Vitrolife Ab · OMXSTO:VITR
Vitrolife Ab — Shareholder Meeting (April 2010)
28 slides from Vitrolife Ab's shareholder meeting presentation, Apr 26, 2010
Slide 1: Vitrolife Annual General Meeting
Vitrolife Solutions for life-critical situations Annual General Meeting Magnus Nilsson, April 26, 2010 President & CEO
Slide 2: Our Vision
Our Vision Vitrolife strives to be leading in clinical medium and advanced disposables for fertility, cell and tissue therapy. 2
Slide 3: Vitrolife – Summary 2009 in figures
Vitrolife – Summary 2009 in figures • Sales 275 SEKm, +22% • Gross margin 70% • EBIT 30 SEKm, +12% • Cash flow from op act 42 SEKm • Equity/asset ratio 87% • Earnings per share 1.75 SEK • Proposed dividend 0.50 SEK/share 3
Slide 4: Vitrolife – Share price increased by 52%
Vitrolife – Share price increased by 52% ’000 Shares Vitrolife OMXSPI OMX Biotech Number of shares traded Source: SIX/Hallvarsson & Halvarsson 3
Slide 5: Vitrolife – Shareholders
Vitrolife – Shareholders Shareholders No of Shares Shares and votes, % Bure Equity AB 5 578 245 28.5 Lannebo Micro Cap 1 767 000 9.0 Eccenovo AB 975 000 5.0 Länsförsäkringar 770 341 3.9 fondförvaltning AB Awake Swedish Equity 471 082 2.4 Fund UBS AG LND IPB 454 545 2.3 Segregated Client SEB Läkemede
Slide 6: Vitrolife's platform for growth
Vitrolifes platform for growth Maturity Fertility Transplantation Stem cells Time 6
Slide 7: Main strategies
Main strategies • Build a complete product portfolio of premium products for IVF treatments • World leading and cost effective GMP production and quality control • World wide market and customer support organisation on all (15) key markets covering 80% of all treatments 7
Slide 8: An overall perspective of Fertility
An overall perspective of Fertility Approx 30 products included in a full treatment Treatment cost per cycle ~35,000 SEK, of which 1,700- 3,000 SEK advanced disposables 8
Slide 9: Fertility
Fertility A complete range of premium products 9
Slide 10: Fertility: World leading GMP production and quality control
Fertility World leading GMP production and Quality control Automated filling machine Quality control lab 10
Slide 11: Fertility: On route to reach the global market
Fertility On route to reach the global market Sweden China France United Kingdom Japan USA Australia Italy 11
Slide 12: Vitrolife regions and the global market situation
Fertility Vitrolife regions and the Global market situation Europe 53% America SGM 41% Asia SGM 14% MGR 5% SGM 30% MGR ?% 15% MGR 13% 16% 12% Emerging markets 4% SGM 10% Share of Vitrolife sales Pacific MGR 8% SGM Share of Global market SGM 5% MGR Markets Growth rate MGR 6% Global market size is app
Slide 13: Sales Development Fertility
Sales Development Fertility Sales development, 12 month rolling in MSEK Sales 2009: +22%, 233 MSEK 13
Slide 14: Fertility - Goals 2010
Fertility - Goals 2010 Continued execution of main strategy: • Broaden product portfolio through R&D and/or acquisition • Establish and further develop direct sales and market support organisation on all key markets covering 80% of all treatments 14
Slide 15: Transplantation – overall perspective
Transplantation – overall perspective 15
Slide 16: Leader of innovation
Leader of innovation • Perfadex today 95% of world market for cold preservation of lungs • Pioneering new warm perfusion system (ex vivo) • Clinical study in Canada with STEEN Solution™ finished • More than 40 patients now transplanted with STEEN Solution™ method • Development of perfusion systems f
Slide 17: STEEN Solution™ - method
STEEN Solution™ - method Solution with STEEN Solution™ XVIVO Lungchamber™ 17
Slide 18: Market Potential
Market Potential Perfadex** STEEN Solution™*** incl disposables Costs for products per Transplantation (SEK) ~ 10,000 > 80,000 Potential number of lung transplantations ~ 3,000 > 20,000 Total market potential*, lungs only (SEK million) ~ 40 > 1,600 * Including research market ** Approved in USA 2001
Slide 19: Sales development - Transplantation
Sales development - Transplantation Sales development, 12 month rolling in MSEK Sales 2009: +31%, 40 MSEK 19
Slide 20: Transplantation - Goals 2010
Transplantation - Goals 2010 • Support launch of STEEN Solution™ for lungs in more centres in Europe • Submit applications for market approvals (lungs) in USA and Canada • Prepare for market introduction of STEEN Solution™ in USA and Canada • Pre-clinical development of STEEN Solution™ for ex-vivo p
Slide 21: Stem Cell therapy
Stem Cell therapy Expansion medium & growth factors Transport cells to the patient Transport medium Freeze cells in order to Freezing medium coordinate transplantation 21
Slide 22: Stem Cell cultivation
Stem Cell cultivation • Media products for human stem cells and cryo preservation of stem cells • New external collaboration, eg. Cellartis AB and Regea • VINNOVA grant 3.6 SEK million • Expanded Research and business development organization 22
Slide 23: Stem cells - Goals 2010
Stem cells - Goals 2010 • Continue the development of new stem cells media • Increase co operations with external partners 23
Slide 24: Financials
Vitrolife 7? Financials
Slide 25: Consolidated income
Consolidated income Q4 Whole year SEK million 2009 2008 2009 2008 Net sales 67 59 275 225 Gross income 47 41 193 156 Gross Profit, % 70% 70% 70% 69% Selling expenses -22 -19 -80 -65 Administrative expenses -9 -12 -39 -35 Research and development costs -10 -8 -39 -31 Other operating rev /exp 0 2 -5 2
Slide 26: Other Key Ratios
Other Keys Ratios Q4 Whole Year 2009 2008 2009 2008 Gross margin, % 70.0 69.8 70.2 69.4 Oper. margin, % 9.8 9.3 11.1 12.0 Oper. margin Adj, % * 9.8 5.2 12.8 11.2 Oper. margin before R&D costs, % 24.3 22.5 25.1 25.7 Net margin, % 16.5 16.6 12.5 13.4 Equity/assets ratio, % 86.7 85.3 86.7 85.3 Sharehol
Slide 27: Cash flow
Cash flow Q4 Whole year SEK million 2009 2008 2009 2008 Income after financial items 7 6 31 27 Adjustment for items not affecting cash flow 4 2 14 11 Change in inventories 1 0 3 -1 Change in trade receivables 3 0 -2 -8 Change in trade payables 2 8 -5 13 Cash flow from operating activities 17 16 41 4
Slide 28: Innovative Cell and Tissue Technology
Vitrolife 7? Innovative Cell and Tissue Technology Vitrolife 7?