half-year 2016 earnings call curasan ag€¦ · § us market for orthobiologic products in...

Half-year 2016 earnings call curasan AG

18 August 2016, 15.00 CET

Sales picking up in Q2 2016…

Highlights in Q2 financials

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§  Revenues picking-up dynamically, giving proof for turn-around going into the right direction

§  Gross revenues (adjusted) H1 2015: EUR 3.35 m (+9.6 %)

§  Gross revenues Q2 2015: Q2 EUR 1.63 m (+ 16.7 %)

§  Foreign sales main contributor to accelerated growth with share of total sales rising from 71% to 79 %

§  Defined growth regions continue to perform: Asia +11.8 %, Middle East +53.0 % y-o-y

§  Positive outlook for Q3 sales in-line with expectations

Half-year 2016 Earnings Call, 18.08.2016

New strategic investor and capital increase

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21 April 2016: curasan presents new strategic investor

§  Mr. Yinan Xiong, born in Beijing (China), residing in Richmond (BC, Canada)

§  strong family ties into Asian medical technology industry

§  10 percent capital increase at EUR 1.20 per share (subscription rights of existing shareholders excluded)

§  943,604 new shares issued gross proceeds of EUR 1,132,324.80

§  Proceeds to be used for acceleration of international expansion in Asia and USA (further details to be disclosed)


curasan Inc. - New Vice President

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Shane Ray new Vice President and Managing Director of US subsidiary curasan Inc. since June 2016

§  20+ years of experience in US Orthopedics market

§  MP of multiple Orthopedics companies

§  Experience in building-up and structuring sales teams for complex products

§  US market for orthobiologic products in Orthopedics: > 850 mUSD

§  FDA approval for CERASORB Ortho Foam expected from end of 2016: à Network of distrubution partners for US market currently being built-up!


Stronger concentration on Orthopedics

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36%

64% 66%

34%

Ortho Dental

71%

29%

Orthopedics market worldwide most attractive segment: Revenues Split 2015

curasan AG

Market Split World

Market Split USA


H1 2016: 60 % vs. 40 %

Roll-Out in China has begun

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Stronger penetration of Chinese market

§  Market sounding period concluded, distribution agreements to be signed in the next weeks

§  curasan already successful in China with stypro

§  Registration of CERASORB Dental Granulate already granted, registration for Orthopedics pipeline planned

§  Market growth in China according to iData > 30 % per year until 2020!

§  Partner network in China currently built-up for Dental à established network by the time of registration of Orthopedics pipeline!


Financials

P&L showing dynamic sales (abbr.)

9 Half-year 2016 Earnings Call, 18.08.2016

In TEUR H1 2016 H1 2015 Δ [abs.] Δ [%]

Revenues gross & adjusted 3,350 3,056 294 9.6%

Revenues gross 3,350 3,194 156 4.9%

Revenues net 3,135 2,991 144 4.8%

Other income 117 4,686 -4,569 -97.5%

Cost of personnel 1,579 1,467 112 7.6%

EBITDA -936 3,846 -4,782 -124.3%

Depreciation 253 271 -18 -6.6%

Other Expenses 1,409 1,244 165 13.3%

EBIT -1,189 3,575 -4,764 -133.3%

Financial result -79 -155 76 -49.0%

Taxes 0 0 0 n/a

Net Income -1,268 3,420 -4,688 -137.1%

Number of shares (average, thousands) 9,593 9,436 729 8.2% Earnings per share (in Euro) -0.11 0.41 -0.52 -126.8%

Balance Sheets – Assets (abbr.)


In TEUR 06/30/2016 12/31/2015 Δ [abs.] Δ [%]

Current Assets 5,376 5,664 -288 -5.1%

thereof cash & cash equivalents 777 1,588 -811 -51.1%

thereof Trade receiveables 1,920 1,260 660 52.4%

thereof Inventory 2,529 2,621 -92 -3.5%

thereof Other assets (shortterm) 150 195 -45 -23.1%

Non-current Assets 6,703 6,913 -210 -3.0%

thereof Intangible Assets 1,308 1,331 -23 -1.7%

thereof Tangible Assets 1,274 1,368 -94 -6.9%

thereof Goodwill 2,776 2,776 0 0.0%

thereof Customer Base 1,286 1,379 -93 -6.7%

Total Assets 12,079 12,577 -498 -4.0%

Balance Sheets – Liabilities (abbr.)


in TEUR 06/30/2016 12/31/2015 Δ [abs.] Δ [%]

Current Liabilities 1,253 1,526 -273 -17.9%

thereof from banks 4 10 -6 -60.0%

thereof Trade payables 529 609 -80 -13.1%

thereof Other liabilities (shortterm) 592 712 -120 -16.9%

Non-current Liabilities 2,071 2,211 -140 -6.3%

thereof Pension provision 304 304 0 0.0%

thereof Other liabilities (shortterm) 1,513 1,653 -140 -8.5%

Equity 8,755 8,840 -85 -1.0%

thereof Subscribed capital 10,380 9,436 944 10.0%

thereof Capital reserve 7,598 7,371 227 3.1%

thereof Loss carryforward -7,754 -9,087 1,333 14.7%

thereof Net result -1,268 1,333 -2,601 -195.1%

Total Liabilities 12,079 12,577 -498 -4.0%

Cash flow affected by Stryker payment


in TEUR H1 2016 H1 2015 Δ [abs.] Δ [%]

Cash & cash equivalents (start of period) 1,588 1,552 36 2.3%

Cash flow from operations -1,596 1,315 -2,911 -221.4%

Cash flow from investments -263 -8 -255 -3,187.5%

Cash flow from financing 1,048 847 201 23.7%

Cash & cash equivalents (end of period) 777 3,706 -2,929 -79.0%

Further key figures

Employees as of 06/30 (FTE) 33 33 0 0.0%

Net revenues by region (like-for-like)

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§  Europe with underperformance due to TriMedicales/Cytoplast effect and… §  …Germany still being below expectations (EUR 150 k caused by TriMed/Cytop.) §  Middle East +53%, Asia +11% giving proof to strategy §  USA just ahead of the dawn, registration of CERASORB Ortho foam from end of 2016 §  Importance of Orthopedics business to further increase in all markets


1.267

644

280

756 821

1.300

865

183

676 830

Europe thereof Germany Middle East Asia Americas

H1 2016 H1 2015

half-year 2016 earnings call curasan ag€¦ · § us market for orthobiologic products in...

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