Medistim Asa · OSL:MEDI
Medistim Asa — Q1 2026 Earnings Presentation
36 slides from Medistim Asa's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Financial Results
First Quarter 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
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: First Quarter 2026 Financial Results
First Quarter 2026 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: Highlights
01 - Highlights Medistim First Quarter Financial Results 2026
Slide 7: Medistim Track Record
Medistim Track Record Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % 7
Slide 8: Highlights Q1 2026
Highlights Q1 2026 o Record sales quarter, exceeding MNOK 200 o Gross margin impacted by US tariffs for the first time o EBIT margin remained strong at 28.3 % (32.6 %), o Currency neutral sales development: supported by strong sales of own products • Total sales up 18.5 % o Higher operating expenses
Slide 9: Financial Statements
02 – Financial Statements Medistim First Quarter Financial Results 2026
Slide 10: Profit & Loss Q1 2026
Profit & Loss Q1 2026 Sales per Quarter (MNOK) EBIT per Quarter (MNOK & %) 10
Slide 11: Balance Sheet Assets
Assets in MNOK Balance Sheet Assets o Increase in tangible assets related to deferred tax, IT and R&D investments o High inventory levels reflect company policy to secure critical components and finished goods, but have decreased from the Q2-25 peak of MNOK 174.3 o Accounts receivables increased due
Slide 12: Balance Sheet Equity & Liability
Equity in MNOK Balance Sheet Equity & Liability o Equity ratio of 74.3 % (70.9 %) o No interest-bearing bank debt o 46.2 MNOK in obligations related to lease contracts, where 11.6 MNOK is short term o Deferred income related to extended warranty amounted to 10.9 MNOK
Slide 13: Key Figures
Figures KEY FIGURES Q1 26 Q1 25 FY 2025 Equity share 74.3% 75.6 % 70.9 % Earnings per share kr 2.20 kr 2.37 kr 8.71 Earnings per share diluted kr 2.20 kr 2.37 kr 8.71 Average shares outstanding in 1000 18 289 18 299 18 276 Average shares outstanding in 1000 diluted 18 289 18 299 18 276 MED.STIM
Slide 14: Cash Flow
Flow CASH FLOW (All numbers in NOK 1000) Q1 26 Q125 FY 2025 Profit before tax 51 522 56 710 206 849 Depreciation and amortizations 3319 3375 16015 Income tax paid -14.141 -15 531 -28 340 Change in working capital -15 997 -19 917 -6 832 Other -17 480 -5 816 3 879 Cash flow from operation 7 223 18 821
Slide 15: Business Segments Update
03 Business Segments Update Medistim First Quarter Financial Results 2026
Slide 16: Flow-and-Imaging Systems in Units
Flow-and-Imaging Systems in Units (capital sales) Flow-and-Imaging systems in units sold as capital 28 26 Strong quarter for the high value Flow-and-Imaging unit sales o AMERICAS down by 4 units o EMEA up by 4 units o APAC up by 2 units
Slide 17: Imaging Probes in Units
Imaging Probes in Units Imaging probes in units Strong Imaging probe unit sales; up 8 quarter over quarter 47 39 • AMERICAS up by 2 units • EMEA up by 7 unit • APAC down 1 unit Imaging probe sales continue their upward trend, supported by a growing installed base
Slide 18: Flow-only Systems in Units
Flow-only Systems in Units (capital sales) Flow-only systems in units sold as capital 43 Strong Flow system unit sales; up 8 units quarter-over-quarter 35 o AMERICAS up by 2 units o EMEA down by 4 units • High Flow-and-imaging sales o APAC up by 10 units • Growth driven by sales to China
Slide 19: Flow Probes in Units
Flow Probes in Units Flow Probes in units 3608 Strong growth in Flow probe unit sales; up 27% in Q1 2838 o AMERICAS up 46% o EMEA up 12% o APAC up 36% Strong capital system sales are driving probe sales across all regions
Slide 20: AMERICAS
