2014 straumann 9-month and third-quarter · pdf file2014 straumann 9-month and third-quarter...
TRANSCRIPT
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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
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After successful restructuring, Straumann is entering a new phase with cultural change and further adaptation to new market realities
A new phase in Straumann’s development
■ Dr Sandro Matter, EVP Instradent Management & Strategic Alliances, leaves Straumann after 12 years in various leadership roles
■ CFO Thomas Dressendörfer is leaving in June 2015 having had a key role in resizing and restoring profitability
■ Dr Peter Hackel, former CFO of Oerlikon Drive Systems, rejoins Straumann as new CFO
Further expansion
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9M REVENUE GROWTH REGIONS KEY DRIVERS
+5% Growth in all regions Roxolid SLActive
9M: +5% (organic1) +3% (CHF)Q3: +7% (organic) +6% (CHF)
Double-digit growth in APAC throughout and in N. America in Q3; Europe solid. Best performers: US, China and Japan
Customers convert from titaniumimplants to Roxolid SLActive, drivingvolumes and revenues
FULL SOLUTIONS PENETRATING VALUE OUTLOOK
Portfolio expands Instradent advances Guidance lifted
New prosthetics range, new-generation tapered implant, full regenerative range; innovation leadership
Subsidiary in Italy plans to launch Neodent and Medentika in 2015
Full-year guidance raised to mid-single-digit revenue growth in l.c., with operating profit margin >20%
1 The term ‘organic’ used throughout these documents means ‘excluding the effects of currency fluctuations and M&A.
* Straumann, Nobel Biocare, Zimmer Dental, Biomet 3i, Dentsply Implants - based on company and SEC reports as well as management comments.
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Pace quickens
1Straumann, Nobel Biocare, Zimmer Dental, Biomet 3i, Dentsply Implants, based on company and SEC reports, as well as management comments. 7
-15%
-10%
-5%
0%
5%
10%
Market for tooth replacement & restoration (leading implant companies)Straumann l.c. growth
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7.3%1.7% 13.8% 13.1%
Change in l.c.
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All regions contribute to growth
(2.8%)
5.4% in l.c.
In CHF million, rounded
2.6% in CHF
2013 2014
510.0
(13.4)
496.6
4.7
9.5
9.53.1
523.4
Revenue 9M2013
FX Effect Revenue 9M2013 @ FX
2014
Europe North America APAC ROW Revenue 9M2014
Strong performance in N. America; Europe solid
56%
Europe returns to growth; solid Q3 (+3%) despite challenging market environment
Scandinavia and the UK continue to post good results
Germany posts growth; Swiss market declines
2.7%
(1.5%)
4.1%
(1.4%)(3.4%)
0.2%
Q3 2014Q2 2014Q1 2014Q4 2013Q3 2013Q2 2013
Euro
peN
orth
Am
eric
a Double-digit growth returns in Q3, driven by strong demand for implants
Market share gains
Roxolid and SLActive help to win competitor accounts and increase share-of-wallet with existing customers
Revenue change (organic)
27%
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11.4%
5.4% 5.2%
11.0% 9.1% 10.6%
Q3 2014Q2 2014Q1 2014Q4 2013Q3 2013Q2 2013
53%
Boost from emerging markets and Japan
56%
Dynamic growth driven by China and Japan
General market recovery continues in Japan
Bone level SLActive launched in Japan in Q3
17.0%15.3%
8.3%
16.3%
7.9%
0.9%
Q3 2014Q2 2014Q1 2014Q4 2013Q3 2013Q2 2013
Asi
aPa
cific
Res
t ofW
orld
3.0%9.0%
28.6%
1.8%
35.1%
4.1%
Q3 2014Q2 2014Q1 2014Q4 2013Q3 2013Q2 2013
Modest Q3 reflects high baseline due to exceptional distributor ordersin prior year
Good performances in Brazil and Mexico
Neodent posts low double-digit growth in first nine months
15%
5%
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Revenue change (organic)
Implants
Strong demand for implants and regenerative products offsets softness in prosthetics
Restorative Regeneratives
1111
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■ Full regenerative portfolio launched
■ Controlled release of Bone Level Tapered Implant
■ Reduced-diameter (3.3mm) PURE ceramic implant launched
Key events used to launch new products and solutions
EAO: 3500 participants
Bone&TissueDays: 800 participants
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1 US only
Straumann: a full solution provider with a comprehensive regenerative range
Straumann botiss GeistlichBone allografts 1 Bone xenografts Synthetic bone grafts Bone blocks Custom bone blocks Bone rings Collagen cones Fleeces & sponges Membranes 1 Soft-tissue grafts ()Emdogain
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Two new products sold under licence to fill portfolio gaps
Straumann® Membrane Plus™
■ Collagen membrane with convenient handlingand predictable resorption over 6 months
■ Ideal for larger defects requiring longer healing
Straumann® XenoGraft
■ Excellent biocompatibility; optimal calcium-phosphate balance; characteristics comparable to human bone
■ Low crystallinity offers favorable surface for new bone; high porosity supports osteoconduction
■ Gradual resorption - extended volume maintenance
New membrane and xenograft in North America
55‐60%
40‐45%
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New-generation Straumann BLT implant addresses a significant portion of the market
