63)ir資料fy2016 3q決算(e) 配布 1.0 · op growth contributors (2009.1-12 2016.1-12)...
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Copyright © 2017 M3, Inc. All rights reserved.
M3, Inc.Presentation Material
M3, Inc.Presentation Material
January 2017
Copyright © 2017 M3, Inc. All rights reserved. 1
The following presentation contains forecasts, future plans, management targets and other forward-looking projections relating to M3, Inc. and/or its group. These statements are drawn from assumptions of future events based on data currently available to us, and there exist possibilities that such assumptions are objectively incorrect and/or may produce differing actual results from those mentioned in the statements.
Furthermore, information and data other than those concerning the Company and its subsidiaries/affiliates are quoted from public information, and the Company has not verified and will not warrant its accuracy or dependency.
M3, Inc.
Copyright © 2017 M3, Inc. All rights reserved. 2
Current Business Situation and Outlook
Copyright © 2017 M3, Inc. All rights reserved. 3
Overview
Q3 quarter sales were strong at +32% yoy with further penetration of various services
Orders remain healthy for Q4 and next FY
Strength in orders received, and profitability of Neues acquired last year continues to improve
OP grew +41% yoy, OP margins improved to 24%.
Establishing an invincible No.1 position in the industry for job placement of physicians and pharmacists
Sales: 6.6 bn yen, +26% yoy; Op Profit: 2.2 bn yen, +19% yoy
MR-kunFamilyMR-kunFamily
CareerCareer
Evidence SolutionEvidence Solution
OverseasOverseas
Local ccy basis sales increased 32% yoy, and profits excluding M&A fees increased +12% yoy.
Contribution from the completed Vidal acquisition is expected going forward
OverallOverall
Healthy consolidated Q3 cumulative results with sales at +19% and operating profit +24% yoy
Q3 alone especially accelerated, with sales at +27%, and operating profit at +29% yoy
Copyright © 2017 M3, Inc. All rights reserved. 4
4,438
23,564
OP Growth Contributors (2009.1-12 2016.1-12)
Operating Profit(billion yen)
MR-kun family will continue to grow, while profit growth contribution will be exceeded by other businesses
4.5
23.5
3
3
11.51.5
2009Jan-Dec MR-kun Family Platform
Linked Overseas 2016Jan-Dec
Over 2/3 of incremental OP contributed by businesses aside from MR-kun Family
Copyright © 2017 M3, Inc. All rights reserved. 5
MR-kun FamilyMR-kun Family
Platform Linked Business
M3’s Growth
Copyright © 2017 M3, Inc. All rights reserved. 6
According to 400 physicians
100% On-line
100% Off-line
High demand for e-detailing from busy physicians that prefer on-demand and relevant information, without the limitations imposed by offline sales reps.
Source: M3 questionnaire to 400 physicians
75%
4.7%
14.4%
20.0%
35.9%
12.4%
11.1%
1.5%
100%
80%
60%
50%
40%
20%
20%
40%
50%
60%
80%
100%
Doctor Demand for On-Line DetailingWhat is the ideal ratio of online and offline product information (“details”) from drug companies?
Copyright © 2017 M3, Inc. All rights reserved. 7
Doctor’s Time Allocation vs Pharma’s Budget Allocation
Internet
Sales Reps
Other(conferences, publications, etc.)
Time Allocationof doctors collecting info
Marketing Budget Allocationof drug companies in Japan
Doctors spend the most time collecting information via the Internet. However, pharmaceutical firms operating in Japan spend the majority of their marketing budget on off-line sales rep related costs.
Sales Reps:
~1.5 tril yen
Other:~100 bn yen
Internet:~ 20 bn yen
Source: M3 research, percentages are approximate
44%
39%
17%
7%
1%
92%
Copyright © 2017 M3, Inc. All rights reserved. 8
Currently Full Potential
(approx.)
30Companies
30~35Companies
PharmaCLIENTS
GrowthPotentialof 3~4xcurrent levels
Broadening of usage across entire service line-up:
Average revenues from top 10 clients grew at approx. 21% YoY
(approx.)
