MeVis Medical Solutions AG

Quarterly Report • Nov 11, 2013

Consolidated key figures (IFRS)

		Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
FIGURES IN € k		2013	2012	Change
Revenues		11,072	10,113	9 %
of which segment	Digital Mammography	8,516	7,694	11 %
	Other Diagnostics	2,556	2,419	6 %
EBITDA		4,758	4,314	10 %
EBITDA margin		43 %	43 %
EBIT		3,162	1,951	62 %
EBIT margin		29 %	19 %
Net financial result		-107	65
EBT		3,055	2,016	52 %
Consolidated net profit		2,949	472	525 %
Earnings per share in € (basic and diluted)		1.71	0.27

	Sept. 30, 2013	Dec. 31, 2012
Equity capital	25,718	22,769	13 %
Intangible assets	16,490	16,845	-2 %
Non-current and current liabilities	8,106	8,146	-1 %
Balance sheet total	33,824	30,915	9 %
Equity ratio	76 %	74 %
Liquid Funds1	11,714	8,665	35 %
Employees2	108	112	-4 %

¹ Comprising cash, cash equivalents and securities available for sale.

2 Full-time equivalents as of balance sheet date.

Key share data

	as at Sept. 30, 2013
Industry sector	Software / Medical Technology
Subscribed capital	€ 1,820,000.00
No. of shares	1,820,000
Last quotation on Dec. 28, 2012	€ 8.40
Last quotation on Jun. 28, 2013	€ 16.60
High/low 2013	€ 8.05 / € 17.75
Market capitalization	€ 28,593 Mio.
Treasury stock	97,553 (5.4 %)
Free float	20.1 %
Prime Standard (Regulated Market)	Frankfurt and Xetra
Over-the-counter markets	Frankfurt, Berlin, Dusseldorf, Munich, Stuttgart
Indices	CDAX, PrimeAS, TechnologyAS, DAXsector Software,
	DAXsubsector Software, GEX
ISIN / WKN / Ticker symbol	DE000A0LBFE4 / A0LBFE / M3V

Content

Letter to the shareholders 4
MeVis Stock 6
Business activities of the MeVis Group 7
Interim management report of the MeVis Group 9
Interim consolidated financial statement 13
Consolidated income statement Q1 to Q3 2013 14
Consolidated statement of comprehensive income 14
Consolidated income statement Q3 2013 15
Consolidated statement of comprehensive income 15
Consolidated statement of financial positions 16
Consolidated cash flow statement 17
Consolidated statement of changes in equity 18
Responsibility Statement ("Bilanzeid") 25
Disclaimer 26
Finance Calendar 2013 27

Letter to the shareholders

Dear shareholders, Customers, Business Associates and Employees,

The positive trend seen during the first half of the year has continued into the third quarter of 2013. Sales have continued to increase, and EBIT has risen to € 3,162 k as a result of stable costs and despite a significant reduction in capitalized development expenses. Group liquidity has also increased once again.

Sales in the third quarter of 2013 came to € 4,210 k, up a considerable 30 % on the third quarter of 2012 (prev. year. € 3,235 k). The closing of the financial year of several industrial customers as of September 30, 2013, leading to strong sales activities on their side, had a significant impact on this very strong quarter. Sales in the first nine months of 2013 totaled € 11,072 k, which is an increase of 9 % year on year (prev. year: € 10,113 k). Maintenance and service revenues rose once again by 3 % to € 4,615 k (prev. year: € 4,499 k) and account for 42 % of total sales (prev. year: 44 %). License sales even increased by 10 % to € 5,773 k (prev. year: € 5,257 k). Higher grants for development costs and maintenance have also contributed to sales in 2013.

Sales in the Digital Mammography segment increased considerably by 11 % to € 8,516 k (prev. year: € 7,694 k). Sales in the Other Diagnostics segment also increased, by 6 % to € 2,556 k (prev. year: € 2,419 k).

Capitalized development expenses were almost halved in the first nine months of 2013, falling by 44 % year on year to € 1,075 k (prev. year: € 1,908 k).

Operating costs in the third quarter of 2013 were up slightly on the prior-year quarter; however, operating costs in the first nine months of 2013 are still down significantly year on year. Personnel expenses amounted to € 1,963 k, up 7 % on the prior-year quarter. For the first three quarters, this corresponds to a total drop of 7 %. Other operating expenses amounted to € 485 k in the third quarter, which corresponds to an increase of 11 % on the prior-year quarter. However, for the first three quarters of 2013, this also represents a drop of 12 %. The € 604 k year-on-year reduction in personnel expenses and other operating expenses in the first nine months of 2013 was a major contributor to the improvement in EBIT. The consolidation phase is therefore largely complete. Subject to the requirements of our existing customers and the successful acquisition of new clients and projects, we intend to increase our resources in the next quarters.

