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Berenberg European Conference
Pennyhill Park, December 7, 2016
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 www.stratec.com Berenberg European Conference
Pennyhill Park, December 7, 2016
www.stratec.com 3
AGENDA
OVERVIEW AND BUSINESS MODEL
THE IVD MARKET
FINANCIALS
FUTURE GROWTH
Berenberg European Conference
Pennyhill Park, December 7, 2016
www.stratec.com 4
OVERVIEW AND
BUSINESS MODEL
Berenberg European Conference
Pennyhill Park, December 7, 2016
Overview & Business Model Financials The IVD Market Future Growth
5
STRATEC AT A GLANCE
Market leader in automation solutions for the
diagnostics industry and translational research
~ 980 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 € 146.9 million in 2015 (CAGR revenues since IPO: ~18%)
Revenue growth forecasted
to € 175 - € 182 million in 2016
Dividend payments raised over 12 consecutive years
www.stratec.com Berenberg European Conference
Pennyhill Park, December 7, 2016
Overview & Business Model Financials The IVD Market Future Growth
6
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
www.stratec.com Berenberg European Conference
Pennyhill Park, December 7, 2016
Overview & Business Model Financials The IVD Market Future Growth
7
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
BUSINESS MODEL
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Pennyhill Park, December 7, 2016
“Simoa HD-1” for Quanterix Consumable for “Simoa HD-1”
Overview & Business Model Financials The IVD Market Future Growth
8
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
SECURING RETURN ON INVESTMENT
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Pennyhill Park, December 7, 2016
“LIAISON XL” for DiaSorin
“PANTHER” for Hologic
Overview & Business Model Financials The IVD Market Future Growth
9
EXPANDING THE LAB AUTOMATION VALUE CHAIN
Berenberg European Conference
Pennyhill Park, December 7, 2016
Analyzer
System
Smart
Consumables sample prep
chemistry Software Reagents Consumables Market
access
Diagnostic companies
• Specialized in development and design of polymer consumables / injection molding
• OEM supplier of smart consumables for diagnostics, life sciences and medical technology applications
www.stratec.com
Overview & Business Model Financials The IVD Market Future Growth
10
DIATRON – EXPANDING THE VALUE CHAIN
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Hematology
• Leading global OEM developer
and manufacturer of hematology and clinical chemistry analyzers and related consumables for use in both human and veterinary medicine
• Specialized in the fragmented
markets of decentralized diagnostics
• Revenues of ~€ 34 million in 2015
Laboratory Blood bank
Immunoassay
• LIAISON® XL
(DiaSorin)
• ADVIA Centaur® CP
(Siemens)
• Evolis (Bio-Rad)
• Liaison XS* (DiaSorin)
• …
Immunohematology
• GalileoNEO (Immucor)
• TANGO™ Infinity (Bio-Rad)
• MosaiQ* (Quotient)
• …
Molecular
• Panther™ (Hologic)
• Fusion* (Hologic)
• Simoa (Quanterix)
• Invigenius (platform)
• Pure (platform)
• …
Serology
• MosaiQ* (Quotient)
• High throughput multiplexing instrument*
• …
*under development
www.stratec.com
www.stratec.com 11
THE IVD MARKET
Berenberg European Conference
Pennyhill Park, December 7, 2016
Overview & Business Model Financials The IVD Market Future Growth
80%
5% 15%
Reagents / Chemistry
Instrument Services
Instrumentation
12
IVD MARKET SEGMENTS / IVD Market: ~ 50 billion USD in 2015
High Throughput
Low Throughput
Total instrumentation
~ 7.5 billion USD
Market by product type
Number of systems
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Pennyhill Park, December 7, 2016
CAGR 2013 - 2018:
IVD Market: 4%
Molecular Diagnostic: 8% Immunodiagnostics: 4%
Hematology: 2% Blood bank: 6%
Source: The worldwide market for In Vitro Diagnostic Tests, 9th Edition.
