Ambu A/s Class B · OMXCOP:AMBU_B
Ambu A/s Class B — Ambu A S Ord — Q1 2025 Earnings Presentation
40 slides from Ambu A/s Class B's earnings presentation, Jan 30, 2025
Slide 1: Q1 2024/25 Results
Q1 2024/25 RESULTS Britt Meelby Jensen Henrik Skak Bender CEO CFO
Slide 2: Disclaimer
This presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the "Financial Update" section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, fina
Slide 3: Key messages for Q1 2024/25
KEY MESSAGES FOR Q1 2024/25 Strong start to the new financial year Continued strong organic revenue growth (19.5%) and EBIT margin of 16.1%. Solid organic growth in pulmonology (17.7%) and ‘urology, ENT and GI’ (23.9%). Expanded leadership position in pulmonology and airway management with Ambu® Sur
Slide 4: Q1 2024/25 reflects strong financial performance
Q1 2024/25 REFLECTS STRONG FINANCIAL PERFORMANCE Endoscopy Organic revenue growth EBIT margin before special items Solutions revenue growth 20.6% Q1 2023/24: 25.1% 19.5% 16.1% 17.8% A & PM Q1 2023/24: revenue 1.2% growth _______________________ _______________________ Q1 2023/24: 14.2% FY 2023/24: 1
Slide 5: We remain ahead of plan on our ZOOM IN strategy
WE REMAIN AHEAD OF PLAN ON OUR ZOOM IN STRATEGY KEY DEVELOPMENTS IN Q1 Solutions for customer needs Expanded leadership position in pulmonology and airway management with Ambu SureSightTM Connect registration. Continued commercial launch of aScope 5 Uretero and aScopeTM 5 Cysto HD, strengthening
Slide 6: Strong anaesthesia and patient monitoring growth of 17.8% in Q1 2024/25
STRONG ANAESTHESIA AND PATIENT MONITORING GROWTH OF 17.8% IN Q1 2024/25 A & PM revenue (DKKm) Key Q1 highlights Reported revenue growth: 18.6% • Strong start to the year, driven by price Organic growth increases and solid volume growth. +17.8% • Growth of 17.8% above last-twelve months rolling organ
Slide 7: Pulmonology organic growth in Q1 2024/25 was 17.7%
PULMONOLOGY ORGANIC GROWTH IN Q1 2024/25 WAS 17.7% Pulmonology revenue (DKKm) Key Q1 highlights Reported revenue growth: 18.6% • Strong start to the year with growth of Organic growth 17.7% – and above last twelve months +17.7% rolling organic growth of 11.7%. 472 • Timing of orders in Q1 contribute
Slide 8: Urology, ENT and GI organic growth in Q1 was 23.9%
‘UROLOGY, ENT AND GI’ ORGANIC GROWTH IN Q1 WAS 23.9% ‘Urology, ENT and GI’ revenue (DKKm) Key Q1 highlights Reported revenue growth: 25.1% • Overall, urology, ENT and GI posted 23.9% organic revenue growth, combined, which is Organic growth slightly below the last twelve months rolling growth +23.9%
Slide 9: Expanding leadership in pulmonology with new video laryngoscopy solution
EXPANDING LEADERSHIP IN PULMONOLOGY AND AIRWAY VISUALIZATION WITH NEW VIDEO LARYNGOSCOPY SOLUTION Launching SureSightTM Connect - Ambu’s innovative video laryngoscopy solution • Strengthens Ambu market leadership position in airway visualization and pulmonology. • Expands offering where e.g., +15m e
Slide 10: Expanded market opportunity in urology with aScope 5 Uretero and Cysto HD
EXPANDED MARKET OPPORTUNITY IN UROLOGY WITH LAUNCH OF ASCOPETM 5 URETERO AND ASCOPE TM 5 CYSTO HD Commercialising aScopeTM 5 Uretero and aScopeTM 5 Cysto HD • Significant untapped market potential with a lot of room for continued growth. • Building on advanced urology portfolio featuring three singl
