Ekf Diagnostics Holdings Plc · LSE:EKF
Ekf Diagnostics — FY2023 Earnings Presentation
33 slides from Ekf Diagnostics's earnings presentation, 2024
Slide 1: EKF Diagnostics Holdings plc Unaudited Preliminary Results Presentation
EKF Diagnostics Holdings plc Unaudited Preliminary Results Presentation Year Ended 31 December 2023 ekfdiagnostics.com
Slide 2: Presentation Contents
Presentation Contents 01 Overview 04 Unaudited Financial Information 02 Performance 05 Appendices 03 Outlook Page 1
Slide 3: Overview
Overview Page 2
Slide 4: Financial Highlights (unaudited)
Financial Highlights (unaudited) • Revenues of £52.6m • Gross profit before exceptionals of £24.4m • Gross margin improved to 45% (2022: 36%) and admin expenses reduced by £3.5m • Adjusted EBITDA of £10.4m • A return to profit before tax of £2.1m • Cash generated from operations of £8.8m • Group cas
Slide 5: Operational Highlights
Operational Highlights • Continued sustainable growth in core business lines • Diabetes saw 11%* year-on-year growth in HbA1c testing with Quo-Test® and Quo-Lab® • Hematology delivered 10%* year-on-year growth in Hemoglobin testing with DiaSpect Tm and Hemo Control • β-HB LiquiColor® reagent grew by
Slide 6: Geographic Highlights
Geographic Highlights* 12%* growth FY23 vs FY19 Revenue 30.0 Americas 48.4%* The growth 2023 vs 2019 was 2%*, and in 2023 25.0 accounted for 48.4%* of group activity 20.0 EMEA £’m 15.0 41.2%* The growth 2023 vs 2019 was 25%*, and in 2023 accounted for 41.2%* of group activity 10.0 5.0 APAC 10.4%* Th
Slide 7: Point-of-Care Analyzers Sold
Point-of-Care Analyzers Sold Diabetes Hematology Other Diabetes 1,300+ The Quo-Lab® was the most sold analyzer in the Diabetes portfolio Hemataology 12 thousand+ 9,000+ The DiaSpect Tm was the most sold analyzer in the Hematology portfolio Other 1,700+ The Lactate Scout range was the most sold analy
Slide 8: Point-of-Care Tests Sold
Point-of-Care Tests Sold Americas EMEA APAC Americas 11m+ The highest selling product range was the Hemo Control cuvettes, individually packed EMEA 95 million+ 77m+ The highest selling product range was the Hemo Control cuvettes APAC 7m+ The highest selling product range was the DiaSpect Tm cuvettes
Slide 9: Performance
Performance Page 8
Slide 10: Point-of-Care Overview
Point-of-Care Overview Portfolio of Point-of-Care analysers and tests, focused on Hematology and Diabetes, providing quick and accurate results, to enable healthcare professionals make rapid decisions Hematology 01 Working with a global distribution base to offer streamlined blood donation and anaem
Slide 11: Point-of-Care Revenue
Point-of-Care Revenue 35 Focused Growth 30 3.5%* Strong sustainable growth FY23* vs FY22 achieved across the Point-of-Care portfolio with Clinical Chemistry 25 excluded, expected completion of discontinuation in 2024 20 Product Growth £’m 34%* High growth FY23* vs FY22 in the DiaSpect Tm 15 product
Slide 12: Hematology
Hematology Overall Growth 2%* growth year-on-year with 34% growth in DiaSpect Tm Regional / Country Drivers Ongoing support of Egypt’s 2030 Vision is continuing to drive DiaSpect Tm hemoglobin testing in children Key Sales Opportunities Further development of global strategic partnerships as they ta
Slide 13: Diabetes
Diabetes Overall Growth 3%* growth year-on-year 2022-2023 with 11% growth in HbA1c Regional / Country Drivers Continued development of APAC market for Quo-Test® delivers 19%* growth with high pull through on consumables, and with good growth in the Philippines Key Sales Opportunities Added connectiv
Slide 14: Life Sciences
Life Sciences Overview Specialist manufacture of enzymes and custom products for use in diagnostic and pharma applications. Supporting key players in the diagnostic market as well as producing our own market-leading β-HB products Beta-Hydroxybutyrate (β-HB) 03 EKF’s β-HB LiquiColor® reagent is the m
Slide 15: Life Sciences Revenue
Life Sciences* Revenue 30 Focused Growth 25 18%* Overall, 18%* growth versus 2019 with a focus on further developing our β-HB business 20 Product Growth £’m 15 4%* Increase of 4%* total kit sales for β-HB LiquiColor® reagent year on year. 10 5 Capacity Growth 60%* Increased fermentation capacity by
Slide 16: β-HB Revenue
β-HB Revenue Revenue 1.6 14 1.4 Focused Growth 12 52%* High growth in our handheld β-HB product STAT-Site 1.2 WB which replaces the mature, discontinued STAT- 10 Site M β-HB 1 8 £’m Product Growth £’m 0.8 6 2%* Overall β-HB growth includes STAT-Site M β-HB, with 0.6 4%* growth in β-HB LiquiColor® re
