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VITROLIFE AB (PUBL) PARETO SECURITIES 2018-02-08
Thomas Axelsson, CEO Mikael Engblom, CFO
LEADING COMPANY IN MEDICAL DEVICES FOR ASSISTED REPRODUCTION
* Rolling 12 months 2
• Sales 1 046 MSEK*
• 97% on export
• Listed on NASDAQ Stockholm Mid Cap
• Approx 370 employees
• Founded in 1994
• A Swedish company
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10–15 % OF ALL COUPLES IN FERTILE AGE SUFFER FROM INFERTILITY
AN INCREASING TREND OF DELAYING FIRST BIRTH
4
22
24
26
28
30
32
1980 1990 2000 2012
Age
Source: UNECE Statistical Database. Data collected from Eurostat and UNICEF TransMONEE official sources
Switzerland
Portugal
United Kingdom
Denmark
United States
Hormone stimulation to increase the number of retrievable eggs
HORMONE TREATMENT
THE IVF-PROCESS – VITROLIFE PRODUCTS
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STRONG TIME-LAPSE OFFER FOCUSED ON CLINICAL BENEFITS AND WORKFLOW EFFICIENCY
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Primo Vision EVO+ EmbryoScope EmbryoScope+
LARGE REGIONAL DIFFERENCES ON NUMBER OF IVF CHILDREN BORN
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IVF INFANTS PER NATIONAL BIRTH %
Source (2010): http://www.ncbi.nlm.nih.gov/pubmed/24304902, http://www.eshre.eu, Vitrolife research
GLOBAL DISPOSABLES* MARKET ESTIMATED TO SEK 4 BILLION
~ 50 000 SEK END USER PRICE GLOBAL AVERAGE
30-40% SUCCESS RATE
~ 2 000 SEK VALUE PER CYCLE DISPOSABLES*
1.9 MILLION PER YEAR OOCYTE COLLECTION
5-10% PER YEAR GROWTH RATE IN MONETARY TERMS
* Medical device disposables (excluding hormones, equipment and diagnostics)
2.5 MILLION PER YEAR EMBRYO TRANSFERS
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500-1 000 SEK VALUE PER CYCLE TIME-LAPSE
More cycles from one oocyte pick-up
Time-lapse is increasing
Pre-implantation genetic testing is increasing
Cryo-preservation is increasing
Growing middle class
Parents’ mean age is increasing
Social acceptance to do IVF
Patients more involved as decision-makers
Consolidation of IVF clinics
Increased demand for easy-to-use products and workflow efficiency
Mid-single digit growth in oocyte pick-up cycles
Higher revenue growth due to up-selling
Increased regulatory demands (higher barriers to enter)
Cooper continue to acquire med-tech companies and PGT service providers
Merck continue with Fertility Partnership but less active
MARKET TRENDS
PATIENTS IVF CLINICS TREATMENT COMPETITION
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SUMMARY Q4 AND 2017 FY
Q4: Sales of 271 MSEK (251) equals +8% in SEK Sales growth +11% in local currency EBITDA of 103 MSEK (38% margin) 2017 whole year: Sales of 1 046 MSEK (856) equals +22% in SEK Sales growth +22% in local currency EBITDA of 408 MSEK (39% margin) Continued succesful launch of EmbryoScope+ Launch of RapidVit™ Omni vitrification system After closing day: Acquisition of licensing rights to Embryo Transfer Catheter Market approval for EmbryoScope in China
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ACQUISITION OF GLOBAL EXCLUSIVE LICENSING RIGHTS IN THE IVF FIELD TO TECHNOLOGY FOR EMBRYO TRANSFER
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Global Embryo Transfer Catheter market is estimated to 3 million catheters at a value of 500 MSEK
Vitrolife intends to market a unique ETC to enable easier and more standardized transfers with potential for improved clinical results
Approved by FDA and CE certificate Development project initiated Acquisition broadens product portfolio Initial purchase price of 5 MUSD and
potential for sales milestones and royalties Accretive to EBITDA/share from 2021
SALES AND GROWTH PER BUSINESS UNIT
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+6%
-1%
+43% TIME-LAPSE
DISPOSABLE DEVICES
MEDIA
ART EQUIPMENT
Quarterly growth Local currency
-15% SEK millions Rolling 12m
SALES AND GROWTH PER MARKET REGION
Total 11%*
Q4 GROWTH RATE COMPARED TO LAST YEAR IN LOCAL CURRENCY
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14% 43%
43%
SHARE OF VITROLIFE’S SALES ROLLING 12-MONTHS
+6% +13% +12%
* Whereof organic growth 11 percent
KEY FINANCIALS GROUP Q4
2017 Q4
2016 Q4
2017 FY
2016 FY
Sales, MSEK 271 251 1 046 856
Gross Margin % 64% 67% 65% 66%
Adj. Gross Margin %* 68% 71% 69% 69%
EBITDA, MSEK 103 96 408 303
EBITDA Margin % 38% 38% 39% 35%
Earnings per share, SEK 3.15 2.74 12.14 8.77
Net Debt / EBITDA rolling 12m
-1.0 -0.5 -1.0 -0.5
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• Fluctuations in exchange rates negatively impacted EBITDA by SEK 5 million. • After closing day: Board proposes a dividend of SEK 3.70 (2.60) per share.
* Gross margin excluding amortisation of acquisition-related intangible assets
OUTLOOK
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Long-term market growth 5-10% in monetary terms
Expansion of sales Broadening the product offering
Contact: Thomas Axelsson, CEO, [email protected], +46 31 721 80 01 Mikael Engblom, CFO, [email protected], +46 31 721 80 14
