistim ASA's Interim report Q4 2021
Welcome to Medistim ASA’s Interim report Q4 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 the arrow to expand or minimize your GoToMeeting panel Add any questions in the questions panel and we will answer them at the end of the presentation
Slide 3: Medistim ASA Q4 2021 and preliminary full year results
Medistim ASA Q4 2021 and preliminary full year results February 25th 2022 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 5
Slide 6: Highlights
MED\(STIM @ 01 Highlights
Slide 7: Highlights 4th Quarter
Highlights 4th Quarter Q4 2021 QoQ All time high sales for a quarter Revenue MNOK 112.7 (94.2) +19.7 % 4th quarter in a row above MNOK 100 in sales revenues EBIT MNOK 19.5 (22.1) -12.1 % o Imaging sales up 50.2% in NOK, Flow sales up 26.3% in NOK Currency - 7.1 % o Vascular sales up 54.2% in NOK,
Slide 8: Preliminary results for 2021
Preliminary results for 2021 2021 YoY Best year ever for revenue and EBIT Revenue MNOK 427.3 (363.1) + 17.6 % Record year for sales revenue, up 16.3% to MNOK 422 EBIT MNOK 116.3 (95.5) + 21.8 % o Imaging sales up 29.3%, Flow up 15.5% in NOK Currency - 7.0 % o Vascular sales up 21.1 %, Cardiac up 1
Slide 9: Financial Statements
MED\(STIM = 02 Financial Statements
Slide 10: Profit and loss Q4 2021
Profit and loss Q4 2021 Profit & loss Q4 2021 Q4 2020 Sales per Quarter (TNOK) 1=NOK 1000 120 000 Sales revenue 112 740 94 184 110 000 Other revenue - - 100 000 Total revenue 112 740 94 184 90 000 80 000 Cost of goods sold 27 884 22 232 70 000 Salary and social expenses 41 418 32 177 60 000 Other op
Slide 11: Profit and loss 2021 (preliminary)
Profit and loss 2021 (preliminary) Profit & loss FY 2021 FY 2020 Sales per Quarter (TNOK) 1=NOK 1000 120 000 Sales revenue 421 984 363 133 110 000 Other revenue 5 292 - 100 000 Total revenue 427 276 363 133 90 000 80 000 Cost of goods sold 97 114 76 577 70 000 Salary and social expenses 134 507 119
Slide 12: Balance sheet – Assets
Balance sheet 31.12.2021 31.12.2020 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 33 410 33 464 Fixed assets 63 337 66 570 Total intangible and fixed assets 96 747 100 034 Cash position by end of the year Inventory 97 413 112 667 was MNOK 129.5 Customers receivables 68 634
Slide 13: Balance sheet – Equity and Liability
Balance sheet 31.12.2021 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 257 295 208 089 Total equity 306 052 256 846 Total long term debt 19 589 29 497 No interest-bearing debt Total short term debt 77 603 59
Slide 14: Business segments update
03 Business segments update 14
Slide 15: Imaging probes and systems in units
Imaging systems in units (capital sales) 30 Imaging probes and 25 23 systems in units 20 14 ROW Europe 15 Unit sales of imaging systems Asia 10 US sold as capital equipment continue to be strong, growing 5 64% this quarter 0 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Unit sales of imaging
Slide 16: Flow probes and systems in units
Flow probes and Flow systems in units (capital sales) systems in units 60 49 50 Number of flow systems sold as 40 32 capital equipment is up 53% from Europe 30 Q4 last year. USA It is Medistim’s strategy to convert 20 ROW the market from Flow-only to 10 Asia Flow-and-Imaging technology - Q3 19 Q4 19
Slide 17: Revenue performance by region
Revenue performance by region Mill NOK Q4 21 Q4 20 Q/Q 2021 2020 Y/Y Europe 49,3 55,8 -11,6 % 190,2 173,3 9,8 % USA 39,1 27,0 44,9 % 154,1 126,4 21,9 % Asia 20,3 8,8 129,9 % 66,8 46,8 42,7 % ROW (MEA, CAN, SA, AUS) 4,0 2,5 57,3 % 16,1 16,7 -3,0 % Total 112,7 94,2 19,7 % 427,3 363,1 17,7 % • In Europ
Slide 18: Revenue performance by product category
Revenue performance by product category Mill NOK Q4 21 Q4 20 Q/Q 2021 2020 YoY Procedures (USA) 28,6 23,4 22,3 % 111,8 99,4 12,5 % Flow probes 30,3 22,8 32,8 % 115,7 92,6 24,9 % Flow systems (MiraQ) 17,6 13,5 30,2 % 51,0 47,2 8,0 % Imaging systems (MiraQ) 15,1 10,0 51,4 % 57,9 44,2 31,0 % Imaging pr
Slide 19: Covid-19: From gradually decreasing impact to strong recovery
Covid-19: From gradually decreasing impact to strong recovery 19
Slide 20: Implementing the strategy
04 Implementing the strategy 20
Slide 21: 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 22: Developing the US market
MED\(STIM Developing the US market 22
Slide 23: Performance US sales
72 032 80000 Performance US sales 70000 56 059 60000 CAGR (2013 – 2021) = 11.04 % 50000 Currency neutral sales revenue 40000 grows by 58.1% in Q4 and 28.4%*) for 2021 30000 *) When including the Paycheck Protection Program 20000 revenue of TUSD 630, total revenue grows by 33% 2010 2011 2012 2013 201
Slide 24: 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 25: Clinical marketing
MED\(STIM Clinical marketing 25
Slide 26: 2021 – a breakthrough year for expert consensus statements
2021 – a breakthrough year for expert CONSENSUS STATEMENTS Cementing the clinical value of Transit Time Flow Measurement (TTFM) in CABG Potential to accelerate change in clinical practice Influencing new and stronger clinical guideline endorsements
Slide 27: Pivotal review-article in CIRCULATION, Oct 5th 2021
Pivotal review-article in CIRCULATION, Oct 5th 2021 Published in Circulation, the top 1-2 journal in cardiology and cardiovascular medicine Authored by 19 world renowned cardiac surgeon experts (4 from REQUEST study) from all over the world 27
Slide 28: The Use of Intraoperative TTFM for CABG
“The Use of Intraoperative TTFM for CABG” Circulation, October 2021 Method Conclusion o Systematic review of 229 publications CONSENSUS STATEMENTS #1: o 2,200 articles identified o 1,550 screened “TTFM should be used o 38 cited in the review in every CABG case” o 10 expert statements for TTFM use we
Slide 29: MED\(STIM
MED\(STIM 29
Slide 30: 20 largest shareholders per February 22nd
20 largest shareholders per February 22nd Rank Holding Stake % Name Citizenship Type of account 1 1 862 500 10.15687 AETERNUM CAPITAL AS Norway Ordinary 2 1 285 000 7.00756 FLØTEMARKEN AS Norway Ordinary 3 1 206 680 6.58045 State Street Bank and Trust Comp United States Nominee 4 1 200 000 6.54403 V
Slide 31: MED\STIM
MED\STIM