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Company Introduction
27th Nov. 2014
Swissray Global Healthcare Holding Limited
4198TT
Disclaimer •The information contained in this confidential document ("Presentation") has been prepared by Swissray Global Healthcare Holding LTD (the "Company").
It has not been fully verified and is subject to material updating, revision and further amendment.
•While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents,
employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy,
reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made
available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed.
Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept
any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the
Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this
Presentation.
•Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any
transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be
responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the
Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to
correct any inaccuracies in, or omissions from, this Presentation which may become apparent.
•This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents,
employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making
such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily
involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.
•This Presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of
historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic,
market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in forward-looking statements.
2
3
Outline
I. Company Profile
II. Core Technology
III. Product Development Strategy
IV. Competitive Advantage
V. Marketing Strategy
VI. Operation Overview and Future Outlook
I. Company Profile
4
Company Name: Swissray Global Healthcare Holding Limited
Founded: January 2013 (The subsidiary Swissray Medical
AG was established in Hochdorf, Switzerland
on September 1988)
Capital: NT $1,350,000,000
Business Activities: Research & Development, Manufacture, and,
Sales, and Service of Medical Imaging
Equipment
Representatives: Tsu-Der Lee, Chairman; Jack Lee, CEO
Headquarters: Taipei, Taiwan
Number of Employees: 154
Reinvestment: SMTH AG
Swissray Medical AG
Swissray International, Inc.
Swissray Asia
Company Basic Information
5
1988 2001
1997
2002 2008
Swissray was
established in
Switzerland
World Bank
Romania Project
Expand U.S. market
2011
U.S. Homeland Security
TB Detention Program
First to receive U.S. FDA clearance for
a patented digital quad CCD based
detector
2014
Swissray was chosen on the invitation
cover of the RSNA 100th celebration
Approved by Ministry of Economic
Affairs to set up R&D center in Taiwan
2012
Established SRA
to develop new product
Officials from Industrial
Development Bureau , Ministry of
Economic Affairs Visited to
Switzerland
Science & Technology Submission was
accepted by IDB, Ministry of
Economic Affairs
6
Company History
Acquired Norland
2013
Became the sole distributor for
Novadaq in APAC regions
Public offering: passed over-the-
counter (OTC) in Taiwan
Swissray Medical AG
(SRM, Switzerland)
R&D/Mfg/S&M
Swissray International
(SRI, USA)
R&D/Mfg/S&M
Swissray Asia (SRA, Taiwan)
R&D/S&M
Swissray Global (SRG, Taiwan) Headquarters
SMTH AG (SMTH, Switzerland)
Holding Co.
Founded in 2013
Founded in 2009
Founded in 1988 Founded in 2002 Founded in 2011
100%
100% 100% 100%
New Jersey Wisconsin Taipei Hochdorf
7
Organization Structure
Tsu-Der Lee, Chairman
Current Position:
Chairman
Swissray Global
Yi-Fu Lin, Independent Director
Current Position:
Director,
Nan Ya Technology Corporation
Pei-Lin Lee, Director
Current Position:
Chairman
CHC Healthcare Group
Horng-Mo Lee, Independent Director
Current Position:
President
Central Taiwan University of Science and Technology
Jack Lee, Director
Current Position:
CEO
Swissray Global
Hsiang Hung Lin, Independent Director
Current Position:
Attending Physician in Gastrointestinal Department
Mackay Memorial Hospital
Yun Liang, Director
Current Position:
Chief of Radiation Oncology
Yuan Hospital
Yung-Shun Chuang, Supervisory Committee
Current Position:
Chairman
Aaeon Technology, Inc.
William Lu, Director
Current Position:
Chairman
Diamond Capital
Hang Chang, Supervisory Committee
Current Position:
Attending Physician in the Emergency Department
Shin Kong Wu Ho-Su Memorial Hospital
Peter Lee, Director
Current Position:
Chairman
Swissray Asia
William Hung, Supervisory Committee
Current Position:
Interim President
Tanvex Biologics Corporation
8
Board of Directors
9
Management Team Jack Lee, CEO SRG
Past Experience: GM of Perkin Elmer Taiwan
Education:
Alabama Rocket Research & Development Center
Roland Stuber, COO SRM
Past Experience: Switzerland OrbiSwiss AG
International Marketing VP
Education: Master in Finance, Kaderschulen University
in Switzerland
Erica Tung, CFO SRG
Past Experience: Controller of GSK
Education: MBA, University of Central Oklahoma
Andrew Jeffries, CTO SRM
Past Experience: Imatron Inc.
