Siemens Healthineers Ag · XETR:SHL
Siemens Healthineers — Q1 FY2024 Earnings Presentation
18 slides from Siemens Healthineers's earnings presentation, Feb 1, 2024
Slide 1: Q1 Analyst Call
Q1 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO Feb 1, 2024
Slide 2: Safe Harbour Statement
Safe Harbour Statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Revenue growing 7% – strongest contribution from Varian
Revenue growing 7% – strongest contribution from Varian All segments well on track • Revenue growth at 7.0% (ex antigen); growth incl. antigen at 5.7% • Adj. basic EPS at €0.49 on track • Outlook confirmed • Continuous expansion of strong backlog with equipment book-to-bill of 1.14 • Imaging growth
Slide 4: Our sources of growth
Our sources of growth Expanding access to care for billions of people Innovating continuously for better diagnosis and treatment The world innovates for us Enabling efficient operations to Novel drugs New theranostic agents improve productivity Robotic treatments More sophisticated devices Provider
Slide 5: We are expanding our innovation leadership
We are expanding our innovation leadership Enabling efficient operations Innovating continuously Expanding access to care to improve productivity for better diagnosis for billions of people and treatment Naeotom Alpha HyperSight MAGNETOM Free.Max CIARTIC Move1 Mammomat B.brilliant Quantum leap in Br
Slide 6: We are partner of first choice for a diverse range of multi-disciplinary Value Partnerships
We are partner of first choice for a diverse range of multi-disciplinary Value Partnerships Nova Scotia Health, Nova Scotia, Canada OU Health, Oklahoma, USA Duration • 10-year partnership • 10-year partnership Volume • up to $175 million CAD • <<not disclosed>> Key features • Multi-Disciplinary Onco
Slide 7: We raised the bar on our sustainability commitment
We raised the bar on our sustainability commitment to drive greater business and societal impact HEALTHCARE ACCESS RESOURCE PRESERVATION DIVERSE AND ENGAGED HEALTHINEERS Patient impact Net zero Diversity 260 million patient touchpoints1 by 2030 90% reduction in Scope 1 & 2 emissions 30% women repres
Slide 8: Strong revenue growth – margin and EPS increased
Strong revenue growth – margin and EPS increased Revenue (€m) Adjusted basic earnings per share (€) Comparable PYQ: +5.7% PYQ: -2% Y-o-y Growth -4.5% -8% Ex antigen +0.7% +7.0% Ex antigen +8% +5% 5,077 5,176 0.50 0.49 Antigen Antigen accretion ~0.03 ~63 Q1 FY2023 Q1 FY2024 Q1 FY2023 Q1 FY2024 • Stro
Slide 9: Imaging – solid start into the fiscal year
Imaging – solid start into the fiscal year Leveraging the power of our unique, Imaging (€m) synergistic portfolio and capabilities Revenue Adj. EBIT (margin) Winning together Comparable +5.3% Margin -180 bps Growth Y-o-Y 574 533 2,739 2,792 (20.9%) (19.1%) Q1 FY2023 Q1 FY2024 Q1 FY2023 Q1 FY2024 • S
Slide 10: Varian – remarkable growth and margin expansion; Advanced Therapies – solid growth
Varian – remarkable growth and margin expansion Advanced Therapies – solid growth and margin improvement Varian (€m) Advanced Therapies (€m) Revenue Adj. EBIT (margin) Revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +22.3% Y-o-Y +150 bps Growth +5.0% Y-o-Y +270 bps 145 55 68 91
Slide 11: Diagnostics – transformation well on track
Diagnostics – transformation well on track Crystalizing full potential of Diagnostics (€m) growth and profitability Revenue Adj. EBIT (margin) Transforming to win Comparable -4.0% Margin +420 bps Growth Y-o-Y 54 1,147 1,058 (5.1%) 10 (0.8%) Q1 FY2023 Q1 FY2024 Q1 FY2023 Q1 FY2024 • Continuing toplin
Slide 12: Outlook 2024 confirmed
Outlook 2024 confirmed Siemens Healthineers 2023 2024E Comp. revenue growth 1.2% 4.5% to 6.5% Comp. revenue growth, ex-antigen 8.3% 5.0% to 7.0% Adj. basic EPS (€) 2.14 2.10 to 2.30 Main assumptions Comp. revenue growth 2023 2024E Adj. EBIT margin 2023 2024E Imaging 10.9% 6% to 8% Imaging 21.8% 21.0
Slide 13: Q1 FY2024
Q1 FY2024 Unrestricted © Siemens Healthineers AG, 2024 l 13
Slide 14: EBIT to Free Cash Flow bridge and cash conversion rates
EBIT to Free Cash Flow bridge and cash conversion rates Q1 FY24 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.9 CCR2 Diagnostics <0 Varian 0.6 Adv. Therapies 0.7 CCR1 0.54 885′ 195′ -123′ 689′ -128′ 594′ 95′ -48′ 557′ -29′ 53′ 372′ -132′ -53′ 238′ -187′ Healthineers PPA EBIT excl. Depr.
Slide 15: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Dec 31st, 20231 (in €m) Comments Other ▪ Total loan volume ~€13.7bn equivalent EUR ▪ Average interest rate ~1.7% p.a.3 USD Top 10 loans ranked in € volume 2,194 Notional Volume Volume Interest 83 Maturity Currency in m in €m rate 254 USD $1,689 €1
Slide 16: FY24 balance sheet and net debt bridge
FY24 balance sheet and net debt bridge Net debt overview Capital structure development in FY24 (in €bn) in €bn Sep 30, 2023 Dec 31, 2023 Leverage1 3.7x 3.7x Cash and cash equivalents 1.6 1.5 13.7 13.7 Pensions 0.5 0.7 Receivables from the Siemens 0.6 0.6 -0.4 0.1 0.1 Group from financing activities
Slide 17: Provisions for pensions
Provisions for pensions Q1 FY2024 Key financials – Pensions and similar obligations Q1 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) obligation (DBO) Fair value of plan 2.6 2.8 2.8 3.3 2.8 2.8 2.9 assets Provisions for pensions and
Slide 18: Glossary
Glossary ‘Revenue’ in this presentation refers for segments to ‘Adjusted revenue‘ Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocatio
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