OBSERVE MEDICAL ASA: First half year report 2024

26 Aug 2024 07:00 CEST

Oslo, August 26, 2024 - Observe Medical ("the Company" or "Observe Medical")
today releases its results for the first half of 2024.

Business update

In the first half of 2024, Observe Medical achieved growth and market expansion
of the UnoMeterT portfolio. Observe Medical has achieved a major milestone with
the early commercial launch of the UnoMeterT Safeti Plus, marking significant
strategic and commercial progress. This success highlights the effective
collaboration between our product development team and external manufacturing
partner. The launch underscores our commitment to providing advanced solutions
for healthcare providers and patients globally and sets the stage for the
upcoming releases of UnoMeterT Safeti Max and UnoMeterT Sippi®, further
strengthening our portfolio of next-generation hourly diuresis monitoring
products.

Financial highlights

Observe Medical reported operating revenues of NOK 13.1 million for H1 2024,
marking a year-over-year increase of NOK 1.2 million, driven by UnoMeterT
sales of NOK 7.0 million compared to NOK 1.5 million LY.

Gross profit in H1 2024 increased to NOK 5.0 million, up by NOK 0.7 million YoY.

EBITDA before non-recurring items was negative NOK 12.6 million, improved by NOK
6.8 million YoY supported by increased UnoMeterT sales and reduced operating
expenses.

The net finance result was negative NOK 3.2 million, an improvement from
negative NOK 5.7 million in H1 2023.

The net result for H1 2024 was negative NOK 22.5 million, a significant
improvement from negative NOK 35.2 million in H1 2023.

As of June 30, 2024, the company's equity stood at NOK 107.4 million.

In June 2024, the Company successfuly placed a private placement of new shares
in the Company to raise gross proceeds of NOK 22 million. Following subsequent
repair issue and undertaking from the Company's manufacturer to be completed in
H2 2024.

Presentation

The Company will host a presentation and Q&A session at 10:00 CET today.
Personal attendance is welcomed at Carnegie's offices at Aker Brygge,
Fjordalleen 16. The presentation will also be available via webcast at the
following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20240826_1/ (https://eur03
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After the live event, 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:

Jørgen Mann, CEO Observe Medical

Mobile: +45 408 67 558

E-mail: jorgen.mann@observemedical.com

Johan Fagerli, CFO Observe Medical

Mobile: +47 958 12 765

E-mail: johan.fagerli@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 and ultrasound, in combination with targeted M&A and
distribution. Observe Medical is working with a network of leading distributors
to provide outstanding solutions for healthcare professionals globally.

The Company is headquartered in Oslo, Norway.

Further information is available at www.observemedical.com.

More information:
Access the news on Oslo Bors NewsWeb site

626156_Observe_Medical_ASA_First_half_year_report_2024.pdf
626156_Observe_Medical_ASA_H1_2024_presentation.pdf