Observe Medical ASA: Third quarter 2022 results

03 Nov 2022 07:00 CET

Oslo, 3 November 2022 - Observe Medical ASA ("the Company" or "Observe Medical")
today release its results for the third quarter of 2022.

"In October, we announced that Observe Medical had entered into an exclusive
agreement with the intention to acquire Convatec's Unometer urine measurement
portfolio, consisting of several market-leading brand names such as UnometerT
SafetiT Plus, UnometerT 500, and UnometerT Abdo-PressureT. This proposed
agreement comes with significant revenue potential and positions Observe Medical
as the leading urine measurement system provider in Europe. The agreement will
provide direct access to hundreds of distributors across more than 50 countries
worldwide and will bring with it several synergies and fast-track the go-to
-market strategy for Sippi®," says Rune Nystad, CEO of Observe Medical, and
added:

"In the period, we also strengthened the management team by bringing in Carsten
Trygve Bøgh as CTO. Combined, these are events that will support our growth
efforts in the immediate and long term."

Portfolio update

In the third quarter of 2022, Observe Medical has worked closely with its
recently selected manufacturing partner for Sippi®. With preparations underway,
the distribution network that follows the potential acquisition of the Unometer
product portfolio will significantly strengthen the sales channels for Sippi®.
The US roll-out of the Biim ultrasound system also continues across Fresenius
clinics, and the Company continues to support Fresenius' multi-clinic training
efforts.

The Company is proactive in pursuing new tenders and products complementing
existing product lines as part of the Nordic sales and distribution platform.
The platform is well-equipped to take on new products, such as the Unometer
product portfolio.

Financial highlights

For the third quarter of 2022, Observe Medical reported NOK 3.4 million in total
revenues, and the gross margin amounted to 41 per cent.  The EBITDA for the
quarter amounted to negative NOK 10.7 million as the Group continues to invest
in line with the growth strategy.

See the attached presentation material for more detailed information about the
financial results for the third quarter of 2022.

Management will host a presentation and Q&A session at 08:30 CET today. The
presentation will take place at Haakon VIIs gate 2 and will be available via
webcast at the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221103_4

The presentation and recording will be made available under the Investor
Relations section on the Company's website, https://observemedical.com/investor
-relations/.

For further information, please contact:


Rune Nystad, CEO of Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com

Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
E-mail: perarne.nygard@observemedical.com

About Observe Medical
Observe Medical is a Nordic medtech company that develops, markets and sells
innovative medtech products for the global market. The Company is committed to
improving patient welfare and patient outcomes, improving clinical data accuracy
and promoting positive health economics.

The Company seeks to drive growth by leveraging its expertise in sales and
commercialisation of its broad portfolio of medical technology products, mainly
in urine measurement, ultrasound, anesthesiology/ICUs, surgery and wound care,
in combination with targeted M&A.

The Company is headquartered in Oslo, Norway, with additional offices in Narvik
(Norway), Gothenburg (Sweden), Oulu (Finland), and Seattle (the US). In
addition, Observe Medical has a direct sale organisation in the Nordics and a
distributor network internationally.

Further information is available at www.observemedical.com.

More information:
Access the news on Oslo Bors NewsWeb site

574598_Observe_Medical_ASA_Q3_2022_Results.pdf
574598_Observe_Medical_ASA_Third_quarter_2022_Results.pdf