Nova Eye Medical Ltd · ASX:EYE
Nova Eye Medical — FY2020 Earnings Presentation
17 slides from Nova Eye Medical's earnings presentation, Aug 31, 2020
Slide 1: FY20 Investor Presentation
1 FY20 INVESTOR PRESENTATION (ASX:EYE) 31 August 2020
Slide 2: Disclaimer
2 DISCLAIMER This presentation has been prepared by Nova Eye Medical Limited (ASX: EYE). While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any
Slide 3: Our Business
OUR BUSINESS 3 Following the divestment of its capital equipment business, the company will focus on the fastest growing segment of the Ophthalmic market, consumable surgical devices for glaucoma disease management. ▪ Our primary focus is to grow market penetration of our proprietary glaucoma techno
Slide 4: Our Current Technologies
4 OUR CURRENT TECHNOLOGIES iTRACK™ MOLTENO 2RT™ FOR GLAUCOMA FOR GLAUCOMA FOR EARLY AMD Our proprietary iTrack ™ MIGS Acquired from world-leader Molteno Our proprietary 2RT ™ nanosecond technology is redefining the Ophthalmic Ltd, the portfolio of laser therapy is a world-first treatment of mild-mod
Slide 5: Our Primary Focus Is a Pipeline of Glaucoma Products
5 OUR PRIMARY FOCUS IS A PIPELINE OF GLAUCOMA PRODUCTS We are expanding our glaucoma treatment portfolio to address the cycle of the disease progression. . EARLY MODERATE SEVERE/LATE STAGE PRODUCT OPPORTUNITIES FOR GROWTH iTRACK™ OPPORTUNITIES FOR GROWTH iTRACK ™ iTRACK ™ MOLTENO SURGICAL AB-INTERNO
Slide 6: Global Offices
6 GLOBAL OFFICES Global staff = 50 people GERMANY USA Nova Eye Nova Eye, Inc Medical GmbH NEW ZEALAND Molteno Ophthalmic Ltd Headquarters USA German Sales iTrack™ Manufacturing Molteno Manufacturing iTrack™ R&D Molteno Quality AUSTRALIA & Regulatory iTrack™ Quality & Regulatory Nova Eye Medical Ltd
Slide 7: FY20 Company Snapshot
7 FY20 COMPANY SNAPSHOT (ASX:EYE) Pro-Forma Pro-Forma Market Capitalisation1 Cash2 Enterprise Value3 Global Employees $45 million $26.5 million $18.5 million 50 FY20 Cash Outflow from Directors & Mgt. Own FY20 Revenue4 FY20 EBITDA5 Continuing Operations 14% $12.8 million -$5.8 million -$3.7 million
Slide 8: FY20 Financial Highlights
8 FY20 FINANCIAL HIGHLIGHTS $100M $61M CASH SALE RETURN TO SHAREHOLDERS ▪ Sale of the capital ▪ $61.0 million return of equipment business to capital and dividend from Lumibird for $100 million in transaction proceeds to cash (completed 30 June shareholders (completed 2020) July 2020) ▪ Strong cash
Slide 9: Profit & Loss Nova Eye Medical
9 PROFIT & LOSS NOVA EYE MEDICAL $000’s FY19 FY20 % Change ▪ Worldwide iTrack unit volumes decreased 11% on pcp, revenues down 19%: COVID-19 impacts Revenue - iTrack 14,324 11,572 -19% - 2RT 1,816 1,197 -34% ▪ USA unit sales down 28%, OUS (excluding China) down 35% primarily due to 2H COVID-19 impac
Slide 10: Cash Flow Nova Eye Medical
10 CASH FLOW NOVA EYE MEDICAL $000's FY19 FY20 EBITDA from continuing operations (6,932) (5,811) ▪ US$1.1 million US government stimulus received part of Paycheck Protection Program (PPP) Add/(deduct) Working capital movement (100) 1,785 ▪ $3 million improvement in free cash flow versus pcp relating
Slide 11: Cash Retained from Transaction
11 CASH RETAINED FROM TRANSACTION Proforma cash refers to cash from the sale of the capital equipment business, adjusted for dividend, tax and transaction costs ▪ Completed $61.0 million return to shareholders on 29 July ▪ Income tax payable of $8.1 million, lower than initially estimated and is pay
Slide 12: Molteno glaucoma drainage device
12 Recently acquired from the inventors of glaucoma drainage device technology, Molteno Ophthalmic Limited, the Molteno range of glaucoma drainage device is designed to manage long-term IOP control in cases of severe and complex late stage glaucoma.
Slide 13: Molteno Acquisition
13 MOLTENO ACQUISITION ▪ Acquisition completed on 3 August 2020 for NZ$1.05 million (A$0.99 million) in cash, representing an acquisition multiple of 1.2x FY20 revenues1 ▪ The Molteno range offers significant product advantages but underpenetrates the market because of insufficient investment in cli
Slide 14: 2RT for intermediate age-related macular degeneration
14 A potential breakthrough therapy for patients with intermediate age-related 2RT™ macular degeneration (iAMD), a multi-center trial has demonstrated that our proprietary 2RT ™ technology achieves a 77% reduction in the rate of progression to late-stage AMD in 75% of iAMD patients, compared to sham
Slide 15: 2RT Update
15 2RT™ UPDATE ▪ Company focus on establishing US regulatory pathway for approved indication to treat patients with intermediate AMD ▪ Solid progress with US FDA during the year ▪ Anticipate filing an Investigational Device Exemption (IDE) in 2H CY2020 ▪ Nova Eye Medical plans to seek a partner for
Slide 16: Outlook
16 OUTLOOK Nova Eye Medical has a number of objectives for the 2021 financial year, which are shown below: 1. Investment into iTrack and Molteno in clinical market development in preparation for aggressive sales drive post COVID-19 2. Product development including next generation iTrack for deployme
Slide 17: Contacts
17 CONTACTS COMPANY INVESTORS MEDIA Mr Victor Previn Dr Tom Duthy Ms Kate Hunt Executive Chairman Investor Relations and Head of Marketing W: +61 8 8362 0193 Corporate Development M: +61 404 080 679 E: vprevin@nova-eye.com M: +61 402 493 727 E: khunt@nova-eye.com E: tduthy@nova-eye.com