JON SINTORN PRESIDENT & CEO
We make a difference 2
Our Commitment Every person has the right to have his or her disability compensated as far as possible by aids with the same technical standard as those we all use in our everyday lives Dr. Per Uddén (1967) Founder of Permobil Dr. Per Uddén in dialogue with Swedish Prime Minister Tage Erlander 3
Permobil in a snapshot 70 Countries served 1,400 Employees in 16 countries Timrå 3.3 Net sales 2016 (SEK bn) Pasco St Louis Nashville Kunshan 21% Annual growth last 5 years 17% EBITA* margin 2016 Key locations Timrå, Sweden 1967 2014 2016 Permobil Acquisition of Tilite Distributor acquisitions in Düsseldorf, Germany founded (manual wheelchairs) Canada, Denmark and Nashville, TN, USA France Belleville, IL, USA Pasco, WA, USA Kunshan, China 2013 2015 Investor AB acquired Acquisition of Roho (seating Permobil & positioning) and a distributor in Australia *) Including operations-related amortization 4
Permobil business mix RoW Manual Europe Seating & Positioning Business Region Segment Power Americas 5
Focus on four user groups – representing 75% of all wheelchairs sold Spinal Cord Injury (SCI) MS ALS CP Stable condition with Degenerative Rapidly degenerative Stable neurological variety of disability in neurological disease neurological disease disease which muscle function, resulting in reduced that affects the control of permanently affects Description sensation or autonomic mobility and muscle muscle movement due body movement, muscle function in parts of the function to damaging affects on coordination and body motor neurons in the balance spinal cord and brain Average age of ~20-60 years old ~50 years old ~55 years old ~0 years old diagnosis Expected time in power ~20-25 years ~10-15 years ~1.5 years ~40 years wheelchair Share of total user 1 1) Share of complex power wheelchair users in the US 6
Medically justified. Individually configured. Mass-produced. Advanced Power Wheelchairs Active Manual Wheelchairs Wheelchair Seating & Positioning 7
Advanced Power Wheelchairs Carl has cerebral palsy. Carl uses a power wheelchair from Permobil 8
Active Manual Wheelchairs Teal uses a Tilite chair with a Roho cushion 9
Wheelchair Seating & Positioning Amy uses a Tilite chair with a Roho cushion 10
Leading positions, with opportunities for further growth, in attractive segments Advanced Power Active Manual Adjustable Wheelchairs Wheelchairs Wheelchair Cushions 15% 20% 40% Market share Positions Global #1 US #2 Global #1 4,200 2,000 1,600 Market size (SEKm) Market growth 3-4% 4-5% 3-4% Average Selling Price 50-150,000 10-30,000 1-2,000 (SEK) 11
Complex rehab value chain, with the many stakeholders Manufacturer Dealer Therapist/ patient Payer Clinician User • Product development • Billing payers • Approve prescribed need Clinician • Manufacturing • Distribution • Determine need • Reimburse product and • Product education to • Service & support • Prescribe functionality service • Support user in product • Support user in product • Owns product (in some clinicians • Dealer support selection selection markets) User • Selects product (brand) • Owns product (in some markets) 12
Products are always reimbursed, and primarily from public systems Sweden Germany USA Private Other insur- ance VA Public health Public payer CMS insurers • Public payer landscape • State-dominated and highly • ~80% of market covered by with tax funded insurance fragmented payer Medicare and Medicaid managed by public landscape focused on elderly, authorities disabled or low-income population • VA at forefront of technology, covers 10% of the market 13
Fantastic growth journey, accelerating the last 5 years, with ~20% CAGR (7- 8% organic) 5-year perspective 3 335 +21% 2 931 2 053 1 742 1 562 2012 2013 2014 2015 2016 1984 2016 14
EBITA outgrowing revenue, through improved gross margin and operating leverage EBITA development (mSEK) 600 500 +25% 400 300 200 100 0 2012 2013 2014 2015 2016 15
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