Siemens Healthineers Ag · XETR:SHL
Siemens Healthineers — Q2 FY2024 Earnings Presentation
20 slides from Siemens Healthineers's earnings presentation, May 7, 2024
Slide 1: Q2 Analyst Call
Q2 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO May 7, 2024
Slide 2: Safe Harbour Statement
Safe Harbour Statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Revenue growth 3% on very tough comps; strong margin expansion drives EPS
Revenue growth 3% on very tough comps Strong margin expansion drives EPS • Revenue growth at 3% on very tough comps (PYQ: 11% ex antigen) • Adjusted basic EPS at €0.55 up 13% y-o-y • Outlook confirmed • Further expansion of strong backlog with equipment book-to-bill of 1.08 • Imaging growth at 3% on
Slide 4: Executing on our priorities creating value
Executing on our priorities… Winning together Transforming to win Imaging, Varian, Advanced Therapies Diagnostics • Innovating in all dimensions of the synergistic • Advancing towards target portfolio as envisaged portfolio: in all modalities and in all market with end of sales announced for 7 produ
Slide 5: Sustaining growth from multiple sources
Sustaining growth from multiple sources Expanding access to healthcare for billions of people Innovating continuously for better diagnosis and treatment The world innovates for us Enabling efficient operations to Novel drugs New theranostic agents improve productivity Robotic treatments More sophist
Slide 6: Enabling efficient operations to improve productivity
Enabling efficient operations to improve productivity Improving outcomes and productivity Optimizing workflow MAGNETOM.Flow: Bringing helium-free MRI to higher price points syngo Carbon: helium-free1 cooling new world of enterprise now available at 1.5T: MAGNETOM MAGNETOM Flow (1.5 T) imaging IT Fre
Slide 7: Innovating continuously for better diagnosis and treatment
Innovating continuously for better diagnosis and treatment Better diagnosis in cancer care Better treatment in cancer care Integrated image-guidance and Low-dose CT lung screening robotics: with leading dose-reduction Endobronchial biopsies technologies for small lung nodules with Intuitive Surgical
Slide 8: Expanding access to healthcare for billions of people
Expanding access to healthcare for billions of people Making state-of-the-art imaging accessible Bridging existing gaps First MR installations in • Significantly reduced TCO Value Partnerships in several emerging countries • Helium-free1 technology Rwanda and Zambia with MAGNETOM Free-family • AI-dr
Slide 9: Sustaining double-digit earnings growth by 2025 and beyond
Sustaining double-digit earnings growth by 2025 and beyond By 2025 Beyond 2025 6-8% Mid to high Revenue growth1 CAGR2 Revenue growth1 single-digits 12-15% Adj. EPS growth CAGR2 Adj. EPS growth Double-digits Q2 FY2024 1 Comparable revenue growth excluding foreign exchange and portfolio effects│ 2 CAG
Slide 10: Revenue growth 3% on very tough comps; strong margin expansion drives EPS
Revenue growth 3% on very tough comps Strong margin expansion drives EPS Revenue (€m) Adjusted basic earnings per share (€) Comparable PYQ1: +3.0% PYQ1: +13% Y-o-y Growth +11% +11% 5,346 5,435 0.55 0.49 Q2 FY2023 Q2 FY2024 Q2 FY2023 Q2 FY2024 • Revenue growth on very tough comps (PYQ: 11% ex antigen
Slide 11: Diagnostics transformation well on track
Diagnostics transformation well on track Diagnostics (€m) Revenue Adj. EBIT (margin) Transforming to win Comparable +3.7% Margin +710 bps Growth Y-o-Y 45 (4.1%) 1,081 1,104 (33) (-3.0%) Q2 FY2023 Q2 FY2024 Q2 FY2023 Q2 FY2024 • Solid revenue growth at 4%1 • Y-o-y margin expansion mainly driven by op
Slide 12: Varian and Advanced Therapies results
Varian with strong revenue and expanding margin Advanced Therapies with remarkable revenue growth Varian (€m) Advanced Therapies (€m) Revenue Adj. EBIT (margin) Revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth -2.1% Y-o-Y +200 bps Growth +8.0% Y-o-Y -60 bps 135 149 84 85 934 910
Slide 13: Imaging Q2 on very tough comps, margin improving sequentially
Imaging Q2 on very tough comps, margin improving sequentially H2 revenue and margin accelerating as expected Imaging Q2 (€m) Imaging H1/H2 Revenue Adj. EBIT (margin) Revenue growth Adj. EBIT margin Comparable Margin Growth +2.6% Y-o-Y -130 bps 3.9% 19.7% 628 598 2,915 2,956 (21.6%) (20.2%) Q2 FY2023
Slide 14: Outlook 2024 confirmed
Outlook 2024 confirmed Siemens Healthineers 2023 2024E Comp. revenue growth 1.2% 4.5% to 6.5% Comp. revenue growth, ex antigen 8.3% 5.0% to 7.0% Adj. basic EPS (€) 2.14 2.10 to 2.30 Main assumptions Comp. revenue growth 2023 2024E Adj. EBIT margin 2023 2024E Imaging 10.9% 6% to 8% Imaging 21.8% 21.0
Slide 15: Q2 FY2024 Unrestricted © Siemens Healthineers AG, 2024 l 15
Q2 FY2024 Unrestricted © Siemens Healthineers AG, 2024 l 15
Slide 16: EBIT to Free Cash Flow Bridge and cash conversion rates
EBIT to Free Cash Flow Bridge and cash conversion rates Q2 FY24 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.7 CCR2 Diagnostics >0 Varian 0.5 Adv. Therapies 0.5 CCR1 0.59 917′ -155′ 233′ 684′ 589′ 95′ 612′ -294′ 191′ 44′ -47′ 402′ -166′ -44′ 120′ -326′ Healthineers PPA EBIT excl. Depr.
Slide 17: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Mar 31st, 2024 (in €m) Comments Other ▪ Total loan volume ~€13.2bn equivalent EUR ▪ Average interest rate ~2.05% p.a.3 USD Top 10 loans ranked in € volume Notional Volume Volume Interest 1,756 Maturity Currency in m in €m rate 300 1,5142 1,539 USD
Slide 18: FY24 balance sheet and net debt bridge
FY24 balance sheet and net debt bridge Net debt overview Capital structure development in FY24 (in €bn) in €bn Sep 30, 2023 Mar 31, 2024 Leverage1 3.7x 3.6x 13.7 13.7 Cash and cash equivalents3 2.2 2.3 Pensions 0.5 0.6 Short-term and long-term -0.7 0.4 (0.6) (0.7) 0.3 financial debt Liabilities to t
Slide 19: Provisions for pensions
Provisions for pensions Q2 FY2024 Key financials – Pensions and similar obligations Q1 Q2 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2024 Defined benefit obligation (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.4) (DBO) Fair value of 2.6 2.8 2.8 3.3 2.8 2.8 2.9 3.0 plan assets Provisi
Slide 20: Glossary
Glossary ‘Revenue’ in this presentation refers for segments to ‘Adjusted revenue‘ Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocatio
Siemens Healthineers — Q2 FY2024 Earnings Presentation on 6ix