Slide 11: Leading position in single-use endoscopy with innovative solutions portfolio
LEADING POSITION IN SINGLE-USE ENDOSCOPY WITH OUR INNOVATIVE SOLUTIONS PORTFOLIO Broadest single- use endoscopy solutions portfolio Enhancing workflow efficiency & patient care ONE software platform across portfolio 11
Slide 12: Henrik Skak Bender, CFO
Henrik Skak Bender CFO 12
Slide 13: Organic revenue growth of 19.5% in Q1 2024/25
ORGANIC REVENUE GROWTH OF 19.5% IN Q1 2024/25 Key Q1 highlights Total revenue (DKKm) • Reported revenue growth of 20.4% in Q1 2024/25, driven by solid organic of 19.5%. +20.4% 1,510 • The currency effect of 0.9%-points was mainly 0.9% due to USD/DKK development. • All three geographies contributed p
Slide 14: EBIT margin of 16.1% in Q1 2024/25, driven by revenue expansion
EBIT MARGIN OF 16.1% IN Q1 2024/25, DRIVEN BY REVENUE EXPANSION EBIT margin1 EBIT margin1 bridge 16.1% 14.2% 12.9% 10.0% 10.6% +6.1%-pts Q1 Q2 Q3 Q4 Q1 16.1% 23/24 23/24 23/24 23/24 24/25 3.7% 10.0% 2.4% EBIT1 (DKKm) 243 194 178 126 147 EBIT margin Δ Gross Δ OPEX EBIT margin Q1 Q2 Q3 Q4 Q1 Q1 23/24
Slide 15: Gross margin of 61.3% in Q1 2024/25
GROSS MARGIN OF 61.3% IN Q1 2024/25 Key Q1 highlights Gross margin +2.4%-pts • Gross margin in Q1 was 61.3%, corresponding to 61.3% an increase of 2.4%-pts. 59.5% 60.2% 58.9% 58.9% • Increase in gross margin was driven by: o Price increases in Anaesthesia & Patient Q1 Q2 Q3 Q4 Q1 Monitoring – mainly
Slide 16: OPEX to revenue ratio of 45.2% in Q1 2024/25
OPEX TO REVENUE RATIO OF 45.2% IN Q1 2024/25 Key Q1 highlights OPEX to revenue ratio -3.7%-pts • OPEX ratio in Q1 was 45.2%, corresponding to 48.9% 48.3% 47.3% a decrease of 3.7%-pts, compared to Q1 45.3% 45.2% 2023/24. • The decrease was driven by operating Q1 Q2 Q3 Q4 Q1 leverage, particularly in
Slide 17: Free cash flow of DKK 69m in Q1 2024/25
FREE CASH FLOW OF DKK 69M IN Q1 2024/25 Free cash flow – main components (DKKm) Free cash flow, % of revenue 331 12% -144 11% 9% 163 7% -75 135 128 5% 98 -43 69 69 EBITDA Change in CAPEX1 Other2 Free cash flow Q1 Q2 Q3 Q4 Q1 working Q1 24/25 23/24 23/24 23/24 23/24 24/25 capital 1) CAPEX is defined
Slide 18: NWC and higher CAPEX reduced free cash flow in Q1 2024/25
NWC AND HIGHER CAPEX REDUCED FREE CASH FLOW EBITDA before special items IN Q1 2024/25 20.8% 21.9% 19.3% 17.6% 17.0% 285 331 213 267 244 Key Q1 highlights Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 • Free cash flow was positively impacted by improved CAPEX1, % of revenue 7% profitability (EBITDA),
Slide 19: Upgraded 2024/25 financial guidance based on strong Q1
UPGRADED 2024/25 FINANCIAL GUIDANCE BASED ON STRONG Q1 2024/25 outlook 2023/24 actuals Comments on 2024/25 outlook Growth will be driven by Endoscopy Solutions, Organic revenue which is expected to grow +15% 11-14% 13.8% growth (Previously 10-13%) Anaesthesia & Patient Monitoring is expected to grow
Slide 20: Ambu Capital Markets Day
Save the date! AMBU CAPITAL MARKETS DAY 1 October 2025 Copenhagen 20
Slide 21: Thank you for your attention
