Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2024 Earnings Presentation
32 slides from Medistim Asa's earnings presentation, Apr 25, 2024
Slide 1: First Quarter 2024 Financial Results
First Quarter 2024 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 2: Before we start
Before we start • You will be kept on mute during the presentation • Click on the Q&A button to write your question. The host will read and answer your questions at the end of the presentation. • Questions will be answered at the end of the presentation 2
Slide 3: 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 4: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 4
Slide 5: 01 - Highlights
01 - Highlights Medistim First Quarter Financial Results 2024
Slide 6: Highlights Q1 2024
Highlights Q1 2024 o Currency neutral, total sales was up 2.2% and o Improved profitability compared to Q4 23: EBIT sales of own products were down 1% margin at 24.0% vs 16.4% in Q4 o Strong quarter for the EMEA region o Solid cash position at quarter end with MNOK 170.3 o AMERICAS and APAC growth i
Slide 7: 02 - Financial Statements
02 – Financial Statements Medistim First Quarter Financial Results 2024
Slide 8: Profit & Loss
Profit & Loss Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 8
Slide 9: Balance Sheet Assets
Balance Sheet Assets o High inventory levels due to company policy of securing stock of critical components and finished goods o Reduction in customer receivables o Cash position by quarter end was MNOK 170.3 o Dividend of 82.4 MNOK to be paid 6th of May 9
Slide 10: Balance Sheet Equity & Liability
Balance Sheet Equity & Liability o No interest-bearing debt o 17.4 MNOK in obligations related to lease contracts where 9.1 MNOK is long term o Deferred revenue related to extended warranty 10 amounted to 3.5 MNOK
Slide 11: Key Figures
a Figures KEY FIGURES Q1 2024 Q1 2023 FY 2023 Equity share 81.4% 19.9 % 78.7 % Earnings per share kr 1.33 kr 1.41 kr 5.68 Earnings per share diluted kr 1.33 kr 1.40 kr 5.67 Average shares outstanding in 1000 18 314 18 264 18 267 Average shares outstanding in 1000 diluted 18 314 18 289 18 296 MED\STI
Slide 12: Cash Flow
12 Flow CASH FLOW ANALYSIS 31.03.2024 31.03.2023 31.12.2023 All numbers in NOK 1000 Profit before tax 30 664 34198 135 212 Cash from depreciation, tax and change in work- (8 546) (33 551) (19 372) ing capital Cash flow from operation 22118 647 115 840 Cash flow from investments (3 630) (2 246) (29 7
Slide 13: Return on Invested Capital
Return on Invested Capital 13
Slide 14: 03 Business Segments Update
03 Business Segments Update Medistim First Quarter Financial Results 2024
Slide 15: Flow-and-Imaging Systems in Units (capital sales)
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 9 fewer Flow-and-Imaging units sold as 24 capital in Q1 compared to Q1 23 o 5 fewer in APAC, related to the 15 transition from distributor to direct sales in China o 3 fewer in AMERICAS, related to th
Slide 16: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units Fewer Imaging probes sold reflects the lower number of systems 37 sold 26 16
Slide 17: Flow-only Systems in Units (capital sales)
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital Capital sales of Flow systems in Q1 down 44 by 16 units 28 APAC down by 15 flow systems, highly affected by the transition from distributor to direct sales in China 17
Slide 18: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales up 16% Strong volume increase in EMEA at 48% 2394 and AMERICAS at 24% 2070 APAC down 26% due to lower sales to Japan, influenced by price increase 18
Slide 19: AMERICAS
AMERICAS Revenue down 1.6% in NOK and 4.2% currency neutral o Quarterly growth challenged by the 10 MNOK one-off deal of 5 Flow-and-imaging systems to one US hospital in Q1 23 o New direct market Canada delivers MNOK 5.8 in sales, on par with FY 2023 19
Slide 20: Performance AMERICAS
Performance AMERICAS Same total number of systems sold or outplaced as last year, but fewer sold as Number of procedures per year capital 10% growth in flow procedures and 24% growth in flow probes point to high utilization 20 Keep winning new customers; 8 (6) in Q1
Slide 21: APAC
APAC Revenue down 29% in NOK and 32% currency neutral Growth was challenged by strong Q1 from last year; o High probe sales to Japan, due to price increase o Exceptional high system sales to our distributor for China, prior to Medistim going direct in Q2 Good start from our own direct sales operatio
Slide 22: Celebrating the 40th Anniversary of Beijing Anzhen Hospital
Celebrating the 40th Anniversary of Beijing Anzhen Hospital 22
Slide 23: EMEA
EMEA Revenue up 36.8 % in NOK and 32% currency neutral o Strong development in direct markets (Spain, Germany) with currency neutral growth of 50% o Sales through distributors grew 6.7% currency neutral o 3rd party distribution business adds Peters Surgical to the Swedish porfolio 23
Slide 24: Revenue Performance by Region
Revenue Performance by Region - 24
Slide 25: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split 25
Slide 26: Flow and Imaging Sales Split
Flow and Imaging Sales Split 26
Slide 27: Recurring vs Capital Revenue
Recurring vs Capital Revenue 27
Slide 28: 04 Implementing the Strategy
04 Implementing the Strategy Medistim First Quarter Financial Results 2024
Slide 29: The Growth Strategy
The Growth Strategy Emerging 1. Convert high-penetrated Flow-only CABG markets high.-growth to Flow-and-Imaging and the New-Standard-of-Care economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion with the upgradable MiraQ Developing Medistim 2. Grow adoption in under-
Slide 30: Medistim Track Record
Medistim Track Record Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % 30
Slide 31: Defining Quality. Transforming lives.
Defining Quality. Transforming lives. Celebrating 40 years of empowering the surgical community with uncompromised quality rN ANNIVERSARY WY MED\STIM
Slide 32: Medistim Shareholders
32 Shareholders 1 Acapital MEDI HoldCo AS 1900219 10.36 % Norway 2 SEB Fonder 1783 879 9.73 % Sweden 3 ODIN Fonder 1780 000 9.71% Norway 4 @yvin A. Broymer with companies 1285 000 7.01% Norway 5 Swedbank Robur Fonder 1155 000 6.30 % Sweden 6 Follum Invest AS 970 000 5.29 % Norway 7 Invesco 910 000 4