Slide 1: Q2 Presentation 2024
aQ, MO P MEDCAP INVESTOR IN LIFE SCIENCE Q2 Presentation 2024
Slide 2: We create value in Life Science and contribute to improved quality of life
We create value in Life Science and contribute to improved quality of life 2
Slide 3: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter The Group’s net sales LTM (MSEK) The Group’s EBITDA and EBITA (line) LTM (MSEK) excluding one-time effects excluding one-time effects 450 1 820 1 740 382 1 669 400 374 1 587 347 1 620 350 316 1 454 285 300 1 420 257 319 328 1 331 239 250 228 291 1 229 260
Slide 4: MedCap | An active investor in Life Science companies
MedCap | An active investor in Life Science companies Last Twelve Months, Q1 2024 Sales by Business Area Sales by Market RoW 4% Specialty Pharma Europe 27% Assistive 21% Tech 1 740 40% Sweden MSEK 51% Nordic MedTech 24% 33% 4
Slide 5: MedCap Business Areas – three platforms
MedCap Business Areas – three platforms Assistive Tech Med Tech Specialty Pharma Diagnostic ECG Probiotics, Components for Ultra clean air for Nutrition CDMO medical imaging infection control and Packaging Position Simplifying life for people Digitalizing work-flow Partner for contract Partner for c
Slide 6: Group Highlights Q2
Group Highlights Q2 • Sales growth by 19%; organic 8% Q2 2024 excl one-time effects • Strong growth for Assistive Tech and MedTech, weak quarter for Specialty Pharma Net Sales (MSEK) 457.7 +19% • EBITA increased by 13% excluding one-time effects Adj EBITA • Margin affected by lower GM in Specialty (
Slide 7: Sales and EBITA by quarter
Sales and EBITA by quarter +19% Net sales per quarter (MSEK) 500 450 457 462 458 Q2-24 YTD R12 400 380 386 365 323 Net Sales +19% +20% +31% 350 284 300 250 211 227 223 233 258 263 242 growth 206 201 202 186 175 160 Adj. EBITA 200 150 +13% +28% +41% 100 growth 50 0 * EBITA- Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 8: Assistive Tech Q2
Assistive Tech Q2 • EBITA growth of 60%, driven by sales growth Q2 2024 YTD • EBITA margin at 28% Net Sales • Abilia continue to see good demand in Norway (MSEK) 200.4 +39% 384.7 +36% and Sweden. MemoPlanner was approved for prescription in Germany – a milestone for Adj EBITA internationalization ef
Slide 9: Assistive Tech | Sales and EBITA rolling 12 months by quarter
Assistive Tech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 692 700 50% R12 Net sales +65%, primarily 636 driven by good demand and the 45% 600 591 acquisition of Swedelift 40% R12 EBITA +77% 492 500 35% 420 30% 400 345 25% 300 270 20% 230 23
Slide 10: MedTech Q2
MedTech Q2 • EBITA growth of 22%, driven by sales growth • EBITA margin at 16% Q2 2024 YTD • Cardiolex: Good demand and revenue across Net Sales all businesses (MSEK) 151.1 +22% 311.7 +28% • Inpac: Stable demand and some growth despite the move of most of production lines to Adj. EBITA new facility.
Slide 11: MedTech | Sales and EBITA rolling 12 months by quarter
MedTech | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 600 579 30% R12 Net sales +24%, organic 552 growth driven by good demand and 512 acquisition of SurgiCube and Toul 488 500 465 25% Meditech 453 444 413 427 R12 EBITA +34% 400 369 390 20% 34
Slide 12: Specialty Pharma Q2
Specialty Pharma Q2 • EBITA decline -67% • EBITA margin at 7% Q2 2024 YTD • Registered pharma portfolio decreased and Net Sales represented 44% of sales (MSEK) 106.2 -10% 223.1 -7% • Decrease of top 8 products by 10%, due to Melatonin; also some delivery EBITA disturbances on other products in the q
Slide 13: Specialty Pharma | Sales and EBITA rolling 12 months by quarter
Specialty Pharma | Sales and EBITA rolling 12 months by quarter Net Sales and EBITA-margin – Rolling 12 months MSEK 600 30% R12 Net sales +5% R12 EBITA -13% 500 485 481 25% 474 469 446 431 397 400 20% 371 352 335 331 329 315 317 309 300 15% 200 10% 100 5% 0 0% Excluding one-time effects 13
Slide 14: Sales development for portfolio of Specialty Pharma products
Sales development for portfolio of Specialty Pharma products Portfolio of attractive products Sales development for selection of key products R12 MSEK Attractive platform of own & partner products, +3% top 8 (R12 months) pipeline with new product launches, 180.0 established expertise in product deve
Slide 15: Sales and EBITA rolling 12 months by quarter
Sales and EBITA rolling 12 months by quarter MSEK (Net sales) MSEK (EBITA) Sales CAGR: 19% 1 800 EBITA CAGR: 29% 1740 350 1 669 1 700 1 587 1 600 328 1 500 1 454 319 300 1 400 1 331 291 1 300 1 229 250 1 200 260 1 111 1 100 1 046 1 007 232 1 000 956 200 916 885 203 900 834 858 801 817 786 187 800 73
Slide 16: Working capital and Cash flow
Working capital and Cash flow Working capital/Net sales R12 Operating cash flow R12 360.0 28% 310.0 26% 260.0 24% 22% 210.0 20% 18% 160.0 16% 110.0 14% 12% 60.0 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q
Slide 17: Return on Equity
Return on Equity 25% 20% 15% 10% 5% 0% Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 17
Slide 18: Financial Targets
Financial Targets Annual EBITA growth Return on Equity Net debt / EBITDA >15% >20% <3x 18
Slide 19: How we track our financial targets in our businesses
How we track our financial targets in our businesses Financial Objectives Key Metrics In Our Businesses Organic and acquisition driven sales growth (depending on maturity of business) >15% EBITA growth Profit margins Core Working Capital / Sales, Cash Conversion, EBITA / (Fixed assets & WC) Return o
Slide 20: Investment strategy
Investment strategy Scope What we look for Life Science Life science Value creation journey Europe Clear value proposition Scalable business HQ in Northern Europe; Add-ons globally Market fundamentals M&A possibilities ESG Innovative PEOPLE Small / Mid-size Businesses Entrepreneurial Sales <50 mEUR
Slide 21: Thank You! Q&A
Thank You ! Q&A Anders Dahlberg Kristina Ekblad CEO CFO anders,dahlberg@medcap,se kristina,ekblad@medcap,se +46 704 269 262 +46 703 322 167 21