medtech and healthcare services - stratecir.stratec.com/stratec/pdf/pdf_id/422441.pdf · medtech...

13th Annual European

Medtech and Healthcare Services

Conference

Goldman Sachs

London, September 8th, 2016

Overview & Business Model Financials The IVD Market Future Growth

2

STRATEC AT A GLANCE

Market leader in automation solutions for

the diagnostics industry and translational

research

~ 950 employees worldwide

More than 13,000 systems installed globally (e.g. DiaSorin’s LIAISON XL | Hologic/Gen-Probe’s PANTHER |

Siemens’ ADVIA Centaur | bioMérieux’s new VIDAS)

Revenue € 146.9 million in 2015 (CAGR revenues since IPO: ~18%)

Revenue growth forecasted

to € 175 - € 182 million in 2016

Dividend payments raised over 12

consecutive years

www.stratec.com 13th Annual European Medtech and

Healthcare Services Conference


3

UNIQUE MARKET POSITION

STRATEC IN THE IVD VALUE CHAIN

Diagnostic Companies

Blood Banks, Laboratories

Patients

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




4

STRATEC provides instrumentation, consumables, software and automation solutions

– OEM development and manufacturing

– More than 2,300 fully automated analyzer systems manufactured in 2015

– 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

BUSINESS MODEL



“Simoa HD-1” for Quanterix Consumable for “Simoa HD-1”


5

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

SECURING RETURN ON INVESTMENT



“LIAISON XL” for DiaSorin

“PANTHER” for Hologic


6

EXPANDING THE LAB AUTOMATION VALUE CHAIN

13th Annual European Medtech and


Analyzer

System

Smart

Consumables sample prep

chemistry Software Reagents Consumables Market

access

Diagnostic companies

• Specialized in development and design of polymer consumables / injection molding

• OEM supplier of smart consumables for diagnostics, life sciences and medical technology applications

www.stratec.com


7

DIATRON – EXPANDING THE VALUE CHAIN



Hematology

• Leading global OEM developer

and manufacturer of hematology and clinical chemistry analyzers and related consumables for use in both human and veterinary medicine

• Specialized in the fragmented

markets of decentralized diagnostics

• Revenues of ~€ 34 million in 2015

Laboratory Blood bank

Immunoassay

• LIAISON® XL

(DiaSorin)

• ADVIA Centaur® CP

(Siemens)

• Evolis (Bio-Rad)

• Liaison XS* (DiaSorin)

• …

Immunohematology

• GalileoNEO (Immucor)

• TANGO™ Infinity (Bio-Rad)

• MosaiQ* (Quotient)

• …

Molecular

• Panther™ (Hologic)

• Fusion* (Hologic)

• Simoa (Quanterix)

• Invigenius (platform)

• Pure (platform)

• …

Serology

• MosaiQ* (Quotient)

• High throughput multiplexing instrument*

• …

*under development

www.stratec.com


80%

5% 15%

Reagents / Chemistry

Instrument Services

Instrumentation

8

IVD MARKET SEGMENTS / IVD Market: ~ 50 billion USD in 2015

High Throughput

Low Throughput

Total instrumentation

~ 7.5 billion USD

Market by product type

Number of systems



CAGR 2013 - 2018:

IVD Market: 4%

Molecular Diagnostic: 8% Immunodiagnostics: 4%

Hematology: 2 % Blood bank: 6 %

Source: The worldwide market for In Vitro Diagnostic Tests, 9th Edition.

Market by sector

STRATEC‘s main technologies Other segments of IVD *without blood glucose test devices


9

A SELECTION OF STRATEC CUSTOMERS

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



GLOBAL TOP 20 IVD COMPANIES Revenues 2014 (USD billion)

