Interim Results Presentation Six months to 31 July …...2017/10/10 · Interim Results...
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Interim Results Presentation Six months to 31 July 2017
October 2017 Matt Sassone Chief Executive Officer Jill McGregor Chief Finance Officer
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Disclaimer Thesepresenta,onmaterials(the"Presenta,onMaterials")arebeingsolelyissuedtoanddirectedatpersonshavingprofessionalexperienceinma?ersrela,ngtoinvestmentsandwhoareinvestmentprofessionalsasspecifiedinAr,cle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromo,on)Order2005(the"FinancialPromo,onsOrder")or topersonswhoarehighnetworthcompanies,unincorporatedassocia,onsorhighvalue trustsas specified inAr,cle49of theFinancialPromo,onsOrder(“ExemptPersons”).
ThePresenta,onMaterialsareexemptfromthegeneralrestric,ononthecommunica,onofinvita,onsorinducementstoenterintoinvestmentac,vityonthebasisthattheyareonlybeingmadetoExemptPersonsandhavethereforenotbeenapprovedbyanauthorisedpersonaswouldotherwiseberequiredbysec,on21oftheFinancialServicesandMarketsAct2000(“FSMA”).Anyinvestmenttowhichthisdocumentrelatesisavailableto(andanyinvestmentac,vitytowhichitrelateswillbeengagedwith)onlythoseExemptPersonsdescribedintheaboveparagraph.
ThePresenta,onMaterialsdonotcons,tuteorformanypartofanyofferorinvita,ontosellorissueorpurchaseorsubscribeforanysharesinLiDCOGroupPlc(the“Company”)norshalltheyoranypartofthem,orthefactoftheirdistribu,on,formthebasisof,orbereliedoninconnec,onwith,anycontractwiththeCompanyrela,ngtoanysecuri,es.AnydecisionregardinganyproposedpurchaseofsharesintheCompanymustbemadesolelyonthebasisoftheinforma,onissuedbytheCompanyattherelevant,me.Pastperformancecannotberelieduponasaguidetofutureperformance.
The Presenta,on Materials do not cons,tute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules produced andimplementedbytheFinancialConductAuthority(“FCA”)byvirtueoftheProspectusRulesInstrument2005)andhavenotbeenapprovedasaprospectusbytheFCA(asthecompetentauthorityintheUK).ThePresenta,onMaterialsdonotcontainanyofferoftransferablesecuri,estothepublicassuchexpressionisdefinedinsec,on102(b)FSMAorotherwiseanddonotcons,tuteorformpartofanyofferorinvita,ontosubscribefor,underwriteorpurchasesecuri,esnorshallthey,oranypartofthem,formthebasisof,orberelieduponinconnec,onwith,anycontractwiththeCompanyrela,ngtoanysecuri,es.
ThePresenta,onMaterialsincludesstatementsthatare,ormaybedeemedtobe,forward-lookingstatements.Theseforward-lookingstatementscanbeiden,fiedby the use of forward-looking terminology, including the terms "believes", "es,mates", "plans", "projects", "an,cipates", "expects", "intends", "may", "will", or"should"or,ineachcase,theirnega,veorothervaria,onsorcomparableterminology.Theseforward-lookingstatementsincludema?ersthatarenothistoricalfactsandincludestatementsregardingtheCompany'sinten,ons,beliefsorcurrentexpecta,onsconcerning,amongotherthings,thean,cipatedfutureperformanceoftheCompany.Anysuchforward-lookingstatements inthePresenta,onMaterialsreflecttheCompany’scurrentexpecta,onsandprojec,onsaboutfutureeventsbut,bytheirnature,forward-lookingstatementsinvolveanumberofrisks,uncertain,esandassump,onsthatcouldcauseactualresultsoreventstodiffermateriallyfromthoseexpressedor impliedby the forward-looking statements.These risks,uncertain,esandassump,onscouldadverselyaffect theoutcomeandfinancialeffectsoftheplansandeventsdescribedherein.Saveasrequiredbylaworregula,onortherulesofanysecuri,esexchange,theCompanyundertakesnoobliga,ontoreleasetheresultsofanyrevisionstoanyforward-lookingstatementsinthisPresenta,onthatmayoccurduetoanychangeinitsexpecta,onsortoreflecteventsorcircumstancesa`erthedateofthePresenta,onMaterials.Inpar,cular,norepresenta,onorwarrantyisgivenbytheCompanyastotheachievementof,andnorelianceshouldbeplacedon,anyprojec,ons, targets,es,matesor forecastsandnothing in thePresenta,onMaterials isor shouldbe reliedonasapromiseorrepresenta,onastoanyfutureevent.
