Slide 1: Making the Invisible Visible: Q4 FY24 Earnings Presentation
Making the Invisible Visible Q4 FY24 Earnings Presentation November 19, 2024 11/19/2024 1
Slide 2: Forward Looking Statements / Non-GAAP Measures
Forward Looking Statements / Non-GAAP Measures Forward Looking Statements This supplement contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning financial results earnings guidance; supply chain and logistics challenges
Slide 3: Q4 FY24 Results
Q4 FY24 Results Non-GAAP Non-GAAP Cash, Cash Equiv., Revenue Gross Margin1 EPS1 & Mkt. Sec.2 $206M $213M 33% $0.19 Industrial sales strength continued in the quarter China Medical sales stable Product mix pressured gross margin Solid cash generation 1Non-GAAP. For a reconciliation to the mos
Slide 4: Q4 FY24 Year-over-Year Performance
Q4 FY24 Year-over-Year Performance Revenue Gross Margin - Non-GAAP Adjusted EBITDA 36% $227 $38 33% $206 $23 -10% -270bps -41% Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Diluted EPS - Non-GAAP Cash, Cash Equiv. & Mkt. $0.45 Sec. $195 $213 $0.19 -58% +9% Q4FY23 Q4FY24 Q4FY23 Q4FY24 Note: $millions exc
Slide 5: Q4 FY24 Sales Performance
Q4 FY24 Sales Performance1 CT Mammography Radiography & Fluoroscopy Others Oncology Industrial Dental 1Sales performance is Q4FY24 sales compared to five quarter average trend 11/19/2024 5
Slide 6: FY2025 Initiatives
FY2025 Initiatives Establish Solid Footing for Profitable Future Growth Expand the Core CT Tubes Dynamic Detectors Industrial Detectors Drive Future Growth Drive Adoption of Photon Counting Technology Expand Industrial Scanning Applications Ramp-up High-Volume Radiographic Components C
Slide 7: Expand the Core
Expand the Core CT Tubes • Extend portfolio at the premium end • Optimize cost through vertical integration Dynamic Medical Flat Panel Detectors • Expand IGZO-based AZURE family of detectors • Increase migration to AZURE detectors Industrial Flat Panel Detectors • Drive film to digital conversion wi
Slide 8: Drive Future Growth
Drive Future Growth Potential TAM Photon Counting Detectors ~$500M • Release PC-CT detectors to production FY2029 • Expand applications/customer base in Industrial Industrial Scanning Systems >$1B • Vertically integrated cargo scanning systems Current • Leverage core imaging component expertise High
Slide 9: Q4 FY24 Revenue Details
Q4 FY24 Revenue Details Segment Mix Geographic Mix ($ in millions) ($ in millions) $61 $68 $66 $144 $72 Medical Industrial Americas EMEA APAC Revenue, $M Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Revenue, $M Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Medical 144 149 149 140 164 Americas 66 70 68 62 74 Industrial 61 60 57 50
Slide 10: Quarterly Results - GAAP
Quarterly Results - GAAP $ in Millions, except per share data Q4 FY24 Q3 FY24 Q4 FY23 Revenue $206 $209 $227 Gross Margin 33% 32% 34% $56 $58 $54 Operating Expenses 27% 28% 24% $11 $9 $24 Operating Income 5% 4% 11% Net Earnings1 ($50) $1 $32 EPS, diluted2 ($1.22) $0.03 $0.66 Avg. shares, diluted 40.
