Medistim Asa · OSL:MEDI
Medistim Asa — Q3 2026 Earnings Presentation
42 slides from Medistim Asa's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter & YTD September 2026 Financial Results
Third Quarter & YTD September 2026 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 2: Before we start
Before we start • You will be kept on mute during the presentation • Click on the Q&A button to write your questions • The host will read and answer your questions at the end of the presentation 2 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 3: Disclaimer
Disclaimer The information included in this Presentation may contain certain forward-looking statements that address activities, events or developments that Medistim ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various
Slide 4: Third Quarter & YTD September 2026 Financial Results
Third Quarter & YTD September 2026 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 5: Medistim Track Record
Medistim Track Record Sales per year in MNOK EBIT in MNOK and EBIT % Dividend per share in NOK 5 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 6: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 6 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 7: 01 - Highlights
01 - Highlights 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 8: Highlights Q3 2026
Highlights Q3 2026 o Another record quarter, with sales reaching MNOK 210 o Strong quarterly operating profit (EBIT) at MNOK 63.1, up 55.7% o Currency neutral sales development: • EBIT margin on the high side at 30.1% (24.3%) • due to strong sales of own products Total sales up 31.5% • Tariff refund
Slide 9: Highlights YTD 2026
Highlights YTD 2026 o Record sales also YTD September, with sales surpassing o Strong YTD September performance, with operating profit MNOK 600 for the first time (EBIT) reaching a new record of MNOK 185.5 • EBIT margin on the high side at 30.2% (29.7%) o Currency neutral sales development: due to s
Slide 10: 02 – Financial Statements
02 – Financial Statements 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 11: Profit & Loss Q3 2026
Profit & Loss Q3 2026 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Profit & Loss YTD 2026
Profit & Loss YTD 2026 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 12
Slide 13: Balance Sheet Assets
Assets in MNOK Balance Sheet Assets o High inventory levels reflect company policy to secure critical components and finished goods o Accounts receivables increased due to record sales, driving higher working capital o Strong cash position by quarter end at MNOK 175.6 o The Board of Directors resolv
Slide 14: Balance Sheet Equity & Liability
Balance Sheet Equity in MNOK Equity & Liability o No interest-bearing bank debt o 37.8 MNOK in obligations related to lease contracts, where 11.6 MNOK is short term o Deferred income related to extended warranty amounted to 15.8 MNOK 14 22.10.2026 Medistim Third Quarter & YTD September 2026 Financia
Slide 15: Key Figures
Key Figures 15 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 16: Cash Flow
Cash Flow 16 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 17: 03 Business Segments Update
03 Business Segments Update 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 18: Flow-and-Imaging Systems in Units
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 28 27% increase in number of Flow-and- Imaging systems sold in Q3-26 compared 22 to Q3-25 o AMERICAS at 17 units, up 8 units o APAC at 5 units, down 4 units o EMEA at 6 units, up 2 units Continued hig
Slide 19: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 60 Strong quarter for Imaging probes sold in 57 AMERICAS, increasing 33% • AMERICAS up by 13 units • APAC down 8 units • EMEA down by 2 units 19 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 20: Flow-only Systems in Units
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital 22% increase in number of Flow-only systems sold in Q3 29 o AMERICAS down by 3 units, while there was 89% growth in Flow- 24 and-imaging units o APAC at same level as last year • Majority of sales to China o EMEA i
Slide 21: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales increase 8.7% in Q3 3133 2882 o AMERICAS down 17.6% after several quarters of growth o APAC up 72% • Strong probe sales through distributor network in China this quarter o EMEA same level as last year 21 22.10.2026 Medistim Third Quarte
Slide 22: AMERICAS
AMERICAS MNOK 116.9 (83.2) in sales in Q3 Currency neutral, revenue is up 51.7% for the quarter o Growth driven by 89% increase in unit sales of Flow- and-Imaging systems with the new INTUI software, followed by 33% increase in unit sales of Imaging Probes o Weaker unit sales of flow probes, systems
Slide 23: Unit sales development USA
Unit sales development USA >40% share of Number of Cardiac and Vascular flow the US CABG procedures procedures sold per year in the USA Number of Cardiac and Vascular flow procedures sold per quarter in the USA *) Procedures are counted based on PPP cards and Probes sold.. the number sold is an 23 E