Market by sector
STRATEC‘s main technologies Other segments of IVD *without blood glucose test devices
Overview & Business Model Financials The IVD Market Future Growth
OUTSOURCED VS IN HOUSE INSTRUMENTATION MARKET
Total
instrumentation
~ 7.5 billion
USD
13
In House
64 %
Outsourced
36 %
In House
73 %
Outsourced
27 %
2010 2015 2020
In House
56 %
Outsourced
44 %
Source: Own estimates based on historical market data and recent industry trends
www.stratec.com Berenberg European Conference
Pennyhill Park, December 7, 2016
Overview & Business Model Financials The IVD Market Future Growth
14
A SELECTION OF STRATEC CUSTOMERS
Source: IVD News / figures adjusted by acquisitions in 2012 / non-public companies estimated / non-reported sector revenues estimated
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Pennyhill Park, December 7, 2016
GLOBAL TOP 20 IVD COMPANIES Revenues 2014 (USD billion)
1. Roche Diagnostics 8.9
2. Danaher 5.0
3. SIEMENS 4.8
4. Abbott Diagnostics 4.7
5. Thermo Fisher 3.3
6. Alere 2.3
7. Ortho Clinical Diagnostics 1.9
8. Sysmex 1.9
9. bioMerieux 1.7
10. BIO-RAD 1.4
11. BECTON DICKINSON 1.3
12. Hologic / Gen-Probe 1.2
13. CH Werfen 1.0
14. Grifols (incl. Novartis diagnostics business unit) 0.8
15. QIAGEN 0.7
16. Diagnostica Stago 0.6
17. DiaSorin 0.6
18. Agilent / Dako 0.6
19. EUROIMMUN ~0.4
20. Immucor ~0.4
… AND OTHER
GAME-CHANGING COMPANIES
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Pennyhill Park, December 7, 2016
FINANCIALS
Overview & Business Model Financials Future Growth The IVD Market
16
FINANCIALS AT A GLANCE
Berenberg European Conference
Pennyhill Park, December 7, 2016
Key figures after the first nine months
www.stratec.com
(in € thousand) Sep 30, 2016 Sep 30, 2015 Change
Sales 126,334 107,200 +17.8%
EBITDA1 22,671 23,368 -3,0%
EBITDA margin (%)1 17.9 21.8 -390 bps
EBIT1 18,391 19,235 -4.4%
EBIT margin (%)1 14.6 17.9 -330 bps
Cons. net income2 15,251 15,916 -4.2%
Earnings per share (€)2 1.29 1.35 -4.4%
1 2016 figure adjusted for one-off items resulting from transaction activities and related reorganization expenses 2 2016 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
Overview & Business Model Financials Future Growth The IVD Market
17
SALES
Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
9-Months Sales compared to Annual Sales
€ m
illio
n
9-Months Sales as of 09/30
Annual Sales as of 12/31
9M/2016 Sales • +17.8% to € 126.3 million
• Significant contribution of
Diatron and STRATEC
Consumables
• Slower manufacturing ramp-ups
due to limited customer menu
at launch and incremental
approval processes
87.6 90.8 105.3 107.2
126.3
0
20
40
60
80
100
120
140
160
2012 2013 2014 2015 2016
144.9
128.0 122.4
146.9
Overview & Business Model Financials Future Growth The IVD Market
18 Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
As of September 30, 2016
EBIT & EBIT MARGIN
EBIT margin affected by
• Lower margins at the new
subsidiaries
• Hiring of staff in connection
with numerous product
developments
• Postponed benefits of scale
• Sales / earnings catch-up
expected to slowly become
effective after 2013 project
cancellation
EBIT in € million EBIT margin in %
13.4 13.4
17.7 19.2 18.4
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
2012 2013 2014 2015 2016
2016 figure adjusted for one-off items resulting from transaction activities and related reorganization expenses
17.6 19.5
24.1
26.9
FY EBIT FY EBIT margin (2016: 9M) 9M EBIT
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FUTURE GROWTH
Berenberg European Conference
Pennyhill Park, December 7, 2016
Overview & Business Model Financials Future Growth The IVD Market
20
• Finalize post merger integration process
• Improve profitability across business (benefits of scale driven by top-line growth)
• Further realize synergies through development activities across STRATEC businesses
• Expand role as developer and manufacturer of instruments, consumables and
software
• Facilitate integration process of instrument and consumables for partners
• Achieve milestones & market launches
• Accelerate development and supply agreement execution
Focus in 2016 and beyond
Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
Overview & Business Model Financials Future Growth The IVD Market
21
FINANCIAL GUIDANCE
www.stratec.com Berenberg European Conference
Pennyhill Park, December 7, 2016
Organic growth (excluding Diatron and STRATEC Consumables acquisitions):
CAGR ~ 6% for 2016 and 2017
FY 2016 FY 2017
Revenues 175 - 182
€ million
205 - 220
€ million
EBIT-Margin 16.0% - 17.5% Slight growth
compared to 2016
22 Berenberg European Conference
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THANK YOU
FOR YOUR ATTENTION!
