Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (October 2024)
37 slides from Mauna Kea Technologies Sa Class O's investor presentation, October 2024
Slide 1: See cells Change lives
See cells Change lives Corporate Presentation October 2024
Slide 2: Disclaimer
DISCLAIMER • This document has been prepared by Mauna Kea Technologies (the "Company") and is provided for information purposes only. • The information and opinions contained in this document speak only as of the date of this document and may be updated, supplemented, revised, verified or amended, a
Slide 3: Why Mauna Kea?
WHY MAUNA KEA? ‣ Cellvizio® proven proprietary cutting-edge opto-mechatronics and image processing DIFFERENTIATED software TECHNOLOGY ‣ Leading the global adoption of real-time cellular imaging COMMERCIAL ‣ 42% growth to $11.4m 2023 revenue including $5m U.S. revenue with 50% Pay- Per-Use STAGE ‣ Fu
Slide 4: Cellvizio: The Smallest Microscope in the World
CELLVIZIO® THE SMALLEST MICROSCOPE IN THE WORLD ULTRA-MINIATURIZED FIBER OPTIC MINIPROBES CELLVIZIO PLATFORM Proprietary cutting-edge opto-mechatronics and image processing software REAL-TIME VISUALIZATION OF CELLS ‣ 238 patents AND CELLULAR ARCHITECTURE ‣ 1,200 clinical papers ‣ > 80,000 procedures
Slide 5: Endomicroscopy: Cellvizio succeeds where conventional tools have failed
ENDOMICROSCOPY CELLVIZIO SUCCEEDS WHERE CONVENTIONAL TOOLS HAVE FAILED UNMATCHED DIAGNOSTIC ACCURACY UNMATCHED BENEFITS ‣ 100% accuracy in cyst characterization ‣ Avoids unnecessary, invasive, sometimes ‣ +243% increase in detection of architectural morbid random biopsies changes associated with dys
Slide 6: Investment Opportunity: Lead the global adoption of real-time cellular imaging
INVESTMENT OPPORTUNITY LEAD THE GLOBAL ADOPTION OF REAL TIME CELLULAR IMAGING THE TREND TOWARD ADVANCED IMAGING IS CELLVIZIO WILL BE INDISPENSABLE FOR ANY INEVITABLE PRECISION MEDICINE PROCEDURES Interventional Needle-based / Minimally invasive / endoscopy / hybrid robotics assisted Cellvizio endolu
Slide 7: Mauna Kea Technologies: A disruptive innovator credentialed by industry leaders and shareholders
MAUNA KEA TECHNOLOGIES A DISRUPTIVE INNOVATOR CREDENTIALED BY INDUSTRY LEADERS AND SHAREHOLDERS THE SECTOR HAS REACHED A MATURE PHASE MARKED BY RECENT VIGOROUS AND SUSTAINED ACTIVITY Booming field of minimally invasive interventions with Strong interest from industry leaders investing in our massive
Slide 8: Strategic Product Roadmap Aligned to Value Creation Mandate
STRATEGIC PRODUCT ROADMAP ALIGNED TO VALUE CREATION MANDATE CELLVIZIO IMAGING DATASETS ARTIFICIAL INTELLIGENCE ROBOTIC MOLECULAR ASSISTED IMAGING CANCER IMAGING ‣ In situ / In vivo endomicroscopic imaging data for multimodal datasets ‣ Advanced prototype ‣ Development of developed for various founda
Slide 9: Markets
V MARKETS 9
Slide 10: Current end markets represent a multi-billion dollar annual opportunity
