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Compumedics Limited
Corporate OverviewSeptember 2009
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Agenda
• Meeting opens
• Chairman's address
• Ordinary business
• Meeting closes
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Chairman's address
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Compumedics is a world leading supplier of medical technology for patient monitoring.
Compumedics primary healthcare markets cover sleep, brain and ultrasonic blood flow monitoring.
Our Vision is to set the innovative and technological standards for patient monitoring in our chosen markets.
We aim to deliver superior returns to our shareholders by identifying and delivering innovative and accessible medical technologies
globally in our chosen markets.
We provide our customers with products and software solutions of superior technology, ease of use and reliability.
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Global reach
• Sales, marketing and support offices in
– Melbourne, Australia– Charlotte, N. Carolina, USA
– Singen, Germany
– Hamburg, Germany
• Corporate headquarters in Melbourne, Australia
• Network of Distributors Globally
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Strategic drivers
• Expanding Compumedics’ key sleep disorder business through new products (Grael™), new diagnostic market opportunities (Home sleep testing – USA and German markets) and sleep-treatment markets with SomniLink®SPAP®
• Broadening the scope of Compumedics’ key sleep business through new market opportunities for Compumedics sleep services business (Cardio Sleep Services®) in the US and then to Germany and other key global markets
• Expansion of Compumedics’ existing diagnostic business to long term EEG Monitoring (LTM) through the release of the Neuvo® device over the next 12 months to all key global markets.F
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A brief chronology• 1987 Compumedics established Asia Pacific’s first fully
computerised sleep laboratory.
• 1995 the Company was selected to supply equipment to the US Sleep Heart Health Study, the world’s largest sleep study with 20,000 patient studies completed by 2008.
• 1998 awarded the overall Australian Exporter of the Year.
• 2000 listed on the Australian Stock Exchange.
• 2002, acquired US-based Neuroscan - the world's leading supplier of instruments for brain-research. In the US - the world's largest medical device market - Neuroscan holds around 90% of the market for brain-research products.
• 2003 awarded the Frost & Sullivan Award for Market Expansion Strategy.
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A brief chronology
• In 2004, acquired German-based DWL Elektronishe GmbH, enabling Compumedics to expand its global operations into the neurovascular and cardio-vascular diagnostic fields.
• 2006, awarded the Frost and Sullivan Technology Leadership award for the innovative Somté recorder product.
• 2007, Compumedics and Chairman were inducted into the Victorian Manufacturing Hall of Fame.
• 2008 DWL division received the top 100 German Innovation award.
• 2009 received an award for design excellence for its new generation Grael™ sleep diagnostic system.F
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Key growth opportunities
The current key growth opportunities for the core business continue to evolve from four principal areas being:– The evolution of the home-sleep-testing (HST) market in the
US as a result of recent changes to USA private and government funding of HST and the expected growth in sales of small limited channel sleep-diagnostic screener devices
– The expansion of our core sleep-diagnostic and brain (neurological) monitoring businesses in Europe.
– Specifically Germany and France are being established as direct sales bases.