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Overview Hemodynamic monitoring company, helping doctors to manage patient’s cardiac function during high risk surgery and critical illness
§ High margin recurring revenue business § Wealth of clinical evidence endorsing
technology § Market leader in UK, used in over 50% of NHS
hospitals § December 2016 £3m fundraise to drive
international expansion § New monitor platform launch will enable
differentiated pricing model to take market share in $100m US market
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Launch catalysts to accelerate share gain
Expand brand awareness outside of home market
Commercial expansion
Revenue growth in target markets
•! New monitor platform launched in EU & USA •! New differentiating High Usage Programme
•! Major promotional campaigns underway •! Exponential growth in marketing activities
•! Additional headcount (10 FTEs & 5 PTEs) added on plan & on budget
•! US sales up 19% ahead of investment effect •! LiDCO UK sales up 14%
H1 Performance
H1 Achievement Fundraising Objectives
••
••
•
••
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Post H1 Period End
First US High Usage Programme (HUP) Customer
!! First class reference account !! Financially recognised as an operating lease
but when annualised this agreement represents a 35% uplift in LiDCO’s annual recurring revenues in the USA
!! Up to 4 year deal with annual cash payment upfront
!! Customer has also requested 25 additional monitors on regular placement programme for ICU department
!! FY17-18 total target for USA was 60 HUP monitors
44 High Usage Monitors
With new resources now building a pipeline of opportunities for this highly differentiated offering
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High Usage Programme Example A DIFFERENT WAY –
DIFFERENTIATED PRICING MODEL TO GAIN MARKET SHARE
Customer Value Proposition: Let us work with you to measure the improved clinical outcomes from treating more patients whilst helping you save precious dollars
No.ofPatients/Disposables 1410 No.ofPatients/Disposables 3000+
CostperDisposables $275 CostperDisposables N/A
Expiredcablecosts $36,800 Expiredcablecosts N/A AnnualRecurringCostsaving $154,550
HighUsagePlancosts N/A HighUsagePlancosts $270,000 CapitalExpendituresaved $368,000
TotalRecurringCosts $424,550 TotalRecurringCosts $270,000 No.ofAdditionalPatienttreated 1500+
No.ofMonitors 23 No.ofMonitors 23
CostperMonitor $16,000 CostperMonitor $0
TotalMonitorcosts $368,000 TotalMonitorcosts $0
COMPETITORCOSTS
Total$792,550
LiDCOCOSTS
Total$270,000
CUSTOMERSAVINGS
$522,550
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H1 Financial Highlights
§ LiDCO product revenues up 8% to £3.27m (H1 2016: £3.03m) § Total product revenues (including 3rd party products) up 4% to £3.94m
(H1 2016: £3.77m) § UK revenues up 14% to £1.96m (H1 2016: £1.72m) § USA revenues up 21% to £0.81m (H1 2016: £0.67m) § EBIT loss £1.02m (H1 2016: loss £0.36m) following planned investment in
sales and marketing § Net cash outflow of £0.92m (H1 2016: net cash inflow £0.50m). Cash
balances at 31 July 2017 of £3.98m (31 January 2017: £4.90m) § Company remains debt free and well-funded to execute its growth
strategy
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Income Statement
§ LiDCO product revenues up 8% § LiDCO product margin 79% (2016: 78%)
§ Sales & Marketing costs increased 47% due to the investment in additional headcount and marketing expenditure
§ Administration costs include one-off costs of £50K & FOREX £67K
§ Product Development costs include increased registration costs in rest of world markets
Sixmonthsended31July
2017
Sixmonthsended31July
2016£'000 £'000
Revenue 3,942 3,774Costofsales (1,240) (1,259)Grossprofit 2,702 2,515
SalesandMarketing (1,915) (1,304)
Operations (614) (584)
Administration (811) (701)
ProductDevelopment (377) (282)TotalCosts (3,717) (2,871)Operatingprofit (971) (312)
Sharebasedpayment (44) (44)Exceptionalcost - -Adjustedoperatingprofit/(loss) (1,015) (356)
Financeincome/(expense) 3 3Profit/(loss)beforetax (1,012) (353)Incometax (5) (10)
Profit/(loss)aftertax (1,017) (363)
EBITDA (609) (1)
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Balance Sheet
§ Strong Balance Sheet § Invested £1m of cash from fundraise § Debt free § Well-funded to drive growth
31Jan2017 31Jan2016Unaudited Unaudited
£'000 £'000Non-currentassets 2,862 2,806
CurrentassetsInventory 1,533 1,544Trade&otherreceivables 2,855 2,073Cash 3,983 2,085Totalcurrentassets 8,371 5,702
CurrentliabilitiesTrade&otherpayables (1,778) (1,334)Deferredincome (112) (117)Borrowings - -Totalcurrentliabilities (1,890) (1,451)
Netcurrentassets 6,481 4,251Netassets 9,343 7,057
31July2017 31July2016Unaudited Unaudited
£'000 £'000Non-currentassets 2,862 2,806
CurrentassetsInventory 1,533 1,544Trade&otherreceivables 2,855 2,073Cash 3,983 2,085Totalcurrentassets 8,371 5,702
CurrentliabilitiesTrade&otherpayables (1,778) (1,334)Deferredincome (112) (117)Borrowings - -Totalcurrentliabilities (1,890) (1,451)
Netcurrentassets 6,481 4,251Netassets 9,343 7,057
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Cash Flow & Working Capital
§ H1 investment in sales and marketing £530k
§ Working capital flat § PPE and Intangibles £500k
Sixmonthsto SixmonthstoJuly2017 July2016
£000 £000Profit/(loss)beforetax (1,015) (353)
Cashflowfromoperatingactivities (419) 856Cashusedininvestingactivities (499) (358)Netcashflowbeforefinancing (918) 498Netcashflow-financingactivitiesNetchangeincash (918) 498Openingcash 4,901 1,587Closingcash 3,983 2,085
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CapitalSalesRecurringRevenues
Other Total CapitalSalesRecurringRevenues
Other Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000LiDCOproductsUK-Total 380 1,553 30 1,963 71 1,624 26 1,721US 432 356 17 805 236 437 4 674Europe 67 125 4 196 153 191 6 350RestofWorld 82 221 2 305 60 217 3 283
961 2,255 53 3,269 520 2,469 39 3,028
3rdpartysalesUK - 673 - 673 - 746 - 746Totalrevenue 961 2,928 53 3,942 520 3,215 39 3,774
SixmonthstoJuly2017 SixmonthstoJuly2016
Revenues by region
§ UK: Strong capital revenues driven by new monitor launch. Small decline in recurring revenue due to timing of consumable orders
§ USA: New customers driving capital revenues. New resources beginning to reverse recurring revenue reduction
§ EU: Timing of historic orders from a few distribution partners § ROW: Growth driven by Japan & Middle East
Capitalsalesincludethesalesofmonitorsandotherequipmenttocustomers.Recurringrevenuesincludesalesofsmartcards,sensors,so9warelicensesandservicecontracts.JapanrevenueshavenowbeenincludedwithinRestofWorld.