Slide 11: Quarterly Results – Non-GAAP
Quarterly Results – Non-GAAP1 $ in Millions, except per share data Q4 FY24 Q3 FY24 Q4 FY23 Revenue $206 $209 $227 Gross Margin (Non-GAAP) 33% 32% 36% $53 $53 $51 Operating Expenses (Non-GAAP) 26% 25% 23% $15 $15 $30 Operating Income (Non-GAAP) 7% 7% 13% Net Earnings (Non-GAAP)2 $8 $6 $21 EPS, dilute
Slide 12: Select Balance Sheet Data
Select Balance Sheet Data $ in Millions Q4 FY24 Q3 FY24 Q4 FY23 Assets Cash, Cash Equiv., Mkt. Sec. & CDs $213 $192 $195 Accounts Receivable, net $158 $152 $164 Inventories, net $265 $282 $278 Total Assets $1,217 $1,253 $1,250 Liabilities Accounts Payable $59 $68 $65 Total Debt, net $443 $443 $443 T
Slide 13: Select Debt and Cash Flow Statement Data
Select Debt and Cash Flow Statement Data $ in Millions Q4 FY24 Q3 FY24 Q4 FY23 Debt Gross Debt1 $447 $447 $448 (Ratings: Moody’s B2 / S&P BB-) Net Debt2 $234 $255 $253 Adjusted EBITDA3 Adjusted EBITDA $23 $23 $38 Adjusted EBITDA (TTM) $89 $105 $132 Net debt leverage (TTM) 2.6x 2.4x 1.9x Cash Flow St
Slide 14: Guidance Q1 FY25
Guidance Q1 FY25 Revenue Non-GAAP EPS, diluted $195 - $215M -$0.05 - $0.10 Gross Margin: ~31% Operating Expense: ~$53M Assumptions Interest & Other Expense, net: ($7M) – ($8M) Tax rate: ~22% Share count, diluted: ~41M shares 11/19/2024 14
Slide 15: Q&A
Making the Invisible Visible Q&A 11/19/2024 15
Slide 16: Non-GAAP Reconciliation
Making the Invisible Visible Non – GAAP Reconciliation 11/19/2024 16
Slide 17: Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended September 27, September 29, September 27, September 29, (In millions, except per share amounts) 2024 2023 2024 2023 GROSS PROFIT RECONCILIATION Revenues, net $ 205.7 $ 227.4 $ 811.0 $ 893.4
Slide 18: Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended September 27, September 29, September 27, September 29, (In millions, except per share amounts) 2024 2023 2024 2023 SELLING, GENERAL AND ADMINISTRATIVE EXPENSE RECONCILIATION Selling, gener
Slide 19: Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended September 27, September 29, September 27, September 29, (In millions, except per share amounts) 2024 2023 2024 2023 OPERATING INCOME RECONCILIATION Operating income $ 10.9 $ 24.3 $ 32.1 $ 7
Slide 20: Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended September 27, September 29, September 27, September 29, (In millions, except per share amounts) 2024 2023 2024 2023 INCOME BEFORE TAXES RECONCILIATION Income before taxes $ 2.5 $ 1.0 $ 5.0
Slide 21: Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended (In millions, except per share amounts) September 27, September 29, September 27, September 29, 2024 2023 2024 2023 DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION GAAP weighted
Slide 22: Effect of Convertible Note Hedge and Warrants on Non-GAAP Diluted Share Count
Effect of Convertible Note Hedge and Warrants on Non-GAAP Diluted Share Count Impact of Warrants and Convertible Note Hedge at Various Share Prices Shares added back for non- GAAP related to convertible Impact of Warrants on GAAP note hedge Share Price* Diluted Shares Non-GAAP Diluted Shares $20.00
Slide 23: Illustrative Impact of ASU 2020-06
Illustrative Impact of ASU 2020-06 Quarterly ASU 2020-06 Share Count Illustration GAAP NON-GAAP* Net Income before Incremental Dilutive Net Income before effect of Add-back of After-tax Shares for EPS effect of Add-back of After-tax Incremental Dilutive Convertible Notes ($M) Interest Expense Calcul
Slide 24: Discussion of Non–GAAP Financial Measures
Discussion of Non–GAAP Financial Measures This presentation includes non-GAAP financial measures derived from our Condensed Consolidated Statements of Operations. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles, or GAAP
Slide 25: Making the Invisible Visible
Making the Invisible Visible