Senior AVP of Engineering Department
Education: PhD. in Physics, MIT
Tim Lo, VP of Bone Health Division, SRG
Past Experience:
Master in Financial Risk Management,
Education: Segal Graduate School of Business, SFU
Markus Bütler, Quality Assurance Director SRM
Past Experience: System Testing Engineer,
Landis and Gyr AG in Switzerland
Education:
MBA, TEKO Technical College, Switzerland
Peter Lee, GM SRA
Past Experience: MD, Mackay Memorial Hospital,
Internal Medicine and Infection Disease
Education:
China Medical University, Faculty of Medicine
John Monahan, COO SRI
Past Experience: Director of Radiology of
University Hospital
Education: MBA of Wagner College
Martin Scarpino, VP of Sales & Marketing, SRA
Past Experience: Managing Director of
Leica Microsystems Pte, Ltd,Singapore
Education:
Eidgenoessische Treuhand Kammer, Switzerland
Ed Pol, VP of Sales SRI
Past Experience:
VP of Technical Support Empower Inc.
Education: Bachelor in Electronic Technology degree,
Technical Institution
II. Core Technology
10
System Integration & Testing
Automation & Mechatronics Design
Digital Image Chains Optimization
Software Interface Design
Product Design & Clinical Application
11
Innovation and Commercialization of High-
End Imaging Equipment
12
RIS/HIS
•醫病資訊
•診斷排程
•資訊整合
eXpert
•人機介面
•自動定位
•安全預警
SwissVision
•成像處理
•影像診斷
•圖像應用
PACS
•影像儲存
•遠端診斷
•雲端應用
User-Friendly Interface with International
Standard
Information
Technology
User-friendly
Interface
Diagnosis &
Post-processing
Remote
Storage
Swissray
Cloud Workstation
C.F. Bushberg, et al. The Essential Physics of Medical Imaging, 2nd ed., p. 325.
60 kVp 120 kVp
Bone Soft tissues
DXA & Body Composition Analysis
DE Image Subtraction
13
Dual Energy Tomosynthesis
III. Product Development Strategy
14
Product Line
15
Surgical Products
Novadaq
Bone Health Products
Norland
X-ray Products
Swissray
Advantage of Digital X-ray System (DR)
• Low radiation dose
(Compare to CR, 70% lower )
• High efficiency, high throughput
• Reduced hospital costs
• More humane, easier to operate
• Capable to record the accumulative radiation dose
• Reduced operator error
• Instant
• High stability, low maintenance costs
• Instant cloud technology
• Space-efficient design
16
ddRElement
• Multi function design
• Manual control system with mechanical assistance
• For high volume of patients, fast examination
• Space-efficient design, easy to operate
• Suitable for:
General clinic, health examination center, orthopedic clinic, radiology department
17
Manual C-arm DR system
ddRFormula
• Customizable panel
• Automatic Positioning System
• Optimized for orthopedics and pediatric
imaging applications
• Space-efficient design, easy to operate
• Seamless single focus eXpert Stitching
• Suitable for:
General clinic, health examination center,
orthopedic clinic, pediatric clinic,
radiology department, emergency room
18
Fully automatic C-arm DR system
ddRVersa
• Fully automatic multi-detector system
• Seamless single focus eXpert
Stitching
• Customized to meet customer’s
requirements
• Four-way floating table-top
• Compatible with wireless Flat Panel
Detector
• Suitable for:
Health examination center,
radiology department, emergency
room
19
fully automatic ceiling suspension DR system
ddRCruze
• User-friendly design
• Wired/wireless communication
between Cruze unit and RIS
• Mobile digital X-ray system
• Exclusive dual-monitor design
• Wireless Flat Panel Detector
• Suitable for:
Various ICU, ward, radiology
department, emergency room
20
Mobile digital X-ray system
21
Bone Densitometry/ Body Composition
• Digital
• High accuracy
• Low Dosage
• The only point-to-point of
scanning technology in the market
• HiPrecise™ Automatic
positioning
DXA & Body Composition Analysis
Norland product-related research papers 2,331 articles in total
22
American Medical Association officially announced
that obesity is a disease
• According to National Center for Health Statistics
in 2010, obesity is an epidemic in the United
States. AMA has been officially classified this
condition as a disease.
