ZOLL Medical Corporation
The Global Leader in Resuscitation
March11, 2015
ZOLL Medical

1Agenda• Basic Mission• History/Background• Main Business Discussion• Longer Term Plans• Summary

ZOLL Medical

2Agenda• Basic Mission• History/Background• Main Business Discussion• Longer Term Plans• Summary

ZOLL Medical

3Delivering Life-saving Technology
ZOLL helps health care professionals, emergency
responders, and non-medically trained rescuers
save many thousands of lives each year withproducts that deliver superior clinical performance.

ZOLL Medical4

ZOLL Revenue (March Year-End)
Ten Year
CAGR

16%(F)Achieved #1 share position in all four businesses

ZOLL Medical5

Basic Definitions
CARDIAC ARREST?

HEART ATTACK?
A HEART
ATTACK occurs
when blood flowin an artery to theheart is blocked.

CAUSE

CARDIAC
ARREST occurs
when the heart
malfunctions andstops beating
unexpectedly
due to fibrillation.

SEVERITY

Death if not immediately treatedInjury or death over a number of hours

TREATMENT

Emergency defibrillation

Catheterization procedure to reopenblock vessel

TERMS

Sudden cardiac arrest (SCA)

Acute myocardial infarction (AMI)

ZOLL MedicalCardiac arrest is an“ELECTRICAL”
problem.

A heart attack is a
“CIRCULATION”
problem.

6Basic Definitions
Types of Defibrillators
EXTERNAL

WEARABLE

INTERNAL

WEIGHT

5-10 kg<2 kg.07 kg

WHEN USEDEmergency

During recovery
periodAfter long term risk isestablished

DURATION
OF USE

During emergency

1-6 Months

Many years

CUSTOMERS

Hospitals, ambulances,fire departments,
the public

Cardiologists

Electrophysiologists

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Basic Definitions
Time to defibrillation is
critical for cardiac arrest

Cardiopulmonary resuscitation(CPR) can change survival ratesProvides blood flow to maintain brain
and heart until defibrillator arrives

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The Problem

ZOLL Medical

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Survival Rates Can DramaticallyImprove
92%

42%
31%

1%

ZOLL Medical

7%

10

The Chain of Survival** Advanced cardiac life support

ZOLL Medical

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Only ZOLL Addresses Every Link in theChain

RescueNet ePCR*
ZOLL Medical* Electronic patient care reporting

12Agenda• Basic Mission• History/Background• Main Business Discussion• Longer Term Plans• Summary

ZOLL Medical

13

Paul M. Zoll, Physician Co-founder• Professor ofMedicine at Harvard
Medical School• Lasker Award inMedicine• American Heart
Association LifetimeAchievement
AwardPaul M. Zoll, MD
Father of Modern Electrophysiology

ZOLL Medical14ZOLL Medical Over the Years
1950-1980
Clinical Foundation

First external defibrillation, first implanted pacemaker,
first cardiac rate monitor, first external pacer

1980’sCommercialization

ZOLL founded in Massachusetts, NTP1000, PD1200,
uniform operating system, multi-function electrodes

1990’sInvestment

Smallest full-featured defibrillator, LifeCor,
ZOLL Data Systems, superior defibrillator waveform2000’sIntegration

AEDs, AutoPulse, fluid resuscitation,
temperature management, LifeVest

2010’sExpansion

International build out, new clinical indications,rapid salesforce expansion, joined Asahi Kasei GroupZOLL Medical15

Finland
SwedenRussia
UKCanadaFrance

Pittsburgh

Broomfield

Chelmsford

Netherlands
Germany
Switzerland
Austria

Italy
S Korea

SpainJapan
Pakistan

San Jose

China

JordanIndia

Puerto Rico

TaiwanVietnamPhilippines

PanamaMalaysia
Singapore

Indonesia

BrazilAustralia
Argentina
New Zealand

DIRECT OPERATIONSHEADQUARTERS

ZOLL Medical

ZOLL DISTRIBUTION
MANUFACTURING

SUB/REP OFFICE
DEDICATED PERSONNEL16

Agenda• Basic Mission• History/Background• Main Business Discussion• Longer Term Plans• Summary

ZOLL Medical

17Four Main Businesses
1. Defibrillation/CPR – Worldwide
Hospital/ambulance/fire/publicresuscitation from SCA
2. Data – US/Germany
Software to run emergency services(ambulance/fire)
3. LifeVest – US/Germany/Japan
Wearable defibrillator for patients
at high risk of SCA
4. Temperature Management – Worldwide
Cooling/warming of patients/
post SCA/fever
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Defibrillation/CPR Business
ZOLL Progress• #1 in U.S. hospital• #1 in U.S. EMS• #2 in world public access defibrillation• Rapid traction outside United States(23% YTD ’14 Growth)• Japan is key to attaining #1 position

Competitor Highlights• Philips restructuring and regulatory issues• Physio concentrating on automated CPR• Expect competition from China

ZOLL Medical

Market2014 World Market$1.7B

OthersPhilips

ZOLL

PhysioControl

5YR CAGR FORECAST
8%19

Data Business

Market2014 US Market
ZOLL Progress$110M• Transition to Software as a Service (SaaS)• International market is big opportunity– ZOLL has German product• Community paramedicine/
distributed health

ZOLL
Other– ZOLL product launching now

Competitor Highlights• Most competitors are small,single product

ImageTrendTriTech

5YR CAGR FORECAST
8%– Only ZOLL competes across all categories

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LifeVest Business
ZOLL Progress• Protection from high temporary risk
– >200,000 patients protected so far– US penetration <20% of patients• U.S. field sales force >400
– Platform for other products• Japan just started– Reimbursement < price– >125 patients protectedMarketWorld Market Potential>$2B

Rest ofWorldU.S.