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UK Market
LiDCO sales up 14% to £1.96m (H1 2016: £1.72m)
"! Market Leader "! Market 10%
penetrated vs NICE recommendation*
H1 Performance Market Share
H1 highlights:
!! Accelerating year-on-year growth !! 22 monitors sold (2016: 8 monitors sold) !! Increasing ASPs across the product range !! Additional resources focused on previously
underserved regions
Maintaining a growing platform in the UK underpins the Company’s performance as it looks to expand geographically
Infrastructure investment
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USA Market
up 19% to £0.81m (H1 2016: £0.67m)
"! Small share of large growing market
"! Dominated by one large player
H1 Performance Market Share
!! More than doubled commercial resources !! Significant new customer win ahead of investment
& High Usage Programme launch !! Capital sales up 83% to £0.43m !! Dedicated US promotional campaign !! Building a significant pipeline of opportunities
Remains the largest market and greatest opportunity for LiDCO
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H1 highlights: Infrastructure investment
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Europe
down 44% to £0.20m (H1 2016: £0.35m)
"! Have market leading position in a few smaller countries
"! Not present in major markets
H1 Performance Market Share
!! Timing issue with historical H1 stocking orders !! New monitors now launched !! Dedicated distributor manager started in May !! Discussions underway with a number of new
distributors !! Expect improved performance in the second half
Aim to gain share in major European markets
Infrastructure investment
Investment in European Distributor Manager
H1 highlights:
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CE"
Rest of World
up 8% to £0.31m (H1 2016: £0.28m)
"! Highly fragmented "! Global leader present
in most markets
H1 Performance Market Share
H1 highlights: !! Growth driven by strong in-market growth in Japan and Middle East !! Registration process underway in a number of countries !! Plans for local infrastructure investment under review
Aim to be #1 or #2 in targeted markets
China: !! One-off negative impact in 2017/18. Expect normalised sales in FY18-19 following new
monitor registration
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Marketing Activities
§ Major US promotional activities underway. Direct marketing to 26,000 anaesthetists
§ Advertising campaign in US Anaesthesiology News
§ Exponential growth in social media activities. LiDCO YouTube video views in excess of 35,000. 40,000+ Twitter engagements
§ New websites launched for US & global customers
§ Major LiDCO presence at 20 key industry exhibitions worldwide
Effectively re-launching LiDCO outside of the UK
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New Monitor Launch
New Features g! Sleek widescreen look g! Integrated clinical protocols g! Refreshed graphical display and menus g! Ability to display more parameters at same time g! Internal battery for portability g! WiFi connectivity
!! Launched in Europe & USA July 2017 !! Shipped over 100 monitors since launch !! Extremely positive customer feedback !! New High Usage Programme functionality incorporated into software
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Outlook
§ Good progress made in executing commercial expansion strategy, costs expected to be up by approx. £1.9m
§ More than doubled commercial presence in the US
§ New monitor and High Usage Pricing (HUP) model impact
§ First HUP customer won in US
§ Expect sales growth for the full year to be similar to the growth shown in H1 with strong sales in core UK and targeted US markets
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Summary
§ Delivering on fundraising objectives
§ Gearing effect of additional resources expected
§ Positive impacts of new monitor and HUP model
§ Fundamentals of business remain strong
§ Strong balance sheet to support growth strategy
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Appendix
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Hemodynamic monitoring company, helping doctors to manage patient’s cardiac function during high risk surgery
and critical illness.
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!! Hemodynamic monitoring well established in UK & Europe ahead of rest of the world
!! USA recent growth driven by ERAS implementations
!! Recent USA & European recommendations6 7
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