Microport Scientific Corp. · HKEX:853
Microport Scientific — H1 2013 Earnings Presentation
20 slides from Microport Scientific's earnings presentation, June 2013
Slide 1: 2013 1H Financial Results & Business Update
2013 1H Financial Results & Business Update Stock Code: 00853(HK) June 2013 Unsaved Document / 2/25/2010 / 2:14 PM
Slide 2: Content
Content 2013 1H Financial Results Business Update *Appendix - Financial Statements Unsaved Document / 2/25/2010 / 2:14 PM 1
Slide 3: Financial Summary 2013 1H
Financial Summary 2013 1H Highlights Key Financial Summary Revenue: 422m, Y/Y ↓13% RMB: million 2013 1H 2012 1H Flux Net profit: 92m, Y/Y ↓59% Revenue 421.9 484.9 -13% Cost (79.5) (71.8) 12% New Commercially-Launched Products: Gross Profit 342.4 413.1 -17% WILLIS® intracranial stent graft system f
Slide 4: Financial Performance
Financial Performance Revenue & Gross Margin Net Profit & Net Margin (RMB million) (RMB million) 5Y CAGR: 18% 5Y CAGR: 19% 86% 87% 85% 84% 84% 82% 81% 46% 37% 38% 38% 931.0 33% 33% 839.8 727.7 22% 354.0 560.7 320.9 485.2 484.9 421.9 240.1 222.7 186.4 Unsaved Document / 2/25/2010 / 2:14 PM 178.8 92.1
Slide 5: Business Diversification - Revenue Mix for Reference
Business Diversification - Revenue Mix for Reference Revenue by Products (2013 1H) Other cardiovascular devices, 6.2% Endovascular devices, 8.3% (35M) Neurovascular devices, 2.8% (12M) Surgical management, 6.1% New business, Orthopedic devices, 10.6% 1.5% Drug eluting stents, 72.1% Diabetes care and
Slide 6: Operating Expenses
Operating Expenses Sales and Marketing Cost Administrative Expense Research and Development Cost (RMB million) (RMB million) (RMB million) 18.6% 17.5% 17.7% 18.1% 15.3% 18.2% 20.0% 13.6% 13.4% 16.2% 15.7% 15.4% 11.7% 11.2% 12.3% 13.0% 12.2% 9.9% 9.6% 9.1% 9.6% 173.0 152.1 129.0 153.0 145.8 98.2 97.9
Slide 7: Business Update
Business Update 1 Vascular Business 2 Electrophysiology Business 3 Orthopedics Business 4 Diabetes and Endocrinal Devices 5 Surgical Management – Dongguan Kewei Unsaved Document / 2/25/2010 / 2:14 PM 6 Long-Term R&D Pipeline 6
Slide 8: 1-1 Vascular Business
1-1 Vascular Business DES-Firehawk R&D Status Firebird 2 Firehawk DES Revenue (2008-2013 1H) RMB: million 729.3 741.7 627.8 Commercially launched in Third generation DES January 2009 Cobalt-chromium target- 484.1 Constructed of cobalt- eluting stent coated with 421.7 401.9 chromium coated wi
Slide 9: 1-2 Vascular Business Castor
1-2 Vascular Business Endovascular – Stent Graft TAA/AAA Market Leadership (2012) Products Profile (in terms of units implanted) Castor Branched Aortic Stent-Graft and Delivery System 30% Clinical Trial to be kicked off in 2012 20% Hercules B / Hercules T 10% 0% Medtronic Metronic Cook Others Un
Slide 10: 1-3 Vascular Business Willis
1-3 Vascular Business Neurovascular – Apollo, Willis Solid Growth of Apollo in Revenue Products Already Received SFDA Approval RMB: million 20.8 Willis 17.5 13.4 11.7 10.2 Intracranial Stent Graft System 8.6 Received SFDA approval on March, 2013 2.6 2008 2009 2010 2011 2012 2012 2013 1H 1H Leadi
Slide 11: Electrophysiology Business
2 Electrophysiology Business Solid Growth of Electrophysiology in Revenue R&D Pipeline RMB: million 9.7 7.3 Columbus 5.5 3.6 3D Mapping System Clinical Trial in 2012 1.5 2010 2011 2012 2012 1H 2013 1H Products on the Market Voyager Unsaved Document / 2/25/2010 / 2:14 PM Irrigated RF Ablation C
Slide 12: Orthopedics Business
3 Orthopedics Business Milestones Sales Split by Application Key Factors 2009 • Established Shanghai Other MicroPort Orthopedics Spine RMB:6M 2010 Trauma Employee: 180 in total • Obtained CE Certificates Facilities: increase an area of 11,000㎡ for over 5 products since Certificates: over 20 do
Slide 13: Diabetes and Endocrinal Devices Business
4 Diabetes and Endocrinal Devices Business Solid Growth of Diabetes Business in Revenue Products Profile RMB: million Micro-Infusion GnRH Pump (Artificial Pituitary Pump) 9.7 Innovative Solution for Hypogonadotropic Hypogonadism (HH) Contribute a lot to the revenue 5.4 5.0 2.8 2011 2012 2012 1H
Slide 14: Surgical Devices Business
5 Surgical Devices Business Key Factors Oxygenators Market Leadership Kewei 22% 15% Medtronic Terumo Medos AG 14% Sorin 12% • Located on Dongguan, Guangdong province Jostra AG 10% • 28 patents in China Xijian Medical 8% • Around 160 employees, over 20 engineers and 10 sales 10% Others 9% • Products
Slide 15: Long-Term R&D Pipeline (over 5 years)
6 Long-Term R&D Pipeline (over 5 years) Pacemaker & Pacing Lead Others IPG (Implantable Pulse Generator) Transcatheter Aortic Valve Implantation system Under R&D stage Under R&D stage （微创医芯） Pacing Leads – active & passive Renal Denervation Device Under R&D stage Under R&D stage Unsaved Docu
Slide 16: Appendix I - Consolidated Income Statement
Appendix I - Consolidated Income Statement (RMB '000) 2013 1H Actual 2012 1H Actual Revenue 421,922 484,916 Cost of sales (79,506) (71,833) Gross profit 342,416 413,083 Other revenue & net income 18,923 25,811 Research and development costs (84,260) (62,824) Sales and marketing costs (64,489) (64,88
Slide 17: Appendix II - Consolidated Balance Sheet
Appendix II - Consolidated Balance Sheet RMB'000 30 Jun 2013 31 Dec 2012 Cash and cash equivalents 662,227 413,149 Deposits with banks 451,528 666,275 Trade & Other receivables 390,343 433,890 Inventories 109,522 92,654 Total current assets 1,613,620 1,605,968 Fixed Assets & CIP & Prepay for FA 824,
Slide 18: Appendix III - Condensed Consolidated Cash Flow Statement - Adjusted
Appendix III – Condensed Consolidated Cash Flow Statement - Adjusted (RMB '000) 2013 1H Actual 2012 1H Actual Cash generate from operations 198,573 196,529 Income tax paid (18,388) (29,131) Net cash generated from operating activities 180,185 167,398 Net cash (used in)/from investing activities (98,
Slide 19: Disclaimer
Disclaimer This document is for information purposes only and does not constitute or form part of any offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for any securities of MicroPort Scientific Corporation, and no part of it shall form the basis of,
Slide 20: Thank You
Unsaved Document / 2/25/2010 / 2:14 PM Thank You 19