Slide 1: Welcome to Medistim ASA's Interim report for Q4 and preliminary financials 2023
Welcome to Medistim ASA’s Interim report for the fourth quarter and preliminary financials for 2023 The webinar will begin shortly 1
Slide 2: Before we start
Before we start You will be kept on mute during the presentation. Questions will be answered at the end of the presentation. Click on the Q&A button to write your question. The host will read and answer your question at the end of the presentation
Slide 3: Medistim ASA Q4 2023
Medistim ASA Q4 2023 February 29th 2024 Kari E. Krogstad Thomas Jakobsen PRESIDENT & CEO CFO 3
Slide 4: Disclaimer
Disclaimer The information included in this Presentation may contain 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 statements are based on various
Slide 5: Table of Contents
Table of Contents 01 ● Highlights 02 ● Financial statements 03 ● Business segments update 04 ● Implementing the strategy 5
Slide 6: Highlights
MED\STIM @ 01 Highlights
Slide 7: Highlights 4th Quarter
Highlights 4th Quarter In NOK, decent quarter for sales, Q4 2023 QoQ compared to a strong comparable Revenue MNOK 135.6 (141.8) - 4.4 % ➢ Own products sales decrease by -5.8 % in NOK o Imaging sales down -7.5 % in NOK, Flow sales down -5.1 % in NOK EBIT MNOK 22.3 (36.5) - 39.0 % o Vascular sales up
Slide 8: Highlights 2023
Highlights 2023 FY 2023 YTD o YTD Exceeding half a billion NOK in sales Revenue MNOK 526.4 (491.9) + 7.0 % ➢ Own products sales increase by 7.4 % in NOK o Imaging sales down -1.6 % in NOK, Flow sales up 11.8 % in NOK EBIT MNOK 131.4 (141.3) - 6.9 % o Vascular sales up 16.9 % in NOK, Cardiac sales up
Slide 9: Financial Statements
MED\STIM 02 Financial Statements
Slide 10: Profit and loss Q4 2023
Profit and loss Q4 2023 Profit & loss Q4 2023 Q4 2022 Sales per Quarter (TNOK) 150 000 1=NOK 1000 130 000 Sales revenue 135 618 141 823 110 000 Cost of goods sold 34 131 32 771 90 000 Salary and social expenses 46 040 42 797 70 000 Other operating expenses 26 149 23 847 Total operating expenses 106
Slide 11: Profit and loss FY 2023
Profit and loss FY 2023 Profit & loss FY 2023 FY 2022 Sales per Quarter (TNOK) 150 000 1=NOK 1000 130 000 Sales revenue 526 364 491 937 110 000 Cost of goods sold 112 280 106 485 90 000 Salary and social expenses 162 597 146 376 70 000 Other operating expenses 96 388 74 537 Total operating expenses
Slide 12: Balance sheet – Assets
Balance sheet 31.12.2023 31.12.2022 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 50 517 39 660 Fixed assets 63 635 57 104 Cash position by end of the Total intangible and fixed assets 114 152 96 764 quarter was MNOK 153.9 after a Inventory 145 391 114 333 dividend payment
Slide 13: Balance sheet – Equity and Liability
Balance sheet 31.12.2023 31.12.2022 All numb ers in NOK 1000 Balance sheet – Share capital Premium fund 4 584 44 172 4 584 44 172 Equity and Liability Other equity 349 185 318 935 Total equity 397 941 367 691 No interest-bearing debt Total long term debt 13 493 15 145 Total short term debt 94 284 99
Slide 14: Business segments update
03 Business segments update 14
Slide 15: Imaging probes and systems in units
