Slide 1: Q2 presentation
Q2 presentation August 2021 Page 1
Slide 2: Today’s presenters
Today’s presenters Dr. Fredrik Ullman Henrik Halvorsen Chief Executive Officer Chief Financial Officer Page 2
Slide 3: Global powerhouse within animal health
Global powerhouse within animal health Diagnostics Specialty Broad and advanced product offering Pharma 16% 13,000+ 100 30 41% SKUs Patents R&D employees Diversified customer base >15k ~85% / ~15% 1,700 Vet clinics Companion / livestock Labs A global company Veterinary 30 70+ 450 Services Offices gl
Slide 4: Worldwide presence
Worldwide presence 30 150+ Offices across Markets Americas, Europe reached and APAC Europe 1,700 15,000 ~61% (1) Labs Vet clinics USA served served (1) ~31% RoW (1) ~8% 70+ 35k+ Direct sales Pets on plan markets Offices Acquired companies HQ (Stockholm, Sweden) Direct sales markets Note: (1) 2020PF
Slide 5: Second Quarter
vimiar Second Quarter
Slide 6: Business Highlights in Q2
Business Highlights in Q2 • Growth across all four verticals, and geographies 229% Revenue growth • 229% revenue growth, 25% organic • Strengthened profitability, improving EBITA margin by 110bp 25% Organic revenue growth • Three acquisitions in Sweden, Canada and France with revenue of >€8m in 2020
Slide 7: Vimian Group financial highlights
Vimian Group financial highlights Revenue and Adj. EBITA Comments Adj. EBITA margin Revenue (€m) • Q2 revenue €39.4m (12.0) giving 1H €83.2m (22.5) 131.9 130 130 130 • Q2 Adj. EBITA €12.2m (3.6), with EBITA margin +110bp to 30.8% 110 110 110 +270% • 1H Adj. EBITA €29.9m (6.1), with 90 90 83.2 90 EBI
Slide 8: Vimian Group financial highlights
Vimian Group financial highlights Q2 Organic vs Acquired Growth Comments Revenue (€m) • Revenue up by 229% in Q2 2021 compared to Q2 2020 • Organic growth of 25%, mainly driven by MedTech 229% 39.4 0.4 • Acquired growth of 207%, mainly VOI (part of MedTech segment) and Nextmune (Specialty Pharma) 24
Slide 9: Specialty Pharma – accelerated growth and profitability
Specialty Pharma – accelerated growth and profitability Revenue and Adj. EBITA Adj. EBITA margin Revenue (€m) Comments 40 36.4 • Strong underlying growth 31.4 • Particularly strong growth in Allergy Diagnostics and Treatments 20 16.2 32.5% 31.9% • Strong Adj. EBITA margin 35% 35.0% 4.9 28.3% • Acqui
Slide 10: Diagnostics – navigating post-pandemic volatility
Diagnostics – navigating post-pandemic volatility Revenue and Adj. EBITA Adj. EBITA margin Revenue (€m) Comments 30 • Q2 organic growth 8% after Q1 102% 26.3 25 20.7 • Positive momentum across product 20 +64% categories 15 14.3 +23% 33.6% • Slow down in sample preparation sales 10 8.7 35.1% 28.7% 4.
Slide 11: Veterinary Services – investment in international roll out
Veterinary Services – investment in international roll out Revenue and Adj. EBITA Adj. EBITA margin Revenue (€m) Comments 20 • Organic revenue growth 14% in Q2 15.2 after Q1 10% 15 14.5 +12% • Momentum in member acquisitions 10 starting to pick up during Q2 +16% 6.6 7.4 36.0% 33.6% 5 3.0 3.4 36.0% 3
Slide 12: MedTech – strong growth and strategic acquisitions
MedTech – strong growth and strategic acquisitions Revenue and Adj. EBITA Adj. EBITA margin Revenue (€m) Comments 60 54.0 • Organic growth 59% in Q2 with some benefit from easy comparatives 50 +316% 40 • Growth in all regions and categories 30.1 31.2 30 +217% 40.1% 20 • Particularly strong growth in
Slide 13: Acquisitions 2021
Acquisitions 2021 Estimated Acquisition Segment Geography Annual Sales Strategic Rationale Specialty Acquisition of allergy Q1 Pharma Europe €0.5m business in Spain Strengthen position in Diagnostics Europe €1.3m livestock diagnostics Specialty North Strengthening offering for Q2 Pharma America €1.8
Slide 14: This is AdVetis
This is AdVetis What AdVetis does AdVetis Medical provides veterinarians with innovative and recognized implants in orthopedic & visceral surgery, internal medicine and emergency & intensive care. Further drive business in existing verticals Widens product portfolio in orthopedics Expand into new ge
Slide 15: This is IVA – Independent Vets of Australia
This is IVA – Independent Vets of Australia What IVA does Independent Vets of Australia is a a provider of procurement and support services to >120 member clinics in Australia. IVA works alongside the practices helping to raise capabilities, support growth and achieve practice goals faster. Further
Slide 16: Product Development
Product Development Global Development & Distribution In August Indical signed a global development and distribution agreement with a call option to take a 51% stake in the company Further drive business in existing verticals • Air sampling for easier, faster and more accurate detection of pathogens
Slide 17: Financials
Financials Page 17
Slide 18: Income Statement
Income Statement Comments €k 2021 2020 2021 2020 2020 April - April - Jan- Jan- Jan- Jun Jun Jun Jun Dec • Revenue increased to €39.4m in Q2, up from €12m last year Revenue 39,439 11,975 83,163 22,500 71,228 • Adj. EBITA increased to €12.2m in Q2, up from €3.6m Adjusted EBITA 12,162 3,562 29,875 6,1
Slide 19: Cash Flow and Financial position
Cash Flow and Financial position Cash Conversion and Cash Flow Statement Comments 2021 Jan- 2020 Jan- Percent Delta Jun Jun • Cash conversion of 71% in 1H 2020, 55% in 1H 2020 Cash Conversion 71% 55% 16 ppt • Strong increase in cash flow from operating 2021 Jan- 2020 Jan- activities, mainly driven b
Slide 20: Net Working Capital
Net Working Capital Net Working Capital (€m) Comments • Stable NWC between Q1 and Q2 • Inventory up slightly, mainly reflecting underlying growth 32,9 32,8 27,7 • Accrued expenses up mainly due to accruals for IPO related costs Q4-20 Q1-21 Q2-21 Page 20
Slide 21: Net Debt and Leverage
Net Debt and Leverage Comments • Net debt at the end of the period amounted to €57.7m €57.7m • Group refinanced at listing Net Debt • Primary of c. €50m at listing • Net debt over adj. LTM EBITDA of 1.1x • Down from 4.0x at year end 2020 with old financing structure 1.1x Net debt / Adj. LTM EBITDA P
Slide 22: Summary
Summary Page 22
Slide 23: Financial Targets
Financial Targets Financial metric Vimian’s target Mid-term target Q2 2021 • Vimian shall achieve a revenue CAGR of at least Total: 30%+ Total: 229%+ Revenue growth 30% in the medium term of which organic revenue growth exceeds 15% annually Organic: 15%+ Organic: 25%+ • Vimian shall achieve an adjus
Slide 24: Our strategic priorities
Our strategic priorities Further drive business in existing verticals Expand into new geographies Leverage synergies and cross-fertilise opportunities across verticals M&A growth within current verticals Add new verticals Page 24