Despite lower capitalized development expenses, EBITDA (earnings before interest, taxes, depreciation and amortization) for the first three quarters increased by 10 % year on year from € 4,314 k to € 4,758 k, which was mainly driven by the increase in sales and lower costs.

Depreciation and amortization came to € 1,596 k (down 32 % year on year), resulting in EBIT (earnings before interest and taxes) of € 3,162 k (up a significant 62 % on the prior-year figure of € 1,951 k) and an EBIT margin of 29 % (prev. year: 19 %).

The net financial result of € -107 k was down considerably against the level of the prior year (prev. year: € 65 k). This was mainly the result of exchange rate effects. Pre-tax earnings rose correspondingly to € 3,055 k in the period under review (prev. year: € 2,016 k). Taking into account lower income tax expenses of € 106 k (prev. year: € 1,544 k), the first nine months of 2013 closed on a very positive note, with consolidated net profit of € 2,949 k (prev. year: € 472 k). This resulted in earnings per share of € 1.71 (prev. year: € 0.27).

Cash and cash equivalents also increased in the third quarter of 2013 from € 8,665 k as of December 31, 2012 to € 11,714 k as of September 30, 2013.

Based on the performance so far, on November 4th, we once again raised our forecast for 2013 as against our earlier prediction in the 2012 Group Management Report. We currently anticipate that sales for fiscal year 2013 will be higher than the level recorded in fiscal year 2012. In addition, we anticipate that consolidated earnings before interest and taxes (EBIT) will be well above the prior-year figure. The cost reductions that have been achieved will more than offset the reduction in capitalized development costs. Furthermore, we expect our liquidity from operating activities to increase again in 2013. As in the prior reporting period, the Executive Board will review its expectations during the fiscal year on a regular basis based on the current business developments.

We announced the continuation of the Company's strategic reorientation at the annual general meeting held on June 20, 2013. The merger of MeVis BreastCare Solutions (MBS) with its parent company MMS AG, which came into effect on August 1, 2013 when it was entered into the Commercial Register, was also resolved as the last step in the streamlining of our Group structure. Now that consolidation measures have largely been concluded with corresponding positive effects on our results and liquidity, we will continue to focus on the development and implementation of measures to generate future sales growth. The expansion of business relationships with existing industrial customers is showing initial signs of success, which are expected to materialize into first small contributions to sales in the second half of the year. We will also continue our talks with potential new industrial customers to gain additional customers in our core business of selling software licenses and therefore to modify and expand our product portfolio to meet the needs of our customers. We will increase our resources in the next quarters for the purpose of expanding the product portfolio and improving existing products. In order to build up the business with internet-based services, we will launch initial services on the market at the end of this year and gradually expand these services.

At this point, we would like to thank all employees for their exceptional performance as well as our business associates, customers and shareholders for their confidence in us!

Marcus Kirchhoff Dr. Robert Hannemann Chairman & CEO Member of the Executive Board

MeVis Stock

Price trend of MeVis stock

Throughout the third quarter the positive trend of the share price has been continued. The stock market reacted very positively to the publication of the quarterly figures in August. With a month's closing price of € 16.60 in September, the share price almost doubled compared to the closing price in December 2012 of € 8.40.

After publication of the Q2 report in August, Warburg Research GmbH increased the target price in their analyst recommendation once again, from € 13.00 to € 16.90.

Development of the shareholder structure

The shareholder has not changed substantially, although following the publication of the results for the second quarter, the number of private investors has increased. At the end of the third quarter the three founders accounted for approximately 51 % of the share capital. The Company still held 97,553 treasury shares, equivalent to 5.4 % on the balance sheet date. The remaining shares are held by institutional and private investors. Due to high demand, the number of registered depots has increased slightly in the third quarter to 768.

Fig.: Shareholder structure as at September 30, 2013

Business activities of the MeVis Group

Group structure

Through a joint venture with Siemens Aktiengesellschaft, Berlin and Munich (hereafter: "Siemens"), MeVis Medical Solutions AG (hereafter: "MMS AG") holds 51 % of MeVis BreastCare GmbH & Co. KG (hereafter: "MBC KG"). Under an agreement of October 21, 2008, the business division comprising industry customer Hologic, Inc., Bedford, USA (hereafter: "Hologic") was carved out of the joint venture and Siemens' stake was taken over by MMS AG. The company MeVis BreastCare Solutions GmbH & Co. KG (hereafter: "MBS KG") arising from this spin-off has been fully included in the consolidated financial statements of MMS AG from November 1, 2008 to and including July 31, 2013. The assets of MeVis BreastCare Solutions Verwaltungs-GmbH were transferred to MeVis Medical Solutions AG effective August 1, 2013 following the approval granted at the Company's annual general meeting on June 20, 2013, the signing of the merger agreement on June 21, 2013 and the entering of the merger agreement into the Commercial Register.

