Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
1
2015 First-quarter revenueConference CallBasel, 30 April 2015
2
This presentation contains certain forward-looking statements that reflect the current views of management. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Straumann Group to differ materially from those expressed or implied in this presentation. Straumann is providing the information in this presentation as of this date and does not undertake any obligation to update any statements contained in it as a result of new information, future events or otherwise.
The availability and indications/claims of the products illustrated and mentioned in this presentation may vary according to country.
Disclaimer
2
Q1 Highlights Marco Gadola, CEO
Good start to 2015
4
REVENUE Q1 REVENUE GROWTH KEY DRIVERS
CHF 193m +8% organic1
North America and APAC
Including CHF 7m contribution from Neodent following full consolidation since 1 March
Performance reflects investments in growth markets/segments; revenue grew 12% including Neodent acquisition effect
Double-digit expansion (organic) in N. America, APAC, & LATAM; EMEA softened by FX mitigation measures
NEW BLT IMPLANT OUTLOOK PENETRATING VALUE
>4% volume share
Swift action to preserve margins
Neodent acquired
Positive response in controlled market release; full release underway in N. America and initial European markets; other regions to follow
Prompt initiatives to mitigate currency shock. Full-year guidance unchanged: organic revenue growth in mid-single digit range; EBIT margin >20%
Remaining 51% acquired 3 years early for CHF 210m, making the Group a global leader in the fast-growing value segment
1 The term ‘organic’ used throughout this document means ‘excluding the effects of currency fluctuations and acquired/divested business activities’.
3
5
Approx. 40% domestic market share
Good reputation for customer focus/service; high-quality perception among Brazilian dentists
Strong on education with ILAPEO1, one of the world´s largest implant training centers(>2000 dentists trained p.a.)
Cost-efficient, modern production
Neodent: undisputed leader in Brazil
1 Instituto Latino Americano de Pesquisa e Ensino Odontologico2 Millennium Research 2015 and Straumann estimates
ZimmerBiomet 3i
Conexao
SIN
Titaniumfix
Others
Brazilian implant market: 2.3m implant units sold in 20142
Nobel Biocare
6
Successful philosophy of making tested implant solutions more affordable to a broader population
...plant in Curitiba, south of São PauloCost-efficient manufacturing...
15 direct-to-dentist shops Broad range of implants and prosthetics
4
7
Neodent - an expanding global presence
Availablity of Neodent products through:
Own subsidiaries, Instradent and 3rd party distributors
Future roll-outs
8
The new market share situation
Others
Global dental implant & abutment marketworth CHF 3bn (2014 pro-forma)
Based on iData, MRG and Straumann estimates. Zimmer-Biomet 3i acquisition pending antitrust clearance.
24%
20%
10%
13%
7%
26%
5
Business and regional performance
Peter Hackel, CFO
Implants
Regenerative sales complement robust growth in implants
Restorative Regeneratives
1010
6
11.6%0.3% 34.5% 11.7%
Organic growth
11
Double-digit growth outside EMEA
(4.4%)
2014 2015
8.2% organic
In CHF million, rounded
7.4% in CHF
3.9%
179.8
(7.8) 6.7
178.6
0.3 5.6
7.4
1.3
193.2
Revenue Q12014
FX Effect AcquisitionEffect
Adj. revenueQ1 2014
EMEA NorthAmerica
APAC LATAM Revenue Q12015
Strong growth in North America; EMEA heldback by currency mitigation measures
56%
Europe flat year-on-year; distributor transfer price adjustments (to compensate for sharp rise in CHF) dampen growth
Strong performers: UK, France, Austria and Nordics; Germany with solid growth
Russian subsidiary to be established in 2015
0.3%
7.0%
2.4%
(2.0%)
5.5%
Q12015Q4 2014Q3 2014Q2 2014Q1 2014
EM
EA
No
rth
Am
eric
a Another strong quarter with growth across all business segments
New Bone Level Tapered implant well received and enables share-of-wallet gains
SLActive and Roxolid share further increased
Revenue change (organic)
28%
12
11.6% 9.3%
11.4%
5.4% 5.2%
Q12015Q4 2014Q3 2014Q2 2014Q1 2014
51%
7
Dynamic China and continued good performancein Latin America
56%
Exceptional growth in China due to stocking by new dealers
Growth in Japan expectedly below prior Q1 (SLActive launch; stocking before April VAT increase)
Robust growth in Australia, Korea and distributor markets
34.5%
14.5%17.0%15.3%
8.3%
Q1 2015Q4 2014Q3 2014Q2 2014Q1 2014
Asi
aP
acif
icL
ATA
M
11.7%
36.7%
7.3%
30.6%
15.0%
Q1 2015Q4 2014Q3 2014Q2 2014Q1 2014
Double-digit growth driven by strong demand for implants in most markets
Strong performance in Mexico; continued growth in Brazil
Neodent posts 10% growth in domestic market
15%
6%
13
Revenue change (organic)
Neodent fully acquired
8
15
Neodent key figures
Experience Revenue 2014 Revenue growth 2014 (l.c.)
