Commerzbank Sector. Conference. Frankfurt, August 30, 2016

Transcription

1 Commerzbank Sector Conference

2 SAFE HARBOR STATEMENT Forward-looking statements involve risks. This company presentation contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected. It is not planned to update these forward-looking statements. 2

3 AGENDA OVERVIEW AND BUSINESS MODEL THE IVD MARKET FINANCIALS FUTURE GROWTH 3

4 OVERVIEW AND BUSINESS MODEL 4

5 Overview & Business Model The IVD Market Financials Future Growth STRATEC AT A GLANCE Market leader in automation solutions for the diagnostics industry and translational research ~ 950 employees worldwide More than 13,000 systems installed globally (e.g. DiaSorin s LIAISON XL Hologic/Gen-Probe s PANTHER Siemens ADVIA Centaur biomérieux s new VIDAS) Revenue million in 2015 (CAGR revenues since IPO: ~18%) Revenue growth forecasted to million in 2016 Dividend payments raised over 12 consecutive years 5

6 Overview & Business Model The IVD Market Financials Future Growth UNIQUE MARKET POSITION STRATEC IN THE IVD VALUE CHAIN 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 6

7 Overview & Business Model The IVD Market Financials Future Growth BUSINESS MODEL STRATEC provides instrumentation, consumables, software and automation solutions OEM development and manufacturing More than 2,300 fully automated analyzer systems manufactured in 2015 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 Consumable for Simoa HD-1 Simoa HD-1 for Quanterix 7

8 Overview & Business Model The IVD Market Financials Future Growth EXAMPLE PROJECT TIMELINE Project definition Market launch Development time 2-4 years system sales years Full execution of contract Bread boards Supply of prototypes Supply of validation units Supply of instrument and consumables 8

9 Overview & Business Model The IVD Market Financials Future Growth 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 PANTHER for Hologic Reliable partnership Shortened development time Integration of analyzer system and reagents Agreed development budget & transfer price High commitment by both partners LIAISON XL for DiaSorin 9

10 Overview & Business Model The IVD Market Financials Future Growth EXPANDING THE LAB AUTOMATION VALUE CHAIN Analyzer System Software Consumables Smart Consumables sample prep chemistry Reagents Market access OEM supplier of smart consumables for diagnostics, life sciences and medical technology applications Specialized in development and design of polymer consumables / injection molding Diagnostic companies 10

11 Overview & Business Model The IVD Market Financials Future Growth DIATRON EXPANDING THE VALUE CHAIN Laboratory Blood bank Immunoassay Molecular Hematology Immunohematology Serology LIAISON XL (DiaSorin) ADVIA Centaur CP (Siemens) Evolis (Bio-Rad) Liaison XS* (DiaSorin) Panther (Hologic) Fusion* (Hologic) Simoa (Quanterix) Invigenius (platform) Pure (platform) Leading global OEM developer and manufacturer of hematology and clinical chemistry analyzers and related consumables for use in both human and veterinary medicine GalileoNEO (Immucor) TANGO Infinity (Bio-Rad) MosaiQ* (Quotient) MosaiQ* (Quotient) High throughput multiplexing instrument* Specialized in the fragmented markets of decentralized diagnostics Revenues of ~ 34 million in 2015 *under development 11

12 THE IVD MARKET 12

13 Overview & Business Model The IVD Market Financials Future Growth IVD MARKET SEGMENTS / IVD Market: ~ 50 billion USD in 2015 Market by product type Market by sector Reagents / Chemistry 80% Instrument Services Instrumentation 15% 5% STRATEC s main technologies Other segments of IVD *without blood glucose test devices High Throughput Low Throughput Number of systems Total instrumentation ~ 7.5 billion USD CAGR : IVD Market: 4% Molecular Diagnostic: 8% Immunodiagnostics: 4% Hematology: 2% Blood bank: 6% Source: The worldwide market for In Vitro Diagnostic Tests, 9 th Edition. 13

14 Overview & Business Model The IVD Market Financials Future Growth OUTSOUCED VS IN HOUSE INSTRUMENTATION MARKET Total instrumentation ~ 7.5 billion USD Outsourced 27 % Outsourced 36 % Outsourced 44 % Source: Own estimates based on historical market data and recent industry trends In House 73 % In House 64 % In House 56 % 14

15 Overview & Business Model The IVD Market Financials Future Growth A SELECTION OF STRATEC CUSTOMERS GLOBAL TOP 20 IVD COMPANIES Revenues 2014 (USD billion) 1. Roche Diagnostics Danaher SIEMENS Abbott Diagnostics Thermo Fisher Alere Ortho Clinical Diagnostics Sysmex biomerieux BIO-RAD BECTON DICKINSON Hologic / Gen-Probe CH Werfen Grifols (incl. Novartis diagnostics business unit) QIAGEN Diagnostica Stago DiaSorin Agilent / Dako EUROIMMUN ~ Immucor ~0.4 Source: IVD News / figures adjusted by acquisitions in 2012 / non-public companies estimated / non-reported sector revenues estimated AND OTHER GAME-CHANGING COMPANIES 15

16 FINANCIALS 16

17 Overview & Business Model The IVD Market Financials Future Growth FINANCIALS AT A GLANCE Key figures after the first six months ( million) June 30, 2016 June 30, 2015 Change Sales % EBIT % EBIT margin (%) bps Cons. net income % Earnings per share ( ) % figure adjusted to exclude non-recurring items for transaction activities figure additionally adjusted to exclude financing expenses and tax expenses in connection with the acquisition of the Diatron Group and non-recurring items arising from the external tax audit for the assessment periods from 2009 to

