STRATEC Biomedical AG

Transcription

1 STRATEC Biomedical AG 11 th Annual European Medtech & Healthcare Services Conference Goldman Sachs London, September 4, 2014

2 Investment Snapshot Market leader in automation solutions in the diagnostic industry with installed base of more than 10,000 systems across over 20 system families including: - Siemens ADVIA Centaur - DiaSorin s LIAISON XL - Hologic/Gen-Probe s PANTHER - biomérieux s new VIDAS CAGR revenues since 2010: 8% Guidance revenue growth 2014 to 2017: 8% - 12% Profitable with revenue of 128 million in 2013 Dividend payments raised over 10 consecutive years LIAISON XL for DiaSorin Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

3 STRATEC in the IVD Value Chain Unique Market Position Diagnostic Companies Blood Banks, Laboratories Patients STRATEC develops and manufactures fully automated analyzer systems and disposables focusing on the high growth segments in diagnostics Partners market systems together with reagents and consumables to laboratories, blood banks and hospitals worldwide Laboratories performing tests and offering service to doctors and patients using reagents from diagnostic companies Growth drivers: Aging population Developing healthcare systems world wide High volume of new tests Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

4 Securing Return on Investment Long-term agreements with partners Milestone payments during development stage Operating sales during series production stage Continuous revenues from consumable sales Minimum volume commitment Firm purchase orders STRATEC an integral part of partners plans Reliable partnership Shortened development time Integration of analyzer system and reagents Agreed development budget & transfer price High commitment by both partners Simoa HD-1 Analyzer for Quanterix Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

5 IVD Market Segments IVD Market: ~ 50 billion USD Reagents / Chemistry Instrumentation 80% 5% 15% Instrument Services High Throughput (number of systems) Total instrumentation ~ 7.5 billion USD Low Throughput (number of systems) Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

6 IVD Instrumentation Market Outsourced vs In House Instrumentation Market 9 8 USD billion % 66% 68% 70% 71% 73% 75% 25% 27% 29% 30% 32% 34% 36% CAGR 3% CAGR 13% E 2014E 2015E IVD OEM Market IVD In House Market Source: Various sources. Excludes glucose test monitors. Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

7 Global Top 20 - IVD Companies Revenues 2013 (USD billion) 1. Roche Diagnostics SIEMENS Abbott Diagnostics Danaher Thermo Fisher Alere Ortho Clinical Diagnostics (now Carlyte in 2014) Sysmex biomerieux BIO-RAD BECTON DICKINSON Hologic / Gen-Probe CH Werfen Grifols (incl. Novartis diagnostics business unit) Agilent / Dako QIAGEN DiaSorin Diagnostica Stago EUROIMMUN Immucor 0.3 Source: IVD News / figures adjusted by acquisitions in 2012 / non-public companies estimated / non-reported sector revenues estimated Customer STRATEC Instrumentation Customer STRATEC Data Management Not a STRATEC customer Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

8 Sales 6-Months Sales compared to Annual Sales million Strongest first six months in company s history Growth expected to continue in second half of 2014 Solid revenue development of service parts Annual Sales as of 12/31 6-Months Sales as of 06/30 Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

9 Installed Base & Product Groups As of December 31 Delivered systems & installed base As of December 31 Relative share by product group % % 80% % % 50% 40% % 20% 10% % Number of analyzer systems delivered Installed base (based on a 5 year average life cycle) Analyzer systems Development, service and consulting Replacement parts / disposables Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

10 Earnings after six months 2014 EBIT & Net Income as of June 30 Earnings per share as of June 30 million ,90 0,80 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0,00 0,82 0,63 0,60 0, EBIT Consolidated net income EBIT at 11.2 million margin drivers Net income at 9.6 million Higher earnings due to margin improvement and improved tax rate Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

11 Growth in 2014 and beyond Revenue Growth: Hitting development milestones New product launches and ramp-ups Business Development: Extend innovation leadership Evaluate further niches and external opportunities Extension of development and manufacturing capacities Profitability and Cash flow: Reduction in manufacturing costs Further reduction of working capital requirements Manage development growth Market growth: New tests and technologies Demographic development Outsourcing in the IVD industry Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

