Slide 1: Fourth Quarter and Full Year 2024 Preliminary Financial Results
Fourth Quarter and Full Year 2024 Preliminary 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
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: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 4
Slide 5: 01 - Highlights
sa 01 - Highlights MED\STIM
Slide 6: Medistim Track Record
Medistim Track Record Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % 6
Slide 7: Highlights Q4 2024
Highlights Q4 2024 o All time high sales for a quarter o Operating profit (EBIT) up 16.1% o EBIT margin on the lower side at 17.1% (16.4%) o Currency neutral sales development: due to high activity in Q4: • Total sales up 9.8% • Launch of the INTUI software for cardiac • Own products sales up 9.7% •
Slide 8: Highlights 2024
Highlights 2024 o Currency neutral sales development: o Operating profit (EBIT) ends at the same level as last year, at a lower margin of 23.3% (25.0%): • Total sales up 5.4% o While AMERICAS and EMEA show solid sales • Own products sales up 3.9% development, the declined APAC sales challenges the •
Slide 9: 02 – Financial Statements
02 — Financial Statements MED\STIM
Slide 10: Profit & Loss Q4 2024
Profit & Loss Q4 2024 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 10
Slide 11: Profit & Loss 2024
Profit & Loss 2024 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Balance Sheet Assets
Balance Sheet Assets o High inventory levels due to company policy of securing stock of critical components and finished goods o Reduction in customer receivables o Strong cash position by quarter end at MNOK 179.2 12
Slide 13: Balance Sheet Equity & Liability
Balance Sheet Equity & Liability o No interest-bearing debt o 34.3 MNOK in obligations related to lease contracts, where 25.1 MNOK is long term o Deferred income related to extended warranty amounted to 5.9 MNOK
Slide 14: Key Figures
Figures KEY FIGURES Q4 24 Q4 23 FY 2024 FY 2023 Equity share 74,85 % 78,69 % 74,85 % 78,69 % Earnings per share kr 116 kr 1,04 kr 5,67 kr 5,67 Earnings per share diluted kr 116 kr 1,04 kr 5,67 kr 5,67 Average shares outstanding in 1000 18 314 18 310 18 314 18 296 Average shares outstanding in 1000 d
Slide 15: Cash Flow
Flow CASH FLOW ANALYSIS 31.12.2024 31.12.2023 All numbers in NOK 1000 Profit for the period 134 246 135 212 Other cash flow from operation 7315 -19 372 Cash flow from operation 141561 115 840 Cash flow from investments -24 693 -29 726 Cash flow from financial activities -91 529 -84 883 Change in cas
Slide 16: 03 Business Segments Update
A 03 Business Segments Update MED\STIM
Slide 17: Flow-and-Imaging Systems in Units
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 5 fewer Imaging units sold compared to Q4 last year, which was a strong comparable 22 o AMERICAS up by 2 units 17 o EMEA up by 4 units o APAC down by 11 units, related to weak imaging sales to Japan F
Slide 18: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 3 more Imaging probes sold, despite fewer number of systems sold 42 • AMERICAS up by 5 units 39 • EMEA up by 4 units • APAC down by 6 units Upward trend in imaging probe sales last 4 quarters
Slide 19: Flow-only Systems in Units
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital Capital sales of Flow systems in Q4 at same level as last year, but indicating recovery from past quarters: 39 39 o AMERICAS up by 4 units o EMEA down by 3 units, weak sales through distributors o APAC down by 1 un
Slide 20: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales down 1.6% in Q4 o AMERICAS up 23% 2465 2425 o EMEA down 6.8% o APAC down 7.1% 5.6% growth for the year despite lower unit sales of systems speaks to robust utilization
Slide 21: AMERICAS
AMERICAS MNOK 61.7 (46.8) in sales in Q4 MNOK 237.2 (209.0) in sales for the year Currency neutral, revenue is up 29.7% for the quarter and 11.6% for the year o Total number of systems sold as capital, is up by 6 units for the quarter and 11 for the year o New direct market Canada had a strong quart
Slide 22: Performance USA
Performance USA Number of procedures sold in the USA Significant improvement in capital sale of systems both for the quarter and year • Total number of procedures sold*) is flat for the quarter and year • Flow procedures from capital accounts are growing for the quarter at 6.6% and year at 5.6% •
Slide 23: APAC
APAC MNOK 22.1 (28.7) in sales in Q4 MNOK 65.3 (83.0) in sales for the year Currency neutral, revenue is down -24.4% for the quarter and -22.7% for the year Growth for the year was challenged by o Exceptional high system sales to our distributor for China, prior to Medistim going direct in Q2-23 o W
Slide 24: EMEA
EMEA MNOK 44.8 (39.6) in sales in Q4 MNOK 170.3 (154.9) in sales for the year Currency neutral, revenue is up 10.9% for the quarter and 8.0% for the year o Continued growth in direct markets (Spain, Germany, Sweden) with currency neutral increase of 12.1% for the quarter and 19.6% for the year 24
Slide 25: 3rd party products
3rd party products MNOK 22.6 (20.5) in sales in Q4 MNOK 89.8 (79.4) in sales for the year Revenue is up 10.4% for the quarter and 13.1% for the year o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest contributors 25
Slide 26: Revenue Performance by Region
Revenue Performance by Region 26
