Nova Eye Medical Ltd · ASX:EYE
Nova Eye Medical — Investor Presentation (February 2019)
28 slides from Nova Eye Medical's investor presentation, Feb 22, 2019
Slide 1: Ellex Medical Lasers Limited (ASX:ELX) First Half FY2019 Investor Presentation
Ellex Medical Lasers Limited (ASX:ELX) First Half FY2019 Investor Presentation 22 FEBRUARY 2019 ADELAIDE, AUSTRALIA
Slide 2: Disclaimer
2 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Disclaimer This presentation has been prepared by Ellex Medical (Ellex, ELX: ASX; OTCQX: ELXMY, ELXMF). While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty
Slide 3: 1HFY19 Key Summary Information
3 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1HFY19 Key Summary Information KEY FINANCIAL INFORMATION – 31 DECEMBER 2018 KEY MARKET INFORMATION Revenue $41.6 million Ticker ASX / OTCQX ELX / ELXMY, ELXMF EBITDA ($0.9 million) Shares on issue 143.6 million NPAT ($2.7 million) Mar
Slide 4: Our Business
4 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Our Business • Comprehensive range of ophthalmic lasers, evolving consumable device business and diagnostic equipment, targeting: • Glaucoma • Diabetic eye disease • Secondary cataracts • Age-related macular degeneration (AMD) • Vitre
Slide 5: Our Strategies
5 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Our Strategies 1. Ellex Laser & Ultrasound: we will continue to provide a strong base for our business using our well-known industry heritage and dominant market position through a combination of technological innovation, new product
Slide 6: 1HFY19 Group Financial Summary
6 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1HFY19 Group Financial Summary • Sales revenue of $41.6 million, up 9% on the prior corresponding period (pcp) and up 3% on a constant currency FIVE YEAR SALES REVENUE ($m) FIVE YEAR EBITDA ($m) (cc)1 basis 45 41.6 25 4.0 3.5 • Four y
Slide 7: Revenue by Geography
7 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Revenue by Geography • North America (USA) continues to be the strongest Ellex market by 1H18 ($m) & 1H19 ($m) & Region growth pcp cc1 growth pcp absolute growth and by sales mix sales mix % sales mix % • Driven by Ellex iTrack and SL
Slide 8: Revenue by Eye Disease (Capital Equipment)
8 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Revenue by Eye Disease (Capital Equipment) • Glaucoma lasers, notably the world-leading Ellex SLT lasers grew 21% on pcp (up 18% in cc terms) and has now delivered a three year CAGR of 20%. The market remains underpenetrated, and SLT
Slide 9: Revenue Composition (Capital Equipment & Consumable Devices by Eye Disease)
9 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Revenue Composition (Capital Equipment & Consumable Devices by Eye Disease) • Glaucoma therapy sales comprising SLT and Ellex iTrack FOUR YEAR SALES REVENUE ($m) were up 18% (15% in cc terms) versus pcp • Glaucoma therapy revenue thre
Slide 10: Operating Expenditure
10 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Operating Expenditure • Total operating expenditure was up 21% (14% in cc) to $26.9m (65% sales versus 59% in pcp), which is consistent with Ellex group strategy to provide an enhanced capability to generate solid growth in the glauc
Slide 11: Ellex iTrack™ MIGS
11 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex iTrack™ MIGS
Slide 12: 1HFY19 Financial Results – Ellex iTrack
12 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1HFY19 Financial Results – Ellex iTrack • Unit volumes increased 14% on pcp and revenues were up 24% (up 16% on a cc basis) to $6.5m • Pricing remained stable in USD terms, reimbursement remains very strong in key US market • Higher
Slide 13: Ellex iTrack Units by Region
13 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex iTrack Units by Region • US unit sales were up 27% versus the pcp reflecting continued expansion of accounts and users and higher re-order rates • Approximately 75% of Ellex iTrack procedures are undertaken in the Ambulatory Su
