SEB Healthcare Seminar November 2023

We create value in Life Science and contribute to improved quality of life

2

MedCap | An active investor in Life Science companies

Third Quarter 2023,

Sales by Business Area

Specialty

Assistive

Pharma

Tech

33%

34%

1 454

MSEK

MedTech

33%

Sales by Market

RoW

3%

Europe

26%

Nordic

21%

Sweden

50%

3

MedCap Business Areas - three platforms

Position

Drivers

Assistive Tech

Med Tech

Diagnostic ECG

Simplifying life for people

Digitalizing work-flow

with special needs

with easy to use ECG

• Prevalence of e.g. Autism,

•

Cardio

ADHD, Dementia

diagnostics

•

Independence, accessibility,

•

Hospital digitalization

and mobility

and integration

•

Aging population

Probiotics,

Components for

Ultra clean air for

Nutrition CDMO

medical imaging

infection control

and Packaging

Partner for contract

Partner for carbon

Improving cost &

manufacturing

fiber engineering &

quality of operating

manufacturing

room sterile air

•

Wellness

•

Medical imaging

•

Infection control

•

Fitness

•

Mammography

•

Operating room

capacity & cost

•

Office-based

surgery

Specialty Pharma

Developing and marketing specialty pharma in Nordics

(Pharma; Non-License; CDMO)

  • Pharmaceutical demand in e.g. Infection; Acute care; ADHD; Substance abuse
  • Pharmaceutical shortages

4

Investment strategy

Scope

Life Science

Europe

HQ in Northern Europe;

What we look for

Life science

Value creation journey

Clear value proposition

Scalable business

Add-ons globally

Small / Mid-size Businesses

Sales <50 mEUR

Market fundamentals

ESG

OSITION

P

PEOPLE

Entrepreneurial management

P

M&A possibilities

Innovative

OTENTIAL

Majority Owner

51-100% Ownership

Long-term

Buy & Build | No exit horizon

PROFITABILITY

Solid underlying business

Commercially proven

Self-funded and Cost control

5

Our Model

Life Science

Entrepreneurship

Group Scale

Sector focus

Decentralized & local responsibility

Business development

Network of expertise

Integrity of acquired brands

Merger & Acquisitions

Knowledge sharing

Quick and agile

Governance - ESG

Market insight

Long-term mindset

Financing

6

Acquisitions

21

Emfit, Add-on

Somna,

31

Toul Meditech &

Unimedic,

(Abilia)

26

11

SurgiCube,

Sale of product

Add-on

8

Handitek, Add-on

Acquisition

Scandinavian

(Abilia)

(D-droppar)

18

Miwana, Add-on

(GEWA - changed

22

name to Abilia)

IM-Medico,Exit

(Unimedic)

Nutrients,

27

Multi-Ply

32

Swedelift,

1 IM-Medico,

5 GEWA (Abilia),

12

Add-on (Inpac

Add-on (Assistive

Acquisition

Acquisition

9

Falck Igel, Add-on

19

Cardiolex, Add-

AirContainer)

Acquisition

Tech / Trident)

(Abilia)

13

Ergobe, Add-on

on (Quickels)

Strässle,

(Unimedic)

23

Add-on

(Cardiolex)

2001

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

14

Toby Churchill, Add-

Quickels,

Cognita,

on (Abilia)

28

0 VC-portfolio,

2

Acquisition

VC-portfolio,

Add-on (Abilia)

Acquisition

6

Pharmadone,

Comai,

3

Exit

15

24

D-Drop,Product

Dunmedic,

10

Abilia,

Add-on (Unimedic)

Inpac,

Add-on (Abilia)

29

Add-on(IM-Medico)

IM-Medico,

Refinancing

20

divestment

7

(30 MSEK)

16

Cross Pharma, Add-

Acquisition

25

Amedtec,

(Unimedic)

4

Sale of

Unimedic,

property

on (Unimedic)

Add-on (Cardiolex)

AdderaCare,

Acquisition

30

17

ForGetMeNot, Add-

announced

public buyout

on (Abilia)

incl. five add-ons

(Abilia)

7

Sales and EBITDA rolling 12 months by quarter

MSEK (Net sales)

MSEK (EBITDA)

  • 500
  • 400
  • 300
  • 200
  • 100
  • 000
    900
    800
    700
    600
    500
    400
    300
    200
    100
    0

596

59

Q3

17/18

Sales CAGR: 16%

EBITDA CAGR: 32%

956

858

885

916

826

801

817

757

763

786

203

739

709

726

734

672

699

187

639

174

166

155

157

158

141

147

140

127

127

113

66

72

77

78

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22

1454

1 331

316

300

1 229

1 111

285

250

1 007 1 046

257

229

239

217

200

150

100

50

Q2 22

Q3 22

Q4 22

Q1 23

Q2 23

Q3 23

0

Net sales

EBITDA R12

Excluding discontinued/divested operations. IFRS16 incl. from Q1 2019 & excluding one-time effects

8

Group Highlights Q3

  • Sales growth by 51%; organic above 20%
  • Strong demand and good performance across the business areas
  • EBITDA increased by 63%
    (adj for one-time effect in Q3 '22)
  • EBITDA-marginof 22%
  • Good operating cash-flow and solid balance sheet; Net Debt / EBITDA ratio -0.1(excl IFRS16)
  • Creating three business areas by separating "Assistive Tech" into new BA; each a platform for further organic and M&A growth
  • Well positioned for acquisitions in a weaker M&A market; good availability of potential transactions

Q3 2023

Net Sales

364.5 +51%

(MSEK)

EBITDA

81.0

+63%

(MSEK)

EBITDA-

22.2% +1.7 ppt

margin

9

Financial Targets

Net sales in 2023

Annual EBITDA growth

Net debt / EBITDA

1,500 MSEK

>15%

<3x

R12 2023 Q3:

1,454 MSEK

+39%

-0.1x

2018-2022:

10

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Disclaimer

MedCap AB published this content on 20 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 16:24:05 UTC.