Nobel Biocare -...
-
Upload
nguyennhan -
Category
Documents
-
view
215 -
download
0
Transcript of Nobel Biocare -...
Nobel Biocare
World leading in innovative restorative and esthetic dental solutions
Investor Meetings – September 2008
Disclaimer
This presentation contains forward-looking statements based on beliefs of Nobel Biocare's
management. When used in this presentation, words such as "anticipate", "believe", "estimate",
"expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may
involve risks and uncertainties, including technological advances in the medical field, product demand
and market acceptance, the effect of economic conditions, the impact of competitive products and
pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the
views of Nobel Biocare as of the date made with respect to future events and are subject to risks and
uncertainties. All of these forward-looking statements are based on estimates and assumptions made
by management of the company and are believed to be reasonable, though are inherently uncertain
and difficult to predict. Actual results or experience could differ materially from the forward-looking
statements. Nobel Biocare disclaims any intention or obligation to update these forward-looking
statements.
3
Improving the quality of life
• Functioning teeth allow to eat the foods for a balanced diet
• Healthy, good-looking teeth contribute to attractive facial appearance
• Teeth contribute to better articulation and speech
• Teeth are essential for preserving natural jaw bone levels
More than just a smile
4
Only 12 million people have been treated with implants
Source: WHO and Nobel Biocare estimates
~ 70 m patients treated conventionally
~12 m patientstreated with implants
50% PFM single crowns
32%PFM bridges
>240 m people missing one or more teeth (North America, Europe, Japan)
18%Ceramic crownand bridges
Implant treatments Crown and bridge treatments
5
Nobel Biocare solutions used:
NobelReplace™ Tapered I Procera® Zirconia
Abutment I Procera® Crown I Procera®
Laminates
Case courtesy of: Dr. Adauto de Freitas, Dr.
Marcelo Kyrillos and Dr. Marcelo Moreira,
BrazilSurgeon: Dr. Adauto de Freitas, BrazilDental Technician: Hélio Laudelino Gonçalves de Oliveira, BrazilPatient Case - Cibele Ustra, Brazil
Teeth can make the difference
Nobel Biocare solutions used:
Procera® Bridge I Procera® Crowns I Procera® Laminates
Case courtesy of: Dr Iñaki Gamborena, SpainDental Technician: Iñigo Casares, SpainPatient Case - Beatriz Lorrañtaga Ugarte, Spain
Implant and crown treatment
Bridge and crown treatment
6
Building on two Swedish innovations
Professor Per-Ingvar Brånemark
Dr Matts Andersson
ImplantsStandardized solutions
Procera (ceramic)Individualized solutions
How everything began
7
The spirit of Alfred Nobel at Nobel Biocare
Discovery of osseointegration by Professor Per-Ingvar Brånemark
First patient treated with dental implants
1950 1953 1965
Laying the grounds for success
8
Nobelpharma AB is founded in Gothenburg, Sweden
Development of Procera® by Matts Andersson
Introduction of Procera® / approved by Swedish National Board of Health
1981 1983 1989
Advancing to industry leadership
9
Development of modern ceramics for dentistry
Nobelpharma becomes Nobel Biocare
Acquisition of US-based Steri-Oss – Nobel Biocare world’s largest dental implant provider
1992 1996 1998
Taking dentistry to the next level
10
First application of TiUnite® surface on Brånemark implants
Beginning of Nobel Biocare’s full solution provider approach
Introduction of first guided surgery system NobelGuide™
200520022000
Providing integrated root-to-tooth solutions
Laboratory
Restorative
Surgical
Crown & Bridge
CAD/CAMIndividualprosthetics
Guidedsurgery
Tissue Regeneration
Biologics
Implants,Standardized Prosthetics
• Individualized product offer from implants to prosthetics thanks to Procera
• Fully digitalized manufacturing & logistics process for individualized prosthetics
• Only complete oral rehabilitation system with Nobel Guide guided surgery
• All-ceramic, metal-free, biocompatible products offer
Procera®
Platform for sustainable profitable growth
Nobel Biocare’s competitive strengths
Marketing and sales excellence
Leading in individualized, full-ceramic solutions
Leading in standardized solutions
Scientific leadership Strongest global presence