www.stratec.com
THANK YOU
FOR YOUR ATTENTION!
STRATEC Biomedical AG Gewerbestr. 37
75217 Birkenfeld
Germany
Tel: +49 7082 7916-0
Fax: +49 7082 7916-999
www.stratec.com
ir@stratec.com
TICKER Symbol: SBS.DE
Bloomberg: SBS:GR
Reuters: SBSG.DE
ISIN: DE000STRA555
WKN: STRA55
CONTACT
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Pennyhill Park, December 7, 2016
APPENDIX
STRATEC GROUP
A1 Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
KEY FIGURES AT A GLANCE
IFRS (€ million) 2011 2012 2013 2014 2015
Sales 116.6 122.7 128.0 144.9 146.9
EBIT 21.8 15.6 19.5 24.1 26.9
EBIT margin (%) 18.7 12.7 15.2 16.6 18.3
Consolidated net income 15.3 12.5 15.5 19.8 22.1
Earnings per share (€) 1.32 1.06 1.32 1.68 1.87
Dividend per share (€) 0.55 0.56 0.60 0.70 0.75
No. of employees 503 533 546 544 583
Total assets 111.0 108.5 117.8 137.8 158.9
Equity ratio (%) 75.0 80.7 82.5 81.3 82.0
Free cash flow 8.3 0.4 13.5 32.9 17.3
AS OF DECEMBER 31
A2 Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
SHAREHOLDER STRUCTURE & SHARE
SHARE IPO Aug. 1998
Capital increase < 10%, Mar. 2002
< 10%, Sep. 2005
Number of shares 11,859,120
Share price (11/28/2016) € 44.01
Market capitalization € 522 million
Fixed and family ownership
(incl. investment companies)
Treasury shares
Retail investors incl. not
identified institutional investors
Institutional investors
SHAREHOLDER STRUCTURE (as of: 12/31/2015)
~ 41.7%
~ 18.2%
~ 40.0%
~ 0.1%
A3 Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
INSTITUTIONAL SHAREHOLDERS
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 %
TOP 15 AS OF DECEMBER 2015
A4 Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
ANALYST COVERAGE
Berenberg Bank
Dr. Scott Bardo
Phone: +44 20 32077869
Deutsche Bank
Falko Friedrichs
Phone : +49 69 91036270
HSBC Trinkaus & Burkhardt
Jan Keppeler
Phone : +49 211 9102446
Landesbank Baden-Württemberg
Volker Stoll
Phone : +49 711 12770568
Warburg Research
Michael Heider
Phone: +49 40 309537280
DZ Bank
Sven Kürten
Phone : +49 69 744792072
Kepler Cheuvreux
Oliver Reinberg
Phone : +49 69 75696140
METZLER Capital Markets
Alexander Neuberger
Phone: +49 69 2104 4366
Oddo Seydler Bank
Igor Kim
Phone: +49 69 92054815
A5 Berenberg European Conference
Pennyhill Park, December 7, 2016 www.stratec.com
FINANCIAL CALENDAR 2016/2017
12/07/2016 Berenberg European Conference, Pennyhill, UK
04/11/2017 Publication of Annual Report 2016
05/03/2017 Publication of Quarterly Statement Q1|2017
05/24/2017 Annual General Meeting, Pforzheim, GER
07/25/2017 Publication of Half-yearly Financial Report H1|2017
10/26/2017 Publication of Quarterly Statement 9M|2017
Subject to confirmation and amendments
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