AGM Presentation 21st February 2013 - Optos
AGM Presentation 21st February 2013 - Optos
AGM Presentation 21st February 2013 - Optos
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<strong>AGM</strong> <strong>Presentation</strong><br />
<strong>21st</strong> <strong>February</strong> <strong>2013</strong><br />
Roy Davis, CEO<br />
1
Forward-Looking Statements<br />
Certain statements made in this presentation are forward-looking statements. These forward-looking<br />
statements are not historical facts but rather are based on the Company's current expectations, estimates and<br />
projections about its industry, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,'<br />
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking<br />
statements. These statements are not guarantees of future performance and are subject to known and<br />
unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to<br />
predict and could cause actual results to differ materially from those expressed or forecasted in the forwardlooking<br />
statements. The Company cautions shareholders and prospective shareholders not to place undue<br />
reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this<br />
presentation. The forward-looking statements made in this presentation relate only to events as of the date on<br />
which the statements are made. The Company will not undertake any obligation to release publicly any<br />
revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated<br />
events occurring after the date of this announcement except as required by law or by any appropriate<br />
regulatory authority.<br />
2
Today’s Agenda<br />
1. Q1 FY13 Highlights<br />
2. Strategic Update<br />
3. Summary<br />
4. Q & A<br />
3
Q1 FY12 Highlights*<br />
Positive Underlying Growth<br />
Revenue (1)<br />
‣Strong underlying revenue (2) growth of 18% versus prior year<br />
‣Headline revenue (3) was down 4% to $40.3m (Q1 FY12: $41.9m)<br />
- Revenue from outright sales of devices increased to $17.6m (Q1 FY12: $9.5m)<br />
- Revenue from device sales under finance leases decreased to $10.4m (Q1 FY12: $13.2m),<br />
reflecting a large number of rental renewals (425) completed in the comparable quarter last year<br />
- Revenue from service and warranty increased to $6.4m (Q1 FY12: $2.6m)<br />
- Revenue from operating leases continued to decline, delivering $5.9m (Q1 FY12: $16.6m)<br />
Installed base<br />
‣An increase of 274 new customers in the first quarter (Q1 FY12: 114 new customers)<br />
‣Installed base up 5% since the end of the last financial year to 4,936<br />
Daytona<br />
‣267 Daytona devices were installed in the first quarter<br />
‣596 installed globally at end of the period<br />
‣Agreed the supply of 250 Daytona devices to a major corporate over the next 12 months<br />
Notes: * - Unaudited; (1) – revenue includes other operating income; (2) – Underlying revenue is calculated by treating all payments receivable in the<br />
period from rental contracts as they were operating leases, regardless of the actual accounting treatment, together with revenues from outright device<br />
sales and service contracts; (3) – Headline revenue is as reported<br />
4
Today’s Agenda<br />
1. Q1 FY13 Highlights<br />
2. Strategic Update<br />
3. Summary<br />
4. Q & A<br />
5
Our Vision<br />
Supporting The Continuum of Patient Retinal Care<br />
Our Vision is to be<br />
The Retina Company<br />
Status<br />
Good progress with 200Tx<br />
KOLs recognising value of<br />
UWF in disease diagnostics<br />
& management<br />
Embryonic; key opportunity<br />
for future growth using<br />
200Tx and Daytona<br />
Good position; need to<br />
maintain and grow in key<br />
markets<br />
Growth opportunity;<br />
leverage Joslin /Mercy<br />
studies / <strong>Optos</strong> Advance in<br />
diabetes and AMD<br />
screening<br />
6
Achieving Our Vision<br />
‘Filling the Cube’<br />
Our strategy is to expand our customer segments, leverage our sales<br />
channel and grow geographically<br />
Geography<br />
South<br />
America<br />
M. East<br />
& Asia<br />
Europe<br />
Segment<br />
North<br />
America<br />
Specialists<br />
Ophthalmology<br />
Optometry<br />
Channel<br />
Create Strong<br />
Sales Channel<br />
Leverage<br />
Core<br />
Technology<br />
Broaden<br />
Core<br />
Products<br />
Expand<br />
Product<br />
Portfolio<br />
7
Achieving Our Vision<br />
Creating a Strong Sales Channel<br />
Expanding globally<br />
Sales By Channel<br />
