Tristel Plc · LSE:TSTL
Tristel — Investor Presentation (October 2024)
28 slides from Tristel's investor presentation, October 2024
Slide 1: Tristel Plc - Investor Presentation, 30 June 2024 Preliminary Results
TRISTEL PLC - INVESTOR PRESENTATION 30 JUNE 2024 PRELIMINARY RESULTS Matt Sassone, CEO Liz Dixon, CFO Heidi Allard, CFC October 2024 tristelgroup.com 1
Slide 2: Tristel plc - Board
Tristel plc - Board Matt Sassone Bruno Holthof Elizabeth Dixon Chief Executive Independent Chief Financial Officer Non-Executive Officer Chair Isabel Napper David Orr Tom Jenkins Caroline Stephens Senior Independent Non-Executive Independent Independent Non-Executive Director Non-Executive Non-Execu
Slide 3: New CEO
New CEO • Appointed September 2024 • Over 25 years in the medical industry • Previous roles: o Masimo’s SVP of Marketing and Head of Perioperative Product Sales in the USA Matt Sassone o CEO of AIM listed LIDCO Group Plc from 2015 to 2020, he led a successful turnaround, resulting in its acquisition
Slide 4: Our Company
Our Company Global infection prevention - Focus on healthcare - Unique proposition: chlorine dioxide Decontamination of medical Hospital surface disinfection: devices by hand sporicidal efficacy & sustainability Simple, focused, global opportunity tristelgroup.com 4
Slide 5: Multiple Revenue Sources Within the Hospital
Multiple Revenue Sources Within the Hospital % of MD Department Medical Device Area Surface revenue Obs & gynae Trans-vaginal u/sound probes Mattresses Radiology Trans-rectal u/sound probes 40% IV Poles Nursing staff Hospital wide Skin-surface u/sound probes Trolleys ENT Nasendoscopes 23% Commodes C
Slide 6: Key Achievements Of The Year
Key Achievements Of The Year Another year of Successful CEO transition First revenues from US out-performance ultrasound market results for the year ahead of market Matt Sassone brings many skills to the remains a substantial growth expectations board including invaluable US opportunity experience t
Slide 7: Financial Highlights
Financial Highlights 16% growth in turnover to a record level of £41.9m (2023: £36.0m) Adjusted* profit before tax up 32% to £8.2m Reported profit before tax up 39% to £7.1m (2023: £6.2m) (2023: £5.1m) Adjusted* EBITDA up 21% to £10.8m Reported EBITDA up 24% to £9.8m (2023: £8.9m), a margin of 26% (
Slide 8: Operational Highlights
Operational Highlights First sales of Tristel ULT into the United States ultrasound market, with a strong opportunity pipeline Continuation of North America strategy with approval of Tristel ULT by Health Canada and submission of Tristel OPH to US FDA (post period end) Successful completion of UK MD
Slide 9: 10 Year Sales Growth Record
10 Year Sales Growth Record Sources of £5.9m year on year growth: • £2.7m volume • £3.2m pricing tristelgroup.com 9
Slide 10: Sales Growth by Geography
Sales Growth by Geography £m Geography 2023-24 2022-23 Period on period change % change Direct Western Europe 6.31 5.83 0.48 8% Direct Central Europe 6.63 6.10 0.53 9% Direct Southern Europe 1.66 1.43 0.23 16% Direct Australasia 4.53 4.58 (0.05) (1%) Direct China & Hong Kong 1.90 2.01 (0.11) (5%) Di
Slide 11: Sales Growth by Portfolio and Channel
Sales Growth by Portfolio and Channel £m Channel 2023-24 2022-23 Period on Period change % change UK direct 13.02 9.43 3.59 38% Europe direct 13.66 12.52 1.15 9% Tristel Hospital Medical Device APAC direct 6.44 6.44 (0.01) - Decontamination Distributors ROW 3.08 2.42 0.66 27% Americas distributors 0
Slide 12: North America – Ultrasound Opportunity
North America – Ultrasound Opportunity* Tristel ULT: high-level disinfectant for endo-cavity probes & skin surface transducers approved by both FDA and Health Canada 2. Soaking 50m ultrasound scans in North America require high-level (25%) disinfection annually 1. Trophon (50%) Translates to a US$10
Slide 13: North America – Ultrasound Progress
North America – Ultrasound Progress Commercial partnership with Parker Parkers manufactures first batch Health Canada Laboratories developed for the of Tristel ULT. Product sampling with approves manufacture and distribution of leads generated at APIC and user Tristel ULT Tristel ULT in the USA and
Slide 14: North America – Marketing Activity
