C O M P A N Y P R E S E N T A T I O N J A N U A R Y 2 0 1 9
WHO ARE WE? • A MEDICAL IMAGING COMPANY WITH ULTRASOUND TECHNOLOGY Unrivaled innovative technology Strategic focus for ultrafast acquisitions and wholly software- ‒ Clinical: Breast and Liver based image formation ‒ Geographic: China, France, United States 54 countries 179 employees 23 Aixplorer product approved including 118 in France patent families Revenue and Cumulative Installed Base 2,300 1,900 30 000 1,600 2 000 1,300 25 000 1,000 773 1 500 20 000 541 15 000 209 352 1 000 10 000 64 500 5 000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cumulative Installed Base Revenue 2 SOURCE: COMPANY
OUR MISSION To become the standard in non-invasive care pathways for breast and liver diseases 3
INNOVATION IN RESPONSE TO A CLINICAL CHALLENGE • A PROVEN TECHNOLOGICAL ADVANCE UltraFast TM Doppler Significantly improved patient throughput THERAPY (15 min vs. 50 min for vascular SCREENING DIAGNOSIS MONITORING examination) • MEASUREMENT OF A NEW UltraFast™ Imaging Real time ShearWave Elastography (SWE™) PARAMETER Up to Real-time, quantitative, any - Tissue stiffness (objective, transducer and any organ 20,000 images/sec reproducible, quantit.) - Replaces manual palpation • NO IONIZING RADIATION Angio PL.U.S. – Planewave ultrasensitive Doppler • NON-INVASIVE EXAMINATION Low flow rates in microvessels without contrast agents • IMPROVED PATIENT THROUGHPUT NEW! TriVu • ULTRAFAST ACQUISITION Real time B,SWE, Col+ simultaneous • 3D ACQUISITION Real-time combination Anatomy and Function 4 SOURCE: COMPANY
HIGH CLINICAL ADDED VALUE FOR A GROWING USER BASE Cumulative total of publications with • GROWING BASE OF CLINICAL DATA Aixplorer 600 (+500 PUBLICATIONS IN PEER-REVIEWED JOURNALS) 500 • EXCELLENT WORLDWIDE NETWORK OF KEY OPINION LEADERS (KOL) 400 • SWE INCORPORATED IN CLINICAL GUIDE 300 LINES (BREAST AND LIVER) 200 • SWE REIMBURSED IN MANY COUNTRIES • VERY POSITIVE FEEDBACK CONCERNING 100 EASE OF USE 0 • MULTIPLE AND REPEAT SALES AT SAME SITE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 AFTER INITIAL PURCHASE Transformation • HIGH CLINICAL VALUE OF THE TECHNOLOGY RECOGNIZED BY THE FDA : 510K CLEARANCE Technological Innovation FOR LIVER DISEASES , INCLUDING FIBROSIS AND STEATOSIS Clinical Innovation 5 SOURCE: COMPANY
LOCATIONS AND PARTNERSHIP • MORE THAN 2,300 AIXPLORER SYSTEMS INSTALLED WORLDWIDE AND NUMEROUS PRESTIGIOUS PARTNERS 18% 51% 31% Americas/ EMEA Americas EMEA APAC APAC 425 systems 1,170 systems 705 systems (o/w 309 in the US) (o/w 425 in France) (o/w >510 in China) • CREATION OF A W FOE IN SHANGHAI • CLINICAL ASSESSMENT OF BREAST AND LIVER IN CHINA • CANADA AND • PRESENCE IN KOREA, MEXICO TAIW AN, HONG KONG SENT FROM THE US • SWITZERLAND, ITALY AND ISRAEL UNDERGOING GROW TH 6
FOCUS • CLINICAL APPLICATIONS ADDRESSING MAJOR PUBLIC HEALTH NEEDS BROAD CLINICAL EXCELLENCE BREAST CANCER • • LEADING CAUSE OF CANCER IN SPECIFICITY OF DIAGNOSIS: BENIGN/MALIGNANT WOMEN: 1 IN 8 WOMEN • OBJECTIVITY OF DIAGNOSIS: NOT OPERATOR DEPENDENT • INCREASE IN NUMBER OF CANCERS: • NO RADIATION • - contraception MONITORING (EVOLUTION OF TUMORS) • SCREENING OF DENSE BREASTS - obesity (>35% WORLD POPULATION) - physical inactivity • SIGNIFICANT DECREASE IN UNNECESSARY BIOPSIES ( -47%)* LIVER DISEASES • SPECIFICITY OF DIAGNOSIS: STAGING OF FIBROSIS • HEP. B & C – FIBROSIS • INTERVENTIONAL IMAGING FOR BIOPSIES - 700 million people • CANCER SCREENING: BENIGN/MALIGNANT - Increasing (diabetes, obesity) • NON-INVASIVE FIBROSIS EVALUATION (HEP B & C) • NAFLD – STEATOSIS • STEATOSIS (NASH) DETECTION - 420 million people • REDUCTION IN USE OF CONTRAST AGENTS (ANGIO PL.U.S) - Increasing fast • LIVER CANCER Screening Diagnosis Monitoring 7 (*): CLINICAL STUDY BE1
CONTINUUM OF LIVER DISEASES Attenuation Angio SWE SWE UFD SWE Speed of sound PLUS Transplantation Viscosity SWE Liver failure Portal hypertension Angio Healthy liver Simple NASH Fibrosis Cirrhosis PLUS Hepatocellular (Steatohepatitis) steatosis SWE carcinoma Inflammation, ballooning PUSH FROM PHARMA COMPANIES CRITICAL CARE PREVENTION NASH THERAPIES ANTIVIRAL THERAPIES Imaging and treatment of Evaluation of liver Early detection of non- Diagnosis of liver fibrosis hepatocellular carcinoma (HCC) steatosis alcoholic fatty liver Prediction of cirrhosis Detection and treatment of disease (NAFLD) Detection of complications complications (ascites, PTH, inflammation & etc.) Selection of patients for ballooning treatment Selection of patients for Diagnosis and transplantation Management and evaluation of monitoring of patients Management and monitoring of NASH patients GENERALIST HEPATOLOGY GASTROENTEROLOGY RADIOLOGY 8
