Medistim Asa · OSL:MEDI
Medistim Asa — Q3 2025 Earnings Presentation
37 slides from Medistim Asa's earnings presentation, Oct 24, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 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: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Kari E. Krogstad Thomas Jakobsen President & CEO CFO
Slide 5: Agenda
Agenda 01 ● Highlights 02 ● Financial Statements 03 ● Business Segments 04 ● Implementing the Strategy 5
Slide 6: Track Record
Medistim Track Record Dividend per share in NOK and in % of profit Sales per year in MNOK EBIT in MNOK and EBIT % 6
Slide 7: Highlights
01 - Highlights Medistim Third Quarter Financial Results 2025
Slide 8: Highlights Q3 2025
Highlights Q3 2025 o Our best 3rd quarter ever for both sales revenues o Operating profit (EBIT) up 27.1 % and operating profit o EBIT margin at 24.3 % (24.0) o Currency neutral sales development: • Total sales up 25.9 % • Own products sales up 29.8 % • AMERICAS up 35.7 % • APAC up 194 % • EMEA down
Slide 9: Highlights YTD
Highlights YTD o Record sales revenue and EBIT year-to-date o Operating profit (EBIT) up 46.2 % o Currency neutral sales development: o Strong EBIT margin at 29.7 % (25.6 %) due to • Total sales up 26.0 % strong sales of own products • Own products sales up 28.0 % • AMERICAS up 36.2 % • APAC up 73.0
Slide 10: Financial Statements
02 Financial Statements Medistim Third Quarter Financial Results 2025
Slide 11: Profit & Loss Q3 2025
Profit & Loss Q3 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 11
Slide 12: Profit & Loss YTD SEP 2025
Profit & Loss YTD SEP 2025 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 12
Slide 13: 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 cust
Slide 14: Balance Sheet: Equity & Liability
Equity in MNOK Balance Sheet Equity & Liability o No interest-bearing debt o 37.9 MNOK in obligations related to lease contracts, where 28.5 MNOK is long term o Deferred income from extended warranty contracts amounted to 7.3 MNOK
Slide 15: Key Figures
Figures KEY FIGURES (All numbers in NOK) Q3 25 Q3 24 YTD SEP 25 YTD SEP 24 FY 2024 Equity share 72.8 % 82.5 % 72.8% 82.5% 75.9 % Earnings per share 1.90 1.28 6.63 4.51 5.67 Earnings per share diluted 1.90 1.28 6.63 4.51 5.67 Average shares outstanding in 1000 18 273 18 314 18 275 18 314 18 314 Avera
Slide 16: Cash Flow
Flow CASH FLOW (All numbers in NOK 1000) Q3 25 Q324 YTD SEP 25 YTD SEP 24 FY 2024 Profit before tax 45 947 30621 159 004 105 946 134 246 Depreciation and amortizations 5 877 5 200 17 807 17 968 24 510 Income tax paid - - (28 340) (25 873) (28 404) Change in working capital 20 288 (2 762) (9 276) (11
Slide 17: Business Segments Update
03 Business Segments Update Medistim Third Quarter Financial Results 2025
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 Volume growth in APAC and AMERICAS is offset by weaker quarter in EMEA, giving net 9 more 22 Flow-and-Imaging units sold compared to last year o AMERICAS up by 2 units 13 o EMEA down by 1 unit o APAC
Slide 19: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units 23 more Imaging probes sold in Q3, 57 up 73% • AMERICAS up by 27 units 33 • EMEA down by 10 unit • APAC up by 7 units
Slide 20: Flow-only Systems in Units
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital Capital sales of Flow-only systems up 5 units, growing 26%, compared to Q3 last year o APAC up by 9 units driven by strong quarter in China 24 o AMERICAS down by 2 units 19 o EMEA down by 2 units
Slide 21: Flow Probes in Units
Flow Probes in Units Flow Probes in units Flow probe unit sales up 22% in Q3 driven by AMERICAS and APAC: 2 882 2 355 o AMERICAS up 66% o EMEA down 10% o APAC up 59%
Slide 22: AMERICAS
AMERICAS MNOK 83.2 (61.7) in sales in Q3 Currency neutral, revenue is up 35.7% for the quarter o Total number of systems sold as capital, is flat at 14 units. Flow-and-Imaging systems is up with 2 units, and flow units was down 2 units o Strong probe sales for the quarter, flow probes up 66% and ima
Slide 23: Performance USA
Number of Flow-only procedures Performance USA sold *) in the USA per year 37% of the US CABG procedures Number of Flow-only procedures sold*) in the USA per quarter *) Procedures are counted based on PPP cards and Probes sold.. the number sold is an ESTIMATE for utilization 23
Slide 24: APAC
APAC MNOK 25.2 (8.6) in sales in Q3 Currency neutral, revenue is up 194% for the quarter We continue to see normalization 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
Slide 25: EMEA
EMEA MNOK 37.1 (42.0) in sales in Q3 Currency neutral, revenue is down 11.8% for the quarter o Weak quarter for direct markets (Spain, Germany, Scandinavia) with currency neutral decline of 26.8% for the quarter o Sales through distributors was up with a currency neutral increase of 22.3% for the qu
Slide 26: 3rd party products
3rd party products MNOK 21.3 (20.4) in sales in Q3 Revenue is up 4.4% for the quarter, 16.2% YTD 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 YTD 26
Slide 27: Revenue Performance by Region
Revenue Performance by Region 27
Slide 28: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split Weak quarter for Vascular products showing only 3.7% growth, however growing 29% YTD Very strong quarter for Cardiac sales 28
Slide 29: Flow and Imaging Sales Split
Flow and Imaging Sales Split After a challenging period in 2023 and 2024, the Imaging portfolio is growing 40% in Q3 and 52% YTD 29
Slide 30: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) 30
Slide 31: Implementing the Strategy
04 Implementing the Strategy Medistim Third Quarter Financial Results 2025
Slide 32: 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 33: 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 34: The Medistim Academy
The Medistim Academy o New training & education program for the sales force o Theoretical & Practical exams o Goal: Certificate of Theoretical & Practical Accomplishment o Content: o Product knowledge o Clinical application knowledge o STIM selling skills
Slide 35: One team. Bold moves.
MED\STIM 2025 a One team. i BOLD MOVES. Excellence redefined. =
Slide 36: 20 largest shareholders in Medistim ASA
20 largest shareholders in Medistim ASA Name: MEDISTIM ASA ISIN: NO0010159684 Number of investors: 1274 Number of shares: 18337336 Name Rank Holding Stake Country Type of account ACAPITAL MEDI HOLDCO AS 1 1 815 978 9,9 % Norway Ordinary FLØTEMARKEN AS 2 1 285 000 7,0 % Norway Ordinary State Street B
Slide 37: Q&A