• In the past, the measurement for obesity index
was BMI; however, it is not sufficient anymore. In
clinical practice, BMI is not considered an
accurate assessment.
• Norland is the only bone densitometer, approved
by FDA, utilizing hydrostatic weighing to assess
and distinguish the degree of obesity- Under-fat,
Healthy, Over-fat.
2013年
23
Fluorescence Imaging System (Distribution)
PINPOINT SPY
Novadaq :
America's fastest growing medical equipment company
Listed on the NASDAQ and Canada
In 2013, began to develop to the global markets
SPY/ PinPoint:
Provide accurate and immediate blood perfusion status; distinguish healthy and
diseased tissue; allow physicians to make correct surgery decision-making; reduce
incidence of complications
SPY: United States more than > 1,000 sets of installed base and usage
90% of the top 50 cancer centers in the United States has installed and practiced
the system
There are more than 100 research reports indicate that SPY can improve the clinical
incidence of surgical complication and reduce health-related hospitalization.
The significance of imaging systems to clinical treatment
24
Clinically Relevant Imaging
SPY ® Fluorescence Imaging Technology
Imaging agent administered IV; binds to blood
protein; circulates in vessels and
Agent fluoresces when exposed to laser light -
images are captured and displayed on devices
Improve the complication of the surgery. Before,
during, and/or after surgery, surgeon may
capture multiple images.
This technique does not require ionizing
radiation or isolation; it will not affect the
patient's kidney function.
25
One Technology, Multiple Surgical Applications
Head & Neck Surgery Complexity Hernia Cardiovascular Surgery
Lymphatic Related Surgery* Cholecystectomy
* Application not cleared by FDA yet
Endometriosis
26
Swissray acquired Novadaq Sole Distribution in 9 Countries
• Thailand
• Malaysia
• Singapore
• Indonesia
• Vietnam
• Myanmar
• Philippines
• Australia
• New Zealand
• (Japan in 2015)
27
PINPOINT
SPY
Developing technologies Innovation Existing products
digital
X-ray system
Automation
Bone densitometer
system
Low-dose baby X-ray system
Tomosynthesis
Asian mammography
Fluoroscopy
Dual-Energy
Dynamic imaging
Composition assessment
Dual-energy image subtraction
3D imaging
R&D center (MOEA program)
Swissray product development plans
28
Low dose
High resolution
Future Product Development and Core Technology
Warning!! The FDA issued a warning- infant receives overdosed radiation from X-ray system
Developing Low Dose Baby X-ray
29
30
New Product Development
Product Description Function Status Timeline FDA
Approved Target
DRive KitTM
(DR retrofit)
DR Retrofit for analog X-ray
system
FDA Application 2014 Yes 1.Current customer
2. Developing countries
Body composition analysis
system
Body composition lean/fat
assessment Prototype Testing 2014 No
1.Europe & U.S. Market
2. Developed countries in
Asia
Floor-mounted DR General radiography Prototype Testing 2015 Yes 1.Europe & U.S. Market
2. Developing countries in
Asia
Baby DR
Low dose mobile DR
optimized for pediatric
application
Prototype Design 2016 No 1.Europe & U.S. Market
2. Developed countries in
Asia
Mid/Long-term target
Product Description Market Need FDA Approved
Fluoroscopy Realtime dynamic imaging, for gastro-intestinal study and operating room Yes
Tomosynthesis Three dimensional image provide clear anatomical information Yes
(Mammography)
Dual-Energy imaging Dual-energy image subtraction, provide additional diagnostic information Yes