GermanyJapan

5YR CAGR FORECAST
25%Competitor Highlights– ZOLL is not aware of any competing product in development– “Doing Nothing” is still our main competitor
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Temperature Management Business
ZOLL Progress• Targeted temperature management (TTM)
Trial has created a headwind for SCA– “Doing Nothing” is an option• Recent InnerCool purchase makes
ZOLL only intravascular player• Gross margin is up to 58%– Potential for high 60s• Clinical trials ongoing for AMI– Potential for >$1B market
Competitor Highlights• Bard is strong but facing same TTM issues
ZOLL MedicalMarket
World Market Potential>$300M

OtherZOLLBard

5YR CAGR FORECAST>10%Current Indications Only22

Multiple Business Models Provide
StrengthBusiness

Structure

Approximate
Recurring Revenue

Operating Margin
Potential

Defib/CPR

Capital Equipment

15%Mid Teens

Data

License Plus Ongoing
Maintenance

30%Low 20s

LifeVest

Rental w/ Services

50%

Mid 20s

TemperatureManagement

Razor/Razor Blade70%

Mid to High Teens

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Different Medical Systems
Defib/CPR

Data

LifeVest

Temp
OperatingExpenses

United States

CapitalCapitalRental to Patient
Covered by Insurance(45% Government)

GermanySameSameSame

Small
Reimbursement

N/A

Rental to Hospital
Reimbursement toHospital(100% Government)

Decision
Pending

Japan

ZOLL MedicalSame24

International Growth Investments• Japan– 61 ZOLL employees, ~$10M 2014 forecast revenue– Defibrillators, Automated CPR, LifeVest approved– Post SCA indication for temperature management
pending approval– >$100M revenue target in 5 years• International LifeVest expansion– France and India next targets– China approval still pending

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Agenda• Basic Mission• History/Background• Main Business Discussion• Longer Term Plans• Summary

ZOLL Medical26

ZOLL’s Longer Term Plan
• Achieve revenue > $2B by 2020
• ZOLL internal plans even more aggressive• Broaden focus beyond resuscitation to:
Acute Critical Care
• M&A will be necessary

ZOLL Medical27

Acute Critical CareDefinition• Medical equipment/devices/tools/software/IT/services
which are necessary for:a) therapy/treatment of patients facing acute critical conditions, or,b) diagnostics to predict such conditions, or,c) preventing such patients from escalation to acute conditions.

• Products must contribute to an increase in costeffectiveness.
AMI, Stroke, Trauma, Respiratory Arrest,
Cardiogenic Shock…
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M&A Strategy
Acute Critical Care
Early detection/intervention toacute cardiac
diseases• LifeVest• Mobile cardiac
telemetry

Resuscitation
Focus• Defibrillation/monitoring• CPR support• Airway
maintenanceCooling Focus• IVTM• Surface/othertechs• Pre‐hospital
temperature
management

Data• Links between each business• Links between areas of care

5th /6th Division• Established business model• No/few short‐term synergies
with existing Divisions but
expect mid/long term synergies
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Recent M&A Activity
Business

What it Adds

Philips InnerCool••Consolidates IVTM Patent Position
OEM Surface Product

IMPACTInstrumentation••

Portable/Emergency/Military Ventilators
Platform to Combine with Defib/CPR•Intrathoracic Pressure Regulation
Technology
ResQPOD Adds to ZOLL’s
CPR Product Portfolio
ResQPOD Pump

Advanced Circulatory•Systems, Inc.
•ZOLL Medical30

ResQCPR System
ResQPOD+=ResQPUMPSingle use,
disposable enhances
circulation

ResQCPR System - PMA P110024
Approved March 6, 2015

Reusable device performs
active compression
decompression CPR.
Optimizes CPR using asuction cup to pull up on thechest.

PIVOTAL STUDY: Rescue Trial(Aufderheide et al. Lancet 2011)
Survival Endpoints

Survival to hospitaldischarge
MRS ≤ 3*
Survival to 1 year

FDA Indication for Use (IFU):(Control)

ACD-CPR +ITD

10%

ACD-CPR +ITD Difference

P value

12%

20% ↑

0.12

6%

9%

53% ↑

0.019

6%

9%

50% ↑

0.030

S-CPR

(Intervention)

The ResQCPR system is intended foruse as a CPR adjunct to improve thelikelihood of survival in adultpatients with non-traumatic cardiac
arrest.

*Study primary endpoint
ZOLL Medical31Agenda• Basic Mission• History/Background• Main Business Discussion• Longer Term Plans• Summary

ZOLL Medical

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ZOLL as Part of Asahi Kasei
Twelve Months Prior toAsahi Kasei Acquisition

Last Twelve Months

67% Growth*RevenueRevenue* Includes equivalent backlog
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Asahi Kasei – ZOLL synergies• Asahi Kasei has allowed ZOLL to invest
to achieve faster growth• ZOLL’s planning horizon expanded to five years• Asahi Kasei is asking ZOLL to move beyond
resuscitation• Asahi Kasei technologies now being explored forZOLL products• Fit and motivation from ZOLL perspective hasbeen very goodZOLL Medical34

ZOLL Summary• Both revenues and profits growingaggressively• Much opportunity still available forexisting businesses• New businesses are being explored toexpand ZOLL’s domain

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