Slide 14: Ellex iTrack Revenue by Region
14 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex iTrack Revenue by Region • During the period, Ellex iTrack revenues benefited from higher volumes, stable pricing and FX tailwinds • US revenues were up 39% on the pcp (up 30% in cc terms) • OUS (Ex. China) revenues were down 1
Slide 15: Detailed Ellex iTrack USA Update
15 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Detailed Ellex iTrack USA Update • New account set up has been strong, without significant headcount expansion creating greater efficiencies and lower cost • Increase in new orders of 23% versus pcp, while new order/reorder mix was s
Slide 16: Lasers & Ultrasound
16 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Lasers & Ultrasound
Slide 17: 1HFY19 Financial Results – Lasers & Ultrasound
17 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1HFY19 Financial Results – Lasers & Ultrasound • Lasers and ultrasound revenue up 4% to $33.9m (up 2% in constant currency terms), gross margin up 620 bps to 58.9% LASERS & ULTRASOUND REVENUE BY DISEASE ($m) LASERS & ULTRASOUND EBITD
Slide 18: Ellex 2RT® for Intermediate AMD
18 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Ellex 2RT® for Intermediate AMD
Slide 19: 1H19 Financial Results – 2RT
19 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1H19 Financial Results – 2RT • 532% increase in revenue to $1.2m ELLEX 2RT REVENUE ($m) ELLEX 2RT EBITDA ($m) • Gross margin declined 300 bps to 57% versus pcp as 1.5 unit sales mix initially skewed to distributor markets 0.0 1.25 •
Slide 20: 2RT Update on Initiatives
20 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 2RT Update on Initiatives • Focus on the education and marketing of the LEAD clinical study results (Sept) showing a clinically meaningful 77% reduction in the progression rate to late AMD in 76% of patients in the study LEAD • Sales
Slide 21: Outlook
21 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Outlook Ellex reaffirms it remains on track to grow group sales and deliver an improved EBITDA result in FY19 subject to global economic conditions and foreign exchange rates • While Ellex iTrack and 2RT performed strongly for the 1H
Slide 22: Contacts
22 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Contacts TOM SPURLING MARIA MAIELI DR. TOM DUTHY JULIA MAGUIRE CEO CFO & Investor Relations & Media Relations Company Secretary Corporate Development The Capital Network M (USA) : +1 510 504 1267 M (AUS) : +61 417 818 658 W: +61 8 70
Slide 23: Questions/Discussion
23 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N QUESTIONS/DISCUSSION
Slide 24: Appendices
24 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Appendices
Slide 25: Average FX Rates
25 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N Average FX Rates Average FX 1HFY18 1HFY19 AUD:USD 0.78 0.725 AUD:EUR 0.66 0.62 AUD:YEN 87.2 81.4
Slide 26: 1HFY19 EBITDA by Segment
26 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1HFY19 EBITDA by Segment A$’000’s CLU iTrack 2RT Corporate Total Revenue 33,912 6,468 1,250 - 41,630 Other Income - - - 250 250 Changes in inventories of finished goods and work in progress 1,252 125 (19) - 1,358 Raw materials and co
Slide 27: 1HFY18 EBITDA by Segment
27 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N 1HFY18 EBITDA by Segment A$’000’s CLU iTrack 2RT Corporate Total Revenue 32,685 5,221 197 - 38,103 Other Income - - - 143 143 Changes in inventories of finished goods and work in progress (1,328) 473 (70) - (925) Raw materials and co
Slide 28: iTrack 1H/2H unit sales
28 F I R S T H A L F F Y 1 9 I N V E S T O R P R E S E N TAT I O N iTrack 1H/2H unit sales 8000 7000 850 1,003 6000 700 5000 765 2,039 2,373 4000 400 2,322 2,057 3000 2,154 2,086 1,333 1,882 1,344 2000 3,826 3,014 3,378 2,505 1000 1,835 1,842 1,368 1,316 1,587 0 1HFY15 2HFY15 1HFY16 2HFY16 1HFY17 2H
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