SEB Healthcare Seminar November 2023
We create value in Life Science and contribute to improved quality of life
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MedCap | An active investor in Life Science companies
Third Quarter 2023,
Sales by Business Area
Specialty | Assistive |
Pharma | Tech |
33% | 34% |
1 454 | |
MSEK |
MedTech
33%
Sales by Market
RoW
3%
Europe
26%
Nordic
21%
Sweden
50%
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MedCap Business Areas - three platforms
Position
Drivers
Assistive Tech | Med Tech |
Diagnostic ECG
Simplifying life for people | Digitalizing work-flow | ||
with special needs | with easy to use ECG | ||
• Prevalence of e.g. Autism, | • | Cardio | |
ADHD, Dementia | diagnostics | ||
• | Independence, accessibility, | • | Hospital digitalization |
and mobility | and integration | ||
• | Aging population |
Probiotics, | Components for | Ultra clean air for |
Nutrition CDMO | medical imaging | infection control |
and Packaging |
Partner for contract | Partner for carbon | Improving cost & | |||
manufacturing | fiber engineering & | quality of operating | |||
manufacturing | room sterile air | ||||
• | Wellness | • | Medical imaging | • | Infection control |
• | Fitness | • | Mammography | • | Operating room |
capacity & cost | |||||
• | Office-based | ||||
surgery |
Specialty Pharma
Developing and marketing specialty pharma in Nordics
(Pharma; Non-License; CDMO)
- Pharmaceutical demand in e.g. Infection; Acute care; ADHD; Substance abuse
- Pharmaceutical shortages
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Investment strategy
Scope
Life Science
Europe
HQ in Northern Europe;
What we look for
Life science | Value creation journey |
Clear value proposition | Scalable business |
Add-ons globally
Small / Mid-size Businesses
Sales <50 mEUR
Market fundamentals | ||
ESG | OSITION | |
P |
PEOPLE
Entrepreneurial management
P | M&A possibilities |
Innovative | |
OTENTIAL |
Majority Owner
51-100% Ownership
Long-term
Buy & Build | No exit horizon
PROFITABILITY
Solid underlying business
Commercially proven
Self-funded and Cost control
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Our Model
Life Science | Entrepreneurship | Group Scale |
Sector focus | Decentralized & local responsibility | Business development |
Network of expertise | Integrity of acquired brands | Merger & Acquisitions |
Knowledge sharing | Quick and agile | Governance - ESG |
Market insight | Long-term mindset | Financing |
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Acquisitions
21 | Emfit, Add-on | Somna, | 31 | Toul Meditech & | ||||||||||||||||||||||||
Unimedic, | (Abilia) | 26 | ||||||||||||||||||||||||||
11 | SurgiCube, | |||||||||||||||||||||||||||
Sale of product | Add-on | |||||||||||||||||||||||||||
8 | Handitek, Add-on | Acquisition | ||||||||||||||||||||||||||
Scandinavian | (Abilia) | |||||||||||||||||||||||||||
(D-droppar) | 18 | Miwana, Add-on | ||||||||||||||||||||||||||
(GEWA - changed | 22 | |||||||||||||||||||||||||||
name to Abilia) | IM-Medico,Exit | (Unimedic) | Nutrients, | 27 | Multi-Ply | 32 | Swedelift, | |||||||||||||||||||||
1 IM-Medico, | 5 GEWA (Abilia), | 12 | Add-on (Inpac | |||||||||||||||||||||||||
Add-on (Assistive | ||||||||||||||||||||||||||||
Acquisition | Acquisition | 9 | Falck Igel, Add-on | 19 | Cardiolex, Add- | AirContainer) | Acquisition | Tech / Trident) | ||||||||||||||||||||
(Abilia) | 13 | Ergobe, Add-on | on (Quickels) | Strässle, | ||||||||||||||||||||||||
