Somnomed Limited · ASX:SOM
Somnomed — H1 2024 Earnings Presentation
24 slides from Somnomed's earnings presentation, February 2024
Slide 1: Investor Presentation Half Year 2024 results
Investor Presentation Half Year 2024 results Treatment focused. Technology driven.
Slide 2: Disclaimer
Disclaimer This document has been prepared as a summary only and does not contain all information about the Company’s assets and liabilities, financial position and performance, profit and losses and the rights and liabilities attaching to the Company’s securities. This document should be read in co
Slide 3: Agenda
Agenda • 1H FY24 highlights • Vision and market opportunities • Financial information • Rest Assure® connected technology • Future outlook © February 2024 SomnoMed 3
Slide 4: 1H FY24 highlights
1H FY24 highlights
Slide 5: 1H24 financial highlights
1H24 financial highlights Total revenue EBITDA1 Cash A$45.1m A$(1.1)m A$12.8m +13% vs 1H23 • Impacted by interruptions to manufacturing capacity in 2Q Europe ▪ Includes investments in sales and marketing activities, legal and • Capital raising of +17% vs 1H23 regulatory compliance, $14.6m (net of eq
Slide 6: 1H24 strategic & operational highlights
1H24 strategic & operational highlights Delivered revenue growth of 13% (+7% in constant currency) in 1H FY24 and remain on track to deliver revenue growth guidance of at least 12%. Manufacturing capacity was interrupted in 2Q by unplanned downtime in milling machines, which reduced the revenue grow
Slide 7: Vision and market opportunities
Vision and market opportunities
Slide 8: SomnoMed's vision and mission
SomnoMed’s vision and mission Our vision is to lead in the treatment of patients suffering from obstructive sleep apnea and relevant adjacent conditions Our mission is to advance the adoption, acceptance and treatment of oral sleep apnea therapies by medical specialists, dentists, patients and insur
Slide 9: Significant addressable markets globally
Significant addressable markets globally Obstructive sleep apnea, a growing burden on the medical system affecting a significant portion of the population Obstructive sleep apnea (OSA) is a disorder that occurs when a person’s breathing is interrupted during sleep because the airway becomes blocked
Slide 10: Growing the sector through positioning the patient alternative
Growing the sector through positioning the patient alternative Leverage One Platform and Rest Intensified efforts to position Product COAT as an effective alternative to Assure® to influence all steps Development within the patient journey and CPAP as first line therapy; and Technology provide night
Slide 11: Financial information
Financial information
Slide 12: Total group revenues
Total group revenues $50m +13% $45.1m $45m $40.0m $40m $35m $30m +11% +15% $25m $23.7m $21.4m $21.4m $20m $18.6m $15m $10m $5m $m Q1 Q2 1H 1H 23 1H 24 © February 2024 SomnoMed 12
Slide 13: Total regional revenues
Total regional revenues North America Europe APAC $18m $30m $4m +9% +5% +17% 3.2 $16m 16.6 $3m 3.1 15.2 $25m 25.2 $14m $3m 21.6 $12m $20m $10m $2m +8% +14% +3% +11% $15m +7% $8m 8.5 +20% $2m 1.6 1.6 8.1 13.6 1.5 1.6 7.9 7.3 12.0 11.6 $6m $10m 9.7 $1m $4m $5m $1m $2m $m $m $m Q1 Q2 1H Q1 Q2 1H Q1 Q2
Slide 14: EBITDA and margin analysis
EBITDA1 and margin analysis Product gross margin 71.6% 70.9% • Gross margin for 1H24 grew by $3.1m vs 1H23 in line with the increase in revenue. The MAS product gross margin of 70.9% $22.4m $25.3m decreased marginally from 71.6% in 1H23, arising from lower average selling prices in USA in 2Q to part
Slide 15: Profit and loss summary
Profit and loss summary A$ m 1H FY24 1H FY23 % Regional Sales & Marketing Expenses: • $1.7m on sales & marketing effort to facilitate growth and support pre-launch 45.1 40.0 13% of Rest Assure® (EUR $1.2m ; USA $0.5m) Revenue 28.1 25.2 12% Gross Margin Regional Administrative Expenses: (13.7) (12.0)
Slide 16: Summary balance sheet and cash flow
Summary balance sheet and cash flow Statement of financial position Statement of cash flows Statutory Statutory A$m Statutory Statutory Cashflow from Operating activities: A$m 31 Dec 2023 30 Jun 2023 31 Dec 2023 30 Jun 2023 o $(4.6)m for 1H: improved to Cash and cash equivalents 12.8 12.0 (1.1) 2.1
Slide 17: Rest Assure
Rest Assure ® SomnoMed’s technology-enabled oral appliance
Slide 18: Rest Assure technology – how does it work?
® Rest Assure technology – how does it work? Smart oral appliance and cloud based infrastructure SOM algorithms determine AHI1, graphs, tables Patient app Smart oral appliance with sensors recording overnight data. Physician portal Patient docks their device after Raw data transferred via night’s sl
Slide 19: Rest Assure commercial readiness
® Rest Assure commercial readiness SomnoMed’s extensive testing and operational readiness activities are de-risking the commercial rollout of Rest Assure® Delivered in FY22: Delivered in FY23: FY24 focus: ✓ Patent strategy was finalised ✓ First production run of 400+ devices for ❑US 510K regulatory
Slide 20: Future Outlook
Future Outloo rie cr’
Slide 21: Investing in Direct-to-Patient marketing
Investing in Direct-to-Patient marketing One-platform technology and marketing teams driving patient engagement Matching patients with local dentists: Results: • OSA sufferers click the “Find a Provider” • 10% of patients clicking FAP link in (“FAP”) button on somnomed.com1 Australia purchase an ora
Slide 22: Positioned for future growth
Positioned for future growth Technology driven Investment in the technology pathway to unlock true COAT potential – Rest Assure® Best in class service and technical support Growing and extensive sales and distribution footprint in both dental and medical channels Treatment focused Design and innovat
Slide 23: Strategic growth outlook
Strategic growth outlook Advance the acceptance and adoption of technology enabled OAT solution for OSA patients FY24 Guidance Operational Initiatives Strategic Objectives FY2027 aspiration2 • Revenue growth of at least • Drive medical initiative • Remain patient centric and • Over 1.5 million patie
Slide 24: For further information please contact:
For further information please contact: Corporate Ms Karen Borg Ms Amrita Blickstead Joint CEO SomnoMed Joint CEO SomnoMed +61 437 260 284 +61 422 239 242 Mr Darren Collins CFO SomnoMed +61 439 544 996 © February 2024 SomnoMed 24