Ion Beam Applications Sa · EURONEXT:IBAB
Ion Beam Applications Sa — FY2021 Earnings Presentation
38 slides from Ion Beam Applications Sa's earnings presentation, Mar 24, 2022
Slide 1: IBA Full Year Results 2021
IBA Full Year Results 2021 Olivier Legrain, CEO and Soumya Chandramouli, CFO ©2022 Ion Beam Applications SA. All rights reserved. Reproduction of any of the material contained herein in any format or media without the prior and express written permission of Ion Beam Applications SA is prohibited.
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. All statements other than statements of historical facts, including statements regarding IBA’s objectives, plans, goals, strategies, future growth and growth drivers, industry outlook, future orders, revenues, backlog, earnings gro
Slide 3: Agenda
Agenda ▪ Business overview ▪ 2021 highlights ▪ 2021 key figures ▪ Business update ▪ Consolidated financial statements ▪ Outlook & dividend policy ▪ Financial calendar ▪ Q&A 3
Slide 4: Business Overview
BUSINESS OVERVIEW 4
Slide 5: Global leader in particle beam technology
Global leader in particle beam technology Proton therapy > proton beam cancer radiotherapy equipment & services 63 PT solutions sold RadioPharma Solutions > Radiopharmaceuticals & radiochemistry solutions 300+ cyclotrons sold Industrial Solutions > ion beam sterilization industry 250+ accelerators s
Slide 6: Driven by long-term strategy
Driven by long-term strategy 1 Capitalize 2 Invest 3 Execute Lead the market in all Invest strategically in future Deliver backlog and enhance business lines technologies and products recurring revenue streams Be sustainable in everything we do 6
Slide 7: Key drivers by business unit
Key drivers by business unit Dosimetry Proton Therapy RadioPharma Industrial ▪ Gain market share in ▪ Deliver our backlog ▪ Develop, in partnership ▪ Deliver our backlog Patient QA ▪ Enhance our Customer with SCK-CEN, a solution ▪ Increase E-Beam/X-Ray ▪ Expand and diversify Service offering to dist
Slide 8: 2021 Highlights
2021 HIGHLIGHTS
Slide 9: 2021 highlights
2021 highlights ▪ Received B Corporation (“B Corp”) certification in Q2 2021 ▪ Strong performance across all business lines • Five-room Proteus®PLUS contract agreed in China • Four Proteus®ONE contracts agreed in USA and Europe • Record order intake for Other Accelerators with 31 systems sold • Resi
Slide 10: Post-period highlights
Post-period highlights January ▪ Down payment received for a Rhodotron® sold in December ▪ Launch of a new low energy compact cyclotron, the Cyclone® KEY February ▪ Proteus®ONE contract signed and down payment received March ▪ Announced partnership agreement with Tractebel to support IBA’s customers
Slide 11: 2021 Key Figures
2021 KEY FIGURES
Slide 12: 2021 key figures
2021 key figures Revenues REBIT Record Equipment and Service Backlog PT Service contracts 9 Gross Cash EUR PT rooms and EUR EUR EUR 199 313 14.5 1.2 59 Million Million Million Billion 31 Net Cash OA systems sold EUR Gross Margin Net profit PT and OA Service revenues Record equipment 130 Million up o
Slide 13: 2021 key figures
2021 key figures ▪ Strong backlog conversion, offset by the significantly (EUR 000) FY 2021 FY 2020 Variance Variance % higher contribution of CGNNT related revenue in Proton Therapy 169,923 189,150 -19,227 -10.2% 2020. Excluding CGNNT the year-on-year revenue growth would have been 24% Other Accele
Slide 14: Strong balance sheet
Strong balance sheet ▪ Gross cash position of EUR 199 million at year end, up from EUR 151.3 million in 2020 ▪ Strong improvement of financials with net cash position of EUR 130.3 million versus EUR 65.2 million at end 2020 (including effects of IFRS16) ▪ EUR 37 million undrawn short-term credit lin
Slide 15: PT & Other Accelerators
PT & Other Accelerators (EUR 000) FY 2021 FY 2020 Variance Variance % Net sales 260,638 260,895 -257 -0.1% Proton Therapy 169,923 189,150 -19,227 -10.2% Other Accelerators 90,715 71,745 18,970 26.4% REBITDA 18, 087 51,601 -33,514 -64.9% % of Sales 6.9% 20% REBIT 9,618 37,883 -28,265 -74.6% % of Sale
Slide 16: PT & Other Accelerators
PT & Other Accelerators (EUR 000) FY 2021 FY 2020 Variance Variance % Equipment Proton Therapy 74,230 98,644 -24,414 -24.7% Equipment Other Accelerators 67,100 49,684 17,416 35.1% Total equipment revenues 141,330 148,328 -6,998 -4.7% Services Proton Therapy 95,693 90,506 5,187 5.7% Services Other Ac
Slide 17: PT & Other Accelerators Order Intake
PT & Other Accelerators Order Intake YE 2021 YE 2020 YE 2019 Proteus®ONE* systems sold 4 1 4 Proteus®PLUS* systems sold 1 1 1 Total rooms sold 9 5 9 Other accelerator systems sold 31 17 25 Order intake PT & Other Accelerators €228M €112M €254M Book to bill PT** & Other Accelerators 1.62 1.32 2.11 *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 449 million (2020: EUR 382 million) ▪ Proteus®ONE represents 46% and Other Accelerators represent 24% 500 449 450 5% 400 379 382 332 336 25% 350 24% 300 283 278 249 256 240 244 250 216
Slide 19: PT & Other Accelerators services