AMERICAS MNOK 84.8 (74.1) in sales in Q1 Currency neutral revenue is up 30.9 % for the quarter o In the US, currency neutral growth was 33 %, of which about 50 % was driven by price increases o Good system volume sales as capital; 14 (16) o Strong flow probe volume growth; up 46 % o New direct marke
Slide 21: Performance USA
40% share of the US CABG Performance USA procedures Number of Cardiac and Vascular Flow procedures sold per year in the USA ➢ Fewer number of systems sold but strong sales of consumables to capital customers : Flow procedures in capital accounts grew 35.5%, driven by capital sales including start-up
Slide 22: APAC
APAC MNOK 42.7 (27.9) sales in Q1 Currency neutral revenue increases 57.5 % for the quarter o Sales to China at MNOK 25.3, up 74.6% for the quarter • Medistim has a sales office in China with its own staff but still relies on local distributors and agents, resulting in expected quarterly sales varia
Slide 23: EMEA
EMEA MNOK 52.1 (47.9) in sales in Q1 Currency neutral revenue increased 11.5 % o Direct markets (Spain, Germany, Scandinavia) delivered sales in line with prior year o Distributor sales was up 26 % currency neutral to MNOK 14.7
Slide 24: 3rd party products
3rd party products MNOK 22.1 (31.6) in sales in Q1 Revenue is down 30.2 % for the quarter o Q1 2025 represents an exceptionally strong comparable, driven by high opthalmology product sales to 2 new hospitals in Norway o Highly diversified product portfolio o Mentor, Icare and A.M.I. are the biggest
Slide 25: Revenue Performance by Region
Revenue Performance by Region 25
Slide 26: Cardiac and Vascular Sales Split
Cardiac and Vascular Sales Split • Cardiac sales growth of 24.5 % was the primary driver of total growth • Vascular sales accounted for 17 % of own product sales 26
Slide 27: Flow and Imaging Sales Split
Flow and Imaging Sales Split • Strong growth across both the Imaging and Flow product portfolios 27
Slide 28: Recurring vs Capital Revenue
Recurring vs Capital Revenue Split between recurring and capital sales (MNOK) QoQ growth: • Recurring revenues up 20 % • Capital revenues up 19 % 28
Slide 29: Implementing the Strategy
04 Implementing the Strategy Medistim First Quarter Financial Results 2026
Slide 30: Growth Strategy
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-pene
Slide 31: Medistim opens direct sales office in Japan
Medistim opens direct sales office in Japan Press release 2. February 2026 ❑ As of 16th March, Medistim opens direct sales office based in Tokyo o Solid team with experienced leader in place ❑ Medistim maintains a very strong market position in Japan o 90% of the approx. 17,000 CABG surgery procedur
Slide 32: Medistim sponsors SMARTFLOW – a randomized clinical trial in CABG surgery
Medistim sponsors SMARTFLOW – a randomized clinical trial in CABG surgery Press release 24. February 2026 Lead investigator; Professor Mario Gaudino, MD, PhD, MSCE, FEBCTS, FACC, FAHA, at Weill Cornell Medicine in New York, NY. • Numerous academic and clinical leadership roles, including serving as
Slide 33: The SMARTFLOW randomized clinical trial
The SMARTFLOW randomized clinical trial STUDY DESIGN STUDY GOALS • Expertise based clinical trial • To determine whether TTFM reduces the rate of graft failure within 1 to 3 months after surgery, documented by coronary • 1242 patients randomized to TTFM or non-use CT angiography • Graft patency will
Slide 34: The SMARTFLOW RCT
The SMARTFLOW RCT MEDISTIM INVOLVEMENT • Scientifically independent trial • Financial support of USD 500,000 over the course of the trial • Opportunity to facilitate upgrades to HFUS imaging and the newest INTUI software • Facilitate with our CaseCloud solution for data collection, storage and analy
Slide 35: Slide 35
Slide 36: Medistim Shareholders
Medistim Shareholders 36 Pr. 04.05.26