Ion Beam Applications SA · EURONEXT:IBAB
Ion Beam Applications SA — IBA — FY2020 Earnings Presentation
38 slides from Ion Beam Applications SA's earnings presentation, Mar 25, 2021
Slide 1: IBA Full Year Results 2020
IBA Full Year Results 2020 Olivier Legrain, CEO and Soumya Chandramouli, CFO © 2021 IBA SA
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements concerning industry outlook, including growth drivers; the company’s future orders, revenues, backlog, or earnings growth; future financial results; market acceptance of or transition to new products or technology and any statements
Slide 3: Agenda
Agenda • Business overview • 2020 highlights • 2020 key figures • Business update • Consolidated financial statements • Dividend policy & outlook • Financial calendar • Q&As 3
Slide 4: Business Overview
(ba. BUSINESS OVERVIEW
Slide 5: Global leader in particle beam technology
Global leader in particle beam technology Proton Therapy > proton beam cancer radiotherapy equipment & services RadioPharma Solutions > radiopharmaceuticals & radiochemistry solutions Industrial Solutions > ion beam sterilization industry Dosimetry > quality assurance for medical imaging & radiother
Slide 6: Driven by long-term strategy
Driven by long-term strategy 1 Capitalize 2 Invest for growth 3 Execute Market leadership Strategic investment Operational execution • Drive greater growth and • Invest in future technologies • Increase recurring revenue clinical evidence and new products streams e.g. Services • Develop established
Slide 7: Acting as a benefit corporation
Acting as a benefit corporation Committed to impactful Environment, Social & Governance goals • Carbon neutral by 2030 • Investing 10% in R&D • Significant impact in the diagnosis and treatment of cancer, cardiovascular and neurodegenerative disorders • Committed to providing a safe, equitable and r
Slide 8: 2020 Highlights
(ba. 2020 HIGHLIGHTS
Slide 9: 2020 highlights
2020 highlights • Strong performance in Asia: • Strategic partnership with Chinese partner CGNNT worth minimum of EUR 100 million • Four-room Proteus®PLUS contract agreed in Chengdu, China • Proteus®ONE contract agreed in Korea, following competitive tender process • Strong order intake for Other Ac
Slide 10: Post-period highlights
Post-period highlights January 2021 • IBA selected for multi-room Proteus®PLUS solution in China February 2021 • IBA received third payment for CGNNT contract (EUR 70 million received to date) March 2021 • IBA received first downpayment for new Proteus®ONE contract with National Cancer Center Korea
Slide 11: 2020 Key Figures
(ba. 2020 KEY FIGURES
Slide 12: 2020 key figures
2020 key figures Revenues REBIT Gross Cash Record Equipment and Service Backlog PT Service contracts 5 EUR EUR EUR EUR PT rooms and 151 312 40.4 1.1 53 Million Million Million Billion 17 Net Cash OA systems sold EUR Net profit PT and OA Service revenues Record equipment 65 Million up order intake EU
Slide 13: 2020 key figures
2020 key figures YE 2020 YE 2019 Variance Variance (EUR 000) (EUR 000) (EUR 000) % • 10% revenue growth, boosted by CGN deal (EUR 63 Net Sales 311 955 282 552 29 403 +10.4% million recognized in 2020) and recurring service revenues Proton Therapy 189 150 158 273 30 877 +19.5% Other 71 745 70 433 1 3
Slide 14: Strong balance sheet
Strong balance sheet • Gross cash position of EUR 151.3 million at year end, up from EUR 46 million in 2019 • Strong improvement of financial with net cash position of EUR 65.2 million versus EUR -21.3 million at end 2019 (including effects of IFRS16) • EUR 37 million undrawn short-term credit lines
Slide 15: PT & Other Accelerators
PT & Other Accelerators YE 2020 YE 2019 Variance Variance (EUR 000) (EUR 000) (EUR 000) % Net Sales 260 895 228 706 32 189 14.1% Proton Therapy 189 150 158 273 30 877 19.5% Other Accelerators 71 745 70 433 1 312 1.9% REBITDA 51 601 5 844 45 757 783% % of Sales 19.8% +2.6% REBIT 37 883 -4 827 42 710
Slide 16: PT & Other Accelerators
PT & Other Accelerators YE 2020 YE 2019 Variance Variance (EUR 000) (EUR 000) (EUR 000) % Equipment Proton Therapy 98 644 73 867 24 777 33.5% Equipment Other Accelerators 49 684 46 851 2 833 6.0% Total equipment revenues 148 328 120 718 27 610 22.9% Services Proton Therapy 90 506 84 406 6 100 7.2% S
Slide 17: PT & Other Accelerators Order Intake
PT & Other Accelerators Order Intake YE 2020 YE 2019 YE 2018 Proteus®ONE* systems sold 1 4 3 Proteus®PLUS* systems sold 1 1 0 Total rooms sold 5 9 3 Other accelerator systems sold 17 25 20 Order intake PT & Other Accelerators €112M €254M €117M Book to bill PT** & Other Accelerators 1.32 2.11 1.04 *P
Slide 18: PT & Other Accelerators Equipment Backlog
PT & Other Accelerators Equipment Backlog • All time high backlog for Proton Therapy and Other Accelerators of EUR 382 million (2019: EUR 379 million) • Proteus®ONE represents 35% and Other Accelerators represent 26% Upgrades ProteusPLUS Other Accelerators ProteusONE 12
Slide 19: PT & Other Accelerators Services