¥400 mnSALES per CLIENT
¥1 bn ~ ¥1.5 bnper client
drivers: # of products # of opt-in MDs Added value of contents
MR-kun Family’s Growth Potential in Japan
Copyright © 2017 M3, Inc. All rights reserved. 9
MR-kun Base & Operation fee
Detail fee Contents Production fee
Other MR-kun Family Services
¥70 ~ 80 mn
¥20 ~ 40mn
¥100 per detail sent Production of customized detail contents
¥10 ~mn
Entr
y Le
vel
(one
pro
duct
)
around ¥150 mn
¥70 ~80mn ¥440mn ¥100 mn ¥270 mn
Top
5 C
lient
s(m
ultip
le p
rodu
cts)
The average of top 5 clients: around ¥900mn
Web Symposiums, One Point eDetails, etc
¥30 ~ mn
MR-kun Family Fee Structure (annual)
Copyright © 2017 M3, Inc. All rights reserved. 10
-6
MR-kun Family: YoY Incremental Sales Comparison
Q3 sales growth alone exceeded that of H1. H2 on track for 2 bio yen in incremental growth yoy
(million yen)
FY14Total
H1YoY
H2YoY
FY15Total
H1YoY
H2YoY
Q3 YoY+32%
FY15 FY16
H2 Forecast:scale of
2 bio jpy
500
737
1,148
Copyright © 2017 M3, Inc. All rights reserved. 11
MR-kun Family
Platform Linked BusinessPlatform Linked Business
M3’s Growth
Copyright © 2017 M3, Inc. All rights reserved. 12
MR-kun Family
Overseas
PlatformLinked
Business
(million yen)
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12FY13 FY14 FY15 FY16FCT
FY16 FCT75,000
Consolidated Sales Trend
2% 10% 11% 9% 9% 11% 16% 16% 18% 21% 22% 22%5% 10% 15%
17% 21% 26% 36% 40% 41% 46% 52% 54% 59% 59%95% 90% 83% 73% 68% 65% 54% 49% 43% 38% 30% 25% 19% 19%
1,563 2,276 3,854 5,729 7,475 8,534 11,811 14,646 19,040 26,007
36,887
51,346
64,660 56,310
Copyright © 2017 M3, Inc. All rights reserved. 13
Business Segment Breakdown and Type
Business Segments
Medical Portal
MR-kun Family 13 bn yen
Career 7 bn yen
Research 3 bn yenOther(Mr. Finder, AskDoctors, others) 3 bn yen
Evidence Solution 20 bn yen
Clinical Platform 3 bn yen
Sales Platform 1 bn yen
Other (iTicket, hospital support, others) 2 bn yen
Overseas 14 bn yen
Services FY15 Sales
Overseas
Business Type
MR-kunFamily
PlatformLinked
Business
Copyright © 2017 M3, Inc. All rights reserved. 14
Business Size Scale(FY2016 Forecast)
Research QOL-kun, etc. AskDoctors
Evidence Solution
iTicket
Detailed slides follow
¥1 bn
CLIENT BASEConsumerHospital, DoctorPharma
M3
Gro
up C
ompa
nies
Total revenue of platform-linked businesses in FY2016 is expected to exceed 40 billion yen. New projects pipeline includes 10 to 20 business ideas with plans including overseas development.
1 2Career
CSO EMR
Platform Linked Business Development
Others
¥20 bn
¥3 bn
¥5 bn
Copyright © 2017 M3, Inc. All rights reserved. 15
“Making use of the Internet to increase, as much as possible, the number of people who can live longer and healthier lives, and to reduce as much as possible, the amount of unnecessary medical costs.”
