for personal use only investor presentation · 2016. 11. 16. · responsibility or liability for,...
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1
November 2016
Investor Presentation
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ThisPublicationdoesnotconstituteanoffer,invitationorrecommendationforthesaleorpurchaseofanysecuritiesinany jurisdiction.
Referencesto,andtheexplanationof,legislationandregulatoryissuesinthisPublicationareindicativeonlyandshouldnotbereliedon.Theydonotpurporttosummariseallrelevantlegislationandregulatoryissuesortobeafullexplanationofany particularmatter.
PastPerformance
PastperformanceinformationgiveninthisPublicationisgivenforillustrativepurposesandshouldnotberelieduponasan indicationoffutureperformance.
Forwardlookingstatements
Theinformationcontainedhereininvolveselementsofsubjectivejudgmentandanalysisandmaybeidentifiedbywordssuchas 'may','could','believes','expects','intends'orotherwordsthatinvolveriskanduncertainty(collectively,forwardlookingstatements).AnyforwardlookingstatementsexpressedinthisPublicationaresubjecttochangewithoutnotice.Theydonotconstitute,andshouldnotberegardedas,arepresentationthattherelevantresultswillactuallybeachievedorthattheunderlyingassumptionsuponwhichforward lookingstatementsmaybebasedarevalidorreasonable.Actualresultsmayvaryfromtheforwardlookingstatementsandsuchvariationsmaybematerial.
Otherinformation
AllfinancialamountscontainedinthisPublicationareexpressedinAustraliancurrencyunlessotherwisestated.AnydiscrepanciesbetweentotalsandsumsandcomponentsintablescontainedinthisPublicationareduetorounding.
Disclaimer
Otherthantotheextentrequiredbylaw,neitherAzurenoranyoftheirrespectiveaffiliates,associates,shareholders,directors,officers,employees,agents,representativesandadvisers(theAzureParties)makeanyrepresentationorwarranty(expressorimplied)asto,andassumeresponsibilityorliabilityfor,theauthenticity,origin,validity,accuracyorcompletenessof,oranyerrorsinoromissionsfrom,anyinformation,statementoropinioncontainedinthisPublicationorinanyaccompanying,previousorsubsequentmaterialorpresentationinconnectionwith
thesubjectmatterofthisPublication.
Withoutlimitingtheforegoing,noneoftheAzureParties:
• makesorpurportstomakeanystatementorrepresentation(including,butnotlimitedto,anyrepresentationwithrespecttoany forwardlookingstatement)containedinthisPublication;
• isresponsibleforthecontentsofthisPublication;
• hasverifiedtheaccuracyorcompletenessofthisPublication;or
• isliableinanywayforanymisstatementin,orerrorsinoromissionfrom,thisPublicationorinanyaccompanying,previousorsubsequentmaterialorpresentationinconnectionwiththesubjectmatterofthisPublication,exceptandthenonlytotheextentrequiredbylaw.
UnitedStates
Inparticular,thisPublicationisnotanofferofsecuritiesforsaleintheUnitedStatesorto,orfortheaccountorbenefit of,U.S.persons(asdefinedinRegulationSundertheUnitedStatesSecuritiesActof1933(theSecuritiesAct)).Azure,its affiliatesandrelatedbodiescorporatearenot
andwillberegisteringanysecuritiesundertheSecuritiesActorthesecuritieslawsofanystateoftheUnitedStatesoranyotherjurisdictionotherthantheCommonwealthofAustralia.
ThisdocumenthasbeenpreparedforpublicationinAustraliaandmaynotbereleasedordistributedintheUnitedStatesortoU.S.persons.FailuretocomplywiththisdirectivemayresultinaviolationoftheSecuritiesActand/oranotherapplicablelaw oftheUnitedStatesoranotherjurisdiction.
Disclaimer
ShareholderRoadshow|November20162
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Agenda
• AboutAzure
• YearinReview
• StrategicPriorities
• BusinessOutlook
• Research&DevelopmentOverview
• NewProducts
• Q&A
ShareholderRoadshow|November20163
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About Azure• Established in 1986
• Global manufacturer of Nurse call Systems and Clinical Workflow solutions for hospitals and aged care facilities.
