Investor presentation

Full-year 2019/20 results

 The world’s most Business update
innovative single-use Financial results and outlook
endoscopy player Q&A

Disclaimer
Forward-looking statements, especially such relating to future sales and operating profit, are subject to risks and uncertainties. Various factors, many of which are outside Ambu’s control, may cause the actual development of
the company to differ materially from the expectations contained in this presentation. Factors that might affect such expectations include, among others, changes in healthcare, in the world economy and in exchange rates 2
Unique market opportunity – rapid growth to USD 2.5bn

Drivers creating the single-use endoscopy market

Increased focus on contamination and

I
infection control from medical authorities
2020 2024
Convenience and compelling economic
II offering making the transition from reusable USD ~0.5b USD +2.5b
to single-use cost-effective Single-use Single-use
endoscopy market endoscopy market
Rapid technology advancements
III
strengthening single-use clinical performance

One of the most attractive

Government and regulators support market medical device markets
IV
conversion, especially in U.S.

3
Uniquely positioned for market creation

Competitive advantages

Global leader in single-use Visualization

I
with 10 years of experience
2016/17 2019/20

Modular innovation engine and high-scale DKK 597m DKK 1,711m

II low-cost manufacturing driving richest Ambu Visualization Ambu Visualization
pipeline in the market revenue revenue

Commercial organization with focus

III on market creation and penetration of
single-use Visualization products
The world’s most innovative
single-use endoscopy player

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Business
update

5
 Key messages

1 The single-use endoscopy market will continue to develop with a rapid pace
 The COVID-19 pandemic has accelerated the development of the single-use endoscopy market with
healthcare systems increasing their focus on infection control and see single-use endoscopy as a solution
 Increased literature from the medical community creating a positive environment for single-use endoscopy market

2 1,085,000 endoscopes sold consolidates Ambu as the largest single-use endoscopy manufacturer
 Organic growth of 26% driven by high double-digit Visualization growth (+81%) across all geographies
 In the U.S. we saw 23% underlying volume growth for bronchoscopes in 2019/20 and strengthened our position on
the back of GPO contract wins
 Ambu finishes the year with a stronger commercial infrastructure and launch of two new growth engines:
aScope™ Duodeno and aScope™ Cysto

3 Ambu remains focused on competing through innovation and high-scale low-cost manufacturing
 Significant expansion of pipeline by adding 8 new Visualization products. This will expand number of product launches
from accumulated 5 in the previous three years to 20 planned over the coming three years
 Investment in second single-use endoscopy manufacturing plant in Mexico to support U.S. market
 2020/21 guidance is: Organic revenue growth 17-20%, EBIT margin1 11-12% and 1.3-1.4 million endoscope units sold
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1) EBIT-margin before special items
1 The case for single-use endoscopy continues to strengthen

INCREASED FOCUS ON UPDATED GUIDELINES FROM FDA

INFECTION CONTROL AND NATIONAL ASSOCIATIONS

Patient safety organization, ERCI1 has 2nd FDA safety communication recommending
listed ”Device Cleaning, Disinfection, transition to duodenoscopes with innovative
and Sterilization” as one of the most designs, highlighting aScope™ Duodeno
important safety concerns for 2020 as part of the solution

2020 marks the year with National bronchoscopy associations

highest number of peer-reviewed studies recommending single-use bronchoscopes
regarding contamination and infection within GI in COVID-19 environment

“The FDA is Recommending Transition to Duodenoscopes with

https://www.ecri.org/landing-top-10-patient-safety-concerns-20201 Innovative Designs to Enhance Safety: FDA Safety Communication”

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2 Improving market conditions in Anaesthesia and PMD

Organic Core growth of -1% in 2019/20 Core (Anaesthesia and PMD), quarterly revenue

▪ At the end of 2019/20, Core revenue is back at DKKm

pre-COVID levels
600
503
▪ A high demand for resuscitators to treat COVID-19 500 470 475
408 Average
patients has impacted Anaesthesia positively 400

▪ Organic revenue growth for Anaesthesia and PMD 300

in 2020/21 is expected to be above the normal level 200
for these businesses. Uncertainty remains with 100
respect to how the COVID-19 pandemic unfolds
0
Q1 19/20 Q2 19/20 Q3 19/20 Q4 19/20

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2 High double-digit Visualization growth across all geographies

Organic Visualization growth of 81% in 2019/20 Endoscope units sold (‘000)

▪ With 1,085,000 endoscope sold in 2019/20 we

consolidate our position as the largest manufacturer
of single-use endoscopes
1,085
▪ Since September 2019, our Visualization sales force
has tripled in USA and doubled in Europe and APAC 255 Q4