(Computed Tomography)
mammography Mammography suitable for dense breast tissue of Asian (low dose、dual
energy、phase contrast) No
Short-term target
* Funded by MOEA Program
IV. Competitive Advantage
31
Manufacture
Certification
Product
Certification
ISO13485
EC Certificate 國別 項目 主管機關許可字號
1.美國FDA
ddRCruze is a stationary x-ray system (510k) K131314
ddRFormula is a stationary x-ray system (510k) K052943
ddRElement is a stationary x-ray system (510k) K110828
ddRVersa Motion is a stationary x-ray system
(510k) K123005
2.歐洲CE ISO 13485 CE0124
EC Certificate- Full Quality Assurance System CE0124
3.台灣TFDA
ddRElement 衛署醫器輸字第023216號
ddRFormula & ddRFormula Plus 衛署醫器輸字第022924號
ddRVersa Motion, ddRVersa Motion AT
ddRVersa Motion SD 衛署醫器輸字第024996號
ddRCruze 衛署醫器輸字第026419號
4.大陸CFDA
ddRFormula 醫療器械註冊許可
(進)字2014第2301669號
ddRElement 醫療器械註冊案號
(進) 13-4999
Norland DXE (進)字2010第3303188號
5.俄羅斯FDA
ddRFormula NO3680-ΠP/08
ddRElement NO3208-ΠP/13
32
Global Certification and Quality Management
5
5
1
0 3
2
3
0 2 3 4 2 2 2 2
2 2 2
2 4
2
2 2 2 2 3
5
2
2
2
2
3
2 2 2
2
3
2 2
3
3
2
3 2
2
2
2
5 2 4 1
0 2 4 5 2 5
2 2
Over 2,500 Installed Bases
Recognized by renowned hospitals
in the United States and Europe
Key Accounts Customer Service Record
Received validation from industry
Swissray is a significant player in the growing digital radiography market
33
Strong Sales, Marketing, and Customer Service Network
Title
Romania
Medical Assistance
Program
South Africa
Chest Screening
Untied States
Tuberculosis Detection
Program
Unit World Bank South Africa
Government
Immigration & Health
Council
Description Install 62 digital X-ray
systems
Set up digital X-ray
system installed in a tour
bus to service
nationwide miners
At the border, installed
digital X-ray system to
provide entry quarantine
screening
Homeland Security
TB Detection Program
USA
World Bank
Project
Romania
Chest
Screening
South Africa
34
International Projects Performance
35
International Brand Awareness & Core Competitive Advantage
Global Market
Channel
Innovation
Strategic
Partners
Application
Global
Customer
Service
International
Brand
International
Management
team
United
States/Europe
Key Accounts
Emerging
Market
2014 ECR 2014 CMEF 2013 RSNA
Press Report
International Exhibitions
Trademark
Brand
ddRCruze
ddRElement
ddRVersa
ddRPortable
Customer
Service Award
Customer Value Enhancement,
Frost & Sullivan Best Practices
Award,2012
2012 RSNA
V. Marketing Strategy
36
Resource: Markets and Markets (2013); IEK (2013)
37
North America18.20%
Europe 17.60%
Japan16%China
9.60%Other Asia Countries 13.90%
Russia8.10%
Middle East & Africa7.00%
Australia5.10%
South America3.10%
Others1.40%
Resource: Frost & Sullivan (2013)
The market of global X-ray devices are mainly in North America, Europe, Japan, China and the Asian regions.
Digital X-ray devices will soon become the largest market driving force and replace the traditional ones.
Status and Trend of X-ray Imaging Equipment Market
2.35 2.45 2.54 2.64 2.74 2.85 2.97
1.36 1.43 1.5 1.58 1.67 1.76 1.86
0
0.5
1
1.5
2
2.5
3
3.5
2012 2013 2014 2015 2016 2017 2018
Market scale of the global X-ray imaging equipment
CR DR
Measurement: One billion U.S. dollar
38
Status and Development of Bone Densitometry Market
Resource: Global Industry Analysts Inc. (2013)
The sales average growth rate of bone density system is
7.1%. It is estimated that the market value will reach
897 million U.S. dollar in 2017. Asia-Pacific market
share will increase year by year.
