Stille (STIL) Investor presentation summary

Business overview and strategy

• Leading manufacturer of premium surgical instruments and advanced surgical tables, with a focus on cardiovascular, plastic, neuro, and microsurgical disciplines.

• Operates globally with subsidiaries in the US, Germany, Switzerland, Malaysia, and UAE, and maintains strong partnerships with top healthcare companies.

• Product portfolio includes Stille, S&T, Fehling, imagiQ, Medstone, and GS2 brands.

• Strategic objectives emphasize product leadership, market expansion, operational excellence, and growth through acquisitions.

• Publicly traded with a long-term institutional shareholder base and a tradition of innovation dating back over 180 years.

Product portfolio and market positioning

• Offers over 1,000 unique hand-crafted surgical instruments and advanced C-arm tables for minimally invasive procedures.

• Premium brands S&T and Fehling focus on microsurgery, neuro, spine, and cardiac surgery, with strong recognition in high-end clinical niches.

• Instruments and tables are developed in close collaboration with leading surgeons and C-arm providers, supporting premium pricing.

• Global sales network combines direct sales and distributors, with significant market share in EMEA and growth potential in the US.

• Advanced imaging tables feature proprietary technologies like True Free Float® and carbon fiber tops for superior imaging and efficiency.

Financial performance and growth

• Achieved SEK 487m in revenues, 12.0% organic sales growth, 49.8% gross margin, and 24.3% EBITDA margin as of Q3 2024.

• Q3 2024 net sales reached MSEK 127.9 (+82.4%), with organic growth of 7.4% and improved gross margin at 51.8%.

• Net debt/EBITDA at 0.2, providing a strong platform for future acquisitions.

• Long-term CAGR in sales and EBITDA of 22.3% and 29.9% respectively, with reduced OPEX ratio.

• Revised financial targets: organic growth >10%, EBITDA >25%, net debt/EBITDA <3.