Best in class performance
Innovator of digital dentistry
13
Catering for all needs of dental professionals
Individualizedsolutions
Standardized solutions
Standardized &individualized solutions
From root to tooth
15
Complete offering of individualized solutions
Crowns, bridges, laminates
Advanced materials
Zirconia Alumina
16
Advancing digitalization of dentistry through innovations
Computer AidedManufacturing (CAM)
Treatment Planning (CAD)Diagnosis
Procera®
17
Unique platform for complete digital oral rehabilitation
• Automated manufacturing and logistics process
• Manufacturing of individualized full-ceramic crown, bridges and laminates
• Integrated digital data transfer
• Worldwide delivery
• 3 manufacturing sites: Sweden, USA, Japan
Computer-aided manufacturing of Procera® individualized solutions
Procera®
18
Leading digital surgery planning and delivery system
• Surgical templates ensure optimal placement of implants
• Increases predictability and safety of procedures
• Supports minimally-invasive (flapless) procedures
• In advance production enhances practice profitability
Screenshot of the NobelGuide surgery planning software
NobelGuide™
Platform for sustainable profitable growth
Nobel Biocare’s competitive strengths
Innovator of digital dentistry
Scientific leadership
Leading in individualized, full-ceramic solutions
Leading in standardized solutions
Strongest global presence
Marketing and sales excellence
Best in class performance
20
Standing for scientific leadership
• Applying highest standards
• Heritage of over 40 years of scientific research
• Solutions documented in more than 1.900 peer-reviewed scientific publications
• Committed to product stewardship and long-term studies
• All solutions FDA cleared
One of the first SEM pictures showing bone integrating with an implant
High clinical standards
21
Only provider to offer biomaterial surface
• Unique osseoconductiveproperties
• Most widely used implant surface
• Clinically proven with more than 90 publications including long-term follow up (>5 years)
• Accelerates bone growth
Microscopic magnification of the TiUnite surfaceCourtesy of Professor P. Schüpbach
TiUnite®
Platform for sustainable profitable growth
Nobel Biocare’s competitive strengths
Scientific leadership Strongest global presence
Leading in individualized, full-ceramic solutions Innovator of digital dentistryLeading in standardized
solutions
Marketing and sales excellence
Best in class performance
23
Present on all continents
Yorba Linda Mahwah
KarlskogaStockholm
Tokyo
Active in over 70 countries – 5 state-of-the art manufacturing sites
Platform for sustainable profitable growth
Nobel Biocare’s competitive strengths
Marketing and sales excellence
Best in class performance
Leading in individualized, full-ceramic solutions Innovator of digital dentistry
Scientific leadership
Leading in standardized solutions
Strongest global presence
25
Partnering with our customers
• Individualized training and educational activities
• Global conferences and congresses
• University Partner Program with 24 leading dental universities
• Patient information program NobelSmile®
Nobel Biocare sales booth at the Academy of Osseointegration conference, Boston MA 2008
Unique marketing mix
26
Sharing knowledge with universities and experts
24 universities / 60 academic institutes / 600 industry experts
Platform for sustainable profitable growth
Nobel Biocare’s competitive strengths
Best in class performance
Strongest global presence
Leading in standardized solutions
Leading in individualized, full-ceramic solutions Innovator of digital dentistry
Scientific leadership Marketing and sales excellence
28
Leading operational setup
• High-tech manufacturing processes and infrastructure
• Superior order-handling quality and efficiency
• Production facilities on all continents
• Only company with production facility for individualized solutions in Asia
Production of individualized solutions at the new Procera production facility in Tokyo, Japan
Expanding infrastructure
29
Dedicated employees
• Over 2.400 committed employees in 36 countries
• Multicultural, interdisciplinary and customer-focused teams
• 45% working in EMEA, 30% in North America, 25% in Asia & Latin America
• 43% women, 40% below the age of 40
Nobel Biocare staff and customers at a World Tour event in 2007