PT & Other Accelerators services PT Service Backlog ▪ PT & Other Accelerators service revenues at EUR 119 million, up more than 6% from 2020, growing for the fourth consecutive year ▪ High PT Service backlog at EUR 727 million ▪ 39 IBA PT sites now generating 22 28 35 42 45 48 52 53 59 service reven
Slide 20: Dosimetry
Dosimetry ▪ Strong order intake at EUR 50 million, slightly down by 4% ▪ Backlog increased 5% to EUR 16.3 million ▪ REBIT nearly doubled, thanks to strong investment in Patient QA products and Asia sales (EUR 000) FY 2021 FY 2020 Variance Variance % Net sales 52,326 51,060 1,266 2.5% REBITDA 6,495 4
Slide 21: Business Update
BUSINESS UPDATE
Slide 22: Proton Therapy business update
Proton Therapy business update Order intake ▪ 5 Proton Therapy solutions (9 rooms) sold ▪ Proteus®PLUS in China (5) ▪ Proteus®ONE in Italy (1) and USA (3) Installations ▪ 5 installations ongoing at year-end ▪ 1 new installation started in 2021 and 2 new service contracts started in 2021, all in Asia
Slide 23: IBA remains the market leader in proton therapy
IBA remains the market leader in proton therapy 2021 market share in PT rooms PT rooms in operation Market share in PT rooms Sumitomo Pronova Sumitom 6% 1% o Pronova Varian; Hitachi; 2; Protom Protom 4% 1% 3; 19% 2% 3% 12% Mevion Mevion 4% 6% Mevion; IBA 2; 13% 44% Hitachi Hitachi 25% 86 rooms 22% I
Slide 24: Proton therapy adoption
Proton therapy adoption ▪ Launch of ProtectTrial, a large-scale, multi-institutional, Accumulated patients treated* randomized controlled clinical trial, aiming to improve PT 350000 access whilst validating a model-based approach for PT in 300000 cancer 250000 ▪ Launch of Campus, the world’s first o
Slide 25: 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 DynamicARC®* • More efficient and simple way to deliver PT • DynamicARC® Consortium initiation ConformalFLASH®** • Potential game changer for RT marke
Slide 26: RadioPharma Solutions business update
RadioPharma Solutions business update IBA leads the market for radioisotope production accelerators, including high-energy machines ▪ Introduction of two new machines: ▪ New generation Cyclone® IKON: For production of Germanium-68 (Ge-68) ▪ New generation Cyclone® KEY: to increase accessibility to P
Slide 27: Industrial Solutions business update
Industrial Solutions business update End to end irradiation solutions powered by Rhodotron® bring new opportunities ▪ X-ray & E-Beam irradiation recognized as the safest technology to handle the growth of the Medical Device Industry ▪ Breakthrough of X-ray sterilization solution worldwide ▪ Rhodotro
Slide 28: Dosimetry business update
Dosimetry business update Strong order intake ▪ Strong orders of Patient Dose Monitoring devices for mobile systems from OEMs* ▪ Reinforcing competitive position in patient QA (Quality Assurance) for conventional radiotherapy and for PT ▪ Gaining market share in high growth areas such as China ▪ COV
Slide 29: Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS
Slide 30: Consolidated P&L
Consolidated P&L (EUR 000) FY 2021 FY 2020 Variance Variance % Sales and services 312 964 311 955 1 009 0.3% Cost of sales and services (-) 205 270 175 900 29 370 16.7% Gross profit/(loss) 107 694 136 055 -28 361 -20.8% ▪ Group sales flat from 2020 but growing 24% 34.41% 43.60% excluding CGNNT effec
Slide 31: Consolidated Cash Flow
Consolidated Cash Flow YE 2021 YE 2020 (EUR 000) (EUR 000) Cash flow from operating activities Net cash flow changes before changes in working capital 7 714 50 384 Change in working capital 79 244 48 991 Income tax paid/received, net -1 800 -1 132 Interest (income)/expenses 2 055 2 182 ▪ Operating c
Slide 32: Consolidated Balance Sheet
Consolidated Balance Sheet YE 2021 YE 2020 Variance YE 2021 YE 2020 Variance (EUR '000) (EUR '000) (EUR '000) EQUITY AND LIABILITIES (EUR '000) (EUR '000) (EUR '000) Capital stock 42 413 42 294 119 ASSETS Capital surplus 42 836 41 978 858 Treasury shares -12 613 -5 907 -6 706 Goodwill 3 821 3 821 0
Slide 33: Outlook & Dividend Policy
OUTLOOK & DIVIDEND POLICY
Slide 34: Outlook & dividend policy
Outlook & dividend policy ▪ Strong order intake in all businesses, continuing into 2022 ▪ Commitment to progressing new tenders internationally, with very active pipeline ▪ Growing services continue to provide stable recurring revenues and backlog remains high ▪ Strong balance sheet and record cash
Slide 35: Financial Calendar
FINANCIAL CALENDAR 35
Slide 36: Financial calendar
Financial calendar ▪ ESTRO Annual Congress - 6 – 9 May 2022 ▪ Business Update Q1 - 19 May 2022 ▪ General Meeting - 8 June 2022 ▪ Half Year Results - 31 August 2022 ▪ EANM 2022 - 15 – 19 October 2022 ▪ ASTRO Capital Markets Day - 23 – 26 October 2022 (TBC) ▪ Business Update Q3 - 17 November 2022 36
Slide 37: Q&A
Q&A 37
Slide 38: ©2021 Ion Beam Applications SA. All rights reserved. Reproduction of any of the material
©2021 Ion Beam Applications SA. All rights reserved. Reproduction of any of the material contained herein in any format or media without the prior and express written permission of Ion Beam Applications SA is prohibited.