– The entry of Compumedics into the global long-term EEG monitoring (LTM) market with the world-wide release of its new innovative LTM device, Neuvo®.F
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Compumedics today: Financials
0.73
(1.6)
(0.5)
22.1
1.3
52%
37.7
2006 actual
0.84
0.1
1.3
19.5
0.1
58%
36.7
2007 actual
0.96
0.8
1.9
20.3
0.4
58%
38.5
2008 actual
0.75AUD/USD exchange rate
2.7NPAT
3.7EBITDA
19.6Operating Expenses
0.6Other income
57%Margins %
38.4Revenues ($m)
2009 actual
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Compumedics today: Financials
Sleep diagnsoticsBrain researchNeuro diagnosticsUltrasonic blood flowSupplies and technical support
USA Europe Asia Australia
≈$40m annual revenues % split by:
Geographic territoryBusiness Area
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Compumedics today: Financials
• Total revenues resilient at $38.2m compared to $39m in the prior year despite global financial crisis (GFC)
• FY2009 record NPAT of $2.7m a 259% increase over the prior year result of $0.8m
• Bank debt reduced year-on-year by a further 21% from $2.8m to $2.2m, highest cash levels in 3 years at $2.6m up from $0.6m last year
• Many new products released or about to be released, Grael™, Neuvo®, Xegis™
• SomniLink® SPAP® shipping to Italy
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Compumedics today: Financials
• Gross margins stable at approximately 57%
• Operating expenses less investing activities stable with last year’s spending - $19.7m compared to $19.1m in the prior year
• EBITDA up to $3.4m profit compared to prior year profit of $1.9m, a 79% increase over the prior year
• Operating cash was $3.7m for the year ended 30 June 2009, a 106% increase over the prior year result of $1.8mF
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Compumedics today: Financials
• Borrowings were reduced by a further 21% from $2.8m in the prior year to $2.2m at end of FY2009
• Borrowing costs at $0.6m were 14% lower than the prior year’s $0.7m, a 32% reduction over 2 years
• Sales in Asia(21%), Australia(+2%), DWL(+26%) and CSS-USA(135%) were up. Sales in USA(-26%), Europe(-44%) and Japan(-38%) declined, primarily as a result of the GFC in those territories
• Net Foreign exchange was a $0.8m gain for FY2009 being $1.5m turn around than the $0.7m loss in FY2008
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Compumedics today: Financials
Compumedics revenue
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
AUDm
Acqui s i t i on of
Neur oscan - USA
Acqui si t i on of DWL -
Ger many
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Compumedics today: Financials
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
EBITDA - w/ o MI 4.2 (0.6) 1.3 2.8 3.2 4.0
EBITDA 3.0 (2.3) (0.1) 1.4 1.9 3.6
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
AU
D m
illio
n
Compumedics - Earnings before interest, tax, depreciation and amortisation(EBITDA) as reported and without Medical Innovation Division R&D spending
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Compumedics today: Financials
Debt continues to decline – a further 21% reduction year-on-year
0123456789
AUDm
2002 2003 2004 2005 2006 2007 2008 2009
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Compumedics today: Financials
Foreign exchange impacts favourably in current financial year
-1-0.8-0.6-0.4-0.2
00.20.40.60.8
AUDm
2003 2004 2005 2006 2007 2008 2009
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… so how has it turned out so far?• Private company (1999) turnover $9m pa with 45 staff (1 US
based)
• Listed on ASX (December 2000) – raised $11m (post fees/debt)
• April 2002 purchased US based Neuroscan – worlds leading source localisation software – Compumedics turnover $34m, with 120 staff (50 US based and 4 German based)
• September 2004 purchased German based DWL – ultrasonic blood flow business – one of the global founders of this technology – Compumedics turnover now $38m, generating profits, with 160 staff (55 US based, 30 German based)
• June 2005 having amassed a world class intellectual property portfolio around sleep, brain and ultrasonic blood flow monitoring Compumedics losses close to $5m – grown too quickly, stretched the financial, management and human resource capability of the Company too far
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• June 2006 Compumedics reduced loss for the year to $1.6m and maintains sales and product development of IP portfolio
• June 2008 Compumedics - 2 years into its performance transition program - returned to profits ($0.8m), has grown revenues to $38m despite a rising exchange rate and has 160 staff (60 US based and 40 European based)
• June 2009 Compumedics sets record profit of $2.7m on revenues ofabout $38m despite GFC.
• Offices established in key markets in USA (Charlotte, NC), Germany (Hamburg and Singen) and the home office in Australia (Melbourne)
• Compumedics is poised, with the existing management team, to resume historical growth from key growth opportunities including new product releases Grael™ PSG/EEG, Neuvo® LTM EEG and Somnilink® SPAP and HST market in the USA
… so how has it turned out so far?
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Past, present and future
$9m
The past, present and future revenue percentage profiles of the business by market/product offering
$38m
$150m+
By 2014Today1999
SLEEP treatment
SLEEP diagnostics Brain
research
Neuro diagnostics
Brain blood flow
Supplies & service
Sleep diagnostics
Supplies & service
SLEEP diagnostic services
SLEEP diagnostics
Neuro diagnostics
Brain research
Brain blood flow
Supplies & service
SLEEP diagnostic services
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Past, present and future
• The underlying trading performance for the first quarter is similar to last year in terms of sales activities with much stronger sales performances in Germany and the Middle East, Australia continuing to perform solidly and a little change to a very tough American market
• The almost 30% currency movement is a significant short term impediment to earnings growth for the Company
• Looking through this, the substantial opportunity of a strong currency, and a financially stronger Compumedics, is for the Company to acquire additional assets in its key US market at potentially very affordable prices. Compumedics will pursue these opportunities where incremental sales and earnings can be achieved.