22y history
BRL 258mCHF 101m1
12% worldwide
8% domestic
Founded 1993 Leading implant company in LATAM Robust growth and further share gainsin domestic market despite challengingeconomy
Outlook 2015 Highly profitable Employees
>1m units
>35% EBITDA
>25% Net profit
~950A top-5 global implantcompany in volume terms; Neodent expects to sell >1m implants in 2015
Margin accretive for Straumann Continious investment in manufacturingcapacity and workforce
1 At average 2014 BRLCHF foreign exchange rate
Straumann
LATAM >90%
EMEA55%North
America27%
APAC15%
Neodent
EMEA 49%
North America
25%
APAC 14%
LATAM 12%
16
Straumann’s geographic spread including Neodent
Group 2014 (pro-forma1)
1100% combination of Straumann and Neodent
1 Owing to the Neodent consolidation Straumann has re-allocated markets from the ‘Rest of the World’ region to EMEA and Latin America, with effect of 1 January 2015. The respective regional figures in this chart have been restated accordingly and include Neodent’s external revenues from 1 March 2014 onwards.
ex-LATAM <10%
LATAM 3%
Full acquisition strengthens Straumann’s position in the value segment and extends its global leadership in tooth replacement
Straumann has consolidated Neodent fully as of 1 March 2015
9
17 1 Annual amortization charge will depend on BRLCHF exchange rate
Neodent consolidation will trigger fair-value adjustments
PPA and opening balance to be finalized; amortization charges may still vary until completion:
Amortization of intangible assets (approx. CHF 7m1 p.a. over 7 years)
One-time effects: Inventory adjustments / write-downs (approx. CHF 15m)
Accumulated FX differences on translation of initial 49% stake have to be reclassified from equity into P/L (loss of approx. CHF 85m)
Revaluation before de-recognition of initial 49% stake (gain of approx. CHF 15m)
Details of the Neodent accounting
OPEX
COGS
Financial result
Financial result
Neodent – the flagship in ourvalue strategy
Marco Gadola, CEO
10
Separate brand strategy to address premium and value segments
Brazil(100%)
Germany(51%)
Taiwan(Convertible)
S. Korea(Convertible)
Spain(30%)
Canada(44%)
Germany(Option 30%)
Germany (100%)
Premium Value
19
US (13%)
Implants CADCAM/prosthetics Regeneratives
Switzerland(44%)
Austria
Common production & technology platform
Taiwan(49%)
Petra Rumpf joins the Executive Management Board as Head of Instradent & Strategic Alliances
Past 7 years at Nobel Biocare in Corporate Development, M&A, E-commerce, Training & Education, Distributor Business
Headed Nobel’s AlphaBio Tec value business
Petra Rumpf joins Straumann to lead Instradent
20
11
New solutions presented at key trade events
22
Straumann launches holistic prosthetics campaign targeted at dental labs worldwide
12
23
Strong presence at Chicago Midwinter, AO & IDS events with special focus on labs
New visitor record (138 500) in Cologne Straumann booth at the IDS
Dental Wings’ new intra-oral scanner… and laser mill Straumann booth at the AO
24
‘Analyst talk’ – video interviewwww.youtube.com/watch?v=Q6yT5Jn3ZFc
‘Straumann connections’ – short video reportwww.youtube.com/watch?v=TCxcc9f7ffw
Analyst and investor breakfast presentationwww.straumann.com/content/dam/internet/xy/resources/corporate/ir-conference-presentations/en/Straumann_Investor%20Breakfast_12%20May%20IDS%20Cologne.pdf
Media presentationwww.straumann.com/content/internet/straumann_com/en/home/media/media-releases/2015/tag_xml_newsbox_ch2015-03-111491209digest/_jcr_content/par/newsdownload/linklist/file_2/file.res/Straumann___IDS_2015_EN.pdf
More information on Straumann at the IDS
13
25 CEREC® is a registered trademark of Sirona Dental Systems GmbH, Germany.
Strengthened position in lab segment with original-on-original components
3M™ ESPE™ Lava™ Plushigh translucency zirconia
Innovative prostheticretention system by Valoc
Straumann® pre-milledabutment blanks
CARES® X-Stream™ bridge-and-bar solutions
Variobase® abutment family(also for the CEREC workflow)
26
Cutting-edge digital equipment solutions
Dental Wings intra-oral scanner
Dental Wings laser mill
Straumann CARES® in-lab mill by Amann Girrbach
Straumann CARES®
3 & 7series scanners
+
14
27
CMR = controlled market release to collect feedback from experienced usersFMR = full market release, available to all customers.