~ 2010
2011 ~
Evolution via MR-kun for pharmaceuticale-Marketing - Engine #1
Evolution via Mr. Finder for pharmaceutical e-R&D - Engine #2
Evid Sol1Power of Mr. Finder in Drug Development
PlusPlus
Copyright © 2017 M3, Inc. All rights reserved. 16
Case study
Evid Sol1Patient Enrollment in Large-Scale Trials
Other SMOs
Mr. Finder dramatically outpaced competitors both by number and speed in enrolling cases for a particular Endocrinology trial
Num
ber o
f Pat
ient
s En
rolle
d
0100200300400500600700800900
1,0001,1001,2001,3001,4001,500
A B C D E F G H I J K Lm3.com
Expedited enrollment of motivated physicians and patients compared to other SMOs
Copyright © 2017 M3, Inc. All rights reserved. 17
Group-wide approach to promoting
and accelerating
internet based drug
development
Theme Operation
2011
2009
2012
2014
2009
2012
Site SelectionFeasibility Study, etc
MonitoringEDC, etc
Utilization of electronic medical records, etc
2015/4
Evid Sol1
M&A Timing
Shift to e-Clinical Trials
Copyright © 2017 M3, Inc. All rights reserved. 18
(million yen)
Orders backlog increased 3 bn yen to 28bn yen since Sep-end, with corresponding increases in headcount as upfront investment
OP margin rose to 24% with backdrop of healthy orders expansion
Neues, an SMO acquired in April 2015, posted 400 million yen in profits
FY16 FCT22 bn yen
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16Q1-3
IFRS basis
Evid Sol1Sales and Profit Trend of Evidence Solution
Segment ProfitSales
1,370 1,860 2,321 4,283
6,554
13,195
19,992
16,502
-288 -58
423 517 1,126 1,799 3,908 3,912
Copyright © 2017 M3, Inc. All rights reserved. 19
Sales and profit grew due to successful integration and improved productivity of newly-hired staffs’
FY2016 should see continued traction from job placement for physicians.
(million yen)
FY16 FCT9 bn yen
FY10 FY11 FY12 FY13 FY14 FY15 FY16Q1-3
JGAAP basis
Career2Sales and Profit Trend of M3 Career
Ordinary ProfitSales
*1,433
2,191
3,235
4,594
5,712
6,925 6,584
177 437 749 1,070 1,714
2,292 2,168
*Excludes Anestation M&A fees
Copyright © 2017 M3, Inc. All rights reserved. 20
MR-kun Family
Platform Linked Business
M3’s Growth
Copyright © 2017 M3, Inc. All rights reserved. 21
Japan (m3.com)
U.S.A (MDLinx + PDR)
U.K. (Doctors.net.uk)
Other Nations(M3 Global Research, MDLinx, Russia)
Korea (Medigate)
(thousand)
China (Medlive)
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16Dec End
Number of Physician Members and Panelists (Global)
India (Health Impetus)
France, Germany, Spain (VidalGroup)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
4+ millionmembers worldwide
Over 4 million physicians utilize M3’s global platforms
Copyright © 2017 M3, Inc. All rights reserved. 22
Operation size over doubled yoy due to expansion of existing businesses as well as contribution from M&As
Synergies with MDLinx, the U.S. web portal designed for physicians, is expected to improve sales and profitability
Expansion of services such as executive physician and nurse placement being considered
Sales(million yen)
A new US driver with a faster initial growth rate than M3 Career in Japan, and a much larger addressable jobs market overall.
Expansion of U.S. Career Services
FY15Q1-Q3
FY16Q1-Q3
2.1x1,417
2,934
Copyright © 2017 M3, Inc. All rights reserved. 23
China: Membership ExpansionNumber of Physician Members in China
Marketing services for drug companies starting with MR-kun, and marketing research services showed steady growth
MR-kun is now being utilized for 28 drugs across 9 pharmaceutical companies
Over 1.5 million physicians members, covering the majority of doctors in China
FY14Q1 Q2 Q3 Q4
FY15Q1 Q2 Q3 Q4
FY16Q1 Q2 Q3
(thousands)
9531,019
1,0961,1541,250
1,3621,490
1,5611,6171,680
1,753
Copyright © 2017 M3, Inc. All rights reserved. 24
(million yen)
Broader business scope in US, UK, and China
MR-kun launched in the U.K.; contracts signed with multiple pharma companies
Local currency basis yoygrowth ex M&A fees:
- Sales: +32%- Profit: +12%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16Q1-Q3