• In addition the Company will continue to consider all strategic initiatives available to it to fully enhance shareholder value over coming months.F
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Core products: Sleep
NEW !!! Grael™
World’s first high definition PSG amplifier built on over 20 years of experience – delivering unparalleled signal quality, innovative features and efficiency-enhancing technologies.
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Somte PSG
The simplest and most convenient way to meet requirements for full PSG …absolutely anywhere.
Full PSG ambulatory recorder for attended sleep studies using Blue-tooth wireless technology, or in an unattended ambulatory setting or both.
Core products: Sleep
Somté
Combined Sleep and CHF monitor for both hospital and private physician application.F
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Siesta802
World leading portable diagnostic device with wireless capability for both sleep and general patient monitoring.
Core products: Sleep
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E-Series
Laboratory based diagnostic product for both full polysomnography (PSG) “sleep” studies and or separate EEG studies. First to be “Network-Ready”
Core products: Sleep
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ProFusion PSG 3
A high-powered comprehensive software companion to our family of leading-edge sleep recorders/ amplifiers.
Designed to give sleep medicine professionals everything they need :
clarity, power, quality assurance and great reports.
Core products: Sleep
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Neuvo LTMThe state of the art technology platform from Compumedics for Long term EEG monitoring.
� Bedside display� Up to 256 channels� Single connection� Touch-screen monitor� Wall or Mobile configuration
Core products: Brain monitoring
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Safiro
Neurodiagnostic excellence in Ambulatory EEG offering convenience, advanced capabilities and confidence in recordings
� Lightweight and ergonomic
� 32 Channels
� Infrared capabilities
Core products: Brain monitoring
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Digital Video
Advanced software and hardware compression technology
� Synchronised digital video capabilities
� Accurate image reproduction
� MPEG4 software compression
� 32 Bit network performance
Core products: Brain monitoring
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ProFusion EEG4
Next generation clinical LTM software package that offers unprecedented ease of use in the EEG lab, and in post-recording analysis and review
Core products: Brain monitoring
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Curry 6
Offers extensive possibilities for scientific research investigations in the field of multimodal neuro-imaging. Dipole solutions are obtained using various models and reconstruction methods.
Core products: Brain monitoring
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Source
Offers impressive source localisation capabilities, including several dipole models and three spheres, BEM and FEM reconstructions.
Core products: Brain monitoring
Stim
Presents audio and video stimuli and sends stimuli and response to Scan where they are incorporated into the data file.F
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SynAmps RT
Revolutionary 24-bit acquisition system that offers up to 512 EEG channels with 10G Ohm input impedance and sampling rates capable of up to 20,000 Hertz per channel. The system provides the coordination up of to four headbox units.
Core products: Brain monitoring
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Doppler Box� Unique fully digital Doppler M-Mode� “Depth of Flow” Display� Size and weight of a “pencil box”� Modular
- Attachable to any PC- “Soft” upgrade to any/all Special
Function Tests
Core products: Ultrasonic blood flow
Embo-DopQuantum leap in Emboli detection
Card based unique clinically proven Doppler device to discriminate between gaseous and solid emboli, using special patented multi-frequency probesF
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Multi-DopPortable Doppler device for complete routine applications, upgradeable for 1- and 2-channel monitoring diagnostics
Core products: Ultrasonic blood flow
EZ-DopCompact, portable and modular Doppler for routine diagnostics.
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Summary• World class patient monitoring Company
• Uniquely placed in key global markets with strong growth opportunities
• Performance transition program continues with solid outcomes delivered, profits and cash growing - balance sheet strong – net cash position
• Established routes to market in key international markets combined with increased sales resources and new products should allow our proven formula for long term growth and value creation to continue
• Substantial core and new breakout (sleep treatment) growth opportunities to drive the business forwardF
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Ordinary business
• Item 1 Financial Statements and Reports (non bindin g resolution)
• Item 2 Election of a Director
• Item 3 Adoption of Remuneration Report (non binding resolution)
• Item 4 Approval of RCNs
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