12 Contact STRATEC Biomedical AG Gewerbestr Birkenfeld Germany Tel: Fax: TICKER Symbol: SBS.DE Bloomberg: SBS:GR Reuters: SBSG.DE ISIN: DE WKN: Marcus Wolfinger CEO, Chairman of the Board of Management Admitted into Deutsche Börse TecDAX since November 2010 THANK YOU! PLEASE NOTE The accounting methods used in the consolidated financial statements of the Annual Report 2013 were amended in line with IAS 8 for the 2013 financial year. The comparative figures for the previous year (2012) have been adjusted mandatorily. Reference is made in this respect to the information in Section A of the notes to the consolidated financial statements. The previous year s figures in this presentation (until 2011) have not been adjusted and are therefore not directly comparable with the figures stated for the 2012 and 2013 financial years. Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

13 Appendix Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

14 Business Model STRATEC provides instrumentation, software and automation solutions OEM development and manufacturing More than 2,700 fully automated analyzer systems manufactured in 2013 Wide range of intellectual property rights Extensive collaboration with partner during design phase STRATEC: Engineering / automation, software, QM Partner: System / reagent / market requirements Systems have long market lifecycles Leads to longstanding partnerships Expanding installed base of systems Product enhancement and extension drives value PANTHER for Hologic Gen-Probe Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

15 STRATEC Group Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

16 Conversion Accounting Methods Change in treatment of development cooperations: Recommendations by German Financial Reporting Enforcement Panel (DPR) Distinction between development cooperations and proprietary development projects Completed during 2013 Balance sheet: Inventory Other intangible assets Contraction of other liabilities through inclusion of milestone payments Clustering: IAS11 and IAS38 P&L: Changes to Amortization Scheme (chronological to quantitative) Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

17 Conversion Accounting Methods Key figures including and excluding amendment items: Consolidated income statement ( 000s) 2013 incl. amendment items 2013 excl. amendment items 2012 incl. amendment items 2012 excl. amendment items Sales 127, , , ,424 EBIT 19,493 20,063 15,578 17,441 Consolidated net income 15,478 15,905 12,449 13,846 Earnings per share ( ) EBIT margin (%) Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

18 Shareholder Structure & Share Shareholder Structure (as of: 12/31/2013) 25.2% 32.7% 42.0% Family of Hermann Leistner & their investment company Treasury stock Institutional investors Retail investors 0.1% Share IPO Aug Capital increase < 10%, Mar < 10%, Sep Number of shares 11,791,345 Share price (08/07/2014) Market capitalization million Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

19 Institutional Shareholders Top 15 as of July 2014 Holder Name Holding Allianz Global Investors Europe, GER 7.1 % Threadneedle Asset Management, GBR 4.9 % Montanaro Asset Management, GBR 4.8 % OppenheimerFunds, USA 3.0 % Financiere de l Echiquier, FRA 2.9 % BNP Paribas Investment Partners Belgium, FRA 2.2 % ING Investment Management Advisors, NED 1.7 % Skandinaviska Enskilda Banken, DEN 1.5 % Norges Bank Investment Management, NOR 1.5 % JPMorgan Asset Management, GBR 1.2 % Comgest, FRA 0.8 % Henderson Global Investors, GBR 0.8 % Credit Suisse, SUI 0.7 % Lupus alpha Asset Management, GER 0.5 % Fisher Funds Management, NZL 0.4 % Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4, 2014

20 Analyst Coverage Berenberg Bank Dr. Scott Bardo Phone: Crédit Agricole Cheuvreux Oliver Reinberg Phone : DZ Bank Sven Kürten Phone : Landesbank Baden- Württemberg Volker Stoll Phone : Bryan, Garnier & Co Mathieu Chabert Phone: Commerzbank Daniel Wendorff Phone: Deutsche Bank Gunnar Romer Phone : HSBC Trinkaus & Burkhardt Jan Keppeler Phone : Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,

21 Financial Calendar /04/ th Annual Goldman Sachs European Medtech and Healthcare Services Conference, London, UK 09/22-24/2014 German Corporate Conference, Berenberg Bank and Goldman Sachs, Munich, GER 10/22/2014 Publication of interim report as of 09/30/ /12/2014 HSBC Heathcare Day 2014, Frankfurt, GER 11/19-20/2014 Jefferies 2014 Global Healthcare Conference, London, UK 11/24-26/2014 German Equity Forum, Frankfurt, GER Subject to confirmation and amendments Goldman Sachs 11 th Annual European Medtech & Healthcare Services Conference London, September 4,