Slide 17: β-HB Overall Growth
β-HB Overall Growth 4%* growth in β-HB LiquiColor® reagent year on year Regional / Country Drivers The changeover from STAT-Site M β-HB to STAT-Site WB and conversion of Thermo Fisher white label will be a focus in the US Key Sales Opportunities Key white label contracts will continue to develop the
Slide 18: Fermentation
Fermentation Growth Potential • New customers regularly ordering development runs since South Bend opening in Oct 2023, with three completed to date, two of which are in 2024 • Full range of fermenters of different capacity now online. Looking to scale up output throughout 2024 and to add additional
Slide 19: Outlook
Outlook Page 18
Slide 20: Simplification
Simplification Point-of-Care Life Sciences • Focus and invest only in key growth, high-performing • Reviewing the improvement in operational efficiency and products driving further growth: increased margin available across both sites Quo-Test®, Quo-Lab®, Biosen, DiaSpect, HemoControl • Margin improv
Slide 21: Outlook
Outlook • Investment in our focused core products within Hematology, Diabetes and β-HB will drive further, sustainable growth • Strengthening relationships with key global partners and distribution channels to increase our existing market share in identified core product ranges • 2024 will see the c
Slide 22: Financial
Financial Page 21
Slide 23: Financial Highlights
Financial Highlights • Revenues of £52.6m in line with • Group cash, net of borrowings market expectations (2022: £66.6m) (excluding IFRS 16 liabilities), as at 31 December 2023 of • Gross profit before exceptionals of £4.7m (31 December 2021: £24.4m (2022: £30.8m) £11.4m) • Adjusted EBITDA of £10.4
Slide 24: Business Units
Business Units* £ millions 2023* 2022 +/- £k Continuing Operations Point-of-Care 32,359 31,270 1,089 Clinical Chemistry 1,696 2,138 (442) Life Sciences Fermentation 2,667 3,235 (568) 02 β-HB 12,153 11,956 197 Contract Manufacturing 1,467 9,514 (8,047) Other 2,271 8,575 (6,304) 03 Total Group Revenue
Slide 25: Income Statement
Income Statement* £ '000 2023* 2022 +/- £k Revenue 52,611 66,635 (14,024) Gross Profit 23,859 24,038 (179) Gross Margin % 45% 36% Overheads (Excl (19,680) (23,177) 3,497 02 Exceptionals) Operating Profit/(Loss) 2,081 (8,971) 11,052 03 EBITDA 10,384 14,904 (4,520) *unaudited FY23 revenue Page 24
Slide 26: Thank You
Thank You Unaudited Preliminary Results Presentation Year Ended 31 December 2023 ekfdiagnostics.com Page 25
Slide 27: Appendices
Appendices Page 26
Slide 28: Appendices Contents
Appendices Contents 01 Non-executive Directors 04 Cash Flow (unaudited) 02 Balance Sheet – Assets 05 Disclaimer (unaudited) 03 Balance Sheet – Liabilities (unaudited) Page 27
Slide 29: Non-executive Directors
Non-executive Directors Christian Rigg - Senior Independent Non-executive Director Chris Rigg is a chartered accountant who has significant executive experience at both public and private companies. In addition to EKF he is currently a Non-executive Director of Kent Pharma. Chris previously held the
Slide 30: Balance Sheet – Assets (unaudited)
Balance Sheet – Assets (unaudited) £ '000 2023* 2022 +/- £k Fixed assets 24,775 21,714 3,061 Intangible assets 30,224 33,772 (3,548) Investments 276 1,119 (843) Deferred tax 18 925 (907) Inventories 8,766 9,434 (668) Receivables 6,787 10,739 (3,952) 02 Corporation tax 2,277 10 2,267 Cash 7,726 11,57
Slide 31: Balance Sheet – Liabilities (unaudited)
Balance Sheet – Liabilities (unaudited) £ '000 2023* 2022 +/- £k Payables 6,625 9,698 (3,073) Deferred consideration - - - Deferred tax liabilities 2,517 2,493 24 Corporation tax 504 2,440 (1,936) Borrowings 2,986 137 2,849 Total creditors 9,497 14,768 (5,271) 02 Capital and reserves 67,117 73,346 (
Slide 32: Cash Flow (unaudited)
Cash Flow (unaudited) £ '000 2023* 2022 +/- £k Net cash generated from 6,311 9,688 (3,377) operating activities Net cash (used in)/generated (5,642) (8,932) 3,290 by investing activities Net cash used in financing (3,646) (11,039) 7,393 activities Net (decrease)/increase in (2,977) (10,283) 7,306 ca
Slide 33: Disclaimer
Disclaimer The information contained in these slides and the accompanying oral presentation (together, the “Presentation”) has been prepared by EKF Diagnostics Holdings plc (the “Company”). The Presentation is subject to updating, completion, revision, and amendment without notice, and as such, it m
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