North America – Marketing Activity 2024 YTD activity - 8 National & 13 Regional Tradeshows Attended Multiple Webinars, Advertisements & US OEM Sales Training Events tristelgroup.com 14
Slide 15: North America – Sales Opportunity
North America – Sales Opportunity Hospitals & Affiliated Clinics (2,000) Private Practices (11,000) Sales Cycle ~9-18 months Sales Cycle ~3-9 months Internal Product Product Trial Review (VAC Awareness Awareness Evaluation Committee) Trial IT Approval Purchase Evaluation Circa $25,000 Circa $5,000 P
Slide 16: North America – Sales Opportunity & Pipeline
North America – Sales Opportunity & Pipeline Initial win examples with opportunity to expand: Pipeline (total royalty opportunity value p.a.): Initial Entry Opportunity Opportunity Size Initial Entry Customer Royalty Value Royalty Value (# locations) (# of locations) p.a. p.a. A 27 hospitals, ~250 c
Slide 17: North America – Ophthalmology Opportunity
North America – Ophthalmology Opportunity The US ophthalmology market opportunity is Devices touching cornea require high-level disinfection estimated to be 16 million procedures that require (Spaulding Classification) high-level disinfection, per annum. There are about 18,500 ophthalmologists in th
Slide 18: North America – Ophthalmology Progress
North America – Ophthalmology Progress Canada United States Canada Health approved Tristel OPH in June 2021 FDA 510(K) submission confirmed - based on Tristel ULT as the predicate device Innova Medical Ophthalmics, Toronto, appointed as national distributor for Canada in 2022 FDA’s 90-day review tim
Slide 19: Cache – Progress
Cache – Progress UK MDR approval UK Launch of EU Launch of the TANK for the TANK System the JET Family System & JET Family FEBRUARY 2024 FY 2024/2025 Q1 FY 2024/2025 Q2 FY 2024/2025 Q3 EU MDR approval of the Company’s UK Launch of the Middle East Launch of the Australia Launch of TANK TANK ClO₂ Spor
Slide 20: Cache - Value Proposition
Cache - Value Proposition ONE CONTACT TIME ALL MICROORGANISMS Cache products have one uniform contact time, effective within the Fully compliant to EN 14885, to ensure all microorganisms of drying time of the chemistry. concern are destroyed. ONE CHEMISTRY ALL SURFACES Using Tristel’s proprietary ch
Slide 21: Product Development
Product Development 3T platform: 3T AI: Colour change technology: App-based Train, Trace and Test Capabilities incorporated into the Visual indicators to ensure key tool to record all steps of the app for objective verification that the steps in the decontamination decontamination process. key steps
Slide 22: Summary & Outlook
Summary & Outlook Profitable, cash generative, debt free, progressive dividend Significant growth opportunity in both portfolios (medical devices & surfaces) Business remains on track to meet current financial goals Exciting future ahead with strongest ever outlook in Tristel’s 30-year history trist
Slide 23: Questions
Questions tristelgroup.com 23
Slide 24: Appendix
Appendix tristelgroup.com 24
Slide 25: Appendix – Income Statement
APPENDIX – INCOME STATEMENT Year ended Year ended 30.06.24 30.06.23 £’000 £’000 Turnover 41,933 36,009 Cost of sales (8,355) (8,091) Gross profit 33,578 27,918 Gross margin % 80% 78% Administrative and distribution expenses less other operating income (23,115) (19,388) Net interest 100 (169) Operati
Slide 26: Appendix – Balance Sheet
APPENDIX – BALANCE SHEET 30.06.24 30.06.23 Non-current assets £’000 £’000 Goodwill 4,997 5,156 Intangible assets 4,885 4,757 Property, plant and equipment 3,364 2,922 Right of use assets 5.538 4,905 Deferred tax 613 1,286 19,397 19,026 Current assets Inventories 4,681 4,569 Trade and other receivabl
Slide 27: Appendix – Balance Sheet Continued
APPENDIX – BALANCE SHEET …Continued 30.06.24 30.06.23 Capital and reserves £’000 £’000 Share capital 476 474 Share premium account 14,933 14,188 Merger reserve 2,205 2,205 Foreign exchange reserve (647) (279) Retained earnings 15,443 14,089 Non-controlling interests - 7 Total equity 32,410 30,684 Cu
Slide 28: Appendix – Cash Flow Statement
APPENDIX – CASH FLOW STATEMENT Year ended 30.06.24 Year ended 30.06.23 £’000 £’000 Profit before tax 7,082 5,112 Add back non-cash items 3,754 3,917 Working capital movements 115 (49) Interest received 100 (167) Purchase of tangible fixed assets (1,138) (853) Purchase of intangible assets (1,044) (1