Observe Medical Annual Report for 2024

30 May 2025 12:15 CEST

Oslo, May 30, 2025 - Observe Medical ("the Company" or "Observe Medical") has
today published its Annual Report for 2024.

Observe Medical has today released its Annual Report 2024, including the Board
of Directors report and financial statements. The report and annual accounts
were approved by the Board of Directors on May 29, 2025.

On 18 March 2025 Observe Medical reported preliminary and unaudited results for
the second half year and full year 2024. Today's audited accounts include
adjustments followed by the final conclusions received by the Norwegian
Financial Supervisory published in a stock exchange notice on May 14, 2025.

The following summary provides information of the additional changes from the
interim report for the 6-month period ended 31 December 2024 in 2023 comparable
figures recognized in the Annual Report for 2024 (with effects on profit and
loss highlighted):

· Goodwill Write-Down: Following discussions with the NFSA the Company has
decided that the write-down of goodwill of NOK 67.1 million should have been
recorded in 2023 and is adjusted in the 2023 comparable figures in the 2024
financial statements.
· Capitalized Expenses: Following discussions with the NFSA the Company has
concluded that additional capitalized development costs should be expenses in
2023, resulting in additional NOK 2.8 million being expensed in the 2023
comparable figures, reducing the profit for the 12-month period ended 31
December 2023.
· Convatec Transaction: Following discussions with the NFSA the Company has
decided that a relative share of the consideration for the Convatec transaction
should have been allocated to the related license agreement and to information
about customers/distributors. This has resulted in higher amortization expenses
of NOK 1.1 million in H2 2024 and NOK 2.2 million for the full year.  In
addition, the Company has decided to expense NOK 0.75 million previously
capitalized related to the transaction.

The report is attached to this stock notice in PDF as well as an ESEF file
version and is also available on the company's website under the Investor
Relations section. The Auditor's Report, which is incorporated in the annual
report, has a qualified opinion related to impairment assessments of goodwill
and other intangible assets for the group and related to impairment assessments
of shares in subsidiaries, loans to subsidiaries and intercompany receivables
for the parent company. In addition, an emphasis of matter relating to the
material uncertainty related to the going concern assumption has been included
in a separate section of the Auditor's Report. The section of Other matters
states that the financial statements have been made public after the deadline by
the Act on Securities Trading (Securities Trading Act) for publishing the
financial statements.

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
commercialization 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.

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648012_Observe_Medical_ASA_Annnual_Report_2024.pdf
648012_Observemedicalasa_2024_12_31_0_en.zip