Siemens Healthineers Ag · XETR:SHL
Siemens Healthineers — Q1 2023 Earnings Presentation
20 slides from Siemens Healthineers's earnings presentation, Feb 2, 2023
Slide 1: Q1 Analyst Call
Q1 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO Feb 02, 2023
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: Continued impressive order intake – Outlook 2023 confirmed
Continued impressive order intake – Outlook 2023 confirmed • Double-digit equipment order growth in all segments, equipment book-to-bill at 1.36 • Soft revenue growth ex-antigen of 1%, incl. antigen -5% • Imaging with solid growth (5%) and strong margin expansion of +100 bps y-o-y (to 21%) • Diagnos
Slide 4: Our unique capabilities
Our unique capabilities Patient Twinning Precision Therapy Personalization of diagnosis, Intelligent and image guided therapy selection and monitoring, treatment for the most after care and managing health threatening diseases Digital, Data and AI Leveraging digital, data and AI and advance provider
Slide 5: Our unique capabilities enable breakthrough innovations
Our unique capabilities enable breakthrough innovations Patient Twinning Precision Therapy MAGNETOM Atellica HyperSight Ethos Cima.X CI1900 A revolution in Taking the lead in Deeper insights Bringing resolution and speed adaptive with our Atellica technology into low- in radiotherapy cancer stronges
Slide 6: Value Partnership with Atrium Health – Capitalizing on the relevance of our unique portfolio
Value Partnership with Atrium Health – Capitalizing on the relevance of our unique portfolio and C-level commitment • Multi-year strategic agreement with Atrium Health to improve access to care, health equity and economic mobility • Atrium Health to purchase >$200 million in equipment and associated
Slide 7: Atellica CI1900 completes ecosystem for IA/CC testing – Significant multi-year agreement with Unilabs
Atellica CI1900 completes ecosystem for IA/CC testing – Significant multi-year agreement with Unilabs Same technology • Multi-year agreement with Unilabs for IA/CC1 testing and other testing solutions Atellica Solution Same menu Atellica Atellica Atellica Solution CI 19001 CI1900 • Several hundred a
Slide 8: A unique investment case: Structural and innovation-driven growth
A unique investment case: Structural and innovation-driven growth paired with attractive earnings growth and resilience Structural and innovation driven growth • Essential technologies and leading innovations for fighting the most threatening diseases Unique Enabling and advancing Attractive • Conti
Slide 9: Soft growth ex-antigen; EPS down due to declining antigen contribution
Soft growth ex-antigen EPS down due to declining antigen contribution Revenue (€m) Adjusted basic earnings per share (€) Comparable PYQ: -4.5% Y-o-Y PYQ: -13% Growth +9.5% +12% Ex antigen: +0.7% Ex antigen: +2% 5,068 5,077 0.55 0.47 Q1 FY2022 Q1 FY2023 Q1 FY2022 Q1 FY2023 • Soft revenue growth ex-an
Slide 10: Imaging with solid growth and strong margin expansion; DX with lower antigen contribution
Imaging with solid growth and strong margin expansion; DX with lower antigen contribution and headwinds in China Imaging (€m) Diagnostics (€m) Adjusted revenue Adj. EBIT (margin) Adjusted revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +5.2% Y-o-Y +100 bps Growth -23.7% Y-o-Y -
Slide 11: Varian's revenue and profit held back as expected; Advanced Therapies solid growth
Varian’s revenue and profit held back as expected; Advanced Therapies with continuous solid growth and margin Varian (€m) Advanced Therapies (€m) Adjusted revenue Adj. EBIT (margin) Adjusted revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth -4.5% Y-o-Y -350 bps Growth +5.0% Y-o-Y
Slide 12: Successful focus on pricing will lead to stronger margins in H2
Successful focus on pricing will lead to stronger margins in H2 Revenue growth to accelerate from Q2 onwards Margin improvements skewed towards H2 Growth ex-antigen improving from Q2 onwards Adj. EBIT margin Revenue growth H1 H2 Q1 Q2 – Q4 FY2023 FY2023 Backlog conversion • Scheduled backlog for FY2
Slide 13: Outlook FY2023 confirmed
Outlook FY2023 confirmed Comparable revenue growth1, 2 Adj. basic earnings per share2 Growth ex antigen3: Growth ex antigen3: 6 to 8% 13 to 24% 5.9% €2.29 €2.00 to €2.204 -1 to +1%4 Antigen Antigen accretion ~2% accretion ~55ct FY2022 FY2023E FY2022 FY2023E • Imaging growth at 7 to 9% • Imaging marg
Slide 14: Appendix
Appendix Q1 FY2023 Unrestricted © Siemens Healthineers AG, 2023 l 14
Slide 15: Free cash flow negative due to build-up of inventory
Free cash flow negative due to build-up of inventory for equipment revenue in the following quarters Q1 FY23 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.8 CCR2 Diagnostics <0 Varian <0 Adv. Therapies 0.6 CCR1 0.04 854′ 226′ 627′ -479′ 520′ 107′ 85′ -54′ -123′ 283′ 56′ 27′ -200′ -56′ -
Slide 16: FY23 balance sheet and net debt bridge
FY23 balance sheet and net debt bridge Net debt overview Capital structure development in FY23 (in €bn) in €bn Sep 30, 2022 Dec 31, 2022 Leverage1 3.0x 3.1x Cash and cash equivalents 1.4 1.4 12.7 12.7 Receivables from the Siemens 0.7 0.6 Group from financing activities 0.7 1.1 Pensions -0.02 -0.1 0.
Slide 17: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Dec 31st, 20221 (in €m) Comments Other ▪ Total loan volume ~€13bn equivalent EUR ▪ Average interest rate ~0.9% p.a.3 USD 2,299 Top 10 loans ranked in € volume 213 Notional Volume Volume Interest Maturity 1,736 Currency in m in €m rate 264 USD $1,6
Slide 18: Provisions for pensions
Provisions for pensions Q1 FY2023 Key financials – Pensions and similar obligations Q1 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) obligation (DBO) Fair value of plan 2.6 2.8 2.8 3.3 2.8 2.7 assets Provisions for pensions and similar (0.8) (1
Slide 19: Glossary
Glossary 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 allocations. Comparable revenue growth is defined as the development of adjusted r
Slide 20: Q1 FY2023 Unrestricted © Siemens Healthineers AG, 2023 l 20
Q1 FY2023 Unrestricted © Siemens Healthineers AG, 2023 l 20