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November 23, 2017
HSBCHealthcare Day
SAFE HARBOR STATEMENT
Forward-looking statements involve risks.
This company presentation contains various statements concerning the future
performance of STRATEC. These statements are based on both assumptions and
estimates. Although we are convinced that these forward-looking statements are
realistic, we can provide no guarantee of this.
This is because our assumptions involve risks and uncertainties which could result
in a substantial divergence between actual results and those expected.
It is not planned to update these forward-looking statements.
2www.stratec.comHSBC Healthcare Day,
November 23, 2017
www.stratec.com 3
AGENDA
OVERVIEW AND BUSINESS MODEL
THE IVD MARKET
FINANCIALS
FUTURE GROWTH
HSBC Healthcare Day,
November 23, 2017
www.stratec.com 4
OVERVIEW AND
BUSINESS MODEL
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model FinancialsThe IVD Market Future Growth
5
STRATEC AT A GLANCE
Market leader in automation solutions for the
diagnostics industry and translational research
~ 1.000 employees worldwide
More than 13,000 systems with medium to high
throughput installed globally (e.g. DiaSorin’s LIAISON XL |
Hologic/Gen-Probe’s PANTHER | Siemens’ ADVIA Centaur | bioMérieux’s
new VIDAS)
More than 25,000 low throughput systems installed
globally
Revenue € 184.9 million in 2016(CAGR revenues since IPO in 1998: ~18%)
Revenue growth forecasted
to € 205 - € 220 million in 2017
Dividend payments raised over 13 consecutive years
www.stratec.comHSBC Healthcare Day,
November 23, 2017
Overview & Business Model FinancialsThe IVD Market Future Growth
6
UNIQUE MARKET POSITION
STRATEC IN THE IVD VALUE CHAIN
DiagnosticCompanies
Blood Banks,Laboratories
Patients
STRATEC develops and manufactures fully automated analyzer systems and disposables focusing on the high growth segments in diagnostics
Partners market systems together with reagents and consumables to laboratories, blood banks and hospitals worldwide
Laboratories performing tests and offering service to doctors and patients using reagents from diagnostic companies
Growth drivers:
• Aging population
• Developing healthcare systems world wide
• High volume of new tests
www.stratec.comHSBC Healthcare Day,
November 23, 2017
Overview & Business Model FinancialsThe IVD Market Future Growth
7
STRATEC provides instrumentation, consumables, software and automation solutions
– OEM development and manufacturing
– More than 7,000 fully automated analyzer systems manufactured in 2016
– Wide range of intellectual property rights
Extensive collaboration with partner during design phase
– STRATEC: Engineering / automation, software, QM
– Partner: System / reagent / market requirements
Systems have long market lifecycles
– Leads to longstanding partnerships
– Expanding installed base of systems
– Product enhancement and extension drives value
BUSINESS MODEL
www.stratec.comHSBC Healthcare Day,
November 23, 2017
“Simoa HD-1” for QuanterixConsumable for “Simoa HD-1”
Overview & Business Model FinancialsThe IVD Market Future Growth
8
Long-term agreements with partners
– Milestone payments during development stage
– Operating sales during series production stage
– Continuous revenues from consumable sales
Minimum volume commitment
– Firm purchase orders
– STRATEC an integral part of partners’ plans
Reliable partnership
– Shortened development time
– Integration of analyzer system and reagents
– Agreed development budget & transfer price
– High commitment by both partners
SECURING RETURN ON INVESTMENT
www.stratec.comHSBC Healthcare Day,
November 23, 2017
“LIAISON XL” for DiaSorin
“PANTHER” for Hologic
www.stratec.com 9
THE IVD MARKET
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model FinancialsThe IVD Market Future Growth
77%
5%15%3%
Reagents / Chemistry
Instrument Services
Instrumentation
Consumables / plastics /
packaging
10
IVD MARKET SEGMENTS / IVD Market: ~ 60 billion USD in 2016
High Throughput
Low Throughput
Total instrumentation
~ 7.5 billion USD
Market by product type
Number of systems
www.stratec.comHSBC Healthcare Day,
November 23, 2017
CAGR 2013 - 2018:
IVD Market: 4%
Molecular Diagnostic: 8% Immunodiagnostics: 4%
Hematology: 2% Blood bank: 6%
Source: The worldwide market for In Vitro Diagnostic Tests, 9th Edition.
