Tristel Plc · LSE:TSTL
Tristel — Investor Presentation (October 2020)
18 slides from Tristel's investor presentation, October 2020
Slide 1: Preliminary Results Investor Presentation
30 JUNE 2020 PRELIMINARY RESULTS INVESTOR PRESENTATION PAUL SWINNEY, CEO LIZ DIXON, CFO 19-21 OCTOBER 2020 1
Slide 2: Financial Highlights
FINANCIAL HIGHLIGHTS • Turnover up 21% to £31.7m (2019: £26.2m) • Overseas sales up 32% to £19m (2019: £14.4m), representing 60% of total sales (2019: 55%) • Gross margin increased to 80% from 79% in 2019 • EBITDA before share-based payments up 38% to £9.8m (2019: £7.1m) • EBITDA margin before share
Slide 3: Sales History Since IPO
SALES HISTORY SINCE IPO £35,000,000 2019-20 in summary £30,000,000 • 21% y-o-y sales growth in 2020 £25,000,000 • 17% CAGR since IPO £20,000,000 • Acquisition of Tristel Italia £15,000,000 • Launch of Cache Collection £10,000,000 • Impact of COVID-19 £5,000,000 £- 3 33
Slide 4: Sales History by Geography
SALES HISTORY BY GEOGRAPHY 2019-20 in summary £35,000,000 £30,000,000 • International sales growth 32% £25,000,000 • International sales benefit from Tristel Italia acquisition July 19, £20,000,000 contribution of £0.5m £15,000,000 • International sales now 60% of the total £10,000,000 £5,000,000 •
Slide 5: Sales Growth by Geography
SALES GROWTH BY GEOGRAPHY Year on year £,000 2018-19 2019-20 % change change Central & Eastern Europe 4,610 5,320 710 15% Western Europe 2,140 4,600 2,460 115% Italy - 670 670 100% Australasia 3,300 3,530 230 7% Hong Kong 980 1,170 190 19% China 200 450 250 123% Worldwide distributors 3,140 3,270 13
Slide 6: Sales History – By Product
SALES HISTORY – BY PRODUCT £35,000,000 2019-20 in summary: £30,000,000 • Year on year £2.7m growth in Tristel medical device sales £25,000,000 • Year on year £2.3m growth in £20,000,000 Cache surface sales £15,000,000 of which, we estimate, the COVID-19 impact was: £10,000,000 • £500k reduction in T
Slide 7: Sales Growth by Channel
SALES GROWTH BY CHANNEL Year on year £,000 2018-19 2019-20 % change change Tristel Hospital Medical Device Decontamination UK & Europe direct 14,120 16,770 2,650 19% APAC direct 4,140 4,610 470 11% Distributors 2,510 2,120 (390) -16% 20,770 23,500 2,730 13% Cache Hospital Surface Disinfection UK & E
Slide 8: Pandemic Impact
PANDEMIC IMPACT Quarter by quarter changes due to £8,000,000 COVID-19: £7,000,000 • 2019-20 Q3: Hospitals build their £6,000,000 stock of all infection prevention products £5,000,000 £4,000,000 • 2019-20 Q4: Out-patient departments close to all but COVID £3,000,000 patients. Reduced Tristel sales, b
Slide 9: Financial Targets
FINANCIAL TARGETS Key Performance 2018-19 2019-20 Target Comment Indicator Total revenue growth 18% 21% 10-15% per annum on On target. The acquisitions of 2018 & average over three years 2019 contributed half of 2019-20 growth EBITDA margin 27% 31% No less than 25% On target APBT growth 19% 27% > 0%
Slide 10: Operational Highlights
OPERATIONAL HIGHLIGHTS • Successful integration of Tristel Italia srl, acquired for £0.6m in July 2019 • Additional 23,000 sq. ft. warehouse and office building fit out completed • Regulatory approval received in India for Tristel Duo for Ultrasound • Late stage negotiations with GE Healthcare India
Slide 11: North America
NORTH AMERICA • EPA mycobacterial claim – data submitted. Response due February 2021 • FDA usability study – scheduled in San Francisco for February 2021 • FDA clinical evaluations – to be scheduled spring 2021 Ultrasound console: EPA approved Ultrasound probe: FDA seeking approval DUO Medical Devic
Slide 12: North America FY 2021 to FY 2023
NORTH AMERICA FY 2021 to FY 2023 Building the commitment to NA • Allocate more internal resource to the UK based North America project team – Q2 FY 2021 • Recruit first North America based employee(s) – calendar 2021 • Appoint US NED, additional advisors and consultants – calendar 2021 • Budgeted in
Slide 13: Summary
SUMMARY • Overseas expansion continues to drive growth • Successful integration of acquisitions, targets met • COVID-19 accelerates Cache and demonstrates business resilience • Profitable, cash generative, debt-free • No change to dividend policy • New premises to support future growth • Workforce i
Slide 14: Thank You
THANK YOU Tristel
Slide 15: Appendix – Income Statement
APPENDIX – INCOME STATEMENT £’000 £’000 Cost of sales (6,431) (5,504) Administrative expenses (15,419) (13,579) Net interest (166) 4 Results from associate - 45 Operating profit before amortisation & shared based payments 9,662 7,135 Amortisation & Depreciation (2,588) (1,537) Share based payments (
Slide 16: Appendix – Balance Sheet
APPENDIX – BALANCE SHEET Non-current assets £’000 £’000 Goodwill 5,626 5,150 Investments 807 872 Intangible assets 7,624 7,593 Property, plant and equipment 8,080 1,466 Deferred tax 1,544 709 Current assets Inventories 4,619 2,957 Trade and other receivables 6,329 5,370 Cash and cash equivalents 6,2
Slide 17: Appendix – Balance Sheet …Continued
APPENDIX – BALANCE SHEET …Continued Capital and reserves £’000 £’000 Share capital 453 446 Share premium account 12,634 11,427 Merger reserve 2,205 2,205 Foreign exchange reserve 397 83 Retained earnings 12,767 9,191 Non-controlling interests 7 7 Current liabilities Trade and other payables 4,579 3,
Slide 18: Appendix – Cash Flow Reconciliation
APPENDIX – CASH FLOW RECONCILIATION £’000 £’000 Profit before tax 6,639 4,746 Add back non-cash items 3,108 2,391 Working capital movements (1,617) (775) Purchase of tangible fixed assets (1,770) (678) Purchase of intangible assets (610) (669) Purchase of investments (595) (4,826) Payment of lease l