2014 first-quarter revenue - straumann · 2020-04-10 · 2014 first-quarter revenue conference call...
TRANSCRIPT
29.04.2014
1
2014 First-quarter revenueConference CallBasel, 30 April 2014
2
This presentation contains certain forward-looking statements that reflect the current views of management. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Straumann Group to differ materially from those expressed or implied in this presentation. Straumann is providing the information in this presentation as of this date and does not undertake any obligation to update any statements contained in it as a result of new information, future events or otherwise.
The availability and indications/claims of the products illustrated and mentioned in this presentation may vary according to country.
Disclaimer
29.04.2014
2
2014 YTD Highlights Marco Gadola, CEO
Promising start to 2014; strongest quarter in three years
4
REVENUE GROWTH1 MAIN CONTRIBUTOR
CHF 180m +6% Europe
Performance reflects investments in growth markets, new products launches and soft baseline
Strongest quarter in 3 years. Continued improvement over 4 quarters.
Return to growth after 2 years of decline; contributes 41% of Q1 growth
BEST PERFORMERS MULTIBRAND STRATEGY ITI WORLD SYMPOSIUM
ROW & APACBiodenta, MegaGen & botiss
Leading academic event
Another strong quarter in LATAM and further improvements in Japan
Strategic investments/partnerships to strengthen presence in the value segment and in regenerative dentistry
Event used to promote new research and customer solutions
1 All growth rates in local currencies
29.04.2014
3
5
Leading academic event in oral implantology
~4200 participants
Straumann Corporate Forum attended by >2000 dental professionals
Special promotions offered
Highly successful ITI World Symposium –platform to promote new research and solutions
Regional and business reviewThomas Dressendörfer, CFO
29.04.2014
4
7Straumann, Nobel Biocare, Zimmer Dental, Biomet 3i, Dentsply Implants - based on company and SEC reports as well as management comments
4 consecutive quarters of solid growth
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Market for tooth replacement & restoration (leading implant companies)
Straumann l.c. growth
5.2%4.1% 8.3% 28.6%
Change in l.c.
8
Good growth across all regions
(3.1%)
2013 2014
6.0% in l.c.
In CHF million
2.9% in CHF
174.8
‐5.2
169.6
4.12.2 1.7
2.2
179.8
Revenues Q12013
FX Effect Revenues Q12013 @ FX
2014
Europe North America APAC ROW Revenues Q12014
29.04.2014
5
Europe & N. America – main growth contributors
56%
Return to growth in nearly all European countries
New implant price structure; customers upgrade to premium Roxolid implants
Spain and Nordics deliver strongest performance
4.1%
(1.4%)(3.4%)
0.2%
(7.7%)
Q1 2014Q4 2013Q3 2013Q2 2013Q1 2013
Eu
rop
eN
ort
h A
mer
ica Revenues 5% ahead of previous
year
Mid-single-digit growth in the US and Canada
Strong demand for Roxolid and the Bone-Level implant range
Revenue change (organic)
25%
9
5.2%
11.0% 9.1%
10.6%
2.1%
Q1 2014Q4 2013Q3 2013Q2 2013Q1 2013
57%
Japan rebounds; LATAM dynamic
56%
Good growth in APAC driven by Japan
SLActive Tissue Level implant launch stimulates growth in largest Asian market
Currency headwind (mainly JPY) cuts regional growth by 11% points
8.3%
16.3%
7.9%
0.9%
-4.4%
Q1 2014Q4 2013Q3 2013Q2 2013Q1 2013
Asi
aP
acif
icR
est
of
Wo
rld
28.6%
1.8%
35.1%
4.1%-2.6%
Q1 2014Q4 2013Q3 2013Q2 2013Q1 2013
Q1 revenue climbs 29% (l.c.)
