Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2018 Earnings Presentation
26 slides from Medistim Asa's earnings presentation, Apr 26, 2018
Slide 1: Medistim ASA First Quarter 2018
Medistim ASA First Quarter 2018 Kari E. Krogstad, President and CEO Thomas Jakobsen, CFO April 26th, 2018
Slide 2: Disclaimer
2 26.04.2018 Medistim ASA Q1 2018 Disclaimer The information included in this Presentation contains 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 s
Slide 3: Table of contents
3 26.04.2018 Medistim ASA Q1 2018 Table of contents 1. Highlights first quarter 2. Financial statements 3. Business segments update 4. Implementing the strategy
Slide 4: 1. Highlights 1st quarter
MED (STIM 1. Highlights 1st quarter
Slide 5: Highlights 1st quarter 2018
5 26.04.2018 Medistim ASA Q1 2018 Highlights 1st quarter 2018 Q1 2018 QoQ • Following two consecutive all-time high quarters, Q1 shows flat development in sales compared to last year Revenue -0.3% o Currency neutral total sales down 1 % MNOK 74.1 (74.4) o Currency neutral sales of own products down
Slide 6: 2. Financial statements
2. Financial statements
Slide 7: Profit and loss Q1 2018
7 26.04.2018 Medistim ASA Q1 2018 Profit and loss Q1 2018 Profit & loss Q1 2018 Q1 2017 Sales per Quarter (TNOK) All numb ers in NOK 1000 90 000 80 000 Sales 74 133 74 360 70 000 Cost of goods sold 18 255 17 859 60 000 Salary and sosial expenses 26 784 25 418 50 000 Other operating expenses 12 519 1
Slide 8: Balance sheet - Assets
8 26.04.2018 Medistim ASA Q1 2018 Balance sheet - Assets Balance sheet 31.03.2018 31.12.2017 All numb ers in NOK 1000 300 000 Assets 250 000 Intangible assets 44 403 45 090 200 000 Fixed assets 26 256 25 744 150 000 Total intangible and fixed assets 70 659 70 834 100 000 Inventory 63 555 62 722 Cust
Slide 9: Balance sheet - Equity and liability
9 26.04.2018 Medistim ASA Q1 2018 Balance sheet - Equity and liability 300 000 Balance sheet 31.03.2018 31.12.2017 All numb ers in NOK 1000 250 000 Share capital 4 585 4 585 200 000 Premium fund 44 172 44 172 Other equity 142 266 134 226 150 000 Total equity 191 023 182 983 100 000 Total long term d
Slide 10: 3. Business segments update
3. Business segments update
Slide 11: Flow probes and systems in units
11 26.04.2018 Medistim ASA Q1 2018 Flow probes and systems in units Flow probes in units (excl USA) Flow systems in units (VeriQ & MiraQ capital sales) 2 500 40 35 2 000 30 25 Europe 1 500 20 US 1 000 15 ROW 10 Asia 500 5 - - Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4
Slide 12: Imaging probes and systems in units
12 26.04.2018 Medistim ASA Q1 2018 Imaging probes and systems in units Imaging probes in units (incl USA) Imaging systems in units (VeriQC & MiraQ capital sales) 35 20 30 18 25 16 20 14 ROW 15 12 10 Europe 10 8 Asia 5 6 US - 4 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 2 Imaging probes US
Slide 13: Q1 revenue performance by region
13 26.04.2018 Medistim ASA Q1 2018 Q1 revenue performance by region Mill NOK Q1 '18 Q1 '17 Q/Q 2017 Europe 40,2 36,2 11,1 % 150,3 USA 23,0 24,5 -6,3 % 104,6 Asia & Jp 8,5 9,6 -12,2 % 27,0 ROW (MEA, CAN, SA, AUS) 2,4 4,0 -39,0 % 19,6 Total 74,1 74,4 -0,3 % 301,5 • In Europe, sales increased with 11.1
Slide 14: Q1 revenue performance by product
14 26.04.2018 Medistim ASA Q1 2018 Q1 revenue performance by product Mill NOK Q1 '18 Q1 '17 Q/Q 2017 Procedures (USA) 19,6 21,5 -8,9 % 86,0 Flow probes 20,5 20,9 -2,1 % 78,9 Flow systems (VeriQ & MiraQ) 6,7 4,7 41,5 % 23,3 Imaging systems (VeriQ C & MiraQ) 7,3 6,9 5,6 % 32,0 Imaging probes 0,6 0,7 -