Slide 24: APAC
APAC MNOK 33.6 (25.2) in sales in Q3 Currency neutral, revenue is up 44.6% for the quarter o Sales to China were up 59.5% for the quarter, reaching MNOK 17.8 • While Medistim has established a subsidiary and sales office in China, with own employees, sales still go through local Chinese distributors
Slide 25: EMEA
EMEA MNOK 36.9 (37.1) in sales in Q3 Currency neutral, revenue is up 5.5% for the quarter o Direct markets (Spain, Germany, UK, Scandinavia) deliver sales growth of 14.8% in NOK for the quarter o Sales through Distributors decreased 17.5 % in NOK for the quarter 25 22.10.2026 Medistim Third Quarter
Slide 26: 3rd party products
3rd party products MNOK 22.5 (21.3) in sales in Q3 Revenue is up 5.3% for the quarter o Back to normalized growth rate o Highly diversified product portfolio, with Mentor, Icare and A.M.I. as the biggest contributors 26 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 27: Revenue Performance by Region
Revenue Performance by Region 27 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 28: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split o Strong Cardiac segment sales drove growth in the quarter • MiraQ software sales is growing; 39% of all MiraQ Cardiac systems sold were with INTUI, 80% in the US with INTUI o Vascular segment revenue was weaker than we have seen in recent years, reflecting a tempora
Slide 29: Flow and Imaging Sales Split
Flow and Imaging Sales Split • Imaging products are back as the growth driver • Growth is driven by USA, however, YTD there is growth in sale of imaging products in all regions 29 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 30: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring*) and capital sales (MNOK) *) Recurring revenues: o Flow and Imaging probes o PPP smartcards o Lease contracts 30 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 31: 04 Implementing the Strategy
04 Implementing the Strategy 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 32: Growth Strategy
Growth Strategy 1. Convert high-penetrated Flow-only CABG markets to Flow-and-Imaging and the New-Standard-of-Care Emerging → Early adopter & KOL support high.-growth economies → REQUEST study (e.g. India) → Ease conversion with the upgradable MiraQ 2. Grow adoption in under-penetrated markets Devel
Slide 33: Clinical publications with Medistim systems: 764
100 200 0 400 300 500 600 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Cardiac 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 20 40 60 80 100 120 140 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Vascular 2009 2010 C
Slide 34: Publications from 51 countries
Publications from 51 countries 120 100 80 60 40 20 0
Slide 35: Correlation between publications and sales
Correlation between publications and sales 65 63 61 600 52 526 48 492 500 40 427 36 400 364 363 26 25 326 301 300 22 20 268 18 17 251 15 12 13 12 12 215 200 10 10 184 191 7 7 8 161 6 6 159 158 5 140 2 2 127 100 100 76 82 63 52 36 23 0 1996
Slide 36: Change in planned surgical procedure
Change in planned surgical procedure 30% 25.2% 25% 22.4% 7 Centers 20% David P. Taggart (Oxford) 15% Gabriele Di Giammarco (Chieti) 9.9% 10% 7.8% John D. Puskas (NY) 5% 2.7% Gregory D. Trachiotis (Washington) 0% Daniel Wendt (Essen) Any Aorta Conduits Coronary Grafts artery Teresa Kieser
Slide 37: Medistim sponsoring PATENT – a clinical study on TTFM and HFUS in Vascular surgery
Medistim sponsoring PATENT – a clinical study on TTFM and HFUS in Vascular surgery*) Size of key Applications Clinical needs markets • Peripheral bypass is our #1 target segment within Improve long-term graft Vascular surgery Peripheral Bypass patency surgery >500 000(1) Avoid amputation o A revascu
Slide 38: What is the PATENT study – and why is it important?
What is the PATENT study – and why is it important? Situation: Clinical need for improved completion control in peripheral bypass surgery o About 20% of peripheral bypasses fail within the first year o No standard completion control procedure exists o Hospitals in the Nordic countries and Germany
Slide 39: The PATENT study investigator team
The PATENT study investigator team Surgical Core Team Principal Investigators Prof. Prof. Michael Conte Dr. Alik Farber Prof. Prof. San Francisco, USA Emiliano Chisci BMC Jonas Eiberg Ian Chetter Lead Investigator Florence, Italy Boston, USA Copenhagen, DK Hull, UK Prof. Dr. Dr. Dr. Prof. Nobuyoshi
Slide 40: Patient enrollment is progressing well
Patient enrollment is progressing well 500 450 Enrollment status: 233/470 = 50 % 400 350 300 Expected timelines: 250 200 150 Patient enrollment: 2025 – 2027 100 One-year follow up: 2028 50 Analysis and publication: 2029 0 1 3 8 18 22 27 33 38 38 44 46 53 59 66 74 87 99 122 140 156 172 189 189
Slide 41: Medistim Third Quarter & YTD September 2026 Financial Results
41 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results
Slide 42: Medistim Shareholders
Medistim Shareholders 42 22.10.2026 Medistim Third Quarter & YTD September 2026 Financial Results