2015 9-months sales presentation - Straumann · Q1 Q2 Q3 2015 Q2 Q3 Q4 2014 Asia Pacific LATAM 1...
Transcript of 2015 9-months sales presentation - Straumann · Q1 Q2 Q3 2015 Q2 Q3 Q4 2014 Asia Pacific LATAM 1...
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2015 9-months sales presentationWebcast for investors, analysts & media
Basel, 29 October 2015
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This presentation contains certain forward-looking statements that reflect the current views ofmanagement. Such statements are subject to known and unknown risks, uncertainties andother factors that may cause actual results, performance or achievements of the StraumannGroup to differ materially from those expressed or implied in this presentation. Straumann isproviding the information in this presentation as of this date and does not undertake anyobligation to update any statements contained in it as a result of new information, futureevents or otherwise.
The availability and indications/claims of the products illustrated and mentioned in thispresentation may vary according to country.
Disclaimer
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Q3 and 9M highlightsMarco Gadola, CEO
2015 9M – On track with strong underlying growth
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9M REVENUE Q3 ORGANIC REVENUE GROWTH Q3 BEST REGIONAL PERFORMER
CHF585m +8% APAC
+9%1 (+18% in l.c.) including Neodent contribution of CHF 46m since 1 March
Momentum continues in Q3, thanks to strong product cycle
Driven by double-digit growth in China and Japan
BLT IMPLANT STRATEGIC EXPANSION 2015 FY OUTLOOK
>100 000 sold in first year
Emergingmarkets
On track
Bone Level Tapered (BLT) implants available in >50 countries
Subsidiary opens in Russia; distribution model in China complete; new hubs operational in LATAM
...to achieve mid- to higher-single-digit organic revenue growth and underlying EBIT margin in low 20’s2
1 Organic growth – i.e. excluding the effects of acquisitions, divestitures and currency exchange rates2 Before business combination exceptionals (fair value adjustments to Neodent’s acquisition-related inventory of CHF 13m)
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Regional reviewPeter Hackel, CFO
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Strong organic growth across all regions –double-digit in APAC
8.6% organic
Revenue development (in CHF million, rounded)
2014 2015
Organic growth
(5.3%) 9.0% 9.1%5.4% 19.1%8.7%
11.8% in CHF
523.4
(27.8)
+43.2
538.8
+14.1+13.1
+14.3 +5.1
585.3
Revenue 9M2014
FX Effect AcquisitionEffect
Adj. revenue9M 2014
EMEA NorthAmerica
APAC LATAM Revenues 9M2015
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Revenue change (organic)
Sustained pick-up in EMEAContinued strong growth in North America
56%
Another strong quarter fuelled by double-digit growth in Iberia, France and Sweden
Germany continues to perform well
Biomaterials from botiss: ideal complement to Straumann’s implant portfolio
8.5% 8.3%
0.3%
7.0%
2.4%
(2.0%)
Q3Q2Q12015
Q4Q3Q22014
EM
EA
No
rth
Am
eric
a
Solid Q3 (+6%) but softer than high 2014 baseline (BLT launch)
Strong demand for BLT implants
Group now supplies 80% of implants placed by ClearChoice
28%
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6.1%
9.3% 11.6%
9.3% 11.4%
5.4%
Q3Q2Q12015
Q4Q3Q22014
44%
Double-digit growth in Asia and LATAM
56%
Further share gains in Japan
Continuing roll-out of SLActive and controlled market release of BLT in Japan
Strong growth in China; all new distribution partners appointed
13.2%12.8%
34.5%
14.5%17.0%15.3%
Q3Q2Q12015
Q4Q3Q22014
Asi
aP
acif
icL
ATA
M1
1.3%
15.6%
8.3%
15.1%14.0%
6.5%
Q3Q2Q12015
Q4Q3Q22014
Sequential slowdown in Q3 (+1%) after a strong Q2, which benefitted from an increase in trading days
Brazilian market remains sluggish
CADCAM milling center operational in Brazil
16%
12%
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Revenue change (organic)
1 Owing to the Neodent acquisition, Straumann re-allocated markets from the ‘Rest of the World’ region to Latin America, with effect of 1 January 2015. The respective regional growth figures in the chart above have been recalculated on a pro-forma basis and include the Straumann as well as the Neodent business to allow for a true comparison.