Slide 15: 4. Implementing the strategy
4. Implementing the strategy
Slide 16: Growth opportunities – in developing Medistim markets
16 26.04.2018 Medistim ASA Q1 2018 Growth opportunities – in developing Medistim markets 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL support e
Slide 17: Performance US sales organization
17 26.04.2018 Medistim ASA Q1 2018 55000 50000 45000 Performance US sales organization 40000 35000 30000 25000 RESULTS Q1 20000 2010 2011 2012 2013 2014 2015 2016 2017 • Revenues up 1 % in USD Number of procedures per year o Revenues down 6.3 % in NOK o Currency has a negative 7.2 % impact # of Proc
Slide 18: Renewed recommendation from NICE
18 26.04.2018 Medistim ASA Q1 2018 Renewed recommendation from NICE • The National Institute for Health and Care Excellence (NICE) have issued a renewed Medical Technologies Guidance recommending the routine use of Medistim’s flowmeter system for CABG surgery within the UK’s National Health Service
Slide 19: Growth opportunities – in developed Medistim markets
19 26.04.2018 Medistim ASA Q1 2018 Growth opportunities – in developed Medistim markets 1. Convert the routine Flow market to a Flow-and- Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through Emerging, high-growth o Early adopter & KOL support ec
Slide 20: What is the study protocol?
20 26.04.2018 Medistim ASA Q1 2018 What is the study protocol? Why are these data interesting to the surgical • Perform ultrasound imaging of the aorta, conduit arteries community? in situ, compromised coronary arteries and completed • The hypothesis motivating the REQUEST registry study grafts (ana
Slide 21: Study objective
34 26.04.2018 Medistim ASA Q1 2018 Study objective Objective: Prospective study of the number and type of CABG surgical procedure changes (to aortic manipulation and coronary grafting) based on aortic and coronary ultrasound intraoperative images and transit time flow measurements (TTFM) with the Me
Slide 22: Surgical protocol
36 26.04.2018 Medistim ASA Q1 2018 Surgical protocol 1) Ultrasound assessment Soft plaque in aorta of aorta prior to manipulation LAD with stenosis 2) Ultrasound assessment of conduit arteries in situ and 3) diseased coronaries 4) TTFM graft assessment (Flow, PI, DF, BF) 5) Ultrasound assessment of
Slide 23: Preliminary findings presented at ICC, New York, August 19th 2017
37 26.04.2018 Medistim ASA Q1 2018 Preliminary findings presented at ICC, New York, August 19th 2017 • 285 changes in the surgical procedure in 203 of 776 patients • 26% of patients had at least 1 surgical change ICC = International Coronary Conference
Slide 24: Presentation of the first findings from the REQUEST register study
24 26.04.2018 Medistim ASA Q1 2018 Presentation of the first findings from the REQUEST register study • All 1.000 patients are now included in the study • The first findings from the study will be presented at American Association for Thoracic Surgery (AATS) conference taking place in San Diego on M
Slide 25: 20 largest shareholders (per April 20th 2018)
25 26.04.2018 Medistim ASA Q1 2018 20 largest shareholders (per April 20th 2018) Name Number of shares Shares in % Nationality INTERTRADE SHIPPING 4 003 500 21,83 NOR SALVESEN & THAMS INV 1 862 500 10,16 NOR JPMorgan Chase Bank, NORDEA TREATY ACCOUN 1 375 246 7,50 GBR FOLLUM CAPITAL AS 1 000 000 5,4
Slide 26: Seeing is believing
26 26.04.2018 Medistim ASA Q1 2018 Seeing is believing