Building on a global team
Interim results 2, 2008
11 August 2008
Domenico Scala, CEODirk W. Kirsten, CFO
Interim results 2, 2008
H1: Progress on track
• Successful launch of NobelActive
• Global reach strengthened with new subsidiaries in Hungary, Taiwan
• Russia reached top 6 in EMEA within one year of going direct
• Substantial sales force strengthening in all regions
• All key management positions in Europe appointed
• US organizational realignment completed: momentum improving
• Changing go-to-market approach with stronger customer orientation
• Medicim acquisition: NobelGuide software developer
• Danaher partnership: pre-installment of NobelGuide on i-Cat cone beam system
H1: Key financial points
• Revenue growth (CER) flat at EUR 323.8 million
– improving US sales
– successful NobelActive launch
• Leading gross profit margin at 83.0% despite NobelActive ramp up cost
• Profit from operations (EBIT), margin down
– lower reported revenues, gross margin
– NobelActive launch, sales force investments
• Financial expense affected by one-off balance sheet de-risking
• Operating cash flow increased to EUR 59.1 million
Improving revenue growth in US; successful NobelActive launch
-5.0%
10.7 0.2%
1.9%
12.6% 52.4
100.4
160.3
LA/RoW
APAC
NA
EMEA• Continued cautious ordering pattern• E Europe, Russia strong growth• All vacant mgmt positions filled
• Strong NobelActive acceptance• Sales force increased, strengthened• Improving reordering
• China, India strong growth• NobelSpeedy/Groovy approval pending
• Highest share of 2007 WC sales• Brazil: temporary business interruption
Note: growth rates at CER
Revenues H1 2008(EUR million)
Gross profit margin development
(0.9%)
(0.4%)83.0%
84.6% (0.3%)
H1 2007 AccountingReclassifications
Business/Productmix, Pricing &
Royalties
One-off items(e.g. NobelActive ramp
up, ABT)
H1 2008
Gross profit margin(in % of net sales)
EBIT: high operating leverage
volume driven
102.8 5.9
4.2
92.7
109.4 6.6
H1 2007 Currrency H1 2007 CER
Gross profit Fixed costs H1 2008
EBIT (EUR million)
investment in growth
Net financial expense (EUR million)
Net financial expense: impacted by one-offs
(0.9)
14.3 19.7
6.3
(0)
H1 2007 Interest expense Currency gains Realized,unrealized losses
from financial
H1 2008
portfolio
Net income development
(10.1)
(11.7)
57.2
85.6 (6.6)
H1 2007 Currency Operatingprofit
Financial expense& taxes
H1 2008
Net income (EUR million)
H1 2008before one-offs
& taxes
68.9
Operating cash flow up
15.0
8.5 59.1
48.1 (12.5)
H1 2007 Operations Lower working capitalincrease
Lower taxpayments
H1 2008
Operating cash flow (EUR million)
Financial summary
• Sales development increasingly in line with company forecast
• Strong improvement in profit due to high operating leverage expected
– improving top line
– efficiency gains
– non recurring one-offs
• Guidance for the full year 2008 re-confirmed
Industry developments and trends
• Economic uncertainties leading to a more cautious ordering pattern
• Science based innovation and cost-effective solutions continue to receive premium
• CAD/CAM, digital dentistry impacting dentist and laboratory workflow
– Dentists gain effectiveness through chair time optimization
– Laboratories gain competitiveness through outsourcing
• Full solution provider concept increasingly a pre-requisite
• Integrating implants, prosthetics, guided surgery, CAD/CAM and outsourcing next step
Nobel Biocare: INTEGRATED full solution provider
Platform for sustainable profitable growth
Enhancing platform to deliver sustainable profitable growth
Marketing and sales excellence
Leading in individualized, CAD/CAM solutions
Leading in standardized solutions
Scientific leadership Strongest global presence
Best in class performance
Innovator of digital dentistry
Broadest set of growth drivers
Experienced userExpands treatment optionsClinically tested and proven
NobelActiveNobelReplace All-on-4
NobelGuide
Leading guided surgery toolOptimal placement increases treatment casesClinically proven
Procera
Largest product rangeLargest installed baseMost clinical/scientific documented system
Cost effective for the patientAddresses fully edentulous marketInnovative clinical procedure
Starter implantHigh predictabilityMost used implant worldwide
NobelActive
NobelActive – a success
Peak sales: EUR >50 mio p.a.