▪ It has been decided to build a new manufacturing plant

for single-use endoscopes in Mexico. The plant will be
618 337 Q3
operational in 2022/23, and we have sufficient capacity 560
in Malaysia to support demand until then
364
North America Europe Rest of World 313 Q2
200
71% 96% 55% 96
Organic Organic Organic 14 40 180 Q1
Viz. growth Viz. growth Viz. growth
2019/20 2019/20 2019/20 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20

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2 Expanding our presence in pulmonology and ENT

Pulmonology highlights for 2019/20 ENT highlights for 2019/20

▪ Market share of ~30% of the global OR and ICU ▪ Run-rate on ENT revenue in the U.S. has
pulmonary endoscopy market increased by +60% from pre-COVID levels in
February to September 2020
▪ 5%-pts market share increase in the U.S.
bronchoscopy market and 15%-pts market share ▪ Continuous improvements following COVID-19 with
increase in the European bronchoscopy market +100 new customers won in U.S. in Q4 2019/20

▪ The underlying demand for bronchoscopes in U.S. ▪ Strong uptake in units sold in Europe and U.S.,
has grown by 23% in 2019/20 and ENT is expected to be one of our growth
drivers for 2020/21

~700 ~550
new customers or departments new customers won in
won in U.S. since beginning of U.S. in the full year of
COVID-19 in March 2020 2019/20

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2 Cystoscope holds strong promises of widespread adoption

Highlights for aScope™ 4 Cysto 2019/20 Unit volume first 6 months, US market

 Promising results from U.S. controlled market study.

aScope™ 3 Broncho
aScope™ 4 Cysto can be used for all major
aScope™ 4 RhinoLaryngo (ENT)
cystoscopy procedures
aScope™ 4 Cysto
 Significant traction in commercial launch
‒ ~650 product demonstrations and ~220 ongoing trials
with major U.S. urology accounts

‒ +100 U.S. closed accounts and +30 of top 100 U.S.

hospitals have either converted or are in trial phase

 CE-mark for aScope™ 4 Cysto obtained Nov. 5, 2020

1 2 3 4 5 6
Months

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 2 U.S. product evaluations for aScope™
4 Cysto show promising results

The primary endpoint of procedural success was defined by the ability to

complete all procedural aspects without using a secondary scope

65 32 high-profile physicians across 12 sites

cystoscopy procedures utilized the aScope™ 4 Cysto for both
performed diagnostic and therapeutic procedures

100% The ability to complete all aspects

procedural success of the procedure without the use
rate of a secondary scope

93% Ratings were made across image

of all ratings were quality, bending, navigation and
“very good” or “good” overall scope and monitor performance

User evaluation 12
2 Entering into GI with the launch of
aScope™ Duodeno

aScope™ Duodeno will be a major growth engine in 20/21

 Controlled market release confirms adequate performance

across ERCP procedures

 Expect rapid penetration of single-use duodenoscopy.

U.S. GI commercial organization is 100% in place
driving over 550 product demonstrations

 Full commercial launch starting in December 2020

with 300 ERCP hospitals lined up to evaluate
our aScope™ Duodeno

 U.S. clinical trial has been submitted to ClinicalTrials.gov

and is expected to start in January 2021

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3 Building a unique and modular R&D engine
Product Launch
aView™ 2 Advance Commercially available
Monitors
aBox™ Console H2, 2020/21 Launches in 2019/20
aScope™ 4 Broncho
aScope BronchoSampler™
VivaSight™
80%
increase in Ambu
Pulmonology aScope™ 5 HD Q4, 2020/21
R&D organization
aView™ 2 Advance

aScope™ 5 for smaller patients 2021/22 (FTE) in 2019/20

aScope™ 5 for selected procedures 2021/22

3
Video laryngoscope 2.0 2021/22
aScope™ 4 RL Intervention
new products added
ENT aScope™ 4 RL Slim
to our Visualization
ENT High-Resolution 2021/22
portfolio in 2019/20
aScope™ 4 Cysto
Urology Ureteroscope 2021/22

4
Cystoscope HD 2021/22
aScope™ Duodeno
Duodenoscopy (GI) aScope™ Duodeno 2 2021/22 launches in 2020/21 of
Console
aBox™

Cholangioscope 2021/22
which 3 will be in GI.
The broadest
Colonoscopy (GI) aScope™ Colon H2, 2020/21
single-use GI offering
Gastroscopy (GI) aScope™ Gastro H2, 2020/21
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 3 20 product launches planned for the next three years
Combination of next generation products and specialty scopes across existing segments

8 8
~4x more products launches new new
than in the previous three years products products

4
new
3 products
new
2 products
new
products
0
new
products

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23

*product launches: new scopes and monitors 15

 Financial results
and outlook

Disclaimer
Forward-looking statements, especially such relating to future sales and operating profit, are subject to risks and uncertainties. Various factors, many of which are outside Ambu’s control,
may cause the actual development of the company to differ materially from the expectations contained in this presentation. Factors that might affect such expectations include, among others,
changes in healthcare, in the world economy and in exchange rates