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Implants
Solid business performance lifted by strong growthin biomaterials
Restorative Biomaterials
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Update on strategic progressMarco Gadola, CEO
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New addition to Executive Management Board reflects strategic importance of Latin America
Matthias Schupp, Head of LATAM and CEO of Neodent, joins Straumann’s Executive team with effect of 1 January 2016
Strong track record in regional/country leadership Straumann: Head Straumann LATAM and Sales Neodent
2013-15; Regional Manager W. Europe 2007-13 P&G: Managing Director Professional Care Portugal Wella: Managing Director Russia Merck KGaA: Regional Manager LATAM and US
Latin America generates >10% of revenue with>900 employees
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Investing in underpenetrated markets
ChinaTransition to new distribution set-up complete
RussiaSubsidiary opened
JapanNew CADCAM milling center operational
LATAMHubs created in Colombia
and Mexico serving bothpremium and value
segments; Argentina tofollow soon
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New CADCAM milling center in Narita, Japan, begins operation on schedule
Main benefits:
Ability to address fast-growing private practice sector more effectively
Broader reach and greater control of customer base
Fast market intelligence and ability to adapt
Straumann China20 independent
distributors20 independent
distributors
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Transition to hybrid distribution model in China completed
Inner Mongolia
Shanghai
Ningxia
Guangxi
Heilongjiang
Xinjiang
Gansu
Qinghai
Tibet
Sichuan
Yunnan
Guizhou
HunanJiangxi
Hubei
Henan
Jilin
Liaoning
Hebei
Tianjin
ShandongShanxi
Shaanxi
Chongqing
Jiangsu
Anhui
Zhejiang
Fujian
Guangdong
Hainan
Beijing
>70 consultative salesrepresentatives
Marketing, T&E
Logistics, administration
Q4‐14
Q1‐15
Q2‐15
Q3‐15
Time of completion
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High primary stability, fast-healing surface (SLActive) and superior strength (Roxolid) appreciated
Broad treatment possibilities in compromised situations, estheticregion and immediate edentulous solutions
Accounts for one in every eight Straumann implants sold
4000 customers now use BLT, >¼ of whom are new customers
See customer experiences in EAO video(https://www.youtube.com/watch?v=5DGvd0iSOdk)
BLT roll-out in full swing
16 CEREC® is a registered trademark of Sirona Dental Systems GmbH, Germany.
Straumann offers more options to Sirona users
Agreement with Sirona:
Straumann Variobase® to be supported in the CEREC® system
Straumann milling centers listed as ‘trusted providers’ in Sirona’s inLab® system
Patent disputes between both companies settled
chairside workflow
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Surgical
Abutments
Restoration
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DENTIST LABORATORYSurgeon GP / restorative Regional Local
Pre-milled abutments
PURE
Variobasefamily
In-lab milling
equipment
Variobasefor
CEREC
CARES X-Stream
New in-lab
scanner
Removable denture
attachment
Full regenerative
portfolio (botiss)
Chairside scanning & milling
Screw retained bars & bridges
BLT
SR abutments
Further progess in strategy to be a ‘total solutionprovider’ for dentists and labs
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New data on peri-implantitis presented at EAO –favorable for Straumann implants
Retrospective analysis of the effectiveness of dental implant therapy in a broad clinical setting in Sweden1
427 patients with 1578 implants from various manufacturers clinically evaluated 9 years after treatment
In a recent publication, lead author J. Derks notes: “Not only did S[traumann] implants show the lowest rates of early implant loss, they also presented with lower rates of moderate/severe peri-implantitis” [compared with other implants evaluated in the study]2
New data accepted for publication in the Journal of Dental Research
1 Effectiveness of implant therapy analyzed in a Swedish population: prevalence of peri-implantitis. Derks J, Schaller D, Håkansson J, Wennström JL, Tomasi C, Berglundh T. J Dent Res (2015) accepted for publication. ISBN 978-91-628-9491-7 8print. http://hdl.handle.net/2077/395442 Ibid p. 57
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Neodent/Instradent pleased with ITC verdict in NobelActive® patent dispute
ITC judge largely follows Neodent's arguments
Nobel Biocare's main patent relating to key design
features of NobelActive® deemed invalid
Sale of Neodent DriveCM and DriveCM Acqua
implants continues in the US, offering an
attractively-priced, high-quality alternative to
NobelActive®
Neodent DriveCM
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Global implant market expected to continue growing in 2015
Group expects full-year revenue to grow organically in the mid- to higher-single-digit range
Assuming that the currency exchange rates remain more or less at their 9M levels, the Group aims to achieve an EBIT margin in the low 20’s, before business combination exceptionals1
Unchanged outlook for 2015Barring unforeseen circumstances
201 Fair value adjustments to Neodent’s acquisition-related inventory of CHF 13m
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Questions & Answers
Calendar of upcoming events
2015
29 October Q3 sales publication Webcast
17 November Investor meetings Edinburgh, UK
18 November Investor meetings London, UK
02 December Neodent Visitor Day Curitiba, BR
2016
15 January Baader Helvea Swiss Conference Bad Ragaz, CH
25 February Full‐year 2015 results conference Basel (HQ)
08 April AGM 2016 Basel
03 May Q1 sales publication Webcast
2222 Results publication and corporate events. More information on straumann.com → Events
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Straumann’s currency exposure
Cost breakdown H1 20151
Revenue breakdown H1 2015
1 These distribution charts represent the total net revenues and the total COGS as well as OPEX in the various currencies. All numbers are rounded and based on H1 2015 figures and include Neodent since 1 March.
Average exchange rates (rounded) FX sensitivity (+/- 10%) on...
2014 9M 2015 Revenue EBIT
1 EURCHF 1.21 1.07 +/- 13 million +/- 8 million
1 USDCHF 0.92 0.95 +/- 10 million +/- 3 million
1 BRLCHF 0.39 0.31 +/- 4 million +/- 1 million
100 JPYCHF 0.86 0.79 +/- 2 million +/- 1 million
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70
80
90
100
110
120
2014 2015
Development of Straumann’s main exchange rates since 2014
USDCHF EURCHF JPYCHF BRLCHF
CHF10%
EUR34%
USD/CAD/AUD28%
BRL9%
Other19%
CHF43%
EUR17%
USD/CAD/AUD22%
BRL8%
Other8%
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]
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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