THANK YOU FOR YOUR ATTENTION INVESTOR RELATIONS CONTACT Anders Hjort Head of Investor Relations anhj@ambu.com | +45 7225 2910 Frederik Futtrup Associate, Investor Relations frfu@ambu.com | +45 6070 9526 Confidential
Slide 22: Appendix
APPENDIX 22
Slide 23: Our growth story started in 1937 – world leaders in single-use endoscopy
OUR GROWTH STORY STARTED IN 1937 – TODAY, WE ARE WORLD LEADERS IN SINGLE-USE ENDOSCOPY Purpose-driven World leader Together, we rethink In single-use endoscopy solutions to save lives and solutions and inventor of improve patient care the famous “Ambu Bag” Innovation Future proof Global medtech comp
Slide 24: We are the pioneers in single-use endoscopy
WE ARE THE PIONEERS IN SINGLE-USE ENDOSCOPY Procedures performed 2.4 using an Ambu single-use endoscope in 2024 million Ambu market share of total ~65% single-use endoscopy market1 23 Annual procedures in Ambu target market with current million solutions portfolio1,2 100 Annual procedures in focus m
Slide 25: Attractive growth journey with 28% CAGR in single-use endoscopy
ATTRACTIVE GROWTH JOURNEY WITH 28% CAGR IN SINGLE-USE ENDOSCOPY Endoscopy Anaesthesia & Solutions Patient Monitoring (A & PM) Endoscopy Solutions more than tripled in past 5 years, with 28% CAGR DKK bn 59% 41% share of total revenue (ín 2023/24) Total revenue 14%1 North Europe Rest of Endoscopy Solu
Slide 26: Our global presence
OUR GLOBAL PRESENCE Headquarters Ballerup, Denmark Noblesville, Xiamen, USA Augsburg, China Germany Juárez, Mexico Penang, Malaysia R&D centres Direct markets Factories Distributor markets 26
Slide 27: Well-positioned for continued success
WELL-POSITIONED FOR CONTINUED SUCCESS 1 | Delivering on our ZOOM-IN strategy and strengthening our future foundation 2 | Global leader in attractive high-growth single-use endoscopy market 3 | Unique market position and leading solutions portfolio driven by innovation 4 | Strong growth momentum in 2
Slide 28: Ahead of plan on our ZOOM IN strategy
AHEAD OF PLAN ON OUR ZOOM IN STRATEGY Key achievements since strategy launch in November 2022 Solutions for customer needs Leading airway visualization and pulmonology offering with recent launches of aScope 5 Broncho and video laryngoscope solution1 Unique urology portfolio, with recent launche
Slide 29: We have completed a transformation and continue to strengthen our foundation
WE HAVE COMPLETED A TRANSFORMATION AND CONTINUE TO STRENGTHEN OUR FOUNDATION FOR SCALABLE GROWTH EBIT margin Revenue (bnDKK) Accelerate Our focus has been to: growth Regain 5.4 Build a new management control team with new capabilities RebuilD foundation 4.8 Deliver on end-to-end transformation initi
Slide 30: Delivering a strong endoscopy growth momentum
DELIVERING A STRONG ENDOSCOPY GROWTH MOMENTUM Pulmonology (DKKbn) Pulmonology 1.7%1 +11.7%1 1.4 1.5 1.6 • Mass adoption of aScope 4 Broncho • Launch of aScope 5 Broncho in 2022/232 • Launch of video laryngoscope in 2024/25 FY 2021/22 FY 2022/23 FY 2023/24 Urology, ENT and GI (DKKbn) Urology, ENT and
Slide 31: Global leader in attractive high-growth market
GLOBAL LEADER IN ATTRACTIVE HIGH-GROWTH MARKET Market estimates Pulmonology Urology ENT GI 2023/241 Market position #1 #1 #1 #1 (Global, single-use) Market size 5m 12m 17m 68m (m procedures) Single-use penetration Endoscopy systems platform 1.DRG, Definitive Healthcare, iData & internal market resea