CURRENT END MARKETS REPRESENT A MULTI-BILLION DOLLAR ANNUAL OPPORTUNITY New business in surgical applications with industry partners/shareholders GI ENDOSCOPY (Barrett’s Esophagus, Stomach cancer, GI - IBS pancreatic cysts) Interventional (Food Intolerance) Pulmonology $1B $6B Neurology/ $0.5B HISTO
Slide 11: GI Endoscopy: Accurate diagnosis of Barrett's esophagus
GI ENDOSCOPY: ACCURATE DIAGNOSIS OF BARRETT’S ESOPHAGUS TO PREVENT THE DEVELOPMENT OF CANCER 20% OF ADULTS HAVE GERD, POTENTIALLY LEADING TO ESOPHAGEAL CANCER THE USE OF CELLVIZIO DRAMATICALLY INCREASES DETECTION OF BARRETT’S ESOPHAGUS Metaplasia Common GI disorder affecting ‣ +243% increase in the
Slide 12: Pancreatic Cysts: Proven solution to avoid unnecessary surgery
PANCREATIC CYSTS: PROVEN SOLUTION TO AVOID UNNECESSARY SURGERY 3% TO 10% PEOPLE HAVE PANCREATIC CYSTS, HARD TO CELLVIZIO ENABLES NEAR-PERFECT ACCURACY OF CHARACTERIZE AS EITHER BENIGN OR MALIGNANT CHARACTERIZATION OF SOLITARY CYSTS ‣ 100% specificity in characterizing Mucinous Cystic Lesions1 ‣ Poor
Slide 13: Irritable Bowel Syndrome: Emerging B2B2C solution for food intolerance
IRRITABLE BOWEL SYNDROME: EMERGING B2B2C SOLUTION FOR PATIENTS WITH UNDIAGNOSED FOOD INTOLERANCE CELLVIZIO IS THE ONLY TECHNOLOGY ABLE TO 10% TO 15% OF THE POPULATION SUFFERING FROM DIAGNOSE DIRECTLY AT THE INTESTINAL BARRIER IBS- IBS, MANY DESPERATELY LOOKING FOR SOLUTIONS RELATED FOOD INTOLERANCE
Slide 14: Uro-oncologic Surgery: A pressing need for surgeons and patients
URO-ONCOLOGIC SURGERY: A PRESSING NEED FOR SURGEONS AND PATIENTS 15% POSITIVE MARGIN RATE AFTER RADICAL REAL TIME MICROSCOPIC EVALUATION OF SURGICAL PROSTATECTOMY MARGINS WITH CELLVIZIO ‣ General consensus on advanced visualization being central to minimally invasive surgery ‣ Currently used fluores
Slide 15: Pulmonology: Giving sight to blind needles
PULMONOLOGY: GIVING SIGHT TO BLIND NEEDLES TO IMPROVE DIAGNOSTIC YIELD FOR LUNG CANCER Nodule outside airways Near-miss of the target nodule NAVIGATION AND ENDOLUMINAL ROBOTICS SUFFER FROM LOW DIAGNOSTIC YIELD ‣ 80% of lung nodules located outside the airways with no direct visualization ‣ 38%-64% d
Slide 16: Existing commercial footprint serving legacy GI endoscopy business
EXISTING COMMERCIAL FOOTPRINT SERVING LEGACY GI ENDOSCOPY BUSINESS GLOBAL FOOTPRINT THROUGH LIMITED DIRECT COMMERCIAL PRESENCE AND PARTNERS ‣ €10.5m sales in 2023 ‣ 72% of sales in the U.S. (excl. licensing) ‣ 90% in GI endoscopy USA EUROPE & LATAM CHINA ‣ > $0.6m sales per ‣ Direct presence with ‣
Slide 17: €10.5M revenue in 2023, >70% of commercial revenue is recurring
€10.5M REVENUE IN 2023 > 70% OF COMMERCIAL REVENUE IS RECURRING SEVERAL TYPES OF SALES CELLVIZIO PORTFOLIO OF FIBER ‣ PAY-PER-USE (PPU) Recurring PLATFORM OPTIC MINIPROBES Payment at procedure in return for systems and probes placement Favored model for any application / GTM in the future U.S. busin
Slide 18: Reimbursement coverage: dramatic improvement in the U.S.
