Medistim Asa · OSL:MEDI
Medistim Asa — Q4 2020 Earnings Presentation
30 slides from Medistim Asa's earnings presentation, Feb 26, 2021
Slide 1: Welcome to Medistim ASA's 4th quarter 2020 financial presentation
Welcome to Medistim ASA’s 4th quarter 2020 financial presentation The webinar will begin shortly 1
Slide 2: Before we start
Before we start All questions will be answered at the end of the presentation Click on this arrow to expand or minimize your GoToMeeting panel Add any questions here in the questions panel and we will answer them at the end of the presentation
Slide 3: Fourth quarter 2020 and preliminary results for 2020
Medistim ASA Fourth quarter 2020 and preliminary results for 2020 February 26th 2021 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 05 ● The COVID-19 pandemic 5
Slide 6: Highlights
MED\(STIM @ 01 Highlights
Slide 7: Highlights 4th quarter
Highlights 4th quarter Fourth quarter sales ended close to last year Q4 2020 %QoQ The COVID-19 pandemic continue to postpone elective surgeries and sales revenues were down by 1.6%. Currency neutral decline was 7.2%. Revenue MNOK 94.2 (95.7) -1.6% o Improvement from Q2 and Q3 which showed 19.3% an
Slide 8: Highlights full year 2020
Highlights full year 2020 Total 2020 %HoH Full year sales ended on par with 2019 Three consecutive quarters with COVID-19 pandemic effects neutralize Revenue MNOK 363.1 (363.7) -0.16% the sales growth from the record Q1 o Currency neutral sales down 6.1 % EBIT MNOK 95.5 (89.8) +6.4% Sales decrea
Slide 9: Financial Statements
MED\(STIM = 02 Financial Statements
Slide 10: Profit and loss Q4 2020
Profit and loss Q4 2020 Profit & loss Q4 2020 Q4 2019 Sales per Quarter (TNOK) All numb ers in NOK 1000 110 000 Sales 94 184 95 672 100 000 90 000 Cost of goods sold 22 232 19 836 80 000 Salary and sosial expenses 32 177 35 184 70 000 60 000 Other operating expenses 11 348 16 103 50 000 Total operat
Slide 11: Profit and loss FY 2020
Profit and loss FY 2020 Profit & loss 2020 2019 Sales per Quarter (TNOK) All numb ers in NOK 1000 110 000 100 000 Sales 363 133 363 723 90 000 Cost of goods sold 76 577 80 138 80 000 70 000 Salary and sosial expenses 119 066 122 016 60 000 Other operating expenses 48 865 53 790 50 000 Total operatin
Slide 12: Balance sheet – Assets
Balance sheet 31.12.2020 31.12.2019 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 33 464 40 773 Fixed assets 66 570 66 835 Cash flow from operations was Total intangible and fixed assets 100 034 107 608 MNOK 74.3 Inventory 112 667 90 070 Dividend of MNOK 50.1 paid in Custo
Slide 13: Balance sheet – Equity and Liability
Balance sheet 31.12.2020 31.12.2019 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 208 089 188 104 Total equity 256 846 236 861 10.6 MNOK in interest-bearing Total long term debt 29 497 27 801 debt, of which 6 MNOK is a
Slide 14: Business segments update
03 Business segments update 14
Slide 15: Imaging probes and systems in units
Imaging systems in units 40 35 Imaging probes and 30 systems in units 25 ROW 20 Europe 15 Asia The COVID-19 pandemic US continues to affect all 10 geographies, seen as a reduced 5 number of elective surgeries 0 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 and restrictions in access to hospi
Slide 16: Flow probes and systems in units
Flow probes and Flow probes in units (excl USA) systems in units 2 500 2 000 1 500 The COVID-19 pandemic 1 000 continues to affect all 500 geographies, seen as a reduced - number of elective surgeries Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 and restrictions in access to hospitals for n
Slide 17: Q4 and 2020 revenue performance by region
Q4 and 2020 revenue performance by region Mill NOK Q4 '20 Q4 '19 Q/Q 2020 2019 Y/Y Europe 55,8 46,8 19,3 % 173,3 163,9 5,7 % USA 27,0 35,1 -23,2 % 126,4 136,1 -7,1 % Asia 8,8 10,7 -17,7 % 46,8 41,8 12,0 % ROW 2,5 3,0 -15,9 % 16,7 22,0 -24,2 % (MEA, CAN, SA, AUS) Total 94,2 95,7 -1,6 % 363,1 363,7 -0
Slide 18: Q4 and 2020 revenue performance by product
Q4 and 2020 revenue performance by product Mill NOK Q4 '20 Q4 '19 Q/Q 2020 2019 Y/Y Procedures (USA) 23,4 28,3 -17,3 % 99,4 106,7 -6,9 % Flow probes 22,8 26,6 -14,2 % 92,6 95,0 -2,5 % Flow systems (MiraQ) 13,5 8,5 57,9 % 47,2 32,9 43,6 % Imaging systems (MiraQ) 10,0 11,7 -15,0 % 44,2 49,2 -10,3 % Im
Slide 19: Implementing the strategy
04 Implementing the strategy 19
Slide 20: 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 21: Sales expansion in the USA
MED\(STIM Sales expansion in the USA
Slide 22: Performance US sales
Performance US sales 65000 60000 CAGR (2013 – 2020)=8.7 % 55000 Revenues in USD decreased 27.8% in Q4 50000 and 12.6% in 2020 due to COVID-19 45000 40000 o Signs of recovery in Q3, but US was hit 35000 hard again by the pandemic in Q4 30000 25000 Total number of procedures was down 11% 20000 in Q4 a
Slide 23: Distributor Agreement for India signed with LivaNova
Distributor Agreement for India signed with LivaNova 23
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: India as a longer term growth opportunity
India as a longer term growth opportunity Distribution agreement signed with LivaNova The Indian market Medistim strategy LivaNova partnership Large market with ~ 100,000 CABG 2-tier product strategy Global medical device manufacturer procedures annually o MiraQ Ultimate for high-end Strong
Slide 26: The COVID-19 pandemic
MED\(STIM * 05 The COVID-19 pandemic
Slide 27: The COVID-19 pandemic
The COVID-19 pandemic Continued negative effects on sales revenues in Q4, Not quite back to normal but tendency of recovery and lower impact on sales: o Lock-downs, travel and hospital access restrictions → Q2: -12.5% vs LY o Hospital resources and capacity still treating, and keeping → Q3: -2.5% vs
Slide 28: MED\(STIM
MED\(STIM 28
Slide 29: Shareholders list per 23.02.2021
Shareholders list per 23.02.2021 Rank Shareholder # of shares % of total Country Type of account 1 INTERTRADE SHIPPING AS 2 000 000 10,9 Norway Ordinary 2 SALVESEN & THAMS INVEST AS 1 862 500 10,2 Norway Ordinary 3 VERDIPAPIRFOND ODIN NORDEN 1 800 000 9,8 Norway Ordinary 4 State Street Bank and Trus
Slide 30: MED\STIM
MED\STIM