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Key financial results for full year 2019/20

26% 12% 1,085

Realized organic revenue EBIT margin Endoscopes sold
Full year 2019/20
growth before special items (‘000 units)

Guidance ~26% ~12% +1,000

Full year 2019/20 organic revenue EBIT margin Endoscopes sold
growth before special items (‘000 units)

• Increased demand for single-use scopes in Europe and APAC

• Majority of the Core portfolio was negatively affected by postponed elective procedures

• 1,085,000 endoscope sold in 2019/20 consolidates our position as the biggest single-use endoscopy manufacturer
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Organic sales growth by geography
FY 2019/20 revenue and growth across regions

Global North America

48%
22%
81% Visualization 71% Visualization

3,567m 26% Anaesthesia 1,594m 25% Anaesthesia

organic 7% organic 8%
DKK revenue growth DKK revenue growth

-10% PMD -8% PMD

30%

Europe Rest of World

96% Visualization 55% Visualization

1,551m 32% Anaesthesia

422m 13% Anaesthesia
organic 6% organic 4%
DKK revenue growth DKK revenue growth
PMD PMD
-10% -15%

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Financial results Q4 and FY 2019/20

Ambu P&L – Q4 and FY 2019/20 26% organic growth

Impacted positively from COVID-19 and the
Q4 Q4 Change Change FY FY Change Change transition to a direct sales model in U.S.
DKKm
19/20 18/19 in value % 19/20 18/19 in value %
Revenue 871 606 265 44% 3,567 2,820 747 26%

Production costs -336 -270 -66 24% -1,355 -1,183 -172 14% 62% gross margin
Positively impacted by volume growth in
Gross profit 535 336 199 60% 2,212 1,637 575 35% Visualization and scale in manufacturing
Gross margin, % 61.4 55.4 - - 62.0 58.0 - -
Selling and
-337 -209 -128 61% -1,228 -762 -466 61%
distribution costs
Development costs -50 -27 -23 85% -157 -103 -54 52%
DKK 1,784m capacity costs
+61% in Selling & Distribution costs due to
Management and
administration
-119 -82 -37 45% -399 -292 -107 37% the expansion of commercial infrastructure
Total capacity costs -507 -318 -189 59% -1,784 -1,157 -627 54%
EBIT before special 12% EBIT margin
29 18 11 61% 428 480 -52 -11%
items before special items
EBIT margin before
special items, %
3.3 3.0 - - 12.0 17.0 - - as a result of 54% increase
in capacity costs
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Cash flow, assets and debt FY 2019/20

Ambu cash flow and balance sheet – FY 2019/20

FY FY Change
DKKm
2019/20 2018/19 in value
DKK -133m free cash flow
Cash flow and ratios
Equal to -4% (10%) of
Cash flow from operating activities 295 533 -238 12 months’ revenue
Cash flow from investing activities before acquisitions -427 -259 -169

Free cash flow before acquisitions -133 274 -407

2.2x NIBD/EBITDA
Balance sheet Total net interest-bearing debt
Total assets 4,926 4,558 368
DKK 1,346

Interest-bearing debt (NIBD) 1,346 1,035 311

Key figures
DKK 581m net working capital
Net working capital 581 387 194
Equal to 16% (14%) of 12
Equity ratio, % 48 48 months’ revenue
NIBD/EBITDA before special items 2.2x 1.8x 0.4x

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2020/21 Guidance

17-20% 11-12% 1.3-1.4

organic EBIT million endoscope
growth margin units sold
(before special items)

 Visualization will be the main growth driver with continuing high double-digit growth rates

 Anaesthesia and PMD growth is expected to exceed normal growth rates for these business areas

 EBIT margin is impacted by the investments in our commercial infrastructure

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Q&A

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Investor contact information

Share Information Financial calendar

Ambu A/S is listed on the stock exchange in 2020

Copenhagen under the symbol AMBU B
09 December Annual General Meeting 2019/20
For further company information, please visit:
www.ambu.com
For full list of Investor Relations events, please visit:
www.ambu.com/calendar
Investor Relations contacts

Michael Højgaard Ambu’s annual general meeting will be held on Wednesday 9

Executive Vice President, CFO December 2020 at 15.00 (CET) at Ambu’s HQ, Baltorpbakken
Tel.: +45 4030 4349 13, DK-2750 Ballerup.
Email: miho@ambu.com

Nicolai Thomsen Due to the COVID-19 situation, we strongly encourage all

Investor Relations Manager shareholders to vote by proxy or by post and follow the annual
Tel.: +45 2620 8047 general meeting online at www.ambu.com/AGM rather than to
Email: nith@ambu.com attend in person.

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Ambu – The single-use company