REIMBURSEMENT COVERAGE DRAMATIC IMPROVEMENT IN THE U.S. SIGNIFICANT FINANCIAL INCENTIVE TO USE CELLVIZIO IN EGD PROCEDURES ‣ Dedicated Category I CPT Codes covering endomicroscopy in upper GI endoscopy procedures ‣ Substantial reimbursement increases for hospitals and (GERD, Barrett’s Esophagus, EAC
Slide 19: Outlook and Value Creation
V OUTLOOK AND VALUE CREATION 19
Slide 20: GI Endoscopy: Scale or Partner
GI ENDOSCOPY: SCALE OR PARTNER BUILD ON THE POSITIVE U.S. PPU MOMENTUM IN A MAJOR CLINICAL MILESTONE EXPECTED IN 1 2 BARRETT’S ESOPHAGUS AND STOMACH CANCER 2025 FOR PANCREATIC CYST ‣ Investigator study (The Ohio ‣ A pool of business opportunities largely untapped State University) in 10 centers, wit
Slide 21: GI Endoscopy: Ambition in the U.S.
GI ENDOSCOPY: AMBITION IN THE U.S. BUILDING ON A STRONG PPU MOMENTUM 3-YEAR SALES AMBITION Average U.S. PPU procedures /account / month ‣ PPU Sales - From $2.5 m to $10m 15 Revised CMS rate and continuation of current sales tactics with slightly larger sales team 2023 12 10 procedures /month ‣ Capit
Slide 22: IBS and Food Intolerance: Capitalize on B2B2C first mover position
IBS AND FOOD INTOLERANCE CAPITALIZE ON B2B2C FIRST MOVER POSITION A GO-TO-MARKET PLAN LED BY BENOIT CHARDON, A RECOGNIZED MARKETING & COMMERCIALIZATION EXPERT A NEW BUSINESS AND BRAND DEDICATED TO A ‣ Remarkable track record in the aesthetic and wellness markets : COMPREHENSIVE HEALTH PROGRAM ‣ A Ce
Slide 23: Uro-oncology: Accelerate Telix partnership
URO-ONCOLOGY: ACCELERATE TELIX PARTNERSHIP TELIX HAS CREATED A MEDTECH BUSINESS UNIT FOLLOWING THE ACQUISITION OF LIGHTPOINT ‣ Aims at developing a complete solution for urologic surgeons across the continuum of patient care: pre-op and intra-op imaging, surgery and therapy ‣ Shared vision to integr
Slide 24: Path to Profitability
PATH TO PROFITABILITY REDUCED CASH BURN AND PROFIT GROWTH 2021 2022 2023 2024 2025 2026 2027 ‣ Add. growth opportunity SHORT TERM CELLTOLERANCE New CellTolerance business GROWTH DRIVER ‣ Reduced cash burn GI ENDOSCOPY Sales team halved/ Sales growth ‣ Cash injection ‣ Sales contribution MID TERM TAS
Slide 25: A dual approach to value creation
A DUAL APPROACH TO VALUE CREATION COMMERCIAL DEVELOPMENT AND ASSET VALUATION SCALE COMMERCIAL GI ENDOSCOPY ACTIVITIES Roll-out the CellTolerance program Accelerate the U.S. momentum SALES/ PROFIT ‣ Pilot program launch in Q4 2024 ‣ Expanded client base/ volume GROWTH ‣ Partnership with clinic networ
Slide 26: Appendix
APPENDIX 7 — 4 vT
Slide 27: Leadership Team: Seasoned, connected and battle-tested
LEADERSHIP TEAM SEASONED, CONNECTED AND BATTLE-TESTED Sacha Loiseau, Ph.D. Chairman and CEO, Founder Nathalie Lecoq Côme de La Tour du Pin Chief Operating Officer Chief Financial Officer Christopher McFadden Molly O'Neill Director Director Managing Director, Apollo Global Chief Strategic Partnership
Slide 28: A long term vision shared by major strategic shareholders
A LONG TERM VISION SHARED BY MAJOR STRATEGIC SHAREHOLDERS 18% 17% 8% Management + ESOP/Free Shares 8% Other Institutional 49% investors Individual investors 3 MAJOR EQUITY INVESTMENTS SINCE 2019 Johnson & Johnson invested Telix Pharmaceuticals twice in 2019 and 2021 invested in 2023 28 All logos and
Slide 29: Publication of strong sales growth in 2023
PUBLICATION OF STRONG SALES GROWTH IN 2023 +42% vs 2022 2ND BEST YEAR IN THE GROUP’S HISTORY Total sales 2020-2023 (in €K) 11000 10,504 10000 Uplift of the U.S. driven by the acceleration 9000 PPU usage generating steady and recurring 7,700 revenues 8000 7,479 7000 6,529 6000 First contribution from
Slide 30: Accelerated growth of PPU volume in the U.S.