1 Source: iData Research 2013/14 and Millennium Research Group 2013/14.
2012 2013 2014 2015 2016 2017 2018 2019 2020
APAC LATAM NA EU
■ Tapered designs increasingly popular■ Controlled market release started in Europe, N. America & Australia; roll-out in
2015 except in parts of Asia & LATAM, where regulatory clearances are pending ■ Combined solution with new angled-abutments and prosthetics
Parallel‐walledTapered
Global implant market by implant design (in units)1
Anticipated growth of the tapered implant segment until 2020 by region
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Straumann® Pro Arch™ addresses market needs for immediate fixed edentulous solutions
Protocol developed by Dr. P. Malo in mid 90s
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■ Createch high-end CADCAM bars and prosthetics are now included in Straumann solutions
Createch prosthetics available to Straumann customers in Europe
Botiss and Createch – partners in Straumann’s common platform for technology & production
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Broad spectrum of regeneratives to complement implant therapy
High-precision prosthetics to complement CADCAM-based restorations
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■ ClearChoice Clinical Advisory Board chooses Straumann’s broad range of proven products and cutting-edge technologies
■ Unique Roxolid® SLActive® BLT implant and new prosthetics range important in decision
■ ClearChoice affiliated doctors will also have access to other attractive and effective implant solutions through Straumann’sInstradent platform
■ ClearChoice performs more implant procedures than any other facility or network in the United States
■ Straumann and Instradent ramp up capacity to begin supply in 2015
Straumann to supply ClearChoice
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■ Designed for metal-free treatments in narrow spaces (e.g. esthetic zone at front of mouth)
■ Complements 4.1mm PURE ceramic implant launched in Q1
■ Innovative manufacturing process; 100% tested in 360°strength test, setting benchmark in reliability
■ 97.6% clinical success & survival rates reported with 4.1mm version1
Small-diameter PURE ceramic implant
1 Gahlert M et al, EAO 2013, Poster 252, Clin. Oral Impl. Res. 24 (Suppl. s9), 2013, p. 123
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■ Instradent/Neodent operations combined in Iberia■ Instradent subsidiary established in Italy
■ Planned launch of Neodent and Medentika brands early 2015■ Italy = world’s 4th largest market for dental implants (by volume)
■ Instradent USA (formerly Neodent USA) established with a view to including Medentika prosthetics in range early in 2015
Instradent distribution platform expands
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■ Straumann expects the global implant market to develop positively in 2014.
■ The Group will continue to invest in growth markets and its non-premium offering.
■ Based on its year-to-date performance, it expects full-year revenue to grow in the mid-single-digit range (l.c.).
■ Despite investments, and thanks to its ongoing cost controls, Straumann expects to deliver its operating-profit-margin target of more than 20% already in 2014.
Outlook 2014Barring unforeseen circumstances
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Calendar of upcoming events
201423 October Third‐quarter results Webcast
20 November Credit Suisse Swiss Midcap conference Zurich
03 December Berenberg European conference Bagshot/London
04 December Investor meetings London
2015 27 February Full‐year 2014 results Basel HQ
10 April Annual General Meeting Congress Center Basel
2929 Results publication and corporate events. More information on straumann.com → Events
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Straumann’s currency exposure
Cost breakdown 20131
Revenue breakdown 2013
1 These distribution charts represent the total net revenues and the total COGS as well as OPEX expenses in the various currencies. All numbers are rounded and based on 2013 figures.
Average exchange rates (rounded) FX sensitivity (+/- 10%) on...
FY 2013 YTD 2014 Revenue EBIT
EURCHF 1.23 1.22 +/- 25 million +/- 15 million
USDCHF 0.93 0.91 +/- 17 million +/- 7 million
JPYCHF 0.95 0.88 +/- 4 million +/- 2 million
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EUR 40%
CHF 12%
USD / CAD / AUD 28%
Other 20%
EUR 21%
CHF 45%
USD / CAD /
AUD 22%
Other 12%
70
80
90
100
110
120
2013 2014
Development of Straumann’s main exchange rates since 2013
USDCHF EURCHF JPYCHF BRLCHF
Your contacts
Fabian HildbrandCorporate Investor RelationsTel. +41 (0)61 965 13 27Email [email protected]
Mark Hill Thomas KonradCorporate CommunicationsTel. +41 (0)61 965 13 21 Tel. +41 (0)61 965 15 46Email [email protected] Email [email protected]
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