• Most successful new implant launch ever• Positioned for experienced users• Effective for customer conversions• Further line extension in 2009
New go to market strategy
• 12 months prospective multi-centre study
• 8 month pre-launch, mandatory training
• Highest involvement of clinicians
Regaining trust
• Scientifically based innovation
• Responsible introduction
Procera: Design and manufacturing of individualized prosthetics
• Process for the industrial production of individually designed all-ceramic crown, bridges, laminates and abutments
• Alumina for beautiful esthetics and Zirconia for higher load situations
• Ceramic bridges for natural teeth and implants, as well as titanium bridges for implants
• Cost-effective and profitable - short production time
2012(8’000)
2’800
5’000
200
Conversion
Significant growth opportunity from conversion
2012 Market for Crowns & Bridges(USDm)
4’950
CAD/CAM on teethbiggest untapped
opportunity
PFM All ceramicconventional
All ceramicCAD/CAM
800400
2007(6’150)
Source: Millenium Report 2008, NobelBiocare estimates
Market drivers
• High esthetics, documented long-term strengths
• Metal free – no allergic reactions• Digitalization - strong economics for labs• More material options
PFM conversion to ceramics
• On teeth (CAGR ’07-’12: 40%)• On implants (CAGR ’07-’12: 20%)
Make ceramic CAD/CAM simple and cost effective so dentists make them the standard of care
Our ambition:
Procera: most competitive offer
Scientific documentation
Installed base
Product range Materials Precision Time
CAD System(scanner and software)
Totaloperational
time
Competitor 2
Competitor 1
Competitor 3
CAD/CAM outsourcing is superior; Procera leading system
Conventional PFM
CAD/CAMInlab
ProceraOutsourcing
InvestmentScanner and PCProduction Equipment
Work procedure*Model FabricationBridge DesignProductionFinishing /Modification
Number of Work StepsWorktime needed
Operational costService Contract / LicenceLabor trainingLabor time / costMaintenanceMaterial costUpgrade costsRemakes of substructure
**
* example with 4-unit bridge exclusive veneering ** cost for ready to use product
Leverage and expand largest installed Procera base
Largest installed base
• > 4’000 Procera laboratories in 54 countries
• > 5’000 NobelGuide customers
• > 8 Mio. restorations with Procera
• First, most proven and best documented CAD/CAM System in the market
• Only FDA compliant software
2008: Share expansion and GPs
• New materials, wider product portfolio, new software
• Higher presence in GP tooth restoration
• Targeted offers to labs, dedicated sales force
• Global customer support network
• Partnerships with leading equipment manufacturers (pre-install software)
Shaping digital dentistry
Computer AidedManufacturing (CAM)
Treatment Planning, CADDiagnosis
• Digital patient data– Scanning– Casting
• Digital rehabilitation concept– NobelGuide surgical– Procera CAD
• Digital aided manufacturing – Unique Procera manufacturing– Breadth of offer– High, consistent quality
Procera: Unique platform for complete digital oral rehabilitation
• Intra-oral scanning• Partnerships with leading
equipment manufacturers
• NobelGuide prosthetics• Most comprehensive digital
tooth library• Software for individual 3D
patient treatment simulation
• Procera “on-demand”• Global manufacturing
network• Regional mini-plant
concept
NobelGuide: Leading integrated digital dentistry platform
NobelGuide™• Installed base with over 5,000 customers• Pre-installment options to increase installed base
Today• Patient acceptance:
– reduced treatment time– Minimally invasive
• Expands treatment options
Tomorrow• Integrating implant treatment and prosthetics• Integrating maxillofacial and orthodontic planning• Integrating intra-oral scanning