As MeVis BreastCare Solutions Verwaltungs-GmbH and MeVis Medical Solutions AG were the sole shareholders of MeVis BreastCare Solutions GmbH & Co. KG, all assets and liabilities of MeVis BreastCare Solutions GmbH & Co. KG were accrued to MeVis Medical Solutions AG, and MeVis BreastCare Solutions GmbH & Co. KG ceased to exist.

The accrual of MeVis Breast Care Solutions GmbH & Co. KG to MeVis Medical Solutions AG was done with tax effect as of January 1, 2013.

MMS AG has held around 41 % of the stock in Medis Holding B.V., Leiden (Netherlands) since the beginning of June 2010. The pro-rata earnings of this equity interest are reported in the net financial result.

Brief overview of business activities

MeVis plays a key role in the early detection and diagnosis of cancers, enabling these to be treated early on and tailored to requirements. To this end, MeVis develops innovative software to analyze and assess image data and markets these to the manufacturers of medical products and providers of medical IT platforms. MeVis' expertise is based on many years of technological experience and being close to users. MeVis' support for its industrial customers begins with an idea for a product, continues through developing the application and integrating it into customer-specific platforms all the way to sustainable quality assurance.

MeVis' clinical focuses are image-based early detection and diagnosis of epidemiologically important diseases such as breast, lung, prostate and colon cancer as well as neurological disorders. MeVis also offers image-based support for planning and conducting surgical interventions.

The MeVis software applications support all the imaging modalities available. These primarily include magnetic resonance imaging as well as digital mammography, computed tomography, tomosynthesis and ultrasound-based digital sonography.

Business segments

For reporting purposes and internal governance, the MeVis Group has two operating segments ("Digital Mammography" and "Other Diagnostics").

The Digital Mammography segment develops and markets software products which support breast diagnostic imaging and intervention. Aside from the original products for digital mammography, new software applications for other imaging modalities such as ultrasound, magnetic resonance imaging and tomosynthesis were added. These products are distributed to the industrial customers Siemens and Hologic. The Digital Mammography segment includes the joint venture MBC KG, operated in conjunction with Siemens AG, which was consolidated at 51 %, and includes the business with Hologic, Inc.

In addition to the business of breast diagnostics by means of magnetic resonance imaging conducted with Invivo, Corp., the Other Diagnostics segment also includes digital radiology products (e.g. magnetic resonance imaging (MRI), computed tomography (CT) etc.) for other types of diseases such as lung, prostate and intestinal disorders as well as the general image-based analysis and diagnostics of radiology images. Other main activities in this segment include image and risk analysis for planning liver surgery and tumor diagnostics in connection with clinical studies of pharmaceutical companies (Distant Services business segment).

Interim management report of the MeVis Group

Results of operations

Consolidated sales of € 4,210 k in the third quarter of 2013 were up 30 % from the level of the prior year (prev. year: € 3,235 k). While the maintenance business increased slightly to € 1,579 k (prev. year: € 1,521 k), the new license business increased significantly by 42 % to € 2,253 k (prev. year: € 1,587 k). This increase is attributable to increased license sales in the Digital Mammography segment. The interim financial statements of several industrial customers as of September 30, 2013, which had a positive impact on their sales activities, was one of the main reasons for this very strong quarter.

Revenues in the first nine months of 2013 totaled € 11,072 k, which corresponds to an increase of 9 % year on year (prev. year: € 10,113 k). Revenues are broken down into the segments Digital Mammography at € 8,516 k (prev. year: € 7,694 k) and Other Diagnostics at € 2,556 k (prev. year: € 2,419 k). At 77 % (prev. year: 76 %) the Digital Mammography segment continues to be the main source of revenues in the Group.

The installed base of software licenses once again led to consistently high maintenance and service revenues. In the first three quarters of 2013, the share of consolidated sales accounted for by maintenance and service amounted to 42 % (prev. year: 44 %).

The decrease in personnel expenses by 7 % to € 5,839 k (prev. year: € 6,253 k) is largely due to the lower number of employees compared to the same period last year. At the end of the third quarter of 2013, the MeVis Group had 125 employees, which corresponds to 108 full-time equivalents (September 2012: 137 employees or 115 full-time equivalents).

Capitalized development expenses in the period under review amounted to € 1,075 k (prev. year: € 1,908 k). As in the prior-year period, these accounted for personnel expenses related to the development of new products. The reduction of capitalized development expenses is the result of a more conservative approach to capitalization of development costs in the Group.

