Spineway Sa · EURONEXT:ALSPW
Spineway Sa — FY2018 Earnings Presentation
23 slides from Spineway Sa's earnings presentation, Apr 30, 2019
Slide 1: 2018 Annual results - April 30, 2019
2018 Annual results - April 30, 2019 (This presentation has been prepared in both English and French. In case of discrepancies, the French version shall prevail.)
Slide 2: Our mission and our job
SPINEWAY Our mission Improve surgical care for severe diseases of the spine Our job Design, manufacture and market implants and instruments for spine surgery 2
Slide 3: Spineway at a glance
SPINEWAY 8 +50 Designs, develops A range of devices A presence over Feb 2013: and sells spinal and services that 50 countries Introduction column implants and meet 90% of daily via distributors, (IPO) on Paris instruments. operating needs over 95% of stock exchange Value chain 9 lines of Gold sales
Slide 4: Milestones 2018
MILESTONES 2018
Slide 5: Key Highlights 2018
KEY HIGHLIGHTS 2018 • Co-development Tinavi : 1st delivery of instruments adapted to Spineway products for robotic surgery • Launch of Mont-Blanc Evo line • Presentation of the new line in a distributor meeting at the Eurospine 2018 • Marketing of new Mont-Blanc Evo product line authorized in USA •
Slide 6: Key Highlights 2018 – USA
KEY HIGHLIGHTS 2018 – USA • Launch of Mont-Blanc MIS : • About 15 degenerative operations performed • 1st complex surgery operation (scoliosis) • Liquidation of the main distributor of Spineway Inc • Reorganization of the US subsidiary • Arrival of a new CEO: Jon Luedke 20 years’ experience with the
Slide 7: Key Highlights 2018: Evolution of Turnover
KEY HIGHLIGHTS 2018 Evolution of Turn Over Reste du monde USA 3,7 M€ - 92% x 36 0,3 M€ 0,1 M€ +15 % 6,2 M€ +20 % 5,4 M€ 4,5 M€ 2016 2017 2018 7
Slide 8: Results 2018
RESULTS 2018
Slide 9: P&L
P&L 2018 In thousands of euros 31/12/2017 31/12/2018 Revenue - Group 9 138 6 515 Gross margin on products sold 6 151 4 201 As % of revenue 67,3% 64,5% Purchases of goods and changes in inventory - 2 986 - 2 314 External expenses - 2 877 - 2 719 Taxes - 193 - 89 Wages - 3 506 - 3 612 Depreciation, am
Slide 10: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET In thousands of euros 31/12/2017 31/12/2018 In thousands of euros 31/12/2017 31/12/2018 SHAREHOLDER EQUITY FIXED ASSETS 1 414 1 425 1 773 946 and other equity Inventory 3 266 3 357 Provisions 253 82 Loans and financial 5 471 4 233 Accounts receivable 1 958 1 689 debts Othe
Slide 11: Cash Flow Statement
CASH FLOW STATEMENT In thousands of euros 31/12/2017 31/12/2018 Cash generated form operations - 252 - 3 410 Impact of net change in inventories 253 -90 Accounts receivable & other accounts receivable 353 333 variation Suppliers, fiscal & social debts variation - 1 275 - 243 Net cash flow from opera
Slide 12: Strengthening the Financial Situation
STRENGTHENING THE FINANCIAL SITUATION • Refund of ORNANE • End of the financing following the reimbursement of the remaining 22 ORNANE (September) • OCEANE financing up to € 14 M • €5.5M of OCEANE issued at April 30th 2019 • New calendar approved by the 4th April 2019 General Shareholders meeting 12
Slide 13: Spineway Newway 2021 Plan
SPINEWAY NEWWAY 2021 PLAN
Slide 14: Strengths to Build Upon
STRENGTHS TO BUILD UPON • Flagship products positioned to meet surgeons’ most basic everyday needs • Robust historic geographic presence • Real know-how in exports • Quality products made in France • Proven ability to innovate • Success of the MIS product line 14
Slide 15: A New Goal
A NEW GOAL Become a key international player in premium products for minimally invasive surgeries 15
Slide 16: 5 Key Directions for Development
5 KEY DIRECTIONS FOR DEVELOPMENT 1. New marketing policy 2. Evolving product lines 3. Ongoing optimization of the supply chain 4. Rigorous regulatory-affairs policy 5. Look for targeted partnerships 16
Slide 17: New Marketing Policy
NEW MARKETING POLICY Selling price to hospitals/ insurance coverage Spine USA market Premium Markets Japan Europe Competitive Latin & Central America Markets China Southeast Asia (excluding China and Japan) Low Cost Markets Middle East & Africa Low Cost Gold Standard Differentiated Premium Product P
Slide 18: New Sales Policy: USA
NEW SALES POLICY: USA • New US team • Spineway Inc.’s headquarters transferred to Minneapolis • Supply-chain management outsourced to a service provider specialized in the spine • 24/7 Delivery to the client • Immediate invoicing • Real time inventory 18
Slide 19: Evolving Product Lines
EVOLVING PRODUCT Wide coverage of spinal surgery LINES needs ! ! ! ! ! ! ! ! ! • 14 product lines : Gold Std, differenciated, Premium 19 • 6 product lines approved in the USA : 4 GS, 2 Premium : MB MIS & MB Evo sterile
Slide 20: Focused Partnerships: Strategic Acquisition Plan
FOCUSED PARTNERSHIPS: STRATEGIC ACQUISITION PLAN Signature of a promise of sale • Minority interest acquisition (majority term) • Maximum duration of 5 years Hospital Group: Latin America and Africa • 3 hospitals in Colombia: € 67 million (500 beds – 36,000 annual surgeries) • Hospitals in Africa :
Slide 21: Looking Ahead to 2021
LOOKING AHEAD TO 2021 • Annual growth in the double digits • Return to profitability 21
Slide 22: Thank you for your time
THANK YOU FOR YOUR TIME 22
Slide 23: Contacts
CONTACTS Chairman and CEO Financial Director 7 allée moulin Berger 69130 Ecully France Stéphane LE ROUX David SIEGRIST www.spineway.fr slr@spineway.com finance.dsg@spineway.com FINANCIAL COMMUNICATION Jérôme Gacoin Solène Kennis jgacoin@aelium.fr skennis@aelium.fr