Slide 1: Q2 presentation
Q2 presentation 24 August 2022
Slide 2: A global animal health network currently covering four end markets
A global animal health network currently covering four end markets Specialty Pharma MedTech Veterinary Services Diagnostics 46% revenue 34% revenue 13% revenue 7% revenue 300 employees 200 employees 115 employees 100 employees Leading global provider of ⁄ Leading provider of veterinary ⁄ Membership
Slide 3: With a global footprint and network of KOLs
With a global footprint and network of KOLs 2Q 22 Europe 52% 2021 2Q 22 USA 58% 41% 2021 35% 2Q 22 APAC 8% 2021 7% Offices Vimian companies HQ (Stockholm, Sweden) Direct sales markets Page 3 * Revenue split based on Q2 2022 reported revenue
Slide 4: Second Quarter 2022
Second Quarter 2022 Page 4
Slide 5: Q2 highlights
Q2 highlights / Solid performance in challenging macroeconomic environment / Veterinary Services entering US, cross sales between segments initiated / Strengthened position in MedTech with new portfolios / Promising progress in key innovation projects / High market activity during spring, +4,500 vet
Slide 6: Group Financial Highlights Q2 2022
Group Financial Highlights Q2 2022 Revenue and Adj. EBITA Adj EBITA margin (%) Revenue (EURm) x% Organic growth (%) / Total revenue growth 70% 70 67,9 67,0 70 / Organic growth 1.0%, excluding 65 65 livestock 5.2% 60 60 55 55 / Pro-forma organic growth 7.3%, 50 48,7 50 43,7 excluding livestock 10.8%
Slide 7: Vimian doubled in size over the past 1.5 years
Vimian doubled in size over the past 1.5 years Pro-Forma Revenues (EURm) +101% 270 277 7 215 55 138 2020 2021 LTM pro-forma LTM pro- per 30 June 2022 forma per 24 August 2022* Pro-Forma EBITDA (EURm) EBITDA 80 margin 67 13 49 35.3% 31.1% 29.5% 2020 2021 LTM pro-forma per 30 June 2022 * This is not a
Slide 8: Specialty Pharma
Specialty Pharma 2Q 46% revenue / Continued solid performance, pro-forma organic growth 14.9% / Establishing direct distribution in key markets - Dermoscent direct distribution extended to UK, Scandinavia and The Netherlands / Reached first milestone in pre-clinical studies for new allergy vaccines
Slide 9: Developing the world's most advanced and accurate veterinary allergy test
Developing the world’s most advanced and accurate veterinary allergy test / Develop and commercialise next generation allergy test based on molecular allergology for companion animals / Bring proven and validated technology from human field to the animal health sector in partnership with Macro Array
Slide 10: MedTech
34% MedTech 2Q revenue / 10% organic growth YTD, lower Q2 +1.3% - annual ordering programme shifting orders to Q1 / Back orders shifting EUR 0.9m of sales to 2H / Highly active in market in Q2 – wet labs, trade shows, trainings / 3D innovation – first products now in production (next slide) Revenue
Slide 11: New 3D technology – first successful surgeries completed
New 3D technology – first successful surgeries completed Patient 3D printed Finished implant Post-op Willow Pot bellied Pig Left Elbow Replacement Leo Labrador Right ankle replacement Duncan Miniature Horse Left Hip Replacement Page 11
Slide 12: Veterinary Services
13% Veterinary Services 2Q revenue / 21.9% organic growth, successful implementation of new partnership model and new tiered membership positively received / Key management hires in place (COO, CFO, M&A, CCO) / Platform in place in new markets (Eastern Europe, South America) Revenue and Adj. EBITA 1
Slide 13: Diagnostics
7% Diagnostics 2Q revenue / -25.7% organic decline due to Covid phase out, end customer challenges and lower level of disease outbreaks / External headwinds prevail, but long-term growth drivers (animal health management, zoonotic diseases, AMR) remain intact / Focus on new growth segments – launche
Slide 14: Twelve acquisitions YTD with combined revenue EUR 54m
Twelve acquisitions YTD with combined revenue EUR 54m Revenue Closing Portfolio Geographic Channels / New capabilities Segment Company Geography EURm month expansion expansion Customers / Technology EUR 10m UK February Specialty EUR 1.9m UK March Pharma EUR 7.9m AUS Q1 2023 EUR 8.8m Australia March
Slide 15: Bova Australia – becoming a global leader in Specialty Pharmaceuticals
Bova AUS Bova Australia – becoming a global leader in Specialty Pharmaceuticals Portfolio expansion / Acquiring a service provider to Bova Australia, market leader in customised specialty veterinary pharmaceuticals founded in 2008 by Nick Bova Geographic / With Bova in UK (acquired in January) and B
Slide 16: Heiland.com – access to scalable technology for continued digitalisation
Heiland Heiland.com – access to scalable technology for continued digitalisation Portfolio expansion Geographic expansion / Leading online ordering platform for veterinary pharmaceuticals and other veterinary products Channels / / 1,700 clinics across Germany as monthly users, >40,000 Customers prod
Slide 17: Second Quarter Financials
Second Quarter Financials Page 17
Slide 18: Income Statement
Income Statement EUR m 2022 2021 2022 2021 / Strong growth in revenue and adjusted EBITA Apr – Jun Apr – Jun Jan – Jun Jan – Jun / Significant uplift in operating profit Revenue 67,028 39,439 134,969 83,163 / Profit before tax of EUR 11.1m, with benefit from Adjusted EBITA 17,668 12,162 38,172 29,87
Slide 19: Cash Flow and Financial Position
Percent 2022 2021 2022 2021 Cash Flow and Financial Position Apr-Jun Apr-Jun Jan-Jun Jan-Jun / Cash conversion of 32% in 2Q Cash Conversion 32% 75% 55% 71% / Operating cash flow EUR 6.4m (H1 23.0) 2022 2021 2022 2021 EUR m Apr-Jun Apr-Jun Jan-Jun Jan-Jun Cash flow from operating / Change in NWC driv
Slide 20: Net Debt and Leverage
Net Debt and Leverage Leverage Net Debt (EUR m) 340,0 340 6.0 320 / Net debt per 30 June 2022 EUR 340.0m 300 280 5.0 266,5 / Cash and cash equivalents EUR 61.7m 260 4,3 240 220 3.6x 4.0x / Increase in leverage reflects high pace of M&A since IPO 200 180 168,1 3.0x / Net Debt / LTM Pro-forma EBITDA 4
Slide 21: Current trading
Current trading / Positive single digit organic growth during summer, in a historically challenging macroeconomic environment / Maintaining solid market positions, protecting and gaining market share / Continuing to strengthen organisation both centrally and on segment level for future growth / Diag
Slide 22: Q&A
Q&A Page 22