Ekf Diagnostics Holdings Plc · LSE:EKF
Ekf Diagnostics — H1 2020 Earnings Presentation
20 slides from Ekf Diagnostics's earnings presentation, Sep 14, 2020
Slide 1: EKF Diagnostics Holdings plc Interim Results for six months ended 30 June 2020
EKF Diagnostics Holdings plc Interim Results for six months ended 30 June 2020 14 September 2020
Slide 2: Disclaimer
Disclaimer The information contained in these slides and the accompanying oral presentation (together, the “Presentation”) has been prepared by EKF Diagnostics Holdings plc (the “Company”). The Presentation is subject to updating, completion, revision and amendment without notice and as such it may
Slide 3: Agenda
Agenda Slide no. 4. Financial highlights 5. Operational highlights 6. Business Unit overview 7. Contract Manufacturing and Life Sciences 8. Commercial partnerships 9. Performance by Business Unit in detail 12. Impact of COVID-19 13. H2 2020 Outlook 14. Financial report
Slide 4: Financial highlights
Financial highlights 8.93 • Revenues up 23% to £26.33m (H1 2019: £21.44m) • Adjusted EBITDA* up 60% to £8.93m (H1 2019: £5.58m) • Net profit up 189% to £4.14m (H1 2019: £1.43m) 5.58 • Net cash generated by operating activities £6.94m (H1 2019: £4.34m) 4.90 4.58 • Net cash of £16.28m (30 June 2019: £
Slide 5: Operational highlights
Operational highlights • Core business revenues delivered a more robust performance in the face of COVID-19 headwinds than management expected, with 8% year-on-year decrease in core business sales (i.e. excluding PrimeStore MTM sales), with signs that H2 recovery is underway • Diabetes sales down 2%
Slide 6: Business Unit performance
Business Unit performance £9.4m revenues £5.9m revenues £9.1m revenues Continued growth in USA Growth from DiaSpect Tm primarily Large increase in revenues due to of b-HB LiquiColor following OEM through McKesson and Fresenius demand for PrimeStore MTM agreement with leading distributor OEM agreemen
Slide 7: Contract Manufacturing & Life Sciences: Post period update
Contract Manufacturing & Life Sciences: Post period update • New contract manufacturing opportunities at Boerne, Texas site for delivery in 2021 for five new customers: • Customer 1: RNA detection kits • Customer 2: CRISPR Human RNA depletion kit • Customer 3: Forensic kits • Customer 4: Next genera
Slide 8: Commercial partnerships
Commercial partnerships • Preferred partnership agreement (PPA) with Mount Sinai Innovation Partners (MSIP), NYC (announced 10th September 2019) • Agreement provides EKF with advanced access to innovative commercial opportunities arising from Mount Sinai Health System owned technologies managed by M
Slide 9: Central Laboratory & Life Sciences H1 2020
Central Laboratory & Life Sciences H1 2020 Clinical chemistry, lab analysers, contract fermentation and enzymes • Revenues up £6,142k (208%) to £9,098k • Contract manufacturing up from £164k to £6.5m Central Lab & Life • PrimeStore MTM tube and bulk liquid manufacturing Sciences PrimeStore MTM • Man
Slide 10: Diabetes H1 2020
Diabetes H1 2020 • Revenues down £196k (-2%) • β-HB LiquiColor reagent up £139k (3%) Diabetes range Biosen C-Line • STAT-Site β-HB up £132k (20%) Quo-Lab A1c • Quo-Lab up £11k (1%) Quo-Test A1c • Quo-Test down £424k (-33%) STAT-Site WB STAT-Site b-HB • Drop primarily associated with reduced demand i
Slide 11: Hematology H1 2020
Hematology H1 2020 • Revenues down £810k (-12%) Hematology range • DiaSpect Tm up £165k (8%) DiaSpect Tm • Strong performances from McKesson and Fresenius OEM agreements HemataStat II • Hemo Control and HemoPoint H2 down £625k (-19%) Hemo Control • Peruvian hemoglobin screening business impacted by
Slide 12: Impact of COVID-19 on H1 2020 revenue
Impact of COVID-19 on H1 2020 revenue EMEA Western markets impacted c. £100k by reduced demand for lactate testing. £100k revenues in UK for China PrimeStore MTM offset revenue losses elsewhere Lower sales throughout lockdown. Gradual improvement since the end of Q2. Showing positive signs in Q3 Sou
Slide 13: Current trading H2 2020 outlook
Current trading H2 2020 outlook Board expects continued strong growth from the business throughout 2020, particularly in the US • Q3 2020 trading performance in line with management expectations to date, and significantly above budget Continued benefit due to the demand for PrimeStore MTM tubes and
Slide 14: Financial report
Appendix Financial report ekfdiagnostics.com
Slide 15: Consolidated Income Statement (Extract)
Consolidated Income Statement (Extract) H1 2020 £k H1 2019 £k +/- £k Revenue 26,329 21,436 4,893 Gross profit 14,912 11,532 3,380 GM % 57% 54% 3% Administrative expenses (8,252) (9,117) 865 Other income 57 24 33 EBITDA 8,925 5,584 3,341 Share based payments (300) (1,135) 835 Exceptional items 408 22
Slide 16: Consolidated Balance Sheet (Extract)
Consolidated Balance Sheet (Extract) H1 2020 £k H1 2019 £k +/- £k Property, plant, equipment 13,331 12,376 955 Intangible assets 39,347 40,759 (1,412) Inventories 8,144 7,220 924 Trade / other receivables 10,545 7,775 2,770 Cash and cash equivalents 16,895 12,749 4,146 Deferred consideration 1,840 1
Slide 17: Balance Sheet: Assets at 30 June 2020
Balance Sheet: Assets at 30 June 2020 Selected items H1 2020 £k H1 2019 £k +/- £k Non-current assets Property, plant, equipment 13,331 12,376 955 Right-of-use assets 941 817 124 Intangible assets 39,347 40,759 (1,412) Investments 14,345 4,764 9,581 Deferred tax assets 7 33 (26) Total non-current ass
Slide 18: Balance Sheet: Equity and Liabilities at 30 June 2020
Balance Sheet: Equity and Liabilities at 30 June 2020 Selected items H1 2020 £k H1 2019 £k +/- £k Total equity 79,053 66,882 12,171 Total non-current liabilities 3,159 4,285 (1,126) Current liabilities Trade and other payables 11,052 11,056 (4) Lease liabilities 969 277 692 Deferred consideration 1,
Slide 19: Cash Flow
Cash Flow H1 2020 £k H1 2019 £k +/- £k Profit before income tax 6,249 2,788 3,461 Net cash from operating activities 6,011 3,574 2,437 Net cash used in investing activities (1,524) (1,203) (321) Net cash (used)/generated by financing (354) 18 (372) activities Net increase in cash and cash equivalent
Slide 20: Thanks for your attention
Thanks for your attention
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