(Unimedic) | 23 | |||||||||||||||||||||||||||
Add-on | ||||||||||||||||||||||||||||
(Cardiolex) | ||||||||||||||||||||||||||||
2001 | 2005 | 2006 | 2007 |
2008
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
14 | Toby Churchill, Add- | |||||||||||||||||||||||
Quickels, | Cognita, | |||||||||||||||||||||||
on (Abilia) | 28 | |||||||||||||||||||||||
0 VC-portfolio, | 2 | Acquisition | VC-portfolio, | Add-on (Abilia) | ||||||||||||||||||||
Acquisition | 6 | Pharmadone, | Comai, | |||||||||||||||||||||
3 | Exit | 15 | 24 | D-Drop,Product | ||||||||||||||||||||
Dunmedic, | 10 | Abilia, | Add-on (Unimedic) | Inpac, | Add-on (Abilia) | 29 | ||||||||||||||||||
Add-on(IM-Medico) | IM-Medico, | Refinancing | 20 | divestment | ||||||||||||||||||||
7 | (30 MSEK) | 16 | Cross Pharma, Add- | Acquisition | 25 | Amedtec, | (Unimedic) | |||||||||||||||||
4 | Sale of | |||||||||||||||||||||||
Unimedic, | property | on (Unimedic) | Add-on (Cardiolex) | AdderaCare, | ||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||
30 | ||||||||||||||||||||||||
17 | ForGetMeNot, Add- | announced | ||||||||||||||||||||||
public buyout | ||||||||||||||||||||||||
on (Abilia) | ||||||||||||||||||||||||
incl. five add-ons | ||||||||||||||||||||||||
(Abilia)
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Sales and EBITDA rolling 12 months by quarter
MSEK (Net sales) | MSEK (EBITDA) |
- 500
- 400
- 300
- 200
- 100
-
000
900
800
700
600
500
400
300
200
100
0
596
59
Q3
17/18
Sales CAGR: 16%
EBITDA CAGR: 32%
956 | |||||||||||||||
858 | 885 | 916 | |||||||||||||
826 | |||||||||||||||
801 | 817 | ||||||||||||||
757 | 763 | 786 | 203 | ||||||||||||
739 | |||||||||||||||
709 | 726 | 734 | |||||||||||||
672 | 699 | 187 | |||||||||||||
639 | 174 | ||||||||||||||
166 | |||||||||||||||
155 | 157 | 158 | |||||||||||||
141 | 147 | ||||||||||||||
140 | |||||||||||||||
127 | 127 | ||||||||||||||
113 | |||||||||||||||
66 | 72 | 77 | 78 | ||||||||||||
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
1454 | ||||||
1 331 | 316 | 300 | ||||
1 229 | ||||||
1 111 | 285 | |||||
250 | ||||||
1 007 1 046 | 257 | |||||
229 | 239 | |||||
217 | 200 | |||||
150 | ||||||
100 | ||||||
50 | ||||||
Q2 22 | Q3 22 | Q4 22 | Q1 23 | Q2 23 | Q3 23 | 0 |
Net sales | EBITDA R12 |
Excluding discontinued/divested operations. IFRS16 incl. from Q1 2019 & excluding one-time effects
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Group Highlights Q3
- Sales growth by 51%; organic above 20%
- Strong demand and good performance across the business areas
-
EBITDA increased by 63%
(adj for one-time effect in Q3 '22) - EBITDA-marginof 22%
- Good operating cash-flow and solid balance sheet; Net Debt / EBITDA ratio -0.1(excl IFRS16)
- Creating three business areas by separating "Assistive Tech" into new BA; each a platform for further organic and M&A growth
- Well positioned for acquisitions in a weaker M&A market; good availability of potential transactions
Q3 2023 | |
Net Sales | 364.5 +51% |
(MSEK) |
EBITDA | 81.0 | +63% |
(MSEK) |
EBITDA- | 22.2% +1.7 ppt |
margin |
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Financial Targets
Net sales in 2023 | Annual EBITDA growth | Net debt / EBITDA |
1,500 MSEK | >15% | <3x |
R12 2023 Q3: | 1,454 MSEK | +39% | -0.1x |
2018-2022: |
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Disclaimer
MedCap AB published this content on 20 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 16:24:05 UTC.