Slide 27: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split Vascular products shows 15% growth for the year and make up 19% of sales of own products Steadily becoming a more significant portion of our portfolio 27
Slide 28: Flow and Imaging Sales Split
Flow and Imaging Sales Split After a challenging period in 2023 and most of 2024, the portfolio is showing growth at 10.5% in Q4 28
Slide 29: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) 29
Slide 30: 04 Implementing the Strategy
04 Implementing the Strategy
Slide 31: The Growth Strategy
The Growth Strategy Emerging 1. Convert high-penetrated Flow-only CABG markets high.-growth to Flow-and-Imaging and the New-Standard-of-Care economies → Early adopter & KOL support (e.g. India) → REQUEST study → Ease conversion with the upgradable MiraQ Developing Medistim 2. Grow adoption in under-
Slide 32: Product innovation for ease-of-use
THE GROWTH STRATEGY Product innovation for ease-of-use
Slide 33: The Innovation process reimagined
The Innovation process reimagined Customer Needs Idea Sales, assess- service & support ment and Added a new step to the process strategy owned by a dedicated team - User-centric FEEDBACK LOOP: - Agile «Rapid prototyping» «Fail fast» - VoC meeting VoT «Minimal viable product» PoC Marketing «Lean st
Slide 34: Entering a new era of Digital Innovation
Entering a new era of Digital Innovation Launching TTFM in mid-90s Launching HFUS in 2010 Adding value from data 2024→ The first flowmeter - developed in A new paradigm: • NEW: INTUI software platform collaboration with surgeons: • Next: • 4th gen VeriQC 2010 • 1st gen CardioMed 1994 - Imaging upgra
Slide 35: Launching MiraQ INTUI – a new software platform
Launching MiraQ INTUI – a new software platform What is INTUI ? A response to users’ requests o Intuitive user interface, simpler navigation o Reference values for interpretation guidance o Context data for higher quality, data analysis and reporting Cutting-edge, future-proof sw architecture
Slide 36: INTUI offers advanced support for clinical decision-making
Developed and tested in collaboration with an international team of INTUI offers cardiac surgeons, we are confident that advanced support for clinical decision- making, with the potential to improve patient safety and outcomes. And this is just the beginning—we are excited to expand this technology
Slide 37: Build position in Vascular Surgery
THE GROWTH STRATEGY Build position in Vascular Surgery
Slide 38: Launching PATENT – a clinical study on TTFM and HFUS in Peripheral Bypass surgery
Launching PATENT – a clinical study on TTFM and HFUS in Peripheral Bypass surgery Size of key Applications Clinical needs • Peripheral bypass surgery is a treatment to provide markets new vascularization (blood flow) in patients with Improve long-term graft Peripheral patency Critical Limb Threateni
Slide 39: The Patent Study – Design and Endpoints
The Patent Study – Design and Endpoints Goal Design Endpoints • Detect technical issues with the • Prospective Primary: Graft patency rate at 1 year graft that can be corrected • Non-randomized intraoperatively Secondary: • International, multicenter study • Revisions or surgical changes • Identify
Slide 40: The PATENT study Investigator Team
The PATENT study Investigator Team Prof. Michael Conte UCSF, San Francisco Prof. Alik Farber 1st Author Global Guidelines Boston Medical Center Lead Investigator 1st Author BEST-CLI trial Prof. Maarit Venermo Prof. Clement Darling Helsinki Uni. Hospital Albany Medical Center Secretary General ESVS P
Slide 41: PATENT study potential to be a game-changer for Medistim
potential to be a game- This study [PATENT ]has the changer for Medistim, much like how the REQUEST study was transformative for the adoption of HFUS imaging in CABG surgery. Medistim, 14 November 2024 medistim.com
Slide 42: Organizational development supporting accelerated growth
THE GROWTH STRATEGY Organizational development supporting accelerated growth
Slide 43: This is the perfect time to strengthen our commercial efforts
Medistim stands at a pivotal moment as we enter 2025, poised for significant growth driven by the launch of the INTUI software platform, which is advancing innovation in the Cardiac segment, and a focused strategy in the Vascular segment, supported by the PATENT study and our commitment to advancing
Slide 44: Strengthening the Commercial Operations
Strengthening the Commercial Operations Mr. Mike Karim appointed Commercial as Chief Commercial Officer Operations Tactical Marketing AMERICAS EMEA APAC & Sales Support Mr. Tony Winter appointed Vice President of the AMERICAS sales region “With these strategic additions to our team, enhanced commerc
Slide 45: Medistim – One team. Bold moves.
MED(STIM 2.025 One team. BOLD MOVES. Excellence redefined.
Slide 46: Defining Quality. Transforming lives.
“4 Defining Quality. 7g y Le Transforming lives. ~~ : 4 WY Celanese ed : MEDISTIM Seysecr Sd
Slide 47: Medistim Shareholders
47 Shareholders RANK NAME NUMBER OF SHARES SHARES IN % COUNTRY 1 ACAPITAL MEDI HOLDCO AS 1900 219 10,36 % Norway 2 FLOTEMARKEN AS 1285 000 7,01 % Norway 3 State Street Bank and Trust Comp 1249 576 6,81 % United States 4 VERDIPAPIRFOND ODIN NORDEN 1180 000 6,43 % Norway 5 FOLLUM INVEST AS 970 000 5,2