Bone Level Tapered implant roll-out underway
2014 2015 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Q1-Q4
EMEA
- Germany, Austria & Switzerland CMR FMR
- Europe (outside DACH) CMR FMR
- Distributors CMR FMR
North Amer ica CMR FMR
Asia Paci f ic
- Japan1,2 FMR2
- China1,2 CMR
- Distributors1 CMR FMR
Lat in America 1 CMR FMR
1 Depending on regulatory clearance in respective region/country 2 Roxolid not yet available
Surgical
Abutments
Restoration
28
DENTIST LABORATORYSurgeon GP / restorative Regional Local
Pre-milled abutments
PURE
Variobasefamily
In-lab milling
equipment
Variobasefor
CEREC
CARES X-Stream
New in-lab
scanner
Removable denture
attachment (Valoc)
Full regenerative
portfolio (botiss)
Chairside scanning & milling
Screw retained bars & bridges
BLT
SR abutments
How the new products and technologies combinein our strategy to be a ‘total solution provider’
15
29
Further improvement in global implant market expected. Revenue expected to grow organically in mid-single-digit range.
Further investments in strategic growth markets and projects
Cost reduction measures including compensation reductions in CH, hiring and travel restrictions
2015 EBIT margin target >20% (organic1)
Neodent will be accretive to the Group’s reported EBIT margin before acquisition-related one-time effects.
Outlook 2015Barring unforeseen circumstances
291 Assuming exchange rates remain more or less at February levels (EURCHF 1.05 ; USDCHF 0.92)
30
Questions & Answers
16
31
1 Owing to the Neodent consolidation Straumann has re-allocated markets from the ‘Rest of the World’ region to EMEA and Latin America, with effect of 1 January 2015. The respective regional figures for 2014 in this table have been restated accordingly and include Neodent’s external revenues from 1 March 2014 onwards.
Re-categorization1 of the 2014 regional revenues
REVENUE BY REGION
(in CHF million) Q1 2015 Q1 2014 FY 2014
EMEA 98.6 107.7 389.2 Change in CHF in % (8.4%) 5.4% 2.2%
Change in local currencies in % 0.3% 5.5% 3.2%
North America 53.7 45.5 193.1
Change in CHF in % 18.1% 0.5% 6.3%
Change in local currencies in % 11.6% 5.2% 7.8%
Asia / Pacific 28.9 22.1 106.7
Change in CHF in % 30.4% (2.4%) 8.4%
Change in local currencies in % 34.5% 8.3% 14.0%
LATAM 12.0 12.1 98.7 Change in CHF in % 163.1% 158.3% 419.2%
Change in local currencies in % 193.8% 205.4% 462.1%
Change in organic growth in % 11.7%
GROUP 193.2 187.4 787.7
Change in CHF in % 7.4% 7.2% 15.8%
Change in local currencies in % 12.3% 10.5% 18.0%
Change in organic growth in % 8.2% 6.1% 6.4%
Calendar of upcoming events
2015
12 June Investor meetings Sao Paulo
15 June Investor meetings Geneva
16 June Investor meetings London
07 July Investor meetings Lugano & Milano
20 August H1 2015 results conference Basel HQ
01 September Investor meetings Chicago
02 September Investor meetings New York
03 September Investor meetings Boston
09 September Investor meetings Zurich & St.Gallen
14 September Investor meetings Vienna
15 September Investor meetings Frankfurt
3232 Results publication and corporate events. More information on straumann.com → Events
17
Leipzig (D):CADCAM milling
Malmö (S):Regenerative products
Andover (USA):Implant production
Villeret (CH):Implant productionArlington (USA):
CADCAM milling
Straumann’s production foot-print
Straumann
Curitiba (BR):Implant production
Your contacts
Fabian Hildbrand
Corporate Investor Relations
Tel. +41 (0)61 965 13 27
Email [email protected]
Mark Hill Thomas Konrad
Corporate Communications
Tel. +41 (0)61 965 13 21 Tel. +41 (0)61 965 15 46
Email [email protected] Email [email protected]
34
18
International Headquarters
Institut Straumann AGPeter Merian-Weg 12CH-4002 Basel, SwitzerlandPhone +41(0)61 965 11 11Fax +41(0)61 965 10 01www.straumann.com