Other operating expenses decreased again considerably year on year, and totaled € 1,403 k (prev. year: € 1,593 k). This amount mainly comprised rental/leasing expenses of € 350 k (prev. year: € 421 k), travel expenses of € 132 k (prev. year: € 115 k), maintenance/repair costs of € 116 k (prev. year: € 112 k), legal and consulting costs of € 109 k (prev. year: € 201 k), and accounting and auditing expenses of € 108 k (prev. year € 100 k).

EBITDA (earnings before interest, taxes, depreciation and amortization) totaled € 4,758 k in the period under review (prev. year: € 4,314 k). The EBITDA margin remained stable at 43 % (prev. year: 43 %).

Depreciation and amortization decreased in the period under review to € 1,596 k (prev. year: € 2,363 k). These comprised amortization of intangible assets of € 377 k (prev. year: € 818 k), amortization of capitalized development expenses of € 1,063 k (prev. year: € 1,184 k) as well as depreciation of property, plant and equipment of € 156 k (prev. year: € 361 k).

Earnings before interest and taxes (EBIT) saw a corresponding increase to € 3,162 k (prev. year: € 1,951 k). The EBIT margin increased accordingly in the period under review to 29 % (prev. year: 19 %)

The net financial result of € -107 k (prev. year: € 65 k) has deteriorated against the level of the prior year. This is due to a decline in the other result of € -131 k (prev. year: € 187 k), resulting mainly from the balance of income and expenses from exchange rate differences and the result of the equity stake. In contrast, interest income fell to € 81 k in the period under review (prev. year: € 49 k). The development of interest

expense also had a positive effect on the other financial result. This decreased to € 57 k (prev. year: € 171 k), which is due to the lower interest, at matching maturities, on the remaining licenses to be paid as purchase price components for the acquisition of the 49 % stake in MBS KG.

Earnings before taxes (EBT) amounted to € 3,055 k in the period under review (prev. year: € 2,016 k). This corresponds to a return on sales before tax of 28 % (prev. year: 20 %).

After-tax earnings are impacted by income taxes and the deferred tax expenses of € -106 k reported here (prev. year: € -1,544 k), amounting to € 2,949 k in the period under review (prev. year: 472 k). This resulted in earnings per share of € 1.71 (prev. year: € 0.27).

Assets, liabilities and financial position

As of the balance sheet date, the MeVis Group's liquid funds totaled € 11,714 k (December 31, 2012: € 8,665 k), comprising cash and cash equivalents and securities held for sale.

The balance sheet structure as at the end of the third quarter remained almost unchanged compared to the end of fiscal year 2012. The Group held total assets of € 33,824 k (December 31, 2012: € 30,915 k), of which € 17,211 k (December 31, 2012: € 17,496 k) comprised non-current assets, which consisted mainly of intangible assets (September 30, 2013: € 16,490 k; December 31, 2012: € 16,845 k). Current assets mainly consisted of trade receivables in the amount of € 4,239 k (December 31, 2012: € 3,903 k), other financial assets in the amount of € 546 k (December 31, 2012: € 686 k), as well as cash and cash equivalents in the amount of € 11,498 k (December 31, 2012: € 8,149 k). At € 216 k (December 31, 2012: € 516 k), other financial assets mainly comprised of available-for-sale fixed income securities.

The Company's property, plant and equipment amounted to € 305 k at the balance sheet date (December 31, 2012: € 316 k).

Equity amounted to € 25,718 k as at September 30, 2013 (December 31, 2012: € 22,769 k) and is predominantly composed of the capital reserve (September 31, 2013: € 28,079 k; December 31, 2012: € 28,079 k). The level of subscribed capital remained unchanged at € 1,820 k. The equity ratio increased further to 76 % (December 31, 2012: 74 %).

Cash flow from current operating activities came to € 4,433 k (prev. year: € 4,344 k) in the period under review. This essentially comprised earnings before interest and taxes (EBIT) of € 3,162 k (prev. year: € 1,951 k), adjusted for depreciation in the amount of € 1,596 k (prev. year: € 2,363 k), paid taxes in the amount of € 176 k (prev. year: € 57 k) as well as changes in trade receivables and other assets of € -507 k (prev. year: € 721 k).

In the period under review, cash flow from investing activities came to € -932 k (prev. year: € -1,440 k) and mainly consisted of payments for capitalized development expenses of € 1,075 k (prev. year: € 1,908 k) as well as payments received for the disposal of securities in the amount of € 300 k (prev. year: € 600 k).

Cash flow from financing activities, amounting to € -38 k (prev. year: € -36 k), consisted exclusively of leasing transactions.

The change in cash and cash equivalents in the period under review came to € 3,463 k (prev. year: € 2,868 k).