39
Status and Development of Fluorescence Imaging Equipment Market
0
200
400
600
800
1,000
1,200
1,400
1,600
Annual growth rate > 40%
US installed base > 1,500
To
tal
Inst
all
ed B
ase
Q1-
2013
Q1-
2014
Q2-
2013
Q2-
2014
Q3-
2013
Q4-
2013
Combined with minimally invasive
surgical technology- Da Vini
robotic arm technology
Novadaq product leads the world- huge potential market
Annual inspection in the United States
is 29,600 times
Estimated inspection in a year > 2
million times
Made in Switzerland
Digital X-ray Products
Introduce Domestic
(foreign)
New Technology and
Products
Asia
(SRA)
Europe
(SRM)
United
States
(SRI)
Government Policies
Industry Alliance
Drive Key Components
Nurture Talent
R&D Center in Taiwan
Global Channel
Key Technologies
International Brand
40
Global Business Strategy & Channel Distribution
Through self-development, acquisition strategy, technical cooperation, OEM / ODM
diversified business model. Broaden product diversification to construct a comprehensive
medical imaging equipment to the global market
Ionizing Radiation
Swissray X-ray Norland DXA
Non-ionizing Radiation
Ultrasound MRI
Molecular Imaging
Novadaq (Fluorescence) PET
Future
Present
41
Future Product Development Strategy
Maximization
Main Component Name
Percentage of Cost
(Components/
System)
Flat Panel Detector 31.8%
HV Generator 20.5%
Stand & Motor 13.2%
X-Ray Tube 5.9%
42
Manual C-arm DR
Floor mounted DR
(developing)
Automatic C-arm DR
Automatic ceiling
suspension DR
Mobile DR
Bone densitometer
Main Components & Cost-effective Plan
Swissray global marketing channels
43
China
Taiwan
Australia
New Zealand
USA (9 Territories)
Brazil
Peru
Suriname
Costa Rica
Mexico
Switzerland
Germany
Romania
France
Austria
Netherlands
Belgium
1 4
3
5 2
7
9
8
6
Turkey
Iran
Qatar
UAE
Libya
Bahrain
Egypt
South Africa
EMEA
APAC America
Philippines
Vietnam
Indonesia
Thailand
Malaysia
Europe, Middle East, Africa Asia, Australia, China North America, South America
Global Business Strategy and Channel Distribution
44
Martin Scarpino, VP Sales & Marketing, APAC
- Managing Director, Leica Singapore
- Managing Director, Leica Sydney
- 15 years of S&M experience
- 10 years of F&A experience
Over 45 Installed Base in Asia
China Certification CFDA
Formula 13-3598 (2014.4.28)
Element 13-4999 (2014.8.25)
Norland DXE
Tokyo 2’50
Seoul 2’20 Beijing 3’00
Shanghai 1’30
Guangzhou 1’30
Hong Kong 1’40
Chengdo 3’00
Kuala Lumpur 4’35
Bangkok 3’45
Singapore 4’20
Jakarta 5’00
Manila 2’00
Ho Chi Minh City 3’20
Osaka 2’15
Sydney 8’50
Taiwan
APEC Sales Network & Platform Established in 2013
VI. Operation Overview and Future Outlook
45
151,816 118,353 108,748 93,722
343,902 357,414 343,377
265,696
1,611 38,972
25,516
495,718 475,767 453,736
423,906
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2011 2012 2013 2014 Jan-Sep
Digital X-ray System Consumable Parts & Customer Service Bone Densitometry System
Molecular Image System total
46
Product Revenue
in the Past Three Years and the First Half of the Year
Unit: NT $
Digital X-ray
System
$93,722,000
22.11%
Bone
Densitometry
System
38,972,000
9.19%
Molecular
Image System
25,516,000
6.02%
Consumable
Parts &
Customer
Service
$265,696,000
62.68%
Digital X-ray
System
108,748,000
23.97%
Bone
Densitometry
System
1,611,000
0.35%
Consumable
Parts &
Customer
Service
$343,377,000
75.68%
47
Main Product and Sales Ratio
Revenue
2014 Jan-Sep: $423,906,000 in total 2013: $453,736,000 in total
United
States
$356,757,0
00
78.63%
Europe
$48,915,00
0
10.78%
Others
$48,064,00
0 10.59%
United States
$292,384,000
69.92%
Europe
$35,913,000
8.47%
Others
$91,609,000
21.61%
2014 Jan-Sep: $423,906,000 in total 2013: $453,736,000 in total
48
Main Product and Sales Ratio
Market
49
Analysis of Past and Future Growth of Total Revenue
單位:新台幣千元
495,718 475,767 453,736
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2011 2012 2013 2014 2015 2016 2017 2018
Acquisition Stage
423,906 (Jan.- Sept.)
Product Development Stage
Market Expansion Stage
Growth Stage
Operating income
Note: Pro forma consolidated financial statements. Figures are prepared by CPA according financial records of year 2011-2013.
致力於整合創新科技, 透過國際品牌與全球通路,將醫療技術商品化
Mission
• Design new product technology • Transform Taiwan industry • Inherit Swiss quality • Create Taiwan brand
4
Vision
• Integrate Taiwan medical equipment industry • Innovate international specifications • Channel through international brand • Access to global market
50
Vision & Mission
Global Distribution Channel
Company Value
Social Responsibility
Corporate Governance
Elevate product competitiveness Secure revenue globalization
Continued with team build Stable profit target
Care for people’s health Improve on medical quality
Sustain growth and create shareholder maximize value
Thank you for your time.
51