Slide 1: Q1 interim report 2018/19
Q1 interim report 2018/19 October 1 – December 31 2018 CEO Lars Marcher CFO Michael Højgaard Conference call: January 31 2019
Slide 2: Agenda
Agenda • Q1 highlights • Business update • Financials and outlook • Q&A Disclaimer Forward-looking statements, especially such relating to future sales and operating profit, are subject to risks and uncertainties. Various factors, many of which are outside Ambu’s control, may cause the actual develo
Slide 3: Key financial results in Q1 2018/19
Key financial results in Q1 2018/19 Financial results Q1 numbers and highlights Q1 Full-year guidance 2018/19 (2018/19) • 15% organic growth • EBIT margin at 17.1% Organic revenue growth 15% 15-16% • Core business up 5% EBIT margin 17.1% 22-24% • Endoscope unit sales up Financial 43% q/q correspondi
Slide 4: Steady increase in key figures
Steady increase in key figures Organic growth: 15% Revenue: DKK 656m 750 18% 700 656m 16% 15% 14% 650 553m 14% 600 11% 512m 12% 550 10% 500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 16/17 16/17 16/17 16/17 17/18 17/18 17/18 17/18 18/19 16/17 16/17 16/17 16/17 17/18 17/18 17/18 17/18 18/1
Slide 5: Business areas
Business areas Q1 Visualisation growth at 42% and Core at 5% Visualisation Revenue 231m DKK PMD 42% growth Revenue 194m DKK 1% growth Anaesthesia Revenue 231m DKK 8% growth 5 Growth rates stated in local currencies
Slide 6: Markets
Markets North America Europe Rest of World REVENUE 315m DKK REVENUE 271m DKK REVENUE 70m DKK ORGANIC GROWTH ORGANIC GROWTH ORGANIC GROWTH 10% 20% 11% APAC organic growth 19% Business growth Business growth Business growth • Visualisation 51% • Visualisation 32% • Visualisation 43% • Anaesthesia 10%
Slide 7: Strong growth of endoscope units sold
Strong growth of endoscope units sold Minimum Endoscope units sold (‘000) q/q growth: 43% 149K endoscopes sold Full conversion of 20% market share in OR & ICU in Q1 vs. 104K last aScope 3 to aScope 4 and great potential in the Bronch year (+43%) suite 7
Slide 8: Business update
Business update 8
Slide 9: We are on track to deliver a full range single-use flexible endoscopy portfolio
We are on track to deliver a full range single-use flexible endoscopy portfolio aScope VivaSight Broncho aScope aScope Broncho DL & SL Sampler RL Slim RL Intervention Before Summer 2019 Isiris aScope aScope aScope SC210 Cystoscope Duodeno Gastro Before 30 Before 30 Before 30 September 2020 September
Slide 10: On track with SC210 commercialization plan
On track with SC210 commercialization plan Production Completed: Ready: Pending: Clinical trials Clinical study Sales in US • Low-volume production in US up and running in Malaysia • Securing supply chain October 2018 to January 2019 Mid-February to May 2019 H2 2018/19 • Ramp-up plan confirmed to su
Slide 11: Positive feedback from doctors
Positive feedback from doctors General feedback on changes in colonoscopies Completed: 1. Experiencing large increase in patients who are concerned about cross-contamination with Clinical trials colonoscopies, even asking about how the scopes are cleaned. The physicians believe this is caused by the
Slide 12: Single-use awareness increasing
Single-use awareness increasing Main single-use endoscope providers Competitor news Pulmonary ENT scope Storz single-use ENT scope ‘launched’ Nov. 1 2017 – still not on the market Storz single-use bronchoscope – still not on 2 the market Colono-/gastro-scope Duodenoscope Boston Scientific is the onl
Slide 13: We have launched aScope 4 RhinoLaryngo
We have launched aScope™ 4 RhinoLaryngo Intervention and are preparing for the Slim launch aScope™ 4 RhinoLaryngo targets a market of ~11 million ENT procedures We have begun our journey We initially target the Wave 1 into the ENT segment hospital segment Wave 2 Share of procedures per segment Inter
Slide 14: We have launched the BronchoSampler in the US and in some markets in EU
We have launched the BronchoSampler in the US and in some markets in EU aScope BronchoSampler opens up a market of ~1.9 million procedures We have launched a tailormade Call point is ICU & Bronch suite like solution for aScope 4 Broncho aScope 4 Broncho Share of procedures per segment Simplify workf
Slide 15: Financial results and outlook
Financial results and outlook 15
Slide 16: Growth and profits
Growth and profits Ambu P&L - Q1 2018/19 Comments DKKm Q1 18/19 Q1 17/18 • 15% organic growth and 19% in DKK Revenue 656 553 from appreciating USD/DKK and GPO fees Gross margin 59.9% 58.0% • Gross margin up 1.9%-points due to continued scale and product mix OPEX -281 -230 • OPEX includes impact from
Slide 17: Cash flow, assets and debt
Cash flow, assets and debt Ambu cash flow and balance - Q1 2018/19 Comments DKKm Q1 18/19 Q1 17/18 • Cash flow from operating activities at 14% (16%) Cash flow and ratios: and impacted by higher inventories Operating activities 93 14% 87 16% • Investments of 7% (9%) due to time variations Investing
Slide 18: Summary
Summary Q1 2018/19 Highlights 15% organic growth in • On track for full-year targets local currency • Strong Q1 growth 17.1% • Solid earnings EBIT margin • Product road map and launches on track 149,000 endoscopes sold • Positive development in single-use endoscopy community 18
Slide 19: Financial year 2018/19 guidance and 2020 strategy target
Financial year 2018/19 guidance Financial results and 2020 strategy target Financial outlook maintained Financial Financial year 2020 Financial year 19/20 Financial outlook 18/19 Strategy target 18/19 outlook Organic revenue growth 15-16% 16-18% 18-23% EBIT margin 22-24% * 26-28% Free cash-flow ~ DK
Slide 20: at work for life
5) u at work for life 5 E: < Ideas
Slide 21: Financial calendar
Financial calendar 2019 Event 1 May Q2 Report 2018/19 22 August Q3 Report 2018/19 13 November Annual Report 2018/19 17 December Annual General Meeting 2018/19 For full list of Investor Relations events, please visit: www.ambu.com/about/corporate-info/investors/calendar 21
Slide 22: Read more at www.ambu.com
Read more at www.ambu.com Contacts CEO Lars Marcher, lm@ambu.com or +45 5136 2490 CFO Michael Højgaard, miho@ambu.com or +45 4030 4349 IR Manager Nicolai Thomsen, nith@ambu.com or +45 2620 8047 22