Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2021 Earnings Presentation
28 slides from Medistim Asa's earnings presentation, Apr 28, 2021
Slide 1: Welcome to Medistim ASA's Interim report 1st quarter 2021
Welcome to Medistim ASA’s Interim report 1st quarter 2021 The webinar will begin shortly 1
Slide 2: Before we start
Before we start All questions will be answered at the end of the presentation Click on this arrow to expand or minimize your GoToMeeting panel Add any questions here in the questions panel and we will answer them at the end of the presentation
Slide 3: Medistim ASA First quarter 2021
Medistim ASA First quarter 2021 April 28th 2021 Kari E. Krogstad Thomas Jakobsen PRESIDENT & CEO CFO 3
Slide 4: Disclaimer
Disclaimer The information included in this Presentation contains 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 ass
Slide 5: Table of Contents
Table of Contents 01 ● Highlights 02 ● Financial statements 03 ● Business segments update 04 ● Implementing the strategy 05 ● The COVID-19 pandemic 5
Slide 6: Highlights
MED\(STIM @ 01 Highlights
Slide 7: Highlights 1st quarter
Highlights 1st quarter Q1 2021 %QoQ Q1 sales close to last year’s record Revenue MNOK 102.6 (103.1) -0.5% Sales down by 0.5% in NOK, but currency neutral growth was 4.4% o Improvement from Q2, Q3 and Q4 2020 which showed 19.3%, EBIT MNOK 29.1 (24.8) +17.2% 9.7% and 7.2 % currency neutral decline,
Slide 8: Financial Statements
MED\(STIM = 02 Financial Statements
Slide 9: Profit and loss Q1 2021
Profit and loss Q1 2021 Profit & loss Q1 2021 Q1 2020 All numbers in NOK 1000 Sales per Quarter (TNOK) 110 000 Sales 102 630 103 106 100 000 Cost of goods sold 22 801 23 075 90 000 80 000 Salary and sosial expenses 32 403 33 290 70 000 Other operating expenses 12 508 16 464 60 000 Total operating ex
Slide 10: Balance sheet – Assets
Balance sheet 31.03.2021 31.12.2020 Balance sheet – All numb ers in NOK 1000 Assets Assets Intangible assets 32 045 33 464 Fixed assets 63 372 66 570 Total intangible and fixed assets 95 417 100 034 Cash position by end of quarter Inventory 114 128 112 667 was MNOK 86,7 Customers receivables 58 298
Slide 11: Balance sheet – Equity and Liability
Balance sheet 31.03.2021 31.12.2020 All numb ers in NOK 1000 Balance sheet – Share capital Premium fund 4 585 44 172 4 585 44 172 Equity and Liability Other equity 232 546 208 089 Total equity 281 303 256 846 9.8 MNOK in interest-bearing Total long term debt 27 312 29 497 debt, of which 6 MNOK is a
Slide 12: Business segments update
03 Business segments update 12
Slide 13: Imaging probes and systems in units
Imaging systems in units 30 Imaging probes and 25 systems in units 20 ROW 15 Europe Asia 10 US Sales of imaging systems and 5 probes show recovery from previous 3 quarters 0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Imaging probes in units 50 40 30 20 10 - Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q
Slide 14: Flow probes and systems in units
Flow probes and Flow systems in units (MiraQ capital sales) systems in units 45 40 35 30 Europe 25 20 USA 15 ROW Number of flow systems down 10 Asia 7% from Q1 last year, but signs 5 of recovery compared to the - -5 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 previous 3 quarters 18 19 19 19 19 20 20 20 20 21 6% g
Slide 15: Q1 revenue performance by region
Q1 revenue performance by region Mill NOK Q1 '21 Q1 '20 Q/Q 2020 2019 Y/Y Europe 44,7 40,8 9,5 % 173,3 163,9 5,7 % USA 35,1 38,4 -8,6 % 126,4 136,1 -7,1 % Asia 19,5 19,2 1,5 % 46,8 41,8 12,0 % ROW 3,4 4,8 -28,2 % 16,7 22,0 -24,2 % (MEA, CAN, SA, AUS) Total 102,6 103,1 -0,5 % 363,1 363,7 -0,2 % • In
Slide 16: Q1 2021 revenue performance by product
Q1 2021 revenue performance by product Mill NOK Q1 '21 Q1 '20 Q/Q 2020 2019 Y/Y Procedures (USA) 25,9 28,3 -8,4 % 99,4 106,7 -6,9 % Flow probes 26,2 24,7 6,0 % 92,6 95,0 -2,5 % Flow systems (MiraQ) 13,1 14,1 -7,3 % 47,2 32,9 43,6 % Imaging systems (MiraQ) 15,5 17,4 -11,2 % 44,2 49,2 -10,3 % Imaging
Slide 17: Implementing the strategy
04 Implementing the strategy 17
Slide 18: Medistim growth strategy
Medistim growth strategy 1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as Emerging high-growth the new standard of care through economies 3 → Early adopter & KOL support (e.g. BRIC) → REQUEST study Developing → Ease conversio
Slide 19: Sales expansion in the USA
MED\(STIM Sales expansion in the USA
Slide 20: Performance US sales
Performance US sales 65000 60000 CAGR (2013 – 2020)=8.7 % 55000 Revenues in USD increased 2.0% in Q1 50000 45000 o Signs of recovery as COVID 40000 35000 vaccination program is starting to 30000 show effects 25000 20000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total number of procedure
Slide 21: Medistim growth strategy
Medistim growth strategy 1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as Emerging high-growth the new standard of care through economies 3 → Early adopter & KOL support (e.g. BRIC) → REQUEST study Developing → Ease conversio
Slide 22: Distributor Agreement for India signed with LivaNova
Distributor Agreement for India signed with LivaNova 22
Slide 23: India as a longer term growth opportunity
India as a longer term growth opportunity Distribution agreement signed with LivaNova The Indian market Medistim strategy LivaNova partnership Large market with ~ 100,000 CABG 2-tier product strategy Global medical device manufacturer procedures annually o MiraQ Ultimate for high-end Strong
Slide 24: The COVID-19 pandemic
MED\(STIM * 05 The COVID-19 pandemic
Slide 25: The COVID-19 pandemic
The COVID-19 pandemic Gradually decreasing impact of COVID over the quarters; Not quite back to normal illustrated by the currency neutral total sales: o Lock-downs, travel and hospital access restrictions → Q2-20: -19.3 % vs LY o Hospital resources and capacity still treating, and keeping → Q3-20:
Slide 26: MED\(STIM
MED\(STIM 26
Slide 27: Shareholders list per April 26th 2021
Shareholders list per April 26th 2021 Rank Name Holding % of total Country Type of account 1 AETERNUM CAPITAL AS 1 862 500 10.2% Norway Ordinary 2 VERDIPAPIRFOND ODIN NORDEN 1 800 000 9.8% Norway Ordinary 3 INTERTRADE SHIPPING AS 1 285 000 7.0% Norway Ordinary 4 SEB EUROPAFOND SMABOLAG 1 032 794 5.6
Slide 28: MED\STIM
MED\STIM