18 Overview & Business Model The IVD Market Financials Future Growth INSTALLED BASE & PRODUCT GROUPS As of December 31 Installed base Installed base (based on a 5 year average life cycle) Trend line As of December 31 Relative share by product group 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Analyzer systems Development, service and consulting Service parts 18

19 million Overview & Business Model The IVD Market Financials Future Growth SALES 6-Months Sales compared to Annual Sales M/2016 Sales +11.5% to 78.0 Mio Diatron: 10.5 Mio. in Q Q2/2016 Sales organically +2.6% to 36.3 Mio. (Q2/2015: 35.5 Mio.) Annual Sales as of 12/31 6-Months Sales as of 06/30 19

20 Overview & Business Model The IVD Market Financials Future Growth EBIT & EBIT MARGIN As of June 30 EBIT in million EBIT margin in % % 18% 16% 14% 12% 10% EBIT margin picking up: Reinstating economies of scale in Q2 Q2/2016 (organic): 17.5% +16 bps (Q2/2015:17.3%) 6M/2016: 16.2% / - 95 bps (6M/2015: 17.1%) 2 8% % 6M EBIT 6M EBIT margin 1 figures exclude non-recurring special effects 20

21 Overview & Business Model The IVD Market Financials Future Growth EARNINGS AFTER SIX MONTHS Earnings per share as of June 30 1,00 0,90 0,80 0,70 0,60 0,50 0,40 0, Adjusted EPS at 0.87 (6M/2015: 0.83) Adjusted 6M tax rate at 15.9% (6M/2015: 19.2%) Dividend pay out per share at 0.75 (previous year: 0.70) 0,20 0,10 0, EPS 1 figures exclude non-recurring special effects 21

22 FUTURE GROWTH 22

23 Overview & Business Model The IVD Market Financials Future Growth FOCUS IN 2016 Business Development Revenue Growth Profitability and Cash Flow Successful Integration of Diatron and STRATEC Cosumables M&A Opportunities Further extend development and manufacturing capacities Sign new projects Product launches and ramp-ups Development projects Revenues from new business Diatron and STRATEC Consumables: Integration cost, investments and synergy effects Efficiency improvements Continue to build up consumable business Reduction of working capital 23

24 Overview & Business Model The IVD Market Financials Future Growth FINANCIAL GUIDANCE FY 2016 FY 2017 Revenues million million EBIT-Margin 16.0% % Slight growth compared to 2016 Organic growth (excluding Diatron and STRATEC Consumables acquisitions): CAGR ~ 6% for 2016 and

25 CONTACT STRATEC Biomedical AG Gewerbestr Birkenfeld Germany Tel: Fax: TICKER Symbol: Bloomberg: Reuters: ISIN: WKN: SBS.DE SBS:GR SBSG.DE DE000STRA555 STRA55 THANK YOU FOR YOUR ATTENTION! 25

26 APPENDIX

27 STRATEC GROUP A1

28 KEY FIGURES AT A GLANCE AS OF DECEMBER 31 IFRS ( million) Sales EBIT EBIT margin (%) Consolidated net income Earnings per share ( ) Dividend per share ( ) No. of employees Total assets Equity ratio (%) Free cash flow A2

29 SHAREHOLDER STRUCTURE & SHARE SHAREHOLDER STRUCTURE (as of: 12/31/2015) ~ 18.2% ~ 41.7% Fixed and family ownership (incl. investment companies) Treasury shares Institutional investors Retail investors incl. not identified institutional investors ~ 40.0% SHARE ~ 0.1% IPO Aug Capital increase < 10%, Mar < 10%, Sep Number of shares 11,858,620 Share price (08/23/2016) Market capitalization 658 million A3

30 INSTITUTIONAL SHAREHOLDERS TOP 15 AS OF DECEMBER 2015 Holder Name Holding Allianz Global Investors Europe, GER 7.1 % Threadneedle Asset Management, GBR 5.0 % Montanaro Asset Management, GBR 4.8 % OppenheimerFunds, USA 3.0 % Financiere de l Echiquier, FRA 2.9 % BNP Paribas Investment Partners Belgium, FRA 2.8 % ING Investment Management Advisors, NED 1.7 % Skandinaviska Enskilda Banken, DEN 1.5 % Norges Bank Investment Management, NOR 1.4 % JPMorgan Asset Management, GBR 1.2 % Comgest, FRA 0.9 % Henderson Global Investors, GBR 0.8 % Credit Suisse, SUI 0.6 % Deutsche Asset & Wealth Management Investment, GER 0.6 % Lupus alpha Asset Management, GER 0.5 % A4

31 ANALYST COVERAGE Berenberg Bank Dr. Scott Bardo Phone: Deutsche Bank Gunnar Romer Phone : HSBC Trinkaus & Burkhardt Jan Keppeler Phone : Landesbank Baden-Württemberg Volker Stoll Phone : DZ Bank Sven Kürten Phone : Kepler Cheuvreux Oliver Reinberg Phone : METZLER Capital Markets Alexander Neuberger Phone: Oddo Seydler Bank Igor Kim Phone: M.M.Warburg & CO Michael Heider Phone: A5

32 FINANCIAL CALENDAR /30/2016 Commerzbank Sector Conference, Frankfurt, GER 09/08/2016 Annual Goldman Sachs European Medtech and Healthcare Services Conference, London, UK 09/19-21/2016 Berenberg German Corporate Conference, Munich, GER 10/27/2016 Publication of quarterly statement Q /17/2016 HSBC Healthcare Day, Frankfurt, GER 11/21-23/2016 Deutsche Börse German Equity Forum, Frankfurt, GER 12/07/2016 Berenberg European Conference, Pennyhill, UK Subject to confirmation and amendments A6