ACCELERATED GROWTH OF PPU VOLUME IN THE U.S. Number of PPU procedures/ quarter in the U.S. ‣ Rationalization of the customer base focusing on active and profitable accounts 1600 + 64% 1400 1200 ‣ Increased monthly usage and addition of 1000 new accounts with quick ramp-up 800 600 ‣ Focus on communit
Slide 31: Operating discipline: 50% reduction in operating losses since 2020
OPERATING DISCIPLINE 50% REDUCTION IN OPERATING LOSSES SINCE 2020 Current operating income 2020-2023 (in €K) 0 ‣ Top line improvement including licensing revenues up +42% to €10.5m in 2023 -2000 -4000 ‣ Dramatic cut in U.S. commercial costs with the team restructuring in 2022 -6000 (5,686) -8000 ‣ S
Slide 32: Balance sheet restructured to extend runway
BALANCE SHEET RESTRUCTURED TO EXTEND RUNWAY EIB loan maturities1 (in €K) RESTRUCTURING OF THE EXISTING €21.7M LOAN WITH EUROPEAN INVESTMENT BANK CONCLUDED 15,000 15000000 IN APRIL 2024 14000000 12000000 ‣ Final maturities postponed by 4 years 10000000 67%1 of repayments deferred by 4 years to 2028-2
Slide 33: Cash burn: >€4M reduction expected in 2024 vs 2020
CASH BURN > €4M REDUCTION EXPECTED IN 2024 VS 2020 Cash burn 2020-2024E excluding financing (in €K) CASH BURN REDUCTION THANKS TO OPERATING 11,959 11,742 LEVERAGE AND PARTNERS CONTRIBUTIONS 12000 ‣ Reduced operating loss in the U.S. 10000 9,194 ‣ Asian sales reps transferred to Tasly JV < 8,000 ‣ Li
Slide 34: Q3 / 9M 2024 Sales
Q3 / 9M 2024 SALES Systems New U.S. sales and upgrades to Cellvizio Gen3 Change Change In €k Q3 2024 Q3 2023 9M 2024 9M 2023 model in Europe in Q3. (%) (%) FY 2024 sales concentrated in H2 in the U.S. Systems 333 3 - 917 1,089 -16% Consumables Adjustment to CMS reimbursement affecting PPU Consumable
Slide 35: H1 2024 Results - P&L
H1 2024 RESULTS - P&L In €k H1 2024 H1 2023 H1 2022 Total Revenues Includes a one-time payment of $2.3m in 2023 for IP transfer from the Tasly JV Total Revenues 4,269 7,142 3,708 Current Operating Income Structural reduction in operating losses, down Current Operating Income (3,695) (1,100) (4,957)
Slide 36: Key Publications and References
KEY PUBLICATIONS AND REFERENCES 1. Bhardwaj A. et al. Barrett’s Esophagus: Emerging Knowledge and Management Strategies. Pathology Research International, 2012. 2. Visrodia K. et al. Magnitude of Missed Esophageal Adenocarcinoma After Barrett’s Esophagus Diagnosis: A Systematic Review and Meta-analy
Slide 37: Contact
9 rue d’Enghien 24 Denby Road 75010 Paris Allston, MA 02134 France USA 37
Mauna Kea Technologies — Investor Presentation (October 2024) on 6ix