• Over 4,500 confirmed installations in 60 countries
Capital Structure as at 15 November 2016
Shares on Issue 189,711,544
Share Price $0.076
Market Capitalisation $14.5 million
Cash (as at 30 June 2016) $1.69 million
Debt (as at 30 June 2016) $2.03 million
Enterprise Value $14.8 million
Major Shareholders %
Robert Edward Grey 19.60
ACF Australia Ethical Investment 14.60
William P Brooks 5.85
Total 40.05
Profit&LossStatement($’000s) FY2016 FY2015 Q1FY17 Q1FY16
Revenue 32,028 34,962 7,555 7,623
GrossProfit 15,654 18,298 3,937 4,136
NPBT (3,875) 120 90 (569)
EBITDA (3,149) 689 249 (427)
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2016ShareholderRoadshow|April20165ShareholderRoadshow|November20165
About AzureBalance Sheet ($’000s)
Cash 1,685
Other Current Assets 14,440
Plant & Equipment 774
Other Non-Current A’s 5,084
Total Assets 21,983
30-June-2016Trade Payables 6,366
Other Current Liabs 3,367
Long Term Borrowings 8
Provisions 72
Total Liabilities 9,813
Net Assets 12,170
Board & Senior Management
Graeme Billings Chairman
Chartered Accountant since 1980; retired from PwC in 2011 after 34 years. Extensive experience providingassurance, transaction and consulting services to multinational and national clients across a variety of industries.Chairman and NED of Korvest Ltd, NED of Clover Corporation Limited and GUD Holdings Ltd
Clayton Astles
Chief Executive Officer
Based in Texas. Joined Azure in 2008 as Vice-President and then President of Austco’s main operatingsubsidiary, Austco. Helped build the group’s reputation as a leader in the nurse call and clinical software solutionsmarket in the USA and has been instrumental in the establishment of a Software Development Centre andmanufacturing facility in Dallas. Has over 12 years leadership experience in the healthcare technology industry,holds a diploma in Electronics Engineering.
Brett Burns
Non-ExecutiveDirector
Founding Partner of law firm CBW Partners having worked in a variety of roles within ASX Top 50 companies,government, national and international law firms. Former General Counsel for Transurban Group, corporate lawyerwith Baker & McKenzie and regulatory roles with ASIC. Also NED of several private companies.
Jason D’arcy
CFO & Co. Secretary
CPA, B.Ec and B.Bus (Accounting). Extensive ASX-listed company financial experience; former CFO of BaxterGroup Ltd and Cellestis Ltd.
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2016ShareholderRoadshow|April20166ShareholderRoadshow|November20166
Benchmarking Analysis
Company Market Cap ($m)
Enterprise Value ($m)
FY16Rev. ($m)
FY16 NPBT($m)
FY16 EBTDA
($m)
Net Assets as at 30
June 2016($m)
EV /FY16 Rev.
Number of Sites
EV / Net Assets
Azure Healthcare Limited 14.4 14.8 32.0 (3.9) (3.2) 12.2 0.46x 4,501 1.2x
Alcidion Group* Ltd 35.2 29.5 4.1 (0.8) (0.8) 6.6 7.15x 11 4.5x
OneviewHealthcare PLC 240.0 184.4 3.3 (14.0) (12.1) 22.4 55.8x 12 8.2x
Hills Health Solutions (Lincor)
Plans for $30m IPO in the first half of 2017. Lincor are in 150 healthcare facilities across the globe. Hills Health Solutions are in over 350 healthcare facilities and over 550 aged care facilities.
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MANAGEMENT STRUCTURE
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AZUREHEALTHCARE
AustcoCommunicationsPtyLtd40O'MalleyStreet,(Production)OsborneParkWesternAustralia6017
AustcoMarketing&Service(Asia)Singapore
AustcoCommunications(NZ)Auckland
AustcoMarketing&Service(Canada)Toronto
AustcoMarketing&Service(USA)Dallas
AustcoMarketing&Service(Europe)UnitedKingdom
Austco Communications(Australia)Melbourne
SedcoCommunicationsPtyLtd40O'MalleyStreet(Production)OsborneParkWesternAustralia6017
CorporateStructure
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ManagementStructure
GeneralManager(Australia&NZ)MikeRead
GeneralManager(Asia)MichaelChia
OperationsManager(Canada)VictorAlmeida
REGIONALMANAGEMENT
OperationsManager(Perth)AndrewAlmeida
MANUFACTURING(Australia)
DirectorR&DStephenBelcher
RESEARCH&DEVELOPMENT FINANCE
GeneralManager-GlobalOperationsMikeRead
Operations(Global)
President(USA&LatinAmerica)ClaytonAstles
CFOJasonD’Arcy
ProductionManager(Dallas)AnnettePonsen
CEOClaytonAstles
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THE YEAR IN REVIEW
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LaunchedNewSoftwarePlatform
EnterpriseInformationDashboardwithReporting
SophisticatedIntegrations
MobileApplications
WorkflowOptimization
IntuitiveUserInterface
TheYearinReview
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2016ShareholderRoadshow|April201612
UpcomingPilotSites
HealthSouth(USA) SickKids
(CAN)
MonteFiore(AUS)
Reports and Dashboards
TheYearinReview
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NewOakvilleHospital(NOH)PerthChildren’sHospital(PCH)
NgTeng FongGeneralHospital (NTFGH)
1200Beds
300Beds 400Beds
370Beds
SickKids(SK)
TheYearinReviewLargeProjectDeployments
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2016ShareholderRoadshow|April201614
STRATEGIC PRIORITIES
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2016ShareholderRoadshow|April201615
Streamlinereportingstructure
Reducemanufacturingcosts
Improveefficiencies
FocusonQuality
RegulatoryCompliance
AdapttoEvolvingIndustry
RestructuringwillbecompletedbyDecember2016
OurStrategicPrioritiesOrganizationalRestructuring
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PerthFactoryclosurewillresultinsavingsofAUD$1Mto$1.4Mannually
Saleofnon-coreassetCellguard for$1million(beforeadjustmentsandtransactioncosts)
RelocateManufacturingtoUSA
Averagewage 21% Lower
FactoryOverheads 45%Lower
Break-EvenPoint 3.5TimesLower
OurStrategicPriorities
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RationalizeProductLinestoimproveprofitability• Austcohasmorethat900productsinitsportfolio
• Typicallywithcompaniesthathavemanyproducts,80%ofsalescomefromonly20%ofthoseproducts
• Over29years,Austcohascontinuedtoaddproductstoitsportfoliowhileremovingfew->RationalizeAustcoproductstoapproximately300
OurStrategicPriorities
HeadcountreductionshavealreadyreducedexpensesbyoverAUD$2Mannually
July2015 June2016
129
26%Reduction
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IntroduceSubscriptionPricingModel
BenefitsforAzure:
• Predictableandcontinuousrevenue
• Whilesubscribed,Azurehasregularcontactwiththecustomer,ratherthansporadiccontact.