Strong performances in Mexico and Brazil
Neodent also posts double-digit growth in Q1
Erratic distributor ordering patterns
12%
5%
10
Revenue change (organic)
29.04.2014
6
Implants
Solid growth in implants and prosthetics
Restorative Regeneratives
11
Good strategic progressMarco Gadola, CEO
29.04.2014
7
13
Founded in 2002, MegaGen is one of Korea’s fastest-growing dental implant companies
Straumann purchases 3%-interest-bearing convertible bonds for a total of CHF 27 million
Capital injection will accelerate MegaGen’s expansion plans
Option to convert bonds into shares in 2016 and to obtain a majority stake in MegaGen
Foothold in the value segment of the Asia/Pacific region
Investment in MegaGen to drive expansion in value implant segment in Asia
Exclusive rights for Straumann to distribute botiss products in most Western/Central European countries and the Americas
Botiss to distribute Emdogain® in Germany, parts of Eastern Europe and Middle East
Leading position for dental bone & tissue regeneration in Europe; growing globally
Extensive range of proven biologic materials
Straumann to start selling in Europe in Q4; other regions to follow in 2016/17, pendingclearances
14
Combining strengths with botiss to provide complete regenerative solutions worldwide
29.04.2014
8
A combination to eclipse the market leader
15 *US only
Straumann botiss Geistlich
Bone allografts *
Bone xenografts
Bone synthetic grafts
Bone blocks
Custom bone blocks
Bone rings
Collagen cones
Fleeces & sponges
Membranes
Soft-tissue grafts
Biologics
Common platform fortechnology & production
Separate-brand strategy to address premium and value segments
16
Brazil
49%
2012
Germany
51%
2013
TaiwanConvertible bond
2014
KoreaConvertible bond
2014
Spain
30%
2013
Canada
44%
2011
GermanyDistribution & call option
2014
Germany
CADCAM
2014
Premium Value
29.04.2014
9
2014 outlook helped by an exciting roll-out program
18
New prosthetic components for fixed full-arch restorations launched at ITI congress
Enhanced screw-retained prosthetic solution especially for edentulous patients
New range of screw-retained implant abutments offering increased flexibility
Low profile, different gingiva heights
0°, 17° and 30° angulations for challenging situations where the posterior implant has to be tilted
Very positive reactions in pre-market tests
29.04.2014
10
New
SR
ab
utm
ents
Value-adding solutions to meet clinician and patient needs
19 Bubble sizes illustrate market volume potential
Single tooth Multiple tooth Edentulous
Ceramic implants
Standard implant solution
packages
Simpleedentulous solutions
Fixed immediate edentulous solutions
Smaller, less invasive implants
Implants for narrow spaces
Esthetic, fast implant solutions with single crown / small bridge
Low
High
Cost-effective, open platform restoration
Lev
el o
f so
ph
isti
cati
on
Str
aum
ann
O
NE
Cer
amic
im
plan
t
Rox
olid
Str
aum
ann
V
ari
ob
as
e
20
We expect the global implant market to develop positively in 2014 and our revenue to grow in the low-single-digit range (l.c.).
After a promising Q1, we expect a softer Q2 given the later Easter break this year.
We will continue to invest in dental growth markets and to extend the reach of our non-premium offering.
Despite this, and thanks to the full impact of our cost-reduction measures last year, we expect to further expand operating income margin in 2014.
In the mid-term, we aim to return to solid growth with further operating margin improvements.
Outlook for 2014 unchanged Barring unforeseen circumstances
20
29.04.2014
11
21
Questions & Answers
Calendar of upcoming events
2 0 1 4
30 April First quarter sales Audio webcast
05 May Investor meetings Milano
06 May Investor meetings Munich
11-12 June Vontobel Swiss Conference Interlaken/CH
13 June Deutsche Bank Swiss & German Conference Berlin
26 August Half-year 2014 results conference Basel HQ
23 October Third quarter sales Audio webcast
2 0 1 5
24 February Full-year 2014 results conference Basel HQ
Detailed calendar on www.straumann.com
2222 Publication and corporate events
29.04.2014
12
23
Straumann’s currency exposure
Cost breakdown 20131
Revenue breakdown 2013
1 These distribution charts represent the total net revenues and the total COGS as well as OPEX expenses in the various currencies. All numbers are rounded and based on 2013 figures.
Average exchange rates (rounded) FX sensitivity (+/- 10%) on...
FY 2013 YTD 2014 Revenue EBIT
EURCHF 1.23 1.23 +/- 25 million +/- 15 million
USDCHF 0.93 0.90 +/- 17 million +/- 7 million
JPYCHF 0.95 0.87 +/- 4 million +/- 2 million
Development of Straumann’s main exchange rates since 2012
23
EUR 40%
CHF 12%
USD / CAD / AUD 28%
Other 20%
EUR 21%
CHF 45%
USD / CAD /
AUD 22%
Other 12%
60
80
100
120
2012 2013 2014
USDCHF EURCHF JPYCHF
Your contacts
Fabian Hildbrand
Corporate Investor Relations
Tel. +41 (0)61 965 13 27
Email [email protected]
Mark Hill Thomas Konrad
Corporate Communications
Tel. +41 (0)61 965 13 21 Tel. +41 (0)61 965 15 46
Email [email protected] Email [email protected]
24
29.04.2014
13
International Headquarters
Institut Straumann AGPeter Merian-Weg 12CH-4002 Basel, SwitzerlandPhone +41(0)61 965 11 11Fax +41(0)61 965 10 01www.straumann.com