Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2020 Earnings Presentation
24 slides from Medistim Asa's earnings presentation, Apr 29, 2020
Slide 1: Medistim ASA First quarter 2020
Medistim ASA First quarter 2020 Kari E. Krogstad, President and CEO Thomas Jakobsen, CFO April 29th, 2020
Slide 2: Disclaimer
2 29.04.2020 Medistim ASA Q1 2020 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 29.04.2020 Medistim ASA Q1 2020 Table of contents 1. Highlights first quarter 2. Financial statements 3. Business segments update 4. Implementing the strategy 5. The COVID-19 pandemic
Slide 4: 1. Highlights 1st quarter
MED (STIM 1. Highlights 1st quarter
Slide 5: Highlights 1st quarter
5 29.04.2020 Medistim ASA Q1 2020 Highlights 1st quarter Q1 2020 QoQ • First quarter ever over 100 MNOK in sales o Currency neutral sales of own products up 15.2% Revenue 16.2% o Strong uptake of the MiraQ platform in Japan MNOK 103.1 (88.7) o Sales in the USA up 10.8% in NOK o Sales of imaging port
Slide 6: 2. Financial statements
MED (STIM 2. Financial statements
Slide 7: Profit and loss Q1 2020
7 29.04.2020 Medistim ASA Q1 2020 Profit and loss Q1 2020 Profit & loss Q1 2020 Q1 2019 All numb ers in NOK 1000 Sales per Quarter (TNOK) Sales 103 106 88 736 110 000 Cost of goods sold 23 075 20 694 90 000 Salary and sosial expenses 33 290 31 028 70 000 Other operating expenses 16 464 12 636 50 000
Slide 8: Balance sheet - Assets
8 29.04.2020 Medistim ASA Q1 2020 Balance sheet - Assets Balance sheet 31.03.2020 31.12.2019 All numb ers in NOK 1000 400 000 350 000 Assets 300 000 Intangible assets 39 042 40 773 250 000 200 000 Fixed assets 68 721 66 835 150 000 Total intangible and fixed assets 107 763 107 608 100 000 Inventory
Slide 9: Balance sheet - Equity and liability
9 29.04.2020 Medistim ASA Q1 2020 Balance sheet - Equity and liability Balance sheet 31.03.2020 31.12.2019 400 000 All numb ers in NOK 1000 350 000 300 000 Share capital 4 585 4 585 250 000 Premium fund 44 172 44 172 Other equity 222 374 188 104 200 000 Total equity 271 131 236 861 150 000 Total lon
Slide 10: Medistim ASA Q1 2020
10 29.04.2020 Medistim ASA Q1 2020
Slide 11: 3. Business segments update
MED (STIM 3. Business segments update
Slide 12: Flow probes and systems in units
12 29.04.2020 Medistim ASA Q1 2020 Flow probes and systems in units Flow probes in units (excl USA) Flow systems in units (MiraQ capital sales) 2 500 45 40 2 000 35 1 500 30 Europe 25 1 000 20 USA 15 500 ROW 10 5 Asia - - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 18 18 18 18 19 19 19
Slide 13: Imaging probes and systems in units
13 29.04.2020 Medistim ASA Q1 2020 Imaging probes and systems in units Imaging probes in units (incl USA) Imaging systems in units (VeriQC & MiraQ capital sales) 40 50 35 40 30 30 25 ROW 20 20 Europe 10 15 Asia - 10 US Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 18 18 18 18 19 19 19 19 20 0 Imaging probes US imagi
Slide 14: Q1 2020 revenue performance by region
14 29.04.2020 Medistim ASA Q1 2020 Q1 2020 revenue performance by region Mill NOK Q1 '20 Q1 '19 Q/Q Europe 40,8 38,4 6,3 % USA 38,4 34,6 10,8 % Asia 19,2 7,0 175,4 % ROW (MEA, CAN, SA, AUS) 4,8 8,8 -45,7 % Total 103,1 88,7 16,2 % • In Europe, sale of own products increased with 29.5% in Q1 while 3.
Slide 15: Q1 2020 revenue performance by product
15 29.04.2020 Medistim ASA Q1 2020 Q1 2020 revenue performance by product Mill NOK Q1 '20 Q1 '19 Q/Q Procedures (USA) 28,3 26,3 7,5 % Flow probes 24,7 21,9 12,9 % Flow systems (MiraQ) 14,1 7,2 95,2 % Imaging systems (MiraQ) 17,4 12,3 42,0 % Imaging probes 2,1 1,3 63,4 % 3rd party 15,5 18,8 -17,7 % O
Slide 16: 4. Implementing the strategy
4. Implementing the strategy
Slide 17: Growth opportunities – in developing Medistim markets
17 29.04.2020 Medistim ASA Q1 2020 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 18: Performance US sales organization
18 29.04.2020 Medistim ASA Q1 2020 Performance US sales organization 70 000 RESULTS Q1 2020 CAGR (2013 – 2019) 60 000 = 12.3 % 50 000 • Revenues at the same level in USD in Q1 2020 compared to Q1 40 000 2019, but this was a strong comparable 30 000 20 000 o Revenues up 10.8% in NOK due to currency •
Slide 19: The REQUEST study published in the Journal of Thoracic and Cardiovascular Surgery (JTCVS)
The REQUEST study published in the Journal of Thoracic and Cardiovascular Surgery (JTCVS) Surgical Quality In-hospital Guidance Assessment outcome o JTCVS is highly recognised TTFM and HFUS of TTFM & HFUS of MACCE 1,9% and read by cardiac aorta, conduits & anastomosis: surgeons coronary targets: Mor
Slide 20: 5. The COVID-19 pandemic
MED (STIM 5. The COVID 19 pandemic
Slide 21: The COVID-19 pandemic (1/2)
21 29.04.2020 Medistim ASA Q1 2020 The COVID-19 pandemic (1/2) • No significant negative implications on Medistim in Q1 o Healthy employees o Intact supply chain o Production running as normal o 3. party business in Norway affected by hospital access restrictions and no plastic surgery • Anticipate
Slide 22: The COVID-19 pandemic (2/2)
22 29.04.2020 Medistim ASA Q1 2020 The COVID-19 pandemic (2/2) • Light at the end of the tunnel o The pandemic seems to be in some level of control o Some countries have started a gradual opening up of their societies o Hospitals signal that they start to open up for regular practice o Serious medic
Slide 23: 20 largest shareholders
23 29.04.2020 Medistim ASA Q1 2020 20 largest shareholders Rank Number of shares Shares in % Shareholder Citizenship Type of account 1 2 203 500 12,0 % INTERTRADE SHIPPING AS Norway Ordinary 2 1 862 500 10,2 % SALVESEN & THAMS INVEST AS Norway Ordinary 3 1 800 000 9,8 % VERDIPAPIRFOND ODIN NORDEN No
Slide 24: Seeing is believing
24 29.04.2020 Medistim ASA Q1 2020 Seeing is believing