Risk report

No material changes have occurred with regard to the risk situation of the MeVis Group since the beginning of the financial year. Therefore, the statements made in the risk report of the consolidated annual financial statements as of December 31, 2012 remain valid.

Outlook & Opportunities

Based on the performance so far, on November 4, 2013, we once again raised our forecast for 2013 as against our earlier prediction in the 2012 Group Management Report. We currently anticipate that sales for fiscal year 2013 will be higher than the level recorded in fiscal year 2012. In addition, we anticipate that consolidated earnings before interest and taxes (EBIT) will be well above the prior-year figure. The cost reductions that have been achieved will more than offset the reduction in capitalized development costs. Furthermore, we expect our liquidity from operating activities to increase again in 2013. As in the prior reporting period, the Executive Board will review its expectations during the fiscal year on a regular basis based on the current business developments.

Material events occurring after the balance sheet date

No transactions of material relevance to the MeVis Group have arisen since the balance sheet date.

Bremen, November 11, 2013

Marcus Kirchhoff Dr. Robert Hannemann Chairman & CEO Member of the Executive Board

MeVis Medical Solutions AG, Bremen

Interim consolidated financial statement

Consolidated income statement Q1 to Q3 2013 14
Consolidated statement of comprehensive income 14
Consolidated income statement Q3 2013 15
Consolidated statement of comprehensive income 15
Consolidated statement of financial positions 16
Consolidated cash flow statement 17
Consolidated statement of changes in equity 18

Consolidated income statement Q1 to Q3 2013

for the period January 1 through September 30, 2013

		Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
FIGURES IN € k	Notes	2013	2012
Revenues	1	11,072	10,113
Income from the capitalization of development expenses	2	1,075	1,908
Other operating income		381	480
Cost of material		-528	-341
Staff costs	3	-5,839	-6,253
Other operating expenses	4	-1,403	-1,593
Earnings before interest, taxes, depreciation and amortization (EBITDA)		4,758	4,314
Depreciation and Amortization	5	-1,596	-2,363
Earnings before interest and tax (EBIT)		3,162	1,951
Interest income		81	49
Interest expenses		-57	-171
Other net financial result		-212	22
Profit share from associated companies		81	165
Net financial result	6	-107	65
Earnings before taxes (EBT)		3,055	2,016
Income tax	7	-106	-1,544
Consolidated net result for period		2,949	472
Earnings per share in €	14
Basic		1.71	0.27
Diluted		1.71	0.27

Consolidated statement of comprehensive income

for the period January 1 through September 30, 2013

		Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
FIGURES IN € k	Notes	2013	2012
Consolidated net result for period		2,949	472
Changes in the currency translation reserve		0	-71
Changes in fair value of available-for-sale financial instruments		0	4
Deferred tax on changes in fair value		0	-1
Other comprehensive income		0	-68
Total comprehensive income		2,949	404

Consolidated income statement Q3 2013

for the period July 1 through September 30, 2013

		Jul. 1 - Sept. 30,	Jul. 1 - Sept. 30,
FIGURES IN € k	Notes	2013	2012
Revenues	1	4,210	3,235
Income from the capitalization of development expenses	2	315	499
Other operating income		170	102
Cost of material		-160	-168
Staff costs	3	-1,963	-1,831
Other operating expenses	4	-485	-435
Earnings before interest, taxes, depreciation
and amortization (EBITDA)		2,087	1,402
Depreciation and Amortization	5	-563	-707
Earnings before interest and tax (EBIT)		1,524	695
Interest income		67	16
Interest expenses		-8	-66
Other net financial result		-212	-164
Profit share from associated companies		128	25
Net financial result	6	-25	-189
Earnings before taxes (EBT)		1,499	506
Income tax	7	-101	-700
Consolidated net result for period		1,398	-194
Earnings per share in €	14
Basic		0.81	-0.11
Diluted		0.81	-0.11

Consolidated statement of comprehensive income

for the period July 1 through September 30, 2013

		Jul. 1 - Sept. 30,	Jul. 1 - Sept. 30,
FIGURES IN € k	Notes	2013	2012
Consolidated net result for period		1,398	-194
Changes in the currency translation reserve		0	-93
Changes in fair value of available-for-sale financial instruments		0	-6
Deferred tax on changes in fair value		0	2
Other comprehensive income		0	-97
Total comprehensive income		1,398	-291

