Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2022 Earnings Presentation
24 slides from Medistim Asa's earnings presentation, Apr 28, 2022
Slide 1: Welcome to Medistim ASA's Interim report Q1 2022
Welcome to Medistim ASA’s Interim report Q1 2022 The webinar will begin shortly 1
Slide 2: Before we start
Before we start You will be kept on mute during the presentation. All questions will be answered at the end of the presentation Click on the arrow to expand or minimize your GoToMeeting panel Add any questions in the questions panel and we will answer them at the end of the presentation
Slide 3: Medistim ASA Q1 2022
Medistim ASA Q1 2022 April 28th 2022 Kari E. Krogstad Thomas Jakobsen PRESIDENT & CEO CFO 3
Slide 4: Disclaimer
Disclaimer The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Medistim ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various ass
Slide 5: Table of Contents
Table of Contents 01 ● Highlights 02 ● Financial statements 03 ● Business segments update 04 ● Implementing the strategy 5
Slide 6: 01 Highlights
MED\(STIM @ 01 Highlights
Slide 7: Highlights 1st Quarter
Highlights 1st Quarter Q1 2022 QoQ All time high sales for a quarter Revenue MNOK 116.1 (102.6) +13.2 % 5th quarter in a row above MNOK 100 in sales revenues EBIT MNOK 33.4 (29.1) +15.0 % o Imaging sales up 36.2 % in NOK, Flow sales up 4.4 % in NOK Currency + 1.3 % o Vascular sales up 39.7 % in NO
Slide 8: 02 Financial Statements
MED\(STIM = 02 Financial Statements
Slide 9: Profit and loss Q1 2022
Profit and loss Q1 2022 Profit & loss Q1 2022 Q1 2021 Sales per Quarter (TNOK) 130 000 1=NOK 1000 120 000 Sales revenue 116 129 102 630 110 000 Other revenue - 100 000 Total revenue 116 129 102 630 90 000 80 000 Cost of goods sold 23 681 22 801 70 000 Salary and sosial expenses 36 411 32 403 60 000
Slide 10: Balance sheet – Assets
Balance sheet 31.03.2022 31.12.2021 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 33 850 33 410 Fixed assets 60 097 63 337 Total intangible and fixed assets 93 947 96 747 Cash position by end of the Inventory 97 426 97 413 quarter was MNOK 147.9 Customers receivables 69 25
Slide 11: Balance sheet – Equity and Liability
Balance sheet 31.03.2022 31.12.2021 All numb ers in NOK 1000 Balance sheet – Share capital Premium fund 4 585 44 172 4 585 44 172 Equity and Liability Other equity 278 968 257 295 Total equity 327 725 306 052 Total long term debt 18 578 19 589 No interest-bearing debt Total short term debt 81 187 77
Slide 12: 03 Business segments update
03 Business segments update 12
Slide 13: Imaging probes and systems in units
Imaging systems in units (capital sales) 30 24 Imaging probes and 25 22 systems in units 20 ROW Europe 15 Unit sales of imaging systems Asia 10 sold as capital equipment US continue to be strong, growing 5 9.1 % this quarter 0 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Imaging probes in u
Slide 14: Flow probes and systems in units
Flow probes and Flow systems in units (capital sales) systems in units 60 50 39 Number of flow systems sold as 40 33 capital equipment is down 15.4 % Europe 30 from Q1 last year. USA ROW It is Medistim’s strategy to convert 20 Asia the market from Flow-only to Flow- 10 and-Imaging technology - Q4 19
Slide 15: Revenue performance by region
Revenue performance by region Mill NOK Q1 22 Q1 21 Q/Q 2021 2020 Y/Y Europe 49,4 44,7 10,6 % 190,2 173,3 9,8 % USA 49,1 35,1 40,2 % 154,1 126,4 21,9 % Asia 13,1 19,5 -32,6 % 66,8 46,8 42,7 % ROW (MEA, CAN, SA, AUS) 4,5 3,4 30,5 % 16,1 16,7 -3,0 % Total 116,1 102,6 13,2 % 427,3 363,1 17,7 % • In Euro
Slide 16: Revenue performance by product category
Revenue performance by product category Mill NOK Q1 22 Q1 21 Q/Q 2021 2020 YoY Procedures (USA) 32,5 25,9 25,3 % 111,8 99,4 12,5 % Flow probes 27,2 26,2 3,8 % 115,7 92,6 24,9 % Flow systems (MiraQ) 11,5 13,1 -12,3 % 51,0 47,2 8,0 % Imaging systems (MiraQ) 20,8 15,5 34,3 % 57,9 44,2 31,0 % Imaging pr
Slide 17: Covid-19: From gradually decreasing impact to strong recovery
Covid-19: From gradually decreasing impact to strong recovery Currency neutral change in revenues QoQ (%) Not completely back to normal 40 36,7 Lockdowns in China 30,6 30 26,8 New virus variants, new outbreaks Still some hospital access restrictions 20 Elective surgeries may still be postpon
Slide 18: 04 Implementing the strategy
04 Implementing the strategy 18
Slide 19: Medistim growth strategy
Medistim growth strategy 1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as Emerging high-growth the new standard of care through economies 3 → Early adopter & KOL support (e.g. BRIC) → REQUEST study Developing → Ease conversio
Slide 20: Developing the US market
MED\(STIM Developing the US market 20
Slide 21: Performance US sales
72 032 80000 70000 Performance US sales 60000 CAGR (2013 – 2021) = 11.04 % 56 059 50000 40000 Currency neutral sales revenue 30000 grows by 34.2% in Q1 20000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Number of procedures per year Total number of procedures was up 25.5% in Q1 23 500
Slide 22: Medistim
MED\(STIM 22
Slide 23: 20 largest shareholders per April 25th
20 largest shareholders per April 25th Rank Holding In % Name Citizenship Type of account 1 1 862 500 10.15687 AETERNUM CAPITAL AS Norway Ordinary 2 1 285 000 7.00756 FLØTEMARKEN AS Norway Ordinary 3 1 206 912 6.58172 State Street Bank and Trust Comp United States Nominee 4 1 200 000 6.54403 VERDIPA
Slide 24: Medistim
MED\STIM