Slide 1: Second Quarter and First Half 2025 Financial Results
Second Quarter and First Half 2025 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 or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncerta
Slide 4: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 4
Slide 5: Highlights
01 - Highlights Medistim Second Quarter and First Half Financial Results 2025
Slide 6: Track Record
Medistim Track Record Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % 6
Slide 7: Highlights Q2 2025
Highlights Q2 2025 o Second best quarter ever for both sales and EBIT, o Operating profit (EBIT) up 31.2% only beaten by Q1 o Strong EBIT margin at 32.0% (28.5%) due to o Currency neutral sales development: strong sales of own products in Q2 • Total sales up 15.7% o A dividend of NOK 6.00 per share,
Slide 8: Highlights H1 2025
Highlights H1 2025 o Record first half for sales and EBIT o Operating profit (EBIT) up 54.5% o Currency neutral sales development: o Strong EBIT margin at 32.3% (26.3%) due to • Total sales up 24.7% strong sales of own products in H1 • Own products sales up 25.4% o Strengthening the commercial opera
Slide 9: Financial Statements
02 Financial Statements Medistim Second Quarter and First Half Financial Results 2025
Slide 10: Profit & Loss Q2 2025
Profit & Loss Q2 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 10
Slide 11: Profit & Loss H1 2025
Profit & Loss H1 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Balance Sheet: Assets
Assets in MNOK Balance Sheet Assets o In general, high inventory levels due to company policy of securing stock of critical components and finished goods o Expecting a decrease in inventory levels after purchase orders placed during the period of supply chain issues are delivered o Increase in custo
Slide 13: Balance Sheet: Equity & Liability
Equity in MNOK Balance Sheet Equity & Liability o No interest-bearing debt o 36.8 MNOK in obligations related to lease contracts, where 27.5 MNOK is long term o Deferred income from extended warranty contracts amounted to 5.4 MNOK
Slide 14: Key Figures
Figures KEY FIGURES Q2 25 Q2 24 H1 25 H1 24 FY 2024 Equity share 71,7 % 77,7% 71,7% 80,4 % 75,9 % Earnings per share kr 2,35 kr 1,90 kr 4,73 kr 3,23 kr 5,67 Earnings per share diluted kr 2,35 kr 1,90 kr 4,73 kr 3,23 kr 5,67 Average shares outstanding in 1000 18 253 18 314 18 276 18 314 18 314 Averag
Slide 15: Cash Flow
Flow CASH FLOW (All numbers in NOK 1000) 30.06.2025 30.06.2024 31.12.2024 Profit before tax 113 057 75 324 134 246 Depreciation and amortizations 11 930 12 767 24 510 Income tax paid (28 340) (25 873) (28 404) Change in working capital (29 564) (8 259) (7 855) Other (10 608) (6 570) 19 065 Cash flow
Slide 16: Business Segments Update
03 Business Segments Update Medistim Second Quarter and First Half Financial Results 2025
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 Strong volume growth in AMERICAS is offset by weaker quarter in EMEA and APAC, giving net 1 more Flow-and-Imaging 22 21 unit sold compared to last year o AMERICAS up by 8 units o EMEA down by 4 units
Slide 18: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 7 more Imaging probes sold in Q2, up 23% • AMERICAS up by 2 units 38 31 • EMEA up by 10 unit • APAC down by 5 units
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 up 6 units, growing 20%, compared to Q2 last year 36 o AMERICAS up by 2 units 30 o EMEA down by 3 units ▪ Weaker sales through distributor network o APAC up by 7 units driven by strong
Slide 20: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales up 15.6% in Q2 2837 o AMERICAS up 27% 2455 o EMEA up 2% o APAC up 35% Strong capital sales drive probe sales. Inventory situation in China normalized
Slide 21: AMERICAS
AMERICAS MNOK 78.9 (59.0) in sales in Q2 Currency neutral, revenue is up 32.9% for the quarter o Total number of systems sold as capital, is up by 10 units in total. Flow-and-Imaging systems is up with 8 units, driving the growth for the region o New direct market Canada continued to grow with 13.7%
Slide 22: Performance USA
37% of the US CABG procedures Performance USA Number of Flow procedures*) sold in the USA per year Number of Flow procedures*) sold in the USA per quarter 7 (2) new customers in Q2 and 19 (11) new customers YTD *) Procedures are counted based on PPP cards and Probes sold.. the number sold is an 22 E
Slide 23: APAC
APAC MNOK 22.1 (17.7) in sales in Q2 Currency neutral, revenue is up 22.9% for the quarter We see recovery in sales to China; o Entering 2025, sales to China is normalizing after the transition period after going from distributor to direct operations in 2023, with inventory build ups affecting sales
Slide 24: EMEA
EMEA MNOK 42.8 (43.7) in sales in Q2 Currency neutral, revenue is down 3.6% for the quarter o Continued strong development in direct markets (Spain, Germany, Scandinavia) with currency neutral growth of 7.5% for the quarter. o Sales through distributors was down with a currency neutral decline of 19
Slide 25: 3rd party products
3rd party products MNOK 25.2 (24.4) in sales in Q2 Revenue is up 3.3% for the quarter, 21.4% for H1 o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest contributors o High sales of opthalmology products to new hospitals in Norway drive sales in H1 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 41% growth in Q2 and 43% in H1, making up 22% of sales of own products Cardiac sales also developing well 27
Slide 28: Flow and Imaging Sales Split
Flow and Imaging Sales Split After a challenging period in 2023 and 2024, the Imaging portfolio is growing 37% in Q2 and 60% in H1 28
Slide 29: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) 29
Slide 30: Implementing the Strategy
04 Implementing the Strategy Medistim Second Quarter and First Half Financial Results 2025
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: 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 This is the commitment
Slide 33: 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 and a focus on fostering collaboration and sharing best pract
Slide 34: Medistim: One team. Bold moves.
MED\STIM 2025 a One team. i BOLD MOVES. Excellence redefined. =
Slide 35: Defining Quality. Transforming lives.
Defining Quality. Transforming lives. ‘Srna nconermacs a) 49 MED\STIM
Slide 36: Shareholders
36 Shareholder. Number of shares. In % of total Country 1 ACAPITAL MEDI HOLDCO AS 1815 978 9.90 % Norway 2 FLOTEMARKEN AS 1 285 000 7.01 % Norway 3 State Street Bank and Trust Comp 1 222 869 6.67 % United States 4 \VERDIPAPIRFOND ODIN NORDEN 1130 000 6.16 % Norway 5 FOLLUM INVEST AS 970 000 5.29 % N