STRATEC Biomedical AGir.stratec.com/stratec/pdf/pdf_id/421769.pdf · STRATEC Biomedical AG 11th...

STRATEC Biomedical AG11th Annual European Medtech & Healthcare Services Conference

Goldman SachsLondon, September 4, 2014

Goldman Sachs – 11th Annual European Medtech & Healthcare Services Conference – London, September 4, 2014 1

Investment Snapshot

• Market leader in automation solutions in the diagnostic industry with installed base of more than 10,000 systems across over 20 system families including:

- Siemens’ ADVIA Centaur - DiaSorin’s LIAISON XL- Hologic/Gen-Probe’s PANTHER - bioMérieux’s new VIDAS

• CAGR revenues since 2010: 8%

• Guidance revenue growth 2014 to 2017: 8% - 12%

• Profitable with revenue of € 128 million in 2013

• Dividend payments raised over 10 consecutive years

“LIAISON XL” for DiaSorin

Goldman Sachs – 11th Annual European Medtech & Healthcare Services Conference – London, September 4, 2014

STRATEC in the IVD Value Chain

DiagnosticCompanies

Blood Banks,Laboratories

Patients

Unique Market Position

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

2


Securing Return on Investment

• 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

“Simoa HD-1 Analyzer” for Quanterix


80%

5%

15%

Reagents / Chemistry Instrument ServicesInstrumentation

4

IVD Market Segments

IVD Market: ~ 50 billion USD

High Throughput(number of systems)

Low Throughput (number of systems)

Total instrumentation~ 7.5 billion USD


IVD Instrumentation Market

Source: Various sources. Excludes glucose test monitors.

25% 27% 29% 30% 32% 34% 36%

75% 73%71%

70%68%

66%64%

-

1

2

3

4

5

6

7

8

9

2009 2010 2011 2012 2013E 2014E 2015E

IVD OEM Market IVD In House Market

2009 - 2015 CAGR 3%

2009 - 2015 CAGR 13%

USD

bill

ion

Outsourced vs In House Instrumentation Market


Global Top 20 - IVD Companies

Source: IVD News / figures adjusted by acquisitions in 2012 / non-public companies estimated / non-reported sector revenues estimated

Customer STRATEC Data Management Customer STRATEC Instrumentation Not a STRATEC customer

Revenues 2013 (USD billion)

1. Roche Diagnostics 8.42. SIEMENS 5.23. Abbott Diagnostics 4.54. Danaher 4.55. Thermo Fisher 3.26. Alere 2.47. Ortho Clinical Diagnostics (now Carlyte in 2014) 1.98. Sysmex 1.89. bioMerieux 1.7

10. BIO-RAD 1.411. BECTON DICKINSON 1.312. Hologic / Gen-Probe 1.213. CH Werfen 0.914. Grifols (incl. Novartis diagnostics business unit) 0.715. Agilent / Dako 0.716. QIAGEN 0.717. DiaSorin 0.618. Diagnostica Stago 0.519. EUROIMMUN 0.420. Immucor 0.3


Sales

6-Months Sales compared to Annual Sales

€m

illio

n

36.5 43.1 48.5 58.2 60.1 69.1

79.6

102.0

116.6 122.4

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014

6-Months Sales as of 06/30

Annual Sales as of 12/31

• Strongest first six monthsin company’s history

• Growth expected to continue in second half of 2014

• Solid revenuedevelopment of serviceparts

128.0


Installed Base & Product Groups

Replacement parts / disposables

Analyzer systems

Development, service and consulting

As of December 31

Installed base (based on a 5 year average life cycle)

Number of analyzer systems delivered

Delivered systems & installed base Relative share by product group

As of December 31

0%10%20%30%40%50%60%70%80%90%

100%

2007 2008 2009 2010 2011 2012 20130

2.000

4.000

6.000

8.000

10.000

12.000

14.000

2007 2008 2009 2010 2011 2012 2013


Earnings after six months 2014

0,600,63

0,56

0,82

0,000,100,200,300,400,500,600,700,800,90

2011 2012 2013 2014

Earnings per share as of June 30

€

9.19.4

8.3

11.2

7.0 7.4 6.5

9.6

0123456789

101112

2011 2012 2013 2014

€m

illio

n

EBIT & Net Income as of June 30

EBIT Consolidated net income

• EBIT at € 11.2 million margin drivers• Net income at € 9.6 million

• Higher earnings due to margin improvement and improved tax rate


Growth in 2014 and beyond

10

• Revenue Growth:– Hitting development milestones– New product launches and ramp-ups

• Business Development:– Extend innovation leadership – Evaluate further niches and external opportunities– Extension of development and manufacturing capacities

• Profitability and Cash flow:– Reduction in manufacturing costs– Further reduction of working capital requirements– Manage development growth

• Market growth:– New tests and technologies– Demographic development– Outsourcing in the IVD industry


Contact

STRATEC Biomedical AGGewerbestr. 3775217 BirkenfeldGermanyTel: +49 7082 7916-0Fax: +49 7082 7916-999www.stratec.com

Marcus WolfingerCEO, Chairman of the Board of [email protected]

Admitted into Deutsche Börse TecDAX® since November 2010

TICKERSymbol: SBS.DEBloomberg: SBS:GRReuters: SBSG.DEISIN: DE0007289001WKN: 728 900

THANK YOU!