PT & Other Accelerators Services 800 PT Service Backlog 744 700 673 689 691 666 • PT & Other Accelerators Service Revenues at EUR 113 million, up more 600 575 than 4% from 2019 despite COVID-19 500 468 impact 400 383 • PT Services up more than 7%, growing 300 for the third consecutive year 200 22 28
Slide 20: Dosimetry
Dosimetry YE 2020 YE 2019 Variance Variance (EUR 000) (EUR 000) (EUR 000) % Net sales 51 060 53 846 -2 786 -5.2% REBITDA 4 384 6 615 -2 231 -33.7% % of Sales 8.6% 12.3% REBIT 2 523 4 914 -2 391 -48.7% % of Sales 4.9% 9.1% * Dosimetry numbers for 2019 include figures for the RadioMed business which w
Slide 21: Business Update
(ba. BUSINESS UPDATE
Slide 22: Proton Therapy business update
Proton Therapy business update • 100,000 patients treated • Focus on Asia • Strategic licensing deal in China with CGNNT • 2 Proton Therapy solutions (5 rooms) sold in Asia • Chengdu Proteus®PLUS (4 rooms) • Korea Proteus®ONE (1 room) • US market • IBA presence reinforced • Extension of PT indicatio
Slide 23: IBA remains the market leader in proton therapy
IBA remains the market leader in proton therapy 2020 market share in PT rooms PT rooms in operation Market share in PT rooms* 129 rooms * Research rooms are excluded * Mitsubishi bought by Hitachi Accumulated patients treated 8 PT rooms in 2020 (5 for IBA) Vendor Country Clinic Rooms 300000 Korea Na
Slide 24: Proton therapy future innovation
Proton therapy future innovation Making progress with technology critical to the future of PT Motion Management • Treat more patients with confidence ARC Therapy* • More efficient and simple way to deliver PT FLASH therapy* • Potential game changer for RT market *Arc Therapy and Flash Therapy are cu
Slide 25: RadioPharma Solutions business update
RadioPharma Solutions business update IBA leads the market for radioisotope production accelerators, including high-energy machines • New generation Cyclone® KIUBE • Highest production capacity enabling increased diagnostic capabilities • Widest range of radioisotopes • New generation Cyclone® IKON
Slide 26: Industrial Solutions business update
Industrial Solutions business update ® New Rhodotron generation brings new opportunities • Allows a unique alternative to cobalt and ethylene oxide for sterilization • New Rhodotron® TT300 HE • Electron beam accelerator for production of the radioisotope molybdenum-99 (Mo-99) • Undergoing testing in
Slide 27: Dosimetry business update
Dosimetry business update Order intake up 10% • Strong orders of Patient Dose Monitoring devices for Mobile Systems from OEMs • Continued investment in patient QA radiotherapy and market-leading Dosimetry tools for PT • Gaining Market share in QA for conventional radiotherapy Continuous innovation •
Slide 28: Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS 28
Slide 29: Consolidated P&L
Consolidated P&L YE 2020 YE 2019 Variance Variance (EUR 000) (EUR 000) (EUR 000) % • Group sales up 10.4% increase driven by CGNNT and the resilient performance of Sales and services 311 955 282 552 29 403 10.4% the services business Cost of sales and services (-) 175 900 189 415 -13 515 -7.1% Gross
Slide 30: Consolidated Cash Flow
Consolidated Cash Flow YE 2020 YE 2019 (EUR 000) (EUR 000) • Operating cash flow of EUR 100.4 million, Cash flow from operating activities up from EUR 48.6 million in 2019, driven Net cash flow changes before changes in working capital 50 384 8 217 by the increase in profit, high level of cash Chang
Slide 31: Consolidated Balance Sheet
Consolidated Balance Sheet YE 2019 YE 2018 Variance YE 2019 YE 2018 Variance (EUR '000) (EUR '000) (EUR '000) (EUR '000) (EUR '000) (EUR '000) EQUITY AND LIABILITIES ASSETS Capital stock 42 294 42 294 0 Capital surplus 41 978 41 978 0 Goodwill 3 821 3 821 0 Treasury shares -5 907 -8 502 2 595 Other
Slide 32: Outlook & Dividend Policy
(ba. OUTLOOK & DIVIDEND POLICY
Slide 33: COVID-19 update
COVID-19 update • Manufacturing & Supply Chain • No significant impact • All suppliers are open in all geographies • Projects • 20 proton therapy projects under construction or installation comprising 14 Proteus®ONE and 6 Proteus®PLUS solutions • Installations and shipment impacted by lockdown and t
Slide 34: Dividend policy
Dividend policy New dividend policy, based on • Significant strengthening of company resources • Confidence in the growing proportion of recurring revenues • Willingness to retain engaged long-term shareholders Board of Directors to recommend a gross dividend of EUR 0.2 per share 34 34 34
Slide 35: Outlook
Outlook • Resilience across all of business lines • Project installations progressing still complex in 2021 • Healthy order intake in Other Accelerators and Dosimetry businesses • Commitment to progressing new tenders internationally, with encouraging pipeline • Services continue to provide stable r
Slide 36: Financial Calendar
( ba FINANCIAL CALENDAR
Slide 37: Financial calendar
Financial calendar • Business Update Q1 20 May 2021 • General Meeting 9 June 2021 • Half Year Results 25 August 2021 • ASTRO Capital Markets Day 24-27 October 2021 (TBC) • Business Update Q3 18 November 2021 37
Slide 38: Q&As
(ba. Q&As