Berenberg European Conference. December 6, 2017

Transcription

1 Berenberg European 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 ~ employees worldwide More than 13,000 systems with medium to high throughput installed globally (e.g. DiaSorin s LIAISON XL Hologic/Gen-Probe s PANTHER Siemens ADVIA Centaur biomérieux s new VIDAS) More than 25,000 low throughput systems installed globally Revenue million in 2016 (CAGR revenues since IPO in 1998: ~18%) Revenue growth forecasted to million in 2017 Dividend payments raised over 13 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 7,000 fully automated analyzer systems manufactured in 2016 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 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 8

9 THE IVD MARKET 9

10 Overview & Business Model The IVD Market Financials Future Growth IVD MARKET SEGMENTS / IVD Market: ~ 60 billion USD in 2016 Market by product type Market by sector Reagents / Chemistry 77% Instrument Services Instrumentation Consumables / plastics / packaging 3% 15% 5% High Throughput Low Throughput Total instrumentation ~ 7.5 billion USD CAGR : IVD Market: 4% Molecular Diagnostic: 8% Immunodiagnostics: 4% Hematology: 2% Blood bank: 6% Number of systems Source: The worldwide market for In Vitro Diagnostic Tests, 9 th Edition. 10

11 Overview & Business Model The IVD Market Financials Future Growth OUTSOURCED 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 % 11

12 Overview & Business Model The IVD Market Financials Future Growth A SELECTION OF STRATEC CUSTOMERS GLOBAL TOP 20 IVD COMPANIES Revenues 2016 (USD billion) 1. Roche Diagnostics Danaher SIEMENS Abbott Diagnostics ThermoFisher Alere Sysmex Ortho Clinical Diagnostics biomerieux BECTON DICKINSON BIO-RAD Hologic CH Werfen Grifols Agilent Diagnostica Stago QIAGEN Diasorin Perkin Elmer Immucor ~0.4 STRATEC customer AND OTHER GAME-CHANGING COMPANIES Not a STRATEC customer (acquired by Bio-Rad in January 2017) Source: IVD News / figures adjusted by acquisitions in 2016 / non-public companies estimated / non-reported sector revenues estimated 12

13 FINANCIALS 13

14 Overview & Business Model The IVD Market Financials Future Growth KEY FIGURES - TRACK RECORD Sales in million CAGR >10% EBIT in million CAGR >11% ,4 67,5 61,0 79,6 102,0 116,6 122,4 128,0 144,9 146,9 184,9 35,0 30,0 25,0 20,0 15,0 10,0 5,0 11,0 14,3 11,2 14,7 17,6 21,8 17,6 19,5 24,1 26,9 32, , Adjusted for one-off items resulting from transaction activities and related reorganization expenses 14

15 Overview & Business Model The IVD Market Financials Future Growth KEY FIGURES - TRACK RECORD Net Income in million CAGR >12% Dividend per share in CAGR >17% 30,0 25,0 20,0 15,0 10,0 5,0 7,7 10,0 8,2 11,7 13,0 15,3 14,0 15,5 19,8 22,1 25,4 1,2 0,90 0,80 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0,15 0,22 0,35 0,45 0,50 0,55 0,56 0,60 0,70 0,75 0,77 0, , Adjusted for one-off items resulting from transaction activities and related reorganization expenses 2 Additionally adjusted to exclude one-off items resulting from tax audit performed for 2009 to 2013 assessment periods 15

16 Overview & Business Model The IVD Market Financials Future Growth KEY FIGURES AFTER THE FIRST NINE MONTHS Adjusted for one-off items resulting from transaction activities and related reorganization expenses 2 Additionally adjusted to exclude one-off items resulting from tax audit performed for 2009 to 2013 assessment periods 3 Additionally adjusted to exclude deferred tax benefits resulting from loss carry forwards at companies acquired in

17 FUTURE GROWTH 17

18 Overview & Business Model The IVD Market Financials Future Growth STRATEC FINANCIAL GUIDANCE Outlook for 2017 Sales guidance of 205 million to 220 million Adjusted EBIT margin of around 17% Medium-term expectations Average annual organic sales growth (CAGR) in the high single-digit or low double-digit percentage range Broadly consistent EBIT margin development Positive scale effects partly offset by growth activities related to packed development pipeline 18

19 Overview & Business Model The IVD Market Financials Future Growth FOCUS IN 2017 AND BEYOND Improve profitability and reduce earnings volatility across business units Further realize synergies through development activities across STRATEC businesses Expand leading market role Leverage expanded platform offering Facilitate consumables integration on instruments for partners Achieve milestones & market launches within foreseen timeframe Execute development and supply agreements for a variety of pipeline products / projects 19

20 CONTACT STRATEC Biomedical AG Gewerbestr Birkenfeld Germany Marcus Wolfinger CEO TICKER Symbol: Bloomberg: Reuters: ISIN: WKN: SBS.DE SBS:GR SBSG.DE DE000STRA555 STRA55 Sandra Dittus IR Manager Tel: Fax: THANK YOU FOR YOUR ATTENTION! 20

21 APPENDIX 21

22 KEY FIGURES AT A GLANCE AS OF DECEMBER 31 IFRS ( million) Sales EBIT EBIT margin (%) Consolidated net income Earnings per share ( ) 1, Dividend per share ( ) No. of employees Total assets 121, Equity ratio (%) Free cash flow figure adjusted for one-off items resulting from transaction activities and related reorganization expenses figure additionally adjusted for financing expenses and tax expenses in connection with the acquisitions of the Diatron Group and STRATEC Consumables, for one-off items resulting from the tax audit for the 2009 to 2013 assessment periods, and for tax effects relating to reorganization expenses A1

23 SHAREHOLDER STRUCTURE & SHARE SHAREHOLDER STRUCTURE (as of: 11/06/2017) 41,5% 0,1% 36,7% Fixed and family ownership (incl. investment companies) Treasury shares Institutional investors Retail investors incl. not identified institutional investors 21,7% SHARE IPO Aug Number of shares 11,920,945 Share price (12/01/2017) 830 Market capitalization 786 million Institutional investors > 3%: OppenheimerFunds Columbia Threadneedle Investments Allianz BNP Paribas Investment Partners A2

24 ANALYST COVERAGE Berenberg Bank Jakob Berry Phone: : Kepler Cheuvreux Oliver Reinberg Phone : METZLER Capital Markets Alexander Neuberger Phone: Deutsche Bank Falko Friedrichs Phone : Landesbank Baden-Württemberg Volker Stoll Phone : Oddo BHF Corporates & Markets Igor Kim Phone: Warburg Research Michael Heider Phone: A4

25 FINANCIAL CALENDAR & EVENTS 12/07/2017 Berenberg Penny Hill Conference, London, UK 01/16/2018 Kepler Cheuvreux, German Corporate Conference, Frankfurt, GER 04/19/2018 Annual Financial Report /15/2018 Quarterly Statement Q /30/2018 Annual General Meeting, Pforzheim, GER 07/24/2018 Half-yearly Financial Report H /08/2018 Quarterly Statement 9M 2017 Subject to confirmation and amendments A5