Distributor – 9%<br />
Sales By Region<br />
Asia – 10% Europe – 15%<br />
Direct – 91%<br />
North America – 75%<br />
YOY Sales Growth By Region<br />
US<br />
CA<br />
MEA<br />
Sales By Product Group Net New UWF Customers<br />
3% 3%<br />
500<br />
400<br />
300<br />
Europe<br />
Australia<br />
Asia<br />
0% 100% 200% 300% 400%<br />
94%<br />
UWF OCT Ancillary<br />
200<br />
100<br />
0<br />
FY10 FY11 FY12<br />
Note: Green – Direct Markets; Orange – Major Distributor Markets; Pale Yellow – Secondary Distributor Markets<br />
8
Achieving Our Vision<br />
Globalising UWF – Driving Daytona!<br />
Daytona – first product with potential to globalise UWF technology<br />
‣ First units shipped in March 2012<br />
‣ Manufacturing at planned capacity with ability to flex as required<br />
‣ 596 units installed at end of Q1<br />
‣ Good customer feedback on performance<br />
– Ease of use, image quality, use of auto fluorescence<br />
‣ Announced Corporate order of 250 units on rental basis<br />
‣ Direct sales force now driving new placements and distributor markets being<br />
opened up subject to regulatory timescales<br />
‣ Further work on cost reduction underway to improve margins<br />
‣ A key growth driver for FY13 and beyond<br />
9
Achieving Our Vision<br />
Globalising UWF – Driving Daytona!<br />
Daytona – a scalable manufacturing capability!<br />
10
Achieving Our Vision<br />
Demonstrating Clinical Relevance<br />
In the past 12 months:<br />
‣ 12 clinical peer reviewed papers, 15 countries,<br />
50 academic institutes, 28 eye diseases, 4,365<br />
patients, 7,082 eyes, 30 publications, 105 podiums<br />
3 Key Results:<br />
‣ Gold Standard Technology: Joslin study<br />
demonstrating optomap equivalent to current 7 field<br />
ETDRS gold standard for diabetic screening<br />
‣ Importance of the periphery: USC study using<br />
auto fluorescence uncovering more in disease<br />
traditionally viewed as central pole e.g. AMD in the<br />
periphery<br />
‣ See More, Treat More: John Hopkins FA study on<br />
Uveitis: Changing patient management and care by<br />
seeing more with UWF imaging<br />
See More, Refer More, Treat More…. Understand More<br />
11
Achieving Our Vision<br />
Developing Exciting Future Products<br />
We have an exciting product development roadmap…<br />
Daytona<br />
SLO/R/G+AF<br />
Weight Reduced<br />
Daytona<br />
SLO/R/G+AF<br />
New Product A<br />
SLO/R/G +<br />
AF/ FA/ICG<br />
New Product B<br />
SLO/R/G+AF +<br />
OCT<br />
New Product C<br />
SLO/R/G + AF/FA/ICG<br />
+OCT<br />
New Product D<br />
SLO/R/G + AF/FA/ICG<br />
+OCT (Integrated)<br />
Optical<br />
Scanhea<br />
d<br />
Optical<br />
Scanhead<br />
Maximum 16kg<br />
modules<br />
Optical<br />
Scanhead<br />
Electronic<br />
Module<br />
Optical<br />
Scanhead<br />
Electronic<br />
Module<br />
Optical<br />
Scanhead<br />
Electronic<br />
Module<br />
Optical<br />
Scanhead<br />
Electronic<br />
Module<br />
Electroni<br />
c Module<br />
Electronic<br />
Module<br />
XYZ base<br />
XYZ base<br />
XYZ base<br />
XYZ base<br />
Table?<br />
User<br />
Interface<br />
User<br />
Interface<br />
User<br />
Interface<br />
User<br />
Interface<br />
OCT<br />
Table<br />
OCT<br />
OCT<br />
Cabinet?<br />
Table<br />
Table<br />
Cloud based disease specific software modules
Today’s Agenda<br />
1. Q1 FY13 Highlights<br />
2. Strategic Update<br />
3. Summary<br />
4. Q & A<br />
13
Summary<br />
‣ A positive first quarter<br />
- Strong new customer growth driven by Daytona<br />
‣ Significant investment during prior year<br />
- Acquisition of new business<br />
- New devices including Daytona<br />
- Growing the sales channel<br />
‣ Continued good progress entering ophthalmology driven by 200Tx and<br />
clinical studies<br />
‣ Ongoing investment in clinical validation with multi site studies underway<br />
‣ Continued opportunity to leverage incremental growth and margins in core<br />
business<br />
‣ Key FY13 growth drivers in place<br />
– Daytona<br />
– 200Tx in ophthalmology<br />
– Margin improvement<br />
Focus is on execution<br />
14
Achieving Our Vision<br />
Measuring Success Financially<br />
We want 20:20 vision…<br />
20 20<br />
20% Revenue Growth<br />
Per Annum<br />
20% Operating<br />
Margin<br />
15
Today’s Agenda<br />
1. Q1 FY13 Highlights<br />
2. Strategic Update<br />
3. Summary<br />
4. Q & A<br />
16
Q<br />
Business<br />
& A<br />
Model<br />
17
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