• Morecompetitiveonbids(costofsoftwareisspreadoutoveryears)
• Improvesforwardcashflowandstrengthensthebalancesheet
• Higherrevenuefromlong-termcustomers,generallybeyond3yearterm
OurStrategicPriorities
ASoftwareasaProduct(SaaP)company’srevenueisafunctionofthenumberofnew customerswhiletheSoftwareasaService(SaaS)company’srevenueisa
functionofthetotal numberofcustomers.
PerpetualRevenue
CumulativeSubscriptionRevenue
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and future product opportunities
ProductRoadmap
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NurseCallemergingtrends
PulseOximeterSystem
VoiceApplications
PatientMonitoringSystem
PagingServiceProvider
SMS PCAttendantConsole
PatientFlowSystem
iOS/Android Entertainment
EMR
StatLabResults
InfusionPumpSystem
VentilatorSystems
VoiceSwitch
NewNurseCallstandard
ActiveDirectory
On-CallScheduling
RTLS
BedManagement
ADTSystem
InfantProtection
TraditionalNurseCall
OnsitePaging In-BuildingWirelessPhones
FireAlarm BMS
SecuritySystem
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Analyticsandreporting
Fewcompetitivesolutions
Austco’splatformcouldbeamarketleader
Productsdisplayedarefordemonstrationpurposesonly.
Reports&Dashboards
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NewWidgets
Productsdisplayedarefordemonstrationpurposesonly.22
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“Presence”overdoorlight
Acknowledgealarmsatnursestation
Tracktimespentinroom,responsetime
Accurateformulti-bedrooms
Positionrelativetoothertags
RTLSforNurseCall
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WHITEBOARDS
Fornurse’sstation,patientrooms
Usesiconsandpics
Easytoconfigure
Customizedworkflow
Productsdisplayedarefordemonstrationpurposesonly.
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MOBILEAPPSBringyourowndevice(BYOD)
Letsnursesusetechnologytheyalreadyknow
Nursesnottiedtoastation
Productsdisplayedarefordemonstrationpurposesonly.
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SMARTWATCHAPPS
Hands-freecare
Watchesareidealnotificationdevices
Productsdisplayedarefordemonstrationpurposesonly.
FOCUSEDONALARMMANAGEMENTAcknowledgealarm
Forward/Declinealarm
Escalatealarm
Reminders
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Interfacevideo
http://www.austco.com/media/roadshow2016-tacerawalkthrough.mp4
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END-TO-ENDALARMMANAGEMENT
Productsdisplayedarefordemonstrationpurposesonly.
ALLAUSTCOPRODUCTSConsistentinteractions
Consistentvisuallanguage
Entireecosystem
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2016ShareholderRoadshow|April201629
BUSINESS OUTLOOK
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GLOBAL NURSE CALL SYSTEMS MARKET, 2012 -2020, REVENUE (USD Mil)
NurseCallMarketSizeBusinessOutlook
NorthAmerica$229M
Europe$156M
AsiaPacific$140M
RestoftheWorld$72M
GLOBAL NURSE CALL SYSTEMS MARKET, BY GEOGRAPHY, 2013 (US$ M)
Source: TMR Analysis, December 2014
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2016ShareholderRoadshow|April201631
HealthcareexpendituresintheUSaretwicethoseofotherdevelopedcountries
ImportanceoftheUSAMarketBusinessOutlook
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BusinessOutlook
Ageingbabyboomergeneration
Welldiversifiedacrossgeographies
Complementaryrevenuestreams
Highbarriersofentry
Growingsalespipelineforsophisticatednursecallsolutions
Wellpositionedtotakeadvantageoffutureopportunities
InvestmentCase
• ProjectRevenue
• TransactionBased
• RecurringRevenue
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QUESTIONS?
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