Slide 32: Significant growth opportunities
SIGNIFICANT GROWTH OPPORTUNITIES In Ambu’s focus market, the annual endoscopy procedures performed are ~100m1 5.0m 11.5m 17.0m 68.5m ~100m Addressable market with current portfolio2 4.1m 1.0m Ambu’ sales volume Uretero in 2023/24 6.0m Cysto 6.0m Duodeno Cholangio Gastro Colon ~2.4m Pulmo- Urology Ea
Slide 33: Proven customer value proposition of single use endoscopy
PROVEN CUSTOMER VALUE PROPOSITION OF SINGLE USE ENDOSCOPY Enhancing efficiency and patient outcomes, while lowering costs in a sustainable way WORKFLOW ECONOMICS PATIENT SAFETY SUSTAINABILITY Mobile, portable, and do not require Discarded after use, removing the 100% sterile and thus eliminate the R
Slide 34: Customer case: improved workflow boosts patient throughput
CUSTOMER CASE: IMPROVED WORKFLOW BOOSTS PATIENT THROUGHPUT From complex reusable… Ambu® aScope 4 Cysto “It has improved our workflow tremendously, Storage Transport to In use during Manual Endoscope reprocessing and we have been able to increase our procedure procedure cleaning entails +100 individu
Slide 35: Uniquely positioned with leading innovative solution portfolio
UNIQUE POSITIONED WITH LEADING INNOVATIVE SOLUTION PORTFOLIO Broadest single- use endoscopy solutions portfolio Enhancing workflow efficiency & patient care ONE software platform across portfolio 35
Slide 36: Focused to enhance system and integration
FOCUSED TO ENHANCE SYSTEM AND INTEGRATION Marketed solutions Newly approved solutions Endoscopy system innovations Endoscopy system compatibility across therapy areas Not exhaustive list of full product portfolio o Same endoscopy system across products allowing simpler setup aView 2 Advance aBox 2 E
Slide 37: Revenue growth ahead of long-term guidance, EBIT margin progressing as planned
REVENUE GROWTH AHEAD OF LONG-TERM GUIDANCE, EBIT MARGIN PROGRESSING AS PLANNED Updated guidance 24/25 Long-term guidance Organic revenue growth Total 11-14% +10%1 Endoscopy Solutions +15% 15-20%1 Anaesthesia & Patient Mid-to-high 2-4%1 Monitoring single digits EBIT margin b.s.i. 13-15% ~20%2 1) CAGR
Slide 38: A compelling value proposition & growth story
A COMPELLING VALUE PROPOSITION & GROWTH STORY Attractive market position Leading transition in single-use endoscopy solution to deliver on our customers unmet needs Leading solution portfolio Proven value proposition and innovative solution portfolio, drives adoption across sites of care Future proo
Slide 39: Key products across A & PM
KEY PRODUCTS ACROSS A & PM ANAESTHESIA PATIENT MONITORING Needle electrodes used to measure electrical signals from the muscles in Used for oxygenating and ventilating patients in combination electromyography (EMG) and nerve conduction studies. Inoject needle used Face masks with manual and automati
Slide 40: P&L details
P&L DETAILS DKKm FY 21/22 Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 FY 22/23 Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 FY 23/24 Q1 24/25 reported figures Revenue 4,444 1,132 1,189 1,195 1,259 4,775 1,254 1,367 1,383 1,387 5,391 1,510 Gross profit 2,554 662 664 672 715 2,713 739 813 832 817 3,201 925 Gross margi