Bactiguard Holding Ab · OMXSTO:BACTI_B
Bactiguard Holding Ab — FY2019 Earnings Presentation
23 slides from Bactiguard Holding Ab's earnings presentation, Feb 5, 2020
Slide 1: Bactiguard Infection Protection Full year presentation
Bactiguard Infection Protection Full year presentation 5 February 2020
Slide 2: Financial highlights Q4
Financial highlights Q4 A strong fourth quarter led to all time high in 2019 • Q4 revenues of MSEK 61.6 (42.1) – increase mainly driven by increased BIP-sales but also higher recurring license revenues from BD • Strongest quarter ever for BIP sales, MSEK 25.3 (14.4). • EBITDA of MSEK 12.2 (3.3) • EB
Slide 3: Financial highlights full year 2019
Financial highlights full year 2019 • Revenue of MSEK 197.8 (163.2), 21% higher than in 2018, mainly due to new license revenues from Zimmer Biomet of MSEK 29.4 • BIP sales in line with last year, MSEK 40.2 (40.6) • EBITDA of MSEK 61.6 (22.2) • EBITDA margin of 31% (14%) • Net profit positive for th
Slide 4: BIP portfolio
BIP portfolio Strong growth in the fourth quarter Q4 • BIP sales amounted to SEK 25.3 (14.4) million, an increase of 75% • YTD sales of MSEK SEK 40.2 (40.6) – in line with last year • All time high sales in the fourth quarter • China accounted for more than half of the sales in the fourth quarter •
Slide 5: License business
License business High pace in the Zimmer Biomet project Q4 • BD revenues higher at MSEK 33.7 (27.3) – Full year revenues at MSEK 113.3 (101.2) • No new license revenues in Q4 • Cash flow of MSEK 29.4 (MUSD 3) from Zimmer Biomet • High pace in the Zimmer Biomet project, a priority project for both pa
Slide 6: License business
License business BD (C.R. Bard) Well Lead Medical • Foley catheters for the US, Japan and UK/Ireland • Foleys, CVCs and ETTs for China • Ambition to accelerate growth in China, while regulatory • Successful partnership since 1995 developments are shifting towards locally produced devices • Generatin
Slide 7: Potential new applications for licensing or BIP portfolio
Potential new applications for licensing or BIP portfolio Global sales MUSD Orthopedic implants* 44 000 Trauma implants 7200 Advanced wound care 5 600 Coronary stents 5 500 Dental implants 4500 BIP portfolio Foley CVC ETT 1 800 Intermittent Urinary 1500 PIVC 1 400 Vascular Grafts 1 100 Ureteral sten
Slide 8: Acquisition of Vigilenz
Acquisition of Vigilenz Company background • Privately-owned, manufacturer and supplier of medical devices and consumables, established in 2002 • Focus on wound management and infection control • Portfolio of products ranging from surgical sutures, mesh, wound wash and dressings, to orthopaedic trau
Slide 9: Important milestones
& ctiguard Important milestones 2002 2004 2006 2011 2013 2015 2016 2017 2018 9
Slide 10: Financials
Financials Preliminary consolidated pro forma figures 2019 Enterprise value USD 7.7 million – whereof; MSEK • Cash payment of USD 4.5 million Total Revenues 42,0 EBITDA 6,0 • 241 512 new class B-shares in Bactiguard (subject to approval by the annual general EBITDA margin 14% meeting of shareholders
Slide 11: Management changes
Management changes Cecilia Edström, CEO Stefan Grass, CMTO and deputy CEO 11
Slide 12: Financial review
& ctiguard Financial review 12
Slide 13: Business model
Business model Two lines of business License agreements for various Proprietary product portfolio – sold through distributors applications with Bactiguard technology 13
Slide 14: Sales growth and profitability
Sales growth and profitability 14
Slide 15: Development in revenues from BIP products
Development in revenues from BIP products Supplied products • Revenues from BIP-products of MSEK 25.3 (14.4) in Q4 • Development in BIP sales still somewhat irregular between quarters • Revenues from BIP-products for full year 2019 of MSEK 40.2 (40.6), in line with last year • Given the large volume
Slide 16: Revenue distribution
Revenue distribution Income distribution 16
Slide 17: Financial overview
Financial overview 2019 2018 Full Full MSEK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 year year Revenues 35,1 34,1 67,0 61,6 197,8 33,0 52,4 35,7 42,1 163,2 EBITDA margin % 20% 17% 54% 20% 31% 6% 17% 22% 8% 14% Adjusted EBITDA margin % (IFRS 16) 13% 10% 51% 16% 26% Depreciations* -10,6 -10,5 -10,6 -10,5 -42,1 -8,7 -8
Slide 18: Cash flow and liquidity
Cash flow and liquidity Cash flow • Positive operating cash flow for Q4 of MSEK 35.5 (-5.0), driven by payment of MSEK 29.4 from Zimmer Biomet • Improvement in account receivables has increased cash flow continuously during the year • Net Cash position of MSEK 22.9 (1.9) • Liquidity MSEK 52.9 • Cash
Slide 19: Financial targets
Financial targets • Average sales growth of 20% per annum for a 5-year period, with 2015 as the base year – starting point MSEK 118.5 • EBITDA margin of at least 30% at the end of the 5-year period (by 2020) • Equity ratio of at least 30% • Over time uphold a dividend policy of 30-50% of net profit,
Slide 20: Growth strategy
Growth strategy Value Broaden portfolio • Develop new license applications • Expand BIP portfolio Licensing • 1-2 new deals per year • CE mark for trauma implants important reference BIP portfolio • Increase in-market penetration • Strengthen clinical evidence • Add new markets in EU Time 20
Slide 21: Concluding remarks
Concluding remarks Infection control a crucial contribution to the Sustainable Development Goals 2030 • Bactiguard enters new development phase • First ever acquisition, new management team • Financial all-time high: • BD provides stable recurring revenues • Zimmer Biomet (ZB) boosted new license re
Slide 22: Our Vision
Our Vision Eliminate healthcare associated infections to 1. save lives 2. reduce cost and 3. limit antimicrobial resistance, through preventive standards of care. 22
Slide 23: Bactiguard representatives
Bactiguard representatives Christian Kinch, CEO Switchboard +46 8 440 58 80 christian.kinch@bactiguard.se @ChristianKinch Cecilia Edström, CFO and deputy CEO Cell phone +46 72 226 23 28 cecilia.edstrom@bactiguard.se @EdstromCecilia 23