Vitrolife. Report on Operations Solutions for life-critical situations. Magnus Nilsson, President and CEO Eva Nilsagård, CFO - PDF

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Vitrolife Solutions for life-critical situations Report on Operations 2009 Magnus Nilsson, President and CEO Eva Nilsagård, CFO Our Vision Vitrolife strives to be the leading supplier of media and other

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Vitrolife Solutions for life-critical situations Report on Operations 2009 Magnus Nilsson, President and CEO Eva Nilsagård, CFO Our Vision Vitrolife strives to be the leading supplier of media and other advanced disposables, used by hospitals and laboratories performing fertility treatment and other therapies where cells or tissues are used or are a part of the therapy. 2 Vitrolife Summary 2009 Sales 275 SEKm +22% (Q4 +14%) Gross margin 70% EBIT 30 SEKm +12% (Q4 +21%) Cash flow from op act 42 SEKm Equity/asset ratio 87% Earnings per share 1.75 SEK Proposed dividend 0.50 SEK/share 3 Sales 2009: +22% (Loc curr +10%) Q4 2009: +14% (Loc curr +15%) Sales increase local currency 2009: Q1: +1% Q2: +7% Q3: +14% Q4: +15% 4 Vitrolife Reaching the global market Founded in 1994 ~170 employees Sales in 85 countries 94% on export 5 Vitrolifes platform for growth Maturity Fertility Transplantation Stem cells Time 6 An overall perspective of Fertility FERTILITY ~20 products included in a full treatment Treatment cost per cycle ~35,000 SEK, of which 1,000-3,000 SEK advanced disposables 7 Main strategies in Fertility FERTILITY World leading and cost effective GMP production and quality control World wide market and customer support organisation on 15 key markets covering 80% of all treatments A complete product portfolio covering all disposables for IVF treatments 8 Market expansion 2009 Existing offices before 2009: Nordic countries, US, Italy, Australia, France New offices 2009 in: Beijing, China Tokyo, Japan UK and Ireland (Acquisition of IVF Ltd) 9 Product portfolio development FERTILITY Strategy: Expand to complete product portfolio through R&D and/or acquisitions to optimize market synergies: Target: Maximise product offering value per cycle 10 A number of registrations 2009 FERTILITY New Sense needle approved in US and Australia Vitrification system approved in Russia, Australia, EU, Canada and US. Instruments product line approvals, eg. India Media products approved for sale as first company in China 11 Competitive advantage - Fertility FERTILITY Leading in innovations and science through collaboration with opinion leading scientists A wide range of advanced clinical products Regulatory approval CE mark FDA 510(k) State of the art production facilities Global market reach New unique needle for the collection of human oocytes, Swemed Sense 12 Fertility Vitrolife and estimated market growth Vitrolife Growth 2009 Market Growth 2009 Europe +15% +5% Asia +38% +10% Pacific +24% +6% Emerging Markets +33% +8% America +3%? 13 Sales Development Fertility FERTILITY SEK millions : SEK 233 million +22% (Loc +9%) Q4: SEK 57 million +17% (Loc +16%) Growth by quarter in local currency: Q1: +1% Q2: +7% Q3: +14% Q4: +16% Transplanation Overall perspective TRANSPLANTATION 15 Transplantation leader of innovation TRANSPLANTATION Perfadex today 95% of world market for cold preservation of lungs Pioneering new lung perfusion system (ex vivo and at 37ºC) Development of perfusion systems for other organs New company XVIVO Perfusion AB established Patient Recruitment of the clinical study in Canada with STEEN Solution completed after the period 16 STEEN Solution TM Market Potential TRANSPLANTATION Costs for products per Perfadex STEEN Solution incl disposables Transplantation (SEK) ~ 10,000 80,000 Potential number of transplantations ~ 3,000 20,000 Total market potential*, lungs only (SEK million) ~ 35 1,600 * Excluding research market Approved in Europe 2006, and in Australia The method is also being developed for other organs, e.g. liver. 17 Vitrolife Lung chamber TRANSPLANTATION ONLINE COVER Animation of human lungs breathing in a 37 chamber. Lungs removed from donors for transplantation are often damaged but can be treated in the controlled environment of this transparent dome to improve their health. Source: 18 STEEN Solution TM Europe & Asia University of Lund: 1 st Center in World 8 human transplants 2-year outcome data + additional evaluations UK: Manchester- 2 transplants (BBC) Harefield- 1 transplant (CNN) Newcastle- 1 transplant + additional evaluations Madrid: 2 Human Transplants + additional evaluations 19 STEEN Solution TM North & South Americas Toronto, Canada: 22 Human Transplants + additional evaluations 20 Sales development 12 month rolling TRANSPLANTATION Sek millions 2009: SEK 40 million +31% (Loc +16%) 40 Q4: SEK 10 million +2% (Loc +9%) Stem Cell therapy STEM CELL CULTIVATION 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 VINNOVA grant 3.6 SEK million Expanded Research and business development organization 23 Financials 24 Consolidated income Q4 Whole year SEK million Net sales Gross income Gross Profit, % 70% 70% 70% 69% Selling expenses Administrative expenses Research and development costs Other operating rev /exp EBIT EBITDA Income after financial items Taxes Net income Other Keys Ratios Q4 Whole Year Gross margin, % Oper. margin, % Oper. margin Adj, % * Oper. margin before R&D costs, % Net margin, % Equity/assets ratio, % Shareholders equity per share, SEK ROE, % ROCE, % EBITDA, % EBITDA Adj, % * Net equity Earnings per share *Adjusted for one time expense for the bid of MediCult and Move 26 Cash flow Q4 Whole year SEK million Income after financial items Adjustment for items not affecting cash flow Change in inventories Change in trade receivables Change in trade payables Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow for the period Liquid funds at beginning of period Exchange rate difference in liquid funds Liquid funds at end of period Outlook Continued execution of main strategy: Establish direct sales through R&D and/or acquisition on all major markets covering 80% of all treatments Broaden product portfolio Support launch of STEEN Solution in Europe and prepare for market introduction in USA and Canada Strong R&D focus with increasing effort in: Transplantation Stem Cell Cultivation Maintain profitable growth and operational strong cash flow 28 Investing profitably in the future 29 30
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