NobelGuide
Development Testing Launch
‘09
tbd
tbd
‘08
tbd
tbd
‘09
‘09
Individualized products: Pipeline supports share expansion
Targeted market*
Technology
Products
Procera overdenture
Maryland bridge
~ 10% of implant treatments
~ 7% of all children are missing lateral teeth
Scanner upgrade
NobelGuideprosthetics
‘09
> €20 mio sales potential
NewMaterial options
Titanium crowns
Acrylic temporary crowns
Coloured zirconia crowns
~ 5% of crowns
tbd
~ 30% of crowns
Translucent laminate ~ 10% of laminates
Coloured zirconia bridges
~ 20% of bridges
* 2012
tbd
• New treatment solution
• Growing segment, target leadership
Clinical study Launch*
Standardized products: Pipeline with significant sales potential
Potential
New Implants
>50 million Euro
Development
NobelActive
Ceramic
Bone inductive
tbd
‘13
Drug coated
‘08
tbd
>20 million Euro
>50 million Euro
>100 million Euro
‘09
Nobel Active Line Extensions
• Target market leadership
Long implants
Short implants
Narrow Implant
Prosthetic Components
NobelGuidefor NobelActive
‘09
‘09
tbd
Q4/08
’09/10
tbd
Mini-Ball Implant
“Baby”implant
Standardized products: Pipeline with significant sales potential
Clinical study Launch PotentialDevelopment
tbd
tbd
Maxillo-facial >10 million Euro
New Zygoma implant
Maxillofacial implant
tbd
‘11
tbdPlanning software
Maxillofacial
NobelGuideZygoma
NobelGuidenew release
RegulatoryRegulatory
>10 million Euro
New Solutions
‘10Graftless> 20% of treatments
need grafting
Ortho-dontics
• Higher patient comfort• Higher treatment
success• Fast growing segment• Target market
leadership
Orthodontic Mini-Implant ‘09
NobelGuideOrtho
‘9/10
Unique position to capitalize on growth drivers
• Active in over 70 countries, 37 direct sales offices
• Leading presence in high growth Russia, China, India, Brazil
• Highest geographic coverage
• Proven track record of breakthrough innovations
• High success rate of new product introductions
• Comprehensive portfolio and strong pipeline
• Procera: unique digital platform
• State-of-the-art manufacturing facilities in all key regions
• Industry leading gross profit margin due to economies of scale
• Strong cash flow to finance growth
• Highest absolute R&D spend in the industry
• Industry leading profitability
Global reach
Breadth & innovation
Leading operational set up
Unmatched resources
Take-aways
• Market leader in most attractive segment in health care
• Organizational improvements well under way
• Main pillars to deliver sustainable growth:
– Reinforcing market leadership in standardized products: Integrated offer
– Building on initial NobelActive success in H2 08 and 2009
– Accelerate leading position with Procera: Targeted offers, dedicated sales force
– Shape digital dentistry: Leverage NobelGuide
• Leading in patents and science
• Pipeline demonstrates continued innovation potential
Media and investor contacts
Nicolas Weidmann Süha DemokanVP Corporate Communicatons Head of Investor Relations
Tel +41 43 211 42 80 Tel +41 43 211 42 30
Mobile +41 79 372 29 81 Mobile +41 79 430 81 46
Financial reporting calendar
Interim Report 3, 2008 03 November 2008
Full year report 2008 11 February 2009
Interim Report 1, 2009 29 April 2009
Interim Report 2, 2009 12 August 2009
Interim Report 3, 2009 4 November 2009
Detailed financial calendar on www.nobelbiocare.com
Nobel Biocare World Tour 2008
April 4-6 MumbaiApril 25-27 ShanghaiJune 13-14 Dublin*June 27-29 SingaporeJuly 16-18 Mexico CityAugust 7-9 São PauloSeptember 11-13 MaastrichtSeptember 19-21 TaipeiSeptember 26-27 Madrid*October 3-4 Lisbon*November 6-8 RiccioneDecember 10-11 Buenos Aires*tbd Gold Coast/Australiatbd London*
* special scientific program
Dates and locations of the Nobel Biocare World Tour 2008