Market by sector
Overview & Business Model FinancialsThe IVD Market Future Growth
OUTSOURCED VS IN HOUSE INSTRUMENTATION MARKET
Total
instrumentation
~ 7.5 billion
USD
11
In House
64 %
Outsourced
36 %
In House
73 %
Outsourced
27 %
2010 2015 2020
In House
56 %
Outsourced
44 %
Source: Own estimates based on historical market data and recent industry trends
www.stratec.comHSBC Healthcare Day,
November 23, 2017
Overview & Business Model FinancialsThe IVD Market Future Growth
12
A SELECTION OF STRATEC CUSTOMERS
Source: IVD News / figures adjusted by acquisitions in 2016 / non-public companies estimated / non-reported sector revenues estimated
www.stratec.comHSBC Healthcare Day,
November 23, 2017
… AND OTHER
GAME-CHANGING COMPANIES
(acquired by Bio-Rad in
January 2017)
GLOBAL TOP 20 IVD COMPANIES Revenues 2016 (USD billion)
1. Roche Diagnostics 9.6
2. Danaher 5.5
3. SIEMENS 5.1
4. Abbott Diagnostics 4.8
5. ThermoFisher 3.3
6. Alere 2.4
7. Sysmex 2.3
8. Ortho Clinical Diagnostics 2.0
9. bioMerieux 1.9
10. BECTON DICKINSON 1.3
11. BIO-RAD 1.3
12. Hologic 1.3
13. CH Werfen 1.0
14. Grifols 0.9
15. Agilent 0.7
16. Diagnostica Stago 0.7
17. QIAGEN 0.7
18. Diasorin 0.6
19. Perkin Elmer 0.6
20. Immucor ~0.4
STRATEC customer
Not a STRATEC customer
www.stratec.com 13HSBC Healthcare Day,
November 23, 2017
FINANCIALS
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 14
KEY FIGURES - TRACK RECORD
HSBC Healthcare Day,
November 23, 2017
Sales in € million
CAGR >10%EBIT in € million
CAGR >11%
1 Adjusted for one-off items resulting from transaction activities and related reorganization expenses
11,0
14,3
11,2
14,7
17,6
21,8
17,619,5
24,1
26,9
32,31
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
68,4 67,561,0
79,6
102,0
116,6122,4
128,0
144,9 146,9
184,9
0
20
40
60
80
100
120
140
160
180
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 15
KEY FIGURES - TRACK RECORD
HSBC Healthcare Day,
November 23, 2017
Net Income in € million
CAGR >12%Dividend per share in €
CAGR >17%
0,15
0,22
0,35
0,450,50
0,55 0,560,60
0,700,75 0,77
0,00
0,10
0,20
0,30
0,40
0,50
0,60
0,70
0,80
0,90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
1 Adjusted for one-off items resulting from transaction activities and related reorganization expenses2 Additionally adjusted to exclude one-off items resulting from tax audit performed for 2009 to 2013 assessment periods
7,7
10,08,2
11,713,0
15,314,0
15,5
19,8
22,1
25,41,2
0,0
5,0
10,0
15,0
20,0
25,0
30,0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 16
KEY FIGURES AFTER THE FIRST NINE MONTHS 2017
HSBC Healthcare Day,
November 23, 2017
1 Adjusted for one-off items resulting from transaction activities and related reorganization expenses2 Additionally adjusted to exclude one-off items resulting from tax audit performed for 2009 to 2013 assessment periods3 Additionally adjusted to exclude deferred tax benefits resulting from loss carry forwards at companies acquired in 2016
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 17
ADJUSTENTS AS OF SEPTEMBER 30, 2017
Consolidated net incomeEBIT
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 18
9-Months Sales compared to Annual Sales
SALES
€ m
illio
n
90,4105,3 107,2
126,3151,1
0
20
40
60
80
100
120
140
160
180
200
2013 2014 2015 2016 2017
9-Months Sales as of 09/30
Annual Sales as of 12/31
9M/2017 Sales
• Growth of 19.6% yoy to
€ 151.1 million
• Organic growth of 9.6%
(+) Good orders for
established systems
(+) Strong service parts
business
128.0
144.9 146.9
184.9
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 19
As of September 30, 2017
ADJUSTED EBIT & EBIT MARGIN
9M adjusted EBIT margin at 15.9%
• Improvement of 130 bps yoy
(+) Positive product mix triggered by
strong service parts business
(+) Profitability improvements at
subsidiaries during Q3
(-) Additional staffing related to strong
project pipeline
(-) Margin dilutive capitalization of
development activities
Adj. 9M EBIT Adj. 9M EBIT margin
EBIT in € million EBIT margin in %
14,8%
16,8%
17,9%
14,6%
15,9%
10%
12%
14%
16%
18%
20%
0
2
4
6
8
10
12
14
16
18
20
22
24
26
2013 2014 2015 2016 2017
Figures adjusted for effects from acquisition activities
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 20
As of September 30, 2017
ADJUSTED EARNINGS PER SHARE
0,87
1,24
1,351,29
1,57
0,50
0,60
0,70
0,80
0,90
1,00
1,10
1,20
1,30
1,40
1,50
1,60
1,70
2013 2014 2015 2016 2017
€
Adjusted 9M EPS
• Adjusted EPS at € 1.57
(9M/2016: € 1.29)
• Adjusted 9M tax rate at 22.6%
(9M/2016: 16.2%)
Figures adjusted for effects from acquisition activities; 2016 figure additionally adjusted for one-off items resulting from the tax audit for the 2009 to 2013 assessment periods
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 21
Operating cash flow as of Sep 30, 2017
CASH FLOW & NET DEBT
20,0
25,7
21,5
12,5
25,8
0
5
10
15
20
25
30
2013 2014 2015 2016 2017
€ m
illio
n
Operating cash flow after nine months
• Operating cash flow after nine
months increased by 107% yoy
to € 25.8 million
• Net debt decreased by 12% to
€ 43.6 million versus € 49.3
million as of Sep 30, 2016
HSBC Healthcare Day,
November 23, 2017
www.stratec.com 22
FUTURE GROWTH
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 23
Outlook for 2017
• Sales guidance of € 205 million to € 220 million
• Adjusted EBIT margin of around 17%
Medium-term expectations
• Average annual organic sales growth (CAGR) in the high single-digit or low double-
digit percentage range
• Broadly consistent EBIT margin development
Positive scale effects partly offset by growth activities related to packed development pipeline
STRATEC – FINANCIAL GUIDANCE
HSBC Healthcare Day,
November 23, 2017
Overview & Business Model Financials Future GrowthThe IVD Market
www.stratec.com 24
• Improve profitability across business units
• Further realize synergies through development activities across STRATEC businesses
• Expand leading market role
• Leverage expanded platform offering
• Facilitate process of instrument/consumables integration for partners
• Achieve milestones & market launches
• Execute important development and supply agreements
FOCUS IN 2017 AND BEYOND
HSBC Healthcare Day,
November 23, 2017
THANK YOU
FOR YOURATTENTION!