Consolidated statement of financial positions

as at September 30, 2013

FIGURES IN € k	Notes	Sept. 30, 2013	Dec. 31, 2012
Non-current assets
Intangible assets		16,490	16,845
Property, plant and equipment		305	316
Interest in associated companies	8	416	335
		17,211	17,496
Current assets
Inventories		0	181
Trade receivables		4,239	3,903
Income tax receivables		57	351
Other financial assets	9	546	686
Other assets		273	149
Cash and cash equivalents		11,498	8,149
		16,613	13,419
ASSETS		33,824	30,915
Equity capital	10
Subscribed capital		1,820	1,820
Capital reserve		28,079	28,079
Revaluation reserve		646	753
Treasury stock		-3,300	-3,300
Cumulated fair value changes of available-for-sale financial
instruments		2	2
Retained earnings		-1,529	-4,585
		25,718	22,769
Non-current liabilities
Provisions		242	234
Other financial liabilities	11	162	314
Deferred taxes		1,928	1,961
		2,332	2,509
Current liabilities
Provisions		493	519
Trade payables		499	1,144
Other financial liabilities	11	969	518
Deferred income		2,339	2,136
Other liabilities		651	175
Income tax liabilities		823	1,145
		5,774	5,637
EQUITIES AND LIABILITIES		33,824	30,915

Consolidated cash flow statement

for the period January 1 through September 30, 2013

			Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
	FIGURES IN € k	Notes	2013	2012
	Earnings before interest and tax (EBIT)		3,162	1,951
+	Depreciation and amortization	5	1,596	2,363
+/-	Increase/decrease in provisions		-18	155
+/-	Other non-cash expenses/income		115	-37
+	Interest received		91	49
-	Interest paid		-30	-1
+	Tax received		0	84
-	Tax paid		-176	-57
+/-	Exchange rate differences received/paid		-10	-19
+/-	Decrease/increase in inventories		181	55
+/-	Decrease/increase in trade receivables and other assets		-507	721
-/+	Decrease/increase in trade payables and other liabilities		29	-920
=	Cash flow from operating activities		4,433	4,344
-	Purchase of property, plant and equipment		-148	-93
-	Purchase of intangible assets (excl. development cost)		-9	-39
-	Payments for capitalized development expenses		-1,075	-1,908
+	Proceeds from sale of marketable securities		300	600
=	Cash flow from investing activities		-932	-1,440
-	Repayment of finance lease liabilities		-38	-36
=	Cashflow from financing activities		-38	-36
	Change in cash and cash equivalents		3,463	2,868
	Effect of exchange rates on cash and cash equivalents		-114	-30
+	Cash and cash equivalents at the beginning of the period		8,149	6,076
=	Cash and cash equivalents at the end of the period		11,498	8,914

Consolidated statement of changes in equity

for the period January 1 through September 30, 2013

	Subscribed	Capital	Re valuation	Treasury	Cumulative change in fair value for sale of available	Currency trans lation differ	Retained
FIGURES IN € k	capital	reserve	reserve	stock	assets	ences	earnings	Total
Balance on Jan. 1, 2012	1,820	28,079	1,024	-3,300	2	124	-7,020	20,729
Transfer to retained earnings
according to amortization	0	0	-203	0	0	0	203	0
Consolidated net profit	0	0	0	0	3	-71	472	404
Balance on Sept. 30, 2012	1,820	28,079	821	-3,300	5	53	-6,345	21,133
Balance on Jan. 1, 2013	1,820	28,079	753	-3,300	2	0	-4,585	22,769
Transfer to retained earnings
according to amortization	0	0	-107	0	0	0	107	0
Consolidated net profit	0	0	0	0	0	0	2,949	2,949
Balance on Sept. 30, 2013	1,820	28,079	646	-3,300	2	0	-1,529	25,718

MeVis Medical Solutions AG, Bremen Notes to the interim consolidated financial statements as of September 30, 2013

Basic information on the group

General disclosures

The interim financial report of the MeVis Group was prepared in accordance with the provisions of § 37x (3) of the German Securities Trading Act (WpHG) along with consolidated interim financial statements and a consolidated management report.

The consolidated interim financial statements of MeVis Medical Solutions AG, Bremen (MMS AG) as at September 30, 2013 were prepared in accordance with Section 315a (1) of the German Commercial Code (HGB) in line with the rules and regulations in force on the balance sheet date and approved by the European Union of the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC). Accordingly, this interim report as at September 30, 2013 was prepared in conformity with IAS 34 "Interim Reporting". The notes to the consolidated interim financial statements are presented in abridged form in line with the option provided by IAS 34. The interim financial statements and interim management report have neither been audited nor subjected to accounting review.

Recognition and measurement methods

The interim consolidated financial statements from January 1 to September 30, 2013 use the same recognition and measurement policies as the IFRS consolidated financial statements for the 2012 financial year. The interim consolidated financial statements as of September 30, 2013 must therefore be read in conjunction with the consolidated financial statements as of December 31, 2012.