FY16 FCT17 bn yen
IFRS basis
Sales and Profit Trend of Overseas
Segment ProfitSales
1,105 1,585 2,983
4,069
6,661
10,980
13,810
11,250
-71
55 138 117 1,043 1,430 1,614 1,195
Copyright © 2017 M3, Inc. All rights reserved. 25
M3 Group’s Business Strategy
Copyright © 2017 M3, Inc. All rights reserved. 26
New Service Development in the Medical Internet Sector
Internet-Powered PE Style Business Expansion in
Healthcare Industry(2000~2010) (2011~)
ApproachApproach Internet Internet + Real Operations
Service CoverageService
CoverageWeb-based
eTools Entire Value-Chain
Potential Business Domains
Potential Business Domains ~10 30 ~ 50
(~ 200 including overseas)
ProfitabilityProfitability High profitability(Mid absolute profit)
High absolute profit(Mid profitability)
M&AM&A Small Medium ~ Large
M3 is uniquely positioned to transform the health care industry via its 1) Platform 2)Industry Expertise and 3)Human Resources (management and engineering)
Strategy Change in Business Development
Copyright © 2017 M3, Inc. All rights reserved. 27
M3 is Just Getting Started
Copyright © 2017 M3, Inc. All rights reserved. 28
FY 2016 Overview
Copyright © 2017 M3, Inc. All rights reserved. 29
FY2016 Q3 Consolidated Cumulative Results
Sales Pretax Profit* Net ProfitOperating Profit
IFRS Base(million yen)
* Foreign currency denominated loans to overseas group companies caused foreign exchange losses of 281 million yen
FY15Q1-Q3
FY16Q1-Q3
FY15Q1-Q3
FY16Q1-Q3
FY15Q1-Q3
FY16Q1-Q3
FY15Q1-Q3
FY16Q1-Q3
47,391
56,301
15,031
18,656
15,087
18,637
10,201
12,541
+23%+24%+19% +24%
Copyright © 2017 M3, Inc. All rights reserved. 30
(million yen) FY2015 Q1-Q3
FY2016 Q1-Q3 YoY
Medical PortalSales 18,660 22,467 +20%Profit 11,179 12,650 * +13%
Evidence Solution
Sales 14,737 16,502 +12%Profit 2,777 3,912 +41%
OverseasSales 10,104 11,250 +11% ***Profit 1,373 1,195 ** -13% ***
Clinical PlatformSales 1,989 2,053 +3%Profit 119 125 +5%
Sales Platform
Sales 978 1,076 +10%Profit 12 77 approx. 6 x
OthersSales 1,731 3,933 +127%Profit 377 666 +77%
IFRS basis
FY2016 Consolidated Results by Segment
* M&A fees for Anestation totaled 42 million yen** M&A fees from India and Vidal deals totaled 161 million yen ***Overseas segment results in local currency basis: Sales +32% yoy, Profit:+12% yoy
Copyright © 2017 M3, Inc. All rights reserved. 31
M&AFees
Recruiting& Training Fees
Special costs incurred in anticipation of future growth dampenedprofits by 1.1 ~ 1.8 bn yen over the past three quarters. Aggressive upfront investment to continue.
Productivity Time Lag of New Staff
Upfront Investment Costs for Future Growth
(million yen)
m3.com Revitalization
Investment
Total1.1 ~ 1.8bn yen
231
650
635
261
Copyright © 2017 M3, Inc. All rights reserved. 32
107 480 891 1,563 2,276 3,854 5,729 7,475 8,534 11,811
14,646 19,040
26,007
36,759
51,346
64,660
75,000
13,738
8,878
-93
46 255 509 895 1,683
2,677 3,597 3,990
4,803 6,031
7,648 9,294
12,704*
16,061
20,022
23,000
-93
62 136 279 493 991 1,609 1,965 2,363 1,938 3,486
4,492 5,598 7,844*
10,428
13,493 15,300
Sales Operating Profit & Net Profit
(mn yen) (mn yen)
* Extraordinary profit from acquisition of MPI: 1,034 mn yen
00(6m)
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16FCT
Annual Results & Forecast for FY2016
00(6m)
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16FCT
Operating ProfitNet Profit
Copyright © 2017 M3, Inc. All rights reserved. 33
M3
MedicineMediaMetamorphosis
Healthcare sector is enormous…
・ Japanese national spending on medical services is approximately ¥33tn (¥50tn including peripheral businesses)
・ Equivalent to 10% of Japanese GDP・ Sector controlled by only 290,000 physicians
(0.2% of the national population)
Aim to create new value
・ Provide solutions within the healthcare sector・ Provide new and unique business models・ Specialize in niches areas that provide opportunity for
high value creation and high profits in order to boost enterprise value
Creating New Value in Healthcare
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