STRATEC Biomedical AGGewerbestr. 37
75217 Birkenfeld
Germany
Marcus Wolfinger
CEO
Jan Keppeler
Head of IR & CC
Tel: +49 7082 7916-6515
Fax: +49 7082 7916-9190
www.stratec.com
TICKERSymbol: SBS.DE
Bloomberg: SBS:GR
Reuters: SBSG.DE
ISIN: DE000STRA555
WKN: STRA55
CONTACT
25www.stratec.comHSBC Healthcare Day,
November 23, 2017
APPENDIX
26www.stratec.com
KEY FIGURES AT A GLANCE
IFRS (€ million) 2012 2013 2014 2015 2016
Sales 122.4 128.0 144.9 146.9 184.9
EBIT 17.6 19.5 24.1 26.9 32.31
EBIT margin (%) 14.4 15.2 16.6 18.3 17.51
Consolidated net income 14.0 15.5 19.8 22.1 25.42
Earnings per share (€) 1,19 1.32 1.68 1.87 2.142
Dividend per share (€) 0.56 0.60 0.70 0.75 0.77
No. of employees 533 546 544 583 976
Total assets 121,838 117.8 137.8 158.9 258
Equity ratio (%) 75.5 82.5 81.3 82.0 55.7
Free cash flow 0.3 13.5 32.9 17.3 -70.4
AS OF DECEMBER 31
A1www.stratec.com
1 2016 figure adjusted for one-off items resulting from transaction activities and related reorganization expenses2 2016 figure additionally adjusted for financing expenses and tax expenses in connection with the acquisitions of the Diatron Group and STRATEC Consumables,
for one-off items resulting from the tax audit for the 2009 to 2013 assessment periods, and for tax effects relating to reorganization expenses
HSBC Healthcare Day,
November 23, 2017
SHAREHOLDER STRUCTURE & SHARE
SHARE
IPO Aug. 1998
Number of shares 11,913,445
Share price (11/03/2017) € 63.98
Market capitalization € 762 million
Fixed and family ownership
(incl. investment companies)
Treasury shares
Retail investors incl. not
identified institutional investors
Institutional investors
SHAREHOLDER STRUCTURE(as of: 11/06/2017)
A2www.stratec.comHSBC Healthcare Day,
November 23, 2017
41,5%
0,1%
36,7%
21,7%
Institutional investors > 3%:
OppenheimerFunds, Inc
Columbia Threadneedle Investments
Allianz SE
BNP Paribas Investment Partners
ANALYST COVERAGE
Berenberg Bank
Jakob Berry
Phone: :+44 20 3465-2724
Kepler Cheuvreux
Oliver Reinberg, CFA
Phone : +49 69 75696140
METZLER Capital Markets
Alexander Neuberger
Phone: +49 69 2104 4366
Oddo BHF Corporates & Markets
Igor Kim, CFA
Phone: +49 69 7183643
Deutsche Bank
Falko Friedrichs
Phone : +49 69 91036270
Landesbank Baden-Württemberg
Volker Stoll
Phone : +49 711 12770568
Warburg Research
Michael Heider
Phone: +49 40 309537280
A4www.stratec.comHSBC Healthcare Day,
November 23, 2017
FINANCIAL CALENDAR & EVENTS
11/23/2017 HSBC Healthcare Day, Frankfurt, GER
11/28/2017 German Equity Forum, Frankfurt, GER
12/07/2017 Berenberg Penny Hill Conference, London, UK
01/16/2018 Kepler Cheuvreux, German Corporate Conference, Frankfurt, GER
04/19/2018 Annual Financial Report 2017
05/15/2018 Quarterly Statement Q1 2018
05/30/2018 Annual General Meeting, Pforzheim, GER
Subject to confirmation and amendments
A5www.stratec.comHSBC Healthcare Day,
November 23, 2017