Flow-and-Imaging systems in units (excl. PPP/leasing) 30 28 Imaging probes and 25 3 22 systems in units 20 6 8 15 8 15 4 9 8 9 15 15 10 8 6 8 13 6 less Flow-and-Imaging units 12 10 6 9 9 9 7 7 sold as capital in Q4 compared 5 5 5 10 9 8 to Q4 LY: 4 7 6 6 4 4 4 5 4 5 0 1 • 1 less in AMERICAS Q4 20 Q1
Slide 16: Flow probes and systems in units
Flow systems in units (excl. PPP/leasing) Flow probes and 60 systems in units 50 41 39 40 11 23 10 10 30 16 11 19 15 17 Capital sales of Flow systems in Q4 20 21 11 15 24 18 28 29 18 17 down with 2 systems. 14 8 13 19 12 18 10 9 5 o APAC down 11 highly affected by the 5 7 8 5 5 6 7 0 2 4 3 4 3 2 tra
Slide 17: Revenue performance by region
Revenue performance by region Mill NOK Q4 23 Q4 22 Q/Q 2023 2022 YTD / YTD AMERICAS 46,8 49,7 -5,9 % 209,0 203,6 2,7 % APAC 28,7 28,6 0,5 % 83,0 79,0 5,0 % EMEA 39,7 43,9 -9,7 % 154,9 133,5 16,1 % 3.party 20,5 19,6 4,3 % 79,4 75,8 4,7 % Total 135,6 141,8 -4,4 % 526,4 491,9 7,0 % • In AMERICAS, reven
Slide 18: Revenue performance by product category
Revenue performance by product category Mill NOK Q4 23 Q4 22 QoQ 2023 2024 YTD o YTD Procedures (USA) 20,6 22,8 -9,4 % 100,6 93,8 7,3 % Flow probes 57,1 61,6 -7,4 % 193,1 169,2 14,1 % Flow systems (MiraQ) 15,1 13,9 8,3 % 55,5 49,7 11,8 % Imaging systems (MiraQ) 18,0 20,4 -11,5 % 81,5 86,4 -5,7 % Ima
Slide 19: Implementing the strategy
04 Implementing the strategy 19
Slide 20: The Growth Strategy
The Growth Strategy 1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as Emerging the new standard of care through high-growth 3 economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion from flow to
Slide 21: Performance US sales
Number of procedures per Year (from PPP/Lease and Capital probe sales) 89 526 100 000 Performance US sales 90 000 80 000 CAGR (2013 – 2023) = 11.1 % 70 000 Currency neutral sales revenue declined by 60 000 -14.3 % in Q4 and by -6.5 % for 2023 in 50 000 AMERICAS due to soft capital sales in the US 40
Slide 22: Growing our direct sales footprint with China, Canada and Sweden
Growing our direct sales footprint with China, Canada and Sweden Medistim - a global niche market leader within ultrasound technology • Ultrasound devices for intraoperative use ➢ Transit time flow measurement (TTFM) ➢ High frequency ultrasound imaging (HFUS) • Reducing risk and enhancing quality of
Slide 23: Expanding our direct market coverage, local teams in place
Expanding our direct market coverage, local teams in place For topline and margin growth: Conversion to Imaging and Vascular market development China direct from April 2023 Canada direct from May 2023 Sweden direct from November 2023 ❑ Strong position in CABG with TTFM ❑ Strong position in CABG with
Slide 24: Anniversary: Celebrating 40 years
N ANNIVERSARY WY MED\STIM Defining Quality. Transforming lives. Celebrating 40 years of empowering the surgical community with uncompromised quality 24
Slide 25: Medistim
MED\STIM 25
Slide 26: 20 largest shareholders
20 largest shareholders Date: 28/02/2024 Name: MEDISTIM ASA ISIN: NO0010159684 Number of investors: 1020 Number of shares: 18337336 Rank Name MEDI In % Country 1 Acapital Medi Holdco AS 1 900 219 10,4 % Norway 2 SEB Fonder 1 790 500 9,8 % Sweden 3 ODIN Fonder 1 780 000 9,7 % Norway 4 Øyvin A. Brøyme
Slide 27: Medistim
MED\STIM