Slide 1: Q2 interim report 2015/16
Q2 interim report 2015/16 January 1 – March 31 CEO Lars Marcher CFO Michael Højgaard Webcast: May 3 2016 1
Slide 2: Agenda and Disclaimer
Agenda • Q2 highlights • Status on growth drivers • Financials and outlook Disclaimer • Q&A Forward-looking statements, especially such relating to future sales and operating profit, are subject to risks and uncertainties. Various factors, many of which are outside Ambu’s control, may cause the actu
Slide 3: Q2 highlights
Q2 highlights • Strong growth continues • Earnings more than doubled for H1 • Our main product groups take market share • aScope sales continue the high growth • Outlook adjusted upwards 3
Slide 4: Q2 performance
Q2 performance Organic growth: 8% Revenue: DKK 532m 550 532m 11% 9% 500 483m 9% 8% 450 7% 5% 400 Q2 LY Q3 LY Q4 LY Q1 Q2 Q2 LY Q3 LY Q4 LY Q1 Q2 Gross margin: 50.8% EBIT margin: 16.0% 50.8% 25% 51,0% 20% 16.0% 50,0% 15% 49,0% 9.9% 10% 47.8% 48,0% 5% 47,0% 0% Q2 LY Q3 LY Q4 LY Q1 Q2 Q2 LY Q3 LY Q4 LY
Slide 5: Strong global performance
Strong global performance Q2 organic growth North America 4% • Growth of 4% - adjusted 8% • aScope sales develop very positively 12% • Continues to improve US market position 12% Europe Q2 revenue split • Growth of 12% • High market share on Anaesthesia and PMD • Continued strong penetration of aSco
Slide 6: Anaesthesia and PMD in growth
Anaesthesia and PMD in growth Anaesthesia Q2 organic growth • Growth of 13% - adjusted 15% • High growth despite negative circuit development 13% • aScope is now product group with highest revenue • Core anaesthesia grows satisfactorily 1% Patient Monitoring & Diagnostics Q2 revenue split • Growth o
Slide 7: Status on growth drivers
eee Status on growth drivers
Slide 8: Growth drivers in strategy period
Growth drivers in strategy period • Revenue drivers Revenue trend (DKKm) 550 500 • Strong growth in scopes 450 • Resuscitators, laryngeal masks 400 and neurophysiology at 7% CAGR 350 • EBIT drivers 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 • Better product mix 13/14 13/14 13/14 13/14 14/15 14/15 14/15 14/15
Slide 9: Growth drivers in Q2
Growth drivers in Q2 • Core contains bulk and an increasing range of growth products • Flexible scopes yield triple-digit growth Core Flexible scopes 3-4% growth in Q2 adjusted for circuits 15% 110% growth Q2 • Resuscitators • aScope • Face and laryngeal masks • vScope • Electrodes • Isiris • Maniki
Slide 10: aScope growth drivers
aScope growth drivers External drivers Internal drivers • Cost • Selling deeper and wider • Savings in use • Investment in cost-studies • Availability and tools • Ready when needed • Global expansion incl. China • Cross-contamination • Increased focus on infections • Investments in R&D 10
Slide 11: Launch of ICU aScope in Q3 15/16
Launch of ICU aScope in Q3 15/16 • aScope Large will broaden the aScope offering New Ambu® aScope 3™ Large • To be launched 2016 • Working channel 2.8mm Ambu® aScope 3™ Regular • Launched 2013 • Working channel 2.2mm Ambu® aScope 3™ Slim • Launched 2013 • Working channel 1.2mm 11
Slide 12: Two separate hospital call points
aScope customers Two separate hospital call points Operating Room (OR) Intensive Care Unit (ICU) • Scheduled and acute operations • Critically ill patients OR ICU • Difficult airway management • Bedside bronchoscopy (BAL, PDT, • SLV - monitoring of tube placement intubation, secretion management) Am
Slide 13: 3.0m addressable procedures
aScope Slim, Regular and Large 3.0m addressable procedures Operating Room (OR) Intensive Care Unit (ICU) Estimated annual no. of procedures 1.2m 1.8m Type of procedure* Difficult SLV PDT BAL airways (single-lung (percutaneous (bronchial alveolar ventilation) dilatational lavage) tracheostomy) 575k 6
Slide 14: Financial results and outlook
Financial results and outlook 14
Slide 15: Financial results
Financial results DKKm Q2 15/16 Q2 14/15 • Strong revenue growth yields scale Revenue 532 483 • Gross margin improved by product mix Gross profit 270 231 Gross margin (%) 50.8 47.8 and more efficient manufacturing Capacity costs -185 -183 • Increase in capacity costs by 1%-points EBIT 85 48 • EBIT e
Slide 16: Balance sheet
Balance sheet DKKm Q2 15/16 Q2 14/15 • Improved working capital now at Total assets 2,301 2,371 28% of revenue vs. 33% LY Equity 860 978 Working capital 572 556 • Overall collection days on Accounts Receivables improved Net interest-bearing debt 958 832 from 94 to 77 days Gearing (NIBD/EBITDA) 2.4 2
Slide 17: Full-year outlook upgraded
Full-year outlook upgraded Expected 2015/16 Expected 2015/16 Targets 2016/17 in local currencies in DKK in DKK 3 May 2016 11 Nov. 2015 3 May 2016 11 Nov. 2015 Revenue 8-9% 7-9% 10-11% 9-11% DKK ~2bn EBIT margin - - 15-16% 14-15% 17-18% Cash flows - - 150-175m 150-175m - Gearing - - ~2.0 ~2.0 - 17
Slide 18: In summary
In summary • Strong results for first half of 2015/16 • Solid growth continues • Significant growth in aScope • New aScope version in Q3 • Benefits from scale and cost discipline • Full-year outlook adjusted upwards 18
Slide 19: Q&A
Q&A 19
Slide 20: Read more at www.ambu.com
Read more at www.ambu.com Contact CEO Lars Marcher, lm@ambu.com or +45 5136 2490 CFO Michael Højgaard, miho@ambu.com or +45 4030 4349 20