Effects of new accounting standards

MMS AG's consolidated interim financial statements as of September 30, 2013 including the previous year's figures have been prepared in accordance with IFRS as endorsed by the European Union as of December 31, 2012. The same accounting and valuation principles were applied that were used in preparing the consolidated financial statements as at December 31, 2012; in addition, IAS 34 "Interim reporting" was applied. Fresh announcements of the IASB newly applicable as of September 30, 2013 had no material impacts on the MeVis consolidated financial statements.

Selected notes on the consolidated balance sheet and the consolidated income statement:

1. Revenues

Revenues break down by type as follows:

	Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
FIGURES IN € k	2013	2012
Software and licenses	5,773	5,257
Maintenance (software service contracts)	4,615	4,499
Services (consulting and training)	656	336
Hardware	28	21
	11,072	10,113

2. Income from the capitalisation of development costs

In the period under review, expenditures on research and development came to € 3,118 k (prev. year: € 3,995 k). In accordance with IAS 38, development expenses of € 1,075 k (prev. year: € 1,908 k) were capitalized, of which none were accounted for by third-party services as in the previous year.

3. Staff costs

The average headcount was 125 (prev. year: 147). This is equivalent to an average of 108 full-time positions (prev. year: 120). Of the 125 employees, 18 (prev. year: 23) are accounted for by the proportionately consolidated company MeVis BreastCare GmbH & Co. KG. The average figures include 15 testers (as a rule, students employed on a negligible part-time basis) at the Group level (prev. year: 30).

4. Other operating expenses

	Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
FIGURES IN € k	2013	2012
Rental/leasing expense	350	421
Travel expense	132	115
Maintenance/repairs	116	112
Legal and consulting costs	109	201
Cost of preparing and auditing financial statements	108	100
Advertising costs	63	40
External work	62	36
Supervisory Board remuneration	60	51
Stationery	43	34
Energy costs	42	65
Insurances	34	45
Cleaning expense	29	33
Vehicle costs	28	23
Internet Expense	27	29
Accounting costs	16	42
Others	184	246
	1,403	1,593

5. Depreciation and amortization

	Jan. 1 - Sept. 30,	Jan. 1 - Sept. 30,
FIGURES IN € k	2013	2012
Amortization of industrial property rights and
similar rights and customer bases	377	818
Amortization of capitalized development expenses	1,063	1,184
Depreciation of property, plant and equipment	156	361
	1,596	2,363

6. Net financial result

The MeVis Group's net financial result as at September 30, 2013 amounted to € -107 k (prev. year: € 65 k). This comprises interest income from the investment of cash and cash equivalents of € 81 k (prev. year: € 49 k), interest expense of € 57 k (prev. year: € 171 k), the result derived from associates, amounting to € 81 k (prev. year: € 165 k) and the balance of income and expenses from exchange rate differences of € -157 k (prev. year: € -8 k).

7. Income taxes

Income tax expenses were mainly the result of MMS AG's corporate and trade tax as well as deferred tax assets and liabilities resulting from the differences between amounts included in the IFRS financial statements (for income and expenditure and assets and liabilities) and those included in the tax assessment.

8. Financial assets

Financial assets concern the equity interest of roughly 41 %, valued in accordance with the equity method, in Medis Holding B.V., Leiden (Netherlands), which was acquired in the first half of 2010.

9. Other current financial assets

FIGURES IN € k	Sept. 30, 2013	Dec. 31, 2012
Securities	216	516
Eligible expenses	190	44
Loans granted and receivables	107	62
Derivatives	25	31
Deferred interest	8	29
Other	0	4
	546	686

The securities are fixed-interest corporate and government bonds.

10. Shareholders' equity

Revaluation reserve

In connection with the acquisition of the 49 % interest in MBS KG from Siemens AG and the subsequent full consolidation of MBS KG, the assets and liabilities of MBS KG were completely remeasured. Where these increases were attributable to the 51 % interest in MBS KG already held by the Group, the difference was recognized within the revaluation reserve. Amounts equaling the depreciation expense recognized on these assets are reclassified as retained earnings on a proportionate basis.

FIGURES IN € k
Status as at Dec. 31, 2011	1,024
- Transfer of the amount corresponding to write-downs and the associated deferred taxes to
retained earnings, without an impact on profit and loss	-203
Status as at Sept. 30, 2012	821
Status as at Dec. 31, 2012	753
- Transfer of the amount corresponding to write-downs and the associated deferred taxes to
retained earnings, without an impact on profit and loss	-107
Status as of Sept. 30, 2013	646

Treasury stock

In accordance with a new resolution passed by the shareholders at the annual general meeting on September 28, 2007 concerning the acquisition of the Company's own stock in accordance with Section 71 (1) No. 8 of the German Stock Corporation Act (AktG), the Company was authorized to acquire up to 10 % of its current share capital (€ 1,300 k) on or before March 27, 2009. MMS AG already held 37,800 treasury shares on December 31, 2007. On March 4, 2008 the Executive Board decided to initially buy back up to a further 53,200 of the Company's own shares on the stock market by August 30, 2008. As part of this stock buyback program, the Company acquired 53,200 of its own shares for a total amount of € 1,502 k as of June 17, 2008.