A TEC H N OLOGY TH AT C AN BE R EPLIC ATED IN OTH ER C LIN IC AL APPLIC ATION S New cutting-edge technological advances Principal clinical indications for targeted applications Perfusion Perfusion Visualization and evaluation of Beyond conventional Doppler without use microvasculature of contrast agents Diagnosis of hepatic lesions without use of a contrast agent Breast Vascular Vascular Measurement of pulse wave velocity Simultaneous indicating vascular elasticity imaging and Improved work flow for quantifying quantification blood flow rate for better evaluation of cardiovascular diseases Liver Prostate Better analysis of nodules during early diagnosis SWE helps to target prostate biopsies to reduce false negatives Musculoskeletal Prostate Musculoskeletal Real-time visualization of anatomy and functional image of muscle and Improved Improved tendons biopsy diagnosis guidance 9
F I N A N C I A L D A T A
2018 REVENUES: FURTHER SOLID GROWTH IN CHINA (+36%*) • Launch of our new platform with extremely In thousands of euros 2018 2017 Change (%) encouraging results, 60% of product sales in Q4 Products 20,653 21,827 -5% • Stable revenues in a complex international context Services 3,637 2,869 +27% (+2%*) Other revenues 338 - - • Product sales were down (-3%*) ,due to transitional TOTAL REVENUES 24,628 24,695 - phase between the 2 generations of products SALES GEOGRAPHIC DISTRIBUTION • Strong service sales performance (+29%*) 2018 2017 14 000 12 000 10 816 10 310 11 754 • Further buoyant annual growth in China (+36%*) 12 000 10 000 10 000 9 045 which represent 40% of 2018 sales 8 000 8 000 6 000 6 000 • Sales in the US saw a return to growth (+4%*) 3 569 4 000 3 491 4 000 2 000 2 000 • Difficult year in France (-41%) due to the contraction 0 0 EMEA Americas Asia EMEA Americas Asia of the ultrasound market on the radiology segment & 12 000 10 000 to delays in the marketing of Aixplorer MACH 30 8 905 9 000 9 749 10 000 7 487 8 000 8 331 7 000 8 000 • Asia grew by +18%*, the Americas were stable 6 000 5 104 6 000 5 000 (+1%*) and the EMEA grew by +6% excluding France 4 000 3 199 4 000 3 197 3 013 3 000 2 000 2 000 1 000 • First benefits in Q4 of our OEM activity thanks to our 0 0 France United China RoW France United China RoW new platform States States 11 (*) =% at constant rate
H1 2018: SIGNIFICANT EBITDA IMPROVEMENT EBITDA & FINANCIAL RESULT IMPROVEMENTS H1 2018 H1 2017* Change In thousands of euros Continuation of the sales momentum: +9% sales growth 11,180 10,292 +9% Sales Other revenue - - - Gross margin rate on sales: 40.8% Total revenue 11,180 10,292 +9% • -5.2 pts vs. H1 2017 • -3.2 pts excluding change effect -6,619 -5,556 +19% Cost of sales Good cost control of OPEX with operating Gross margin 1 4,561 4,736 -4% expenses decreased by 6% to - € 9.9 million (vs. 40.8% 46.0% -5.2pts Gross margin as a % of sales 2 - € 10.5 million in H1 2017) Research and development 1,597 1,955 -18% expenses Net R&D expenses were down 18% at € 1.6 5,322 5,339 - Selling and marketing expenses million with the end of the development of the General and administrative 2,408 2,530 -5% new platform expenses 700 762 -8% Operating expenses EBITDA improvement of +15%, + € 0.7m Other operating -91 -69 +32% income/(expense) Improvement in the core operating result: Total OPEX -9,936 -10,516 -6% - € 5.4m vs. - € 5.8m EBITDA -3,735 -4,399 +15% Improvement in the financial result: + € 0.7m -5,374 -5,780 +7% Core operating result Slight improvement in net income: - € 7.2m vs. Operating result -6,202 -5,780 -7% - € 7.4m Financial result -923 -1,599 - -7,179 -7,391 +3% Net profit/(loss) 13 * PRESENTATION RECLASSIFICATIONS HAVE BEEN MADE TO THE INCOME STATEMENT. AS A RESULT, THE INCOME STATEMENT PRESENTED ABOVE AS AT 30 JUNE 2017 AND THE ASSOCIATED NOTES ARE DIFFERENT FROM THOSE PUBLISHED AS AT 30 JUNE 2017. THESE RECLASIFICATIONS ARE DETAILED IN NOTE 21 TO THE HALF-YEARLY NOTES TO THE HALF FINANCIAL REPORT (1) GROSS MARGIN ON SALES = SALES - COST OF SALES (2) GROSS MARGIN ON SALES = SALES - GROSS MARGIN ON SALES/SALES
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