Slide 1: Fourth quarter and preliminary year end financials for 2019
Medistim ASA Fourth quarter and preliminary year end financials for 2019 Kari E. Krogstad, President and CEO Thomas Jakobsen, CFO February 28th, 2020
Slide 2: Disclaimer
2 28.02.2020 Medistim ASA Q4 2019 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 s
Slide 3: Table of contents
3 28.02.2020 Medistim ASA Q4 2019 Table of contents 1. Highlights fourth quarter 2. Financial statements 3. Business segments update 4. Implementing the strategy
Slide 4: 1. Highlights 4th quarter
MED (STIM 1. Highlights 4th quarter
Slide 5: Highlights 4th quarter
5 28.02.2020 Medistim ASA Q4 2019 Highlights 4th quarter Q4 2019 QoQ • Second best sales quarter ever, 2.3 % down from Q4 last Revenue -2.3% year MNOK 95.7 (97.9) o Currency neutral sales of own products down 6.8 % o Sales in the USA down 9.4 % EBIT -28.8 % o A strong quarter for own products in Eur
Slide 6: Highlights full year 2019
6 28.02.2020 Medistim ASA Q4 2019 Highlights full year 2019 2019 YoY • Another record year with sales growth at 11.6 % Revenue 11.6% o Currency neutral sales of own products up 10.3 % MNOK 363.7 (325.9) o Growth in all geographic regions, with US sales up 20.3 % EBIT 21.3 % o Sales of Imaging portfo
Slide 7: 2. Financial statements
2. Financial statements
Slide 8: Profit and loss Q4 2019
8 28.02.2020 Medistim ASA Q4 2019 Profit and loss Q4 2019 Profit & loss Q4 2019 Q4 2018 All numb ers in NOK 1000 Sales per Quarter (TNOK) Sales 95 672 97 923 110 000 Cost of goods sold 19 836 20 999 90 000 Salary and sosial expenses 35 184 30 791 70 000 Other operating expenses 16 103 15 258 Total o
Slide 9: Profit and loss 2019
9 28.02.2020 Medistim ASA Q4 2019 Profit and loss 2019 Profit & loss 2019 2018 Sales per Quarter (TNOK) All numb ers in NOK 1000 110 000 Sales 363 723 325 890 90 000 Cost of goods sold 80 138 79 381 Salary and sosial expenses 122 016 105 314 70 000 Other operating expenses 53 790 54 857 50 000 Total
Slide 10: Balance sheet - Assets
10 28.02.2020 Medistim ASA Q4 2019 Balance sheet - Assets Balance sheet 31.12.2019 31.12.2018 All numb ers in NOK 1000 400 000 350 000 Assets 300 000 Intangible assets 40 773 41 944 250 000 Fixed assets 66 835 37 198 200 000 Total intangible and fixed assets 107 608 79 142 150 000 Inventory 90 070 6
Slide 11: Balance sheet - Equity and liability
11 28.02.2020 Medistim ASA Q4 2019 Balance sheet - Equity and liability 400 000 Balance sheet 31.12.2019 31.12.2018 All numb ers in NOK 1000 350 000 300 000 Share capital 4 585 4 585 Premium fund 44 172 44 172 250 000 Other equity 188 104 157 955 200 000 Total equity 236 861 206 712 150 000 Total lo
Slide 12: Medistim ASA Q4 2019
12 28.02.2020 Medistim ASA Q4 2019
Slide 13: 3. Business segments update
3. Business segments update
Slide 14: Flow probes and systems in units
14 28.02.2020 Medistim ASA Q4 2019 Flow probes and systems in units Flow probes in units (excl USA) Flow systems in units (VeriQ & MiraQ capital sales) 2 500 45 40 2 000 35 30 Europe 1 500 25 1 000 20 USA 15 ROW 500 10 5 Asia - - Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 17 18 18 18 1
Slide 15: Imaging probes and systems in units
15 28.02.2020 Medistim ASA Q4 2019 Imaging probes and systems in units Imaging probes in units (incl USA) Imaging systems in units (VeriQC & MiraQ capital sales) 50 45 40 40 35 35 30 30 25 25 ROW 20 20 Europe 15 15 10 Asia 10 5 US - 5 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 17 18 18 18 18 19 19 19 19 Q4 Q1 Q2
Slide 16: Q4 and YTD 2019 revenue performance by region
16 28.02.2020 Medistim ASA Q4 2019 Q4 and YTD 2019 revenue performance by region Mill NOK Q4 '19 Q4 '18 Q/Q 2019 2018 H/H Europe 46,8 38,8 20,7 % 163,9 154,8 5,8 % USA 35,1 38,8 -9,4 % 136,1 113,1 20,3 % Asia 10,7 13,8 -22,4 % 41,8 38,7 8,1 % ROW (MEA, CAN, SA, AUS) 3,0 6,5 -53,9 % 22,0 19,3 14,0 %
Slide 17: Q4 and 2019 revenue performance by product
17 28.02.2020 Medistim ASA Q4 2019 Q4 and 2019 revenue performance by product Mill NOK Q4 '19 Q4 '18 Q/Q 2019 2018 H/H Procedures (USA) 28,3 27,5 2,6 % 106,7 89,5 19,3 % Flow probes 26,6 25,0 6,5 % 95,0 85,7 10,9 % Flow systems (VeriQ & MiraQ) 8,5 7,8 10,0 % 32,9 32,5 1,2 % Imaging systems (VeriQ C
Slide 18: 4. Implementing the strategy
4. Implementing the strategy
Slide 19: Growth opportunities – in developing Medistim markets
19 28.02.2020 Medistim ASA Q4 2019 Growth opportunities – in developing Medistim markets 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL support e
Slide 20: Performance US sales organization
20 28.02.2020 Medistim ASA Q4 2019 Performance US sales organization RESULTS Q4 and FY 2019 70 000 CAGR (2013 – 2019) 60 000 = 12.3 % 50 000 • Revenues down 16.2 % in USD in Q4 40 000 o Revenues down 9.4 % in NOK 30 000 o Full year up 11 % in USD and 20.3 % in NOK 20 000 • Total number of procedures
Slide 21: MiraQ approved for sale in Canada
21 28.02.2020 Medistim ASA Q4 2019 MiraQ approved for sale in Canada • A large market for Medistim with about 30 cardiac centers performing about 18,000 CABG per year • Medistim is covering about 16 centers and almost 40 % of the CABG surgeries • Still a large open market and an upgrade potential fo
Slide 22: Manufacturing site relocation
22 28.02.2020 Medistim ASA Q4 2019 Manufacturing site relocation • Medistim has during 2019 prepared for the relocation of its Operations, i.e. Logistics, Manufacturing, Service and supporting functions in Horten, Norway • The new site gives about 1400 m2 of modern layout production space, offices a
Slide 23: 20 largest shareholders
23 28.02.2020 Medistim ASA Q4 2019 20 largest shareholders Rank Holding Shares in % Name Country (post) Type of account 1 4 003 500 21,8 INTERTRADE SHIPPING AS Norway Ordinary 2 1 862 500 10,2 SALVESEN & THAMS INVEST AS Norway Ordinary 3 1 184 611 6,5 SEB EUROPAFOND SMÅBOLAG Sweden Ordinary 4 1 000
Slide 24: Seeing is believing
24 28.02.2020 Medistim ASA Q4 2019 Seeing is believing