PLEASE NOTEThe accounting methods used in the consolidated financial statements of the Annual Report 2013 were amended in line with IAS 8 for the 2013 financial year. The comparative figures for the previous year (2012) have been adjusted mandatorily. Reference is made in this respect to the information in Section A of the notes to the consolidated financial statements. The previous year’s figures in this presentation (until 2011) have not been adjusted and are therefore not directly comparable with the figures stated for the 2012 and 2013 financial years.


Appendix


Business Model

• STRATEC provides instrumentation, software and automation solutions– OEM development and manufacturing– More than 2,700 fully automated analyzer systems manufactured in 2013– 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

“PANTHER” for Hologic Gen-Probe


STRATEC Group


Conversion Accounting Methods

Change in treatment of development cooperations:

• Recommendations by German Financial Reporting Enforcement Panel (DPR)

• Distinction between development cooperations and proprietary development projects

• Completed during 2013

• Balance sheet:

Inventory Other intangible assets

Contraction of other liabilities through inclusion of milestone payments

Clustering: IAS11 and IAS38

• P&L:

Changes to Amortization Scheme (chronological to quantitative)


Conversion Accounting Methods

Key figures including and excluding amendment items:

Consolidated income statement (€ 000s)2013

incl. amendment items

2013excl.

amendment items

2012incl.

amendment items

2012excl.

amendment items

Sales 127,950 129,639 122,667 122,424

EBIT 19,493 20,063 15,578 17,441

Consolidated net income 15,478 15,905 12,449 13,846

Earnings per share (€) 1.32 1.35 1.06 1.18

EBIT margin (%) 15.2 15.5 12.7 14.3


Shareholder Structure & Share

ShareIPO Aug. 1998Capital increase < 10%, Mar. 2002

< 10%, Sep. 2005 Number of shares 11,791,345Share price (08/07/2014) € 41.09Market capitalization € 484.5 million

Family of Hermann Leistner& their investment company

Treasury stock

Retail investors

Institutional investors

Shareholder Structure(as of: 12/31/2013)

42.0%

25.2%

32.7%

0.1%


Institutional Shareholders

Top 15 as of July 2014Holder Name HoldingAllianz Global Investors Europe, GER 7.1 %

Threadneedle Asset Management, GBR 4.9 %

Montanaro Asset Management, GBR 4.8 %

OppenheimerFunds, USA 3.0 %

Financiere de l‘Echiquier, FRA 2.9 %

BNP Paribas Investment Partners Belgium, FRA 2.2 %

ING Investment Management Advisors, NED 1.7 %

Skandinaviska Enskilda Banken, DEN 1.5 %

Norges Bank Investment Management, NOR 1.5 %

JPMorgan Asset Management, GBR 1.2 %

Comgest, FRA 0.8 %

Henderson Global Investors, GBR 0.8 %

Credit Suisse, SUI 0.7 %

Lupus alpha Asset Management, GER 0.5 %

Fisher Funds Management, NZL 0.4 %


Analyst Coverage

Berenberg BankDr. Scott BardoPhone: +44 203 207 7869

Crédit Agricole CheuvreuxOliver ReinbergPhone : +49 69 47897526

DZ BankSven KürtenPhone : +49 69 744792072

Landesbank Baden-WürttembergVolker StollPhone : +49 711 12770568

Bryan, Garnier & CoMathieu ChabertPhone: +33 170 365745

CommerzbankDaniel WendorffPhone: +49 69 13629648

Deutsche BankGunnar RomerPhone : +49 69 910 31917

HSBC Trinkaus & BurkhardtJan KeppelerPhone : +49 211 9102446


Financial Calendar 2014

09/04/2014 11th Annual Goldman Sachs European Medtechand Healthcare Services Conference, London, UK

09/22-24/2014 German Corporate Conference, Berenberg Bank and Goldman Sachs, Munich, GER10/22/2014 Publication of interim report as of 09/30/201411/12/2014 HSBC Heathcare Day 2014, Frankfurt, GER11/19-20/2014 Jefferies 2014 Global Healthcare Conference, London, UK11/24-26/2014 German Equity Forum, Frankfurt, GER

Subject to confirmation and amendments

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