Medistim Asa · OSL:MEDI
Medistim Asa — Q3 2021 Earnings Presentation
30 slides from Medistim Asa's earnings presentation, Oct 22, 2021
Slide 1: Welcome to Medistim ASA's Interim report Q3 2021
Welcome to Medistim ASA’s Interim report Q3 2021 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 this arrow to expand or minimize your GoToMeeting panel Add any questions here in the questions panel and we will answer them at the end of the presentation
Slide 3: Medistim ASA Q3 2021
Medistim ASA Q3 2021 October 22nd 2021 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: Highlights
MED\STIM @ 01 Highlights
Slide 7: Highlights 3rd Quarter
Highlights 3rd Quarter Q3 2021 QoQ 3rd quarter in a row with sales over MNOK 100 Revenue MNOK 102.1 (83.4) +22.5 % ➢ First time a 3rd quarter is above MNOK 100 in sales revenues EBIT MNOK 25.1 (20.8) +20.3 % o Imaging sales up 43.5% in NOK, Flow sales up 16.3% in NOK Currency - 8.1 % o Vascular sale
Slide 8: Highlights YTD September
Highlights YTD September YTD 2021 YTD o YTD Best YTD September ever for revenue and EBIT Revenue MNOK 314.5 (268.9) +17.0 % ➢ Sales revenue YTD September is up 15% to MNOK 309.2 o Imaging sales up 23.2%, Flow up 11.9% in NOK EBIT MNOK 96.8 (73.3) + 32.0 % o Vascular sales up 10.1 %, Cardiac up 14.4%
Slide 9: Financial Statements
MED\STIM 02 Financial Statements
Slide 10: Profit and loss Q3 2021
Profit and loss Q3 2021 Profit & loss Q3 2021 Q3 2020 All numb ers in NOK 1000 Sales per Quarter (TNOK) Sales revenue 102 138 83 361 120 000 Other revenue - - 110 000 Total revenue 102 138 83 361 100 000 90 000 Cost of goods sold 23 793 15 379 80 000 Salary and social expenses 35 478 31 186 70 000 O
Slide 11: Profit and loss YTD September 2021
Profit and loss YTD September 2021 Profit & loss YTD 30.09.21 YTD 30.09.20 All numb ers in NOK 1000 Sales per Quarter (TNOK) 120 000 Sales revenue 309 244 268 949 110 000 Other revenue 5 292 - 100 000 Total revenue 314 536 268 949 90 000 80 000 Cost of goods sold 69 231 54 346 70 000 Salary and soci
Slide 12: Balance sheet – Assets
Balance sheet 30.09.2021 31.12.2020 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 30 643 33 464 Fixed assets 59 406 66 570 Total intangible and fixed assets 90 048 100 034 Cash position by end of quarter Inventory 106 128 112 667 was MNOK 89.6 Customers receivables 66 907
Slide 13: Balance sheet – Equity and Liability
Balance sheet 30.09.2021 31.12.2020 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 232 907 208 089 Total equity 281 664 256 846 Total long term debt 18 339 29 497 2.25 MNOK in interest-bearing debt Total short term debt
Slide 14: Business segments update
03 Business segments update 14
Slide 15: Imaging probes and systems in units
Imaging systems in units 30 Imaging probes and 25 systems in units 20 ROW Europe Unit sales of imaging systems 15 Asia sold as capital equipment 10 US continue to be strong after the COVID slow down, growing 70% 5 this quarter 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Unit sales of ima
Slide 16: Flow probes and systems in units
Flow probes and Flow systems in units (MiraQ capital sales) systems in units 45 40 Number of flow systems sold as 35 capital equipment is flat from Q3 30 Europe last year. 25 USA 20 It is Medistim’s strategy to convert ROW 15 the market from Flow-only to 10 Asia Flow-and-Imaging technology 5 - -5 Q2
Slide 17: Revenue performance by region
Revenue performance by region Mill NOK Q3 21 Q3 20 Q/Q YTD 21 YTD 20 YTD / YTD 2020 Europe 45,8 35,9 27,4 % 140,8 117,4 19,9 % 173,3 USA 38,5 34,5 11,8 % 115,0 99,4 15,7 % 126,4 Asia 13,2 10,8 22,0 % 46,5 38,0 22,4 % 46,8 ROW (MEA, CAN, SA, AUS) 4,6 2,1 116,4 % 12,2 14,1 -13,8 % 16,7 Total 102,1 83,
Slide 18: Revenue performance by product category
Revenue performance by product category Mill NOK Q3 21 Q3 20 Q/Q YTD 21 YTD 20 H1 / H1 2020 Procedures (USA) 28,4 25,3 12,2 % 83,2 76,0 9,4 % 99,4 Flow probes 30,2 23,4 28,7 % 85,4 69,8 22,3 % 92,6 Flow systems (MiraQ) 12,0 9,9 21,3 % 33,5 33,8 -0,9 % 47,2 Imaging systems (MiraQ) 12,5 9,3 35,5 % 42,
Slide 19: Conclusion: We are in recovery from the COVID-19 pandemic
Conclusion: We are in recovery from the COVID-19 pandemic From gradually decreasing impact to strong recovery in 2nd and 3rd quarter 2021 Currency neutral sales development Not completely back to normal A positive outlook → Q2-20: - 19.3 % vs LY o Still some travel and hospital → Increasing vaccinat
Slide 20: Implementing the strategy
04 Implementing the strategy 20
Slide 21: 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 22: Sales growth in the USA
MED\STIM Sales growth in the USA 22
Slide 23: Performance US sales
Performance US sales 65000 60000 CAGR (2013 – 2020)=8.7 % 55000 50000 Currency neutral sales revenue 45000 grow by 24.9% in Q3 and by 23.3% YTD 40000 35000 o Total YTD revenue in USD includes 30000 25000 the Paycheck Protection Program 20000 revenue of TUSD 630. YTD total 2010 2011 2012 2013 2014 20
Slide 24: New publications
MED\STIM New publications 24
Slide 25: Hot off the press: Review-article in CIRCULATION, Oct 5th 21
Hot off the press: Review-article in CIRCULATION, Oct 5th 2021 ▪ Authored by 19 cardiac surgeon experts (4 from REQUEST study) from all over the world ▪ Published in Circulation, one of the highest ranked journals in cardiology and cardiovascular medicine 25
Slide 26: The Use of Intraoperative TTFM for CABG
“The Use of Intraoperative TTFM for CABG” Circulation, October 2021 Method Conclusion o Systematic review of 229 publications o “…TTFM’s cost/benefit ratio seems largely o 2,200 articles identified favorable, in view of the potential clinical consequences of graft dysfunction.” o 1,550 screened o 38
Slide 27: Several expert consensus statements published in 2021
Several expert consensus statements published in 2021 The advocacy is getting loader and more prominent Influencing peers; driving routine use and setting the standard-of-care Reasonable to expect new and stronger clinical guideline endorsements
Slide 28: MED\STIM
MED\STIM 28
Slide 29: 20 largest shareholders per October 19th
20 largest shareholders per October 19th Rank Name Holding % of total Citizenship Type of account Date: 19.10.2021 1 AETERNUM CAPITAL AS 1 862 500 10,16 % Norway Ordinary Name: MEDISTIM ASA Medistim ASA 2 VERDIPAPIRFOND ODIN NORDEN 1 800 000 9,82 % Norway Ordinary ISIN: NO0010159684 NO0010159684 3 I
Slide 30: MED\STIM
MED\STIM