1. Roche Diagnostics 8.9

2. Danaher 5.0

3. SIEMENS 4.8

4. Abbott Diagnostics 4.7

5. Thermo Fisher 3.3

6. Alere 2.3

7. Ortho Clinical Diagnostics 1.9

8. Sysmex 1.9

9. bioMerieux 1.7

10. BIO-RAD 1.4

11. BECTON DICKINSON 1.3

12. Hologic / Gen-Probe 1.2

13. CH Werfen 1.0

14. Grifols (incl. Novartis diagnostics business unit) 0.8

15. QIAGEN 0.7

16. Diagnostica Stago 0.6

17. DiaSorin 0.6

18. Agilent / Dako 0.6

19. EUROIMMUN ~0.4

20. Immucor ~0.4

… AND OTHER

GAME-CHANGING COMPANIES

Overview & Business Model Financials Future Growth The IVD Market

10

SALES


Healthcare Services Conference www.stratec.com

6-Months Sales compared to Annual Sales

€ m

illio

n

55.0 60.1 69.1 70.0 78.0

122.4

0

20

40

60

80

100

120

140

160

2012 2013 2014 2015 2016

6-Months Sales as of 06/30

Annual Sales as of 12/31

6M/2016 Sales

• +11.5% to € 78.0 Mio.

• Diatron: €10.5 Mio. in Q2

Q2/2016 Sales organically

• +2.6% to € 36.3 Mio.

(Q2/2015: € 35.5 Mio.)

128.0 144.9 146.9


11

EBIT & EBIT MARGIN



As of June 30

EBIT margin picking up:

• Reinstating economies of scale in Q2

• Q2/2016 (organic): 17.5% +16 bps

(Q2/2015:17.3%)

• 6M/2016: 16.2% / - 95 bps

(6M/2015: 17.1%)

6M EBIT 6M EBIT margin

EBIT in € million EBIT margin in %

9.4 8.4

11.2 12.0

6%

8%

10%

12%

14%

16%

18%

20%

0

2

4

6

8

10

12

14

2012 2013 2014 2015 2016

1 figures exclude non-recurring special effects

12.6 1


12

EARNINGS AFTER SIX MONTHS



Earnings per share as of June 30

0.63 0.56

0.82 0.83

0,00

0,10

0,20

0,30

0,40

0,50

0,60

0,70

0,80

0,90

1,00

2012 2013 2014 2015 2016

€

EPS

• Adjusted EPS at € 0.87

(6M/2015: € 0.83)

• Adjusted 6M tax rate at 15.9%

(6M/2015: 19.2%)

• Dividend pay out per share at € 0.75

(previous year: € 0.70)

0.87 1

1 figures exclude non-recurring special effects


13

FOCUS IN 2016



Business Development

Revenue Growth Profitability and Cash Flow

• Product launches and

ramp-ups

• Development projects

• Revenues from new

business

• Successful Integration of

Diatron and STRATEC

Cosumables

• M&A Opportunities

• Further extend

development and

manufacturing capacities

• Sign new projects

• Diatron and STRATEC

Consumables: Integration

cost, investments and

synergy effects

• Efficiency improvements

• Continue to build up

consumable business

• Reduction of working

capital


14

FINANCIAL GUIDANCE



Organic growth (excluding Diatron and STRATEC Consumables acquisitions):

CAGR ~6 % for 2016 and 2017

FY 2016 FY 2017

Revenues 175 - 182

€ million

205 - 220

€ million

EBIT-Margin 16.0 % - 17.5 % Slight growth

compared to 2016

THANK YOU

FOR YOUR ATTENTION!

STRATEC Biomedical AG Gewerbestr. 37

75217 Birkenfeld

Germany

Tel: +49 7082 7916-0

Fax: +49 7082 7916-999

www.stratec.com

[email protected]

TICKER Symbol: SBS.DE

Bloomberg: SBS:GR

Reuters: SBSG.DE

ISIN: DE000STRA555

WKN: STRA55

CONTACT

15 www.stratec.com 13th Annual European Medtech and


SAFE HARBOR STATEMENT Forward-looking statements involve risks.

This company presentation contains various statements concerning the future performance of STRATEC.

These statements are based on both assumptions and estimates. Although we are convinced that these

forward-looking statements are realistic, we can provide no guarantee of this.

This is because our assumptions involve risks and uncertainties which could result in a substantial

divergence between actual results and those expected.

It is not planned to update these forward-looking statements.

medtech and healthcare services - stratecir.stratec.com/stratec/pdf/pdf_id/422441.pdf · medtech...

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