In the course of acquiring the software product Colotux for a total of € 220 k on October 23, 2008, half of the first purchase price installment of € 110 k was settled in mid-November 2008 by the transfer of treasury shares (a total of 1,832 treasury shares with a market value of € 55 k).

In accordance with a new resolution passed by the shareholders at the annual general meeting on July 9, 2008 concerning the acquisition of the Company's own shares in accordance with Section 71 (1) No. 8 of the German Stock Corporation Act (AktG), the Company was authorized to acquire up to 10 % of its current share capital (€ 1,820 k) on or before January 8, 2010. On November 4, 2008, the Executive Board decided to buy up to a further 91,000 of the Company's own shares on the stock market. As part of this stock buyback program, the Company acquired 33,682 of its own shares for a total amount of € 1,163 k as of March 31, 2009. When the stock buyback program was concluded on March 31, 2009, MMS AG held a total of 122,850 treasury shares (6.75 % of share capital). A total of 18,726 treasury shares were transferred to the seller as part of the second stage in the acquisition of Medis shares on May 31, 2010. The second purchase price installment for the acquisition of the Colotux software product was paid in advance on April 15, 2011. The seller was paid a total of 6,571 treasury shares, among other things.

Therefore a total of 97,553 treasury shares were held as of September 30, 2013. This corresponds to 5.36 % of the current share capital.

11. Other financial liabilities

Other non-current financial liabilities

FIGURES IN € k	Sept. 30, 2013	Dec. 31, 2012
Liability from 49 % acquisition of MBS KG	162	305
Leasing liabilities	0	9
Other non-current financial liabilities	162	314

Other current financial liabilities

FIGURES IN € k	Sept. 30, 2013	Dec. 31, 2012
Staff liabilities	801	330
Liability from 49 % acquisition of MBS KG	144	128
Leasing liabilities	22	51
Miscellaneous other financial liabilities	2	9
Other current financial liabilities	969	518

12. Transactions with related parties

With reference to business transacted with related parties, there have been no material changes since December 31, 2012.

13. Contingent receivables and contingent liabilities

In comparison with the contingent receivables and contingent liabilities presented in the consolidated financial statements for the 2012 financial year, no changes occurred in the first three quarters of the current fiscal year.

14. Earnings per share

Earnings per share equal the profit on continuing activities or profit (after tax) divided by the weighted average number of shares outstanding during the financial year. Earnings per share (fully diluted) are calculated on the assumption that all securities, stock options and stock awards with a potentially dilutionary effect are converted or exercised.

As the criteria for exercising the options had not been satisfied as of the balance sheet date, it can be assumed that no options had been exercised by the employees and that no shares had been awarded to entitled members of the Executive Board. Accordingly, they are not included in the calculation of earnings per share, which means that diluted earnings per share are identical to basic earnings per share.

The weighted average of shares outstanding is determined by taking account of shares redeemed and reissued subject to a chronological weighting.

	Sept. 30, 2013	Sept. 30, 2012
Consolidated net result for the period in € k	2,949	472
Weighted average of the number of no-par-value shares outstanding during the period under review	1,722,447	1,722,447
Basic earnings per share in €	1.71	0.27
Diluted earnings per share in €	1.71	0.27

15. Segment information

The activities of the MeVis Group are classified into the reportable segments of Digital Mammography and Other Diagnostics. The management of each of these segments reports directly to the Executive Board of MMS AG in its function as the responsible corporate entity.

Segment earnings and the result of operating activities remain the key benchmarks for assessing and controlling the earnings position of a particular segment. As a rule, the result of operating activities corresponds to earnings before interest and taxes (EBIT).

The segments break down as follows:

	Digital Mammography		Other Diagnostics			Other/Consolidation and reconciliation		MeVis Group
	Jan. 1 - Sept. 30			Jan. 1 - Sept. 30		Jan. 1 - Sept. 30		Jan. 1 - Sept. 30
FIGURES IN € k	2013	2012	2013	2012	2013	2012	2013	2012
External revenues	8,516	7,694	2,625	2,419	0	0	11,141	10,113
Intersegment revenues	0	0	0	0	-69	0	-69	0
Revenues	8,516	7,694	2,625	2,419	-69	0	11,072	10,113
Grants	0	0	146	98	0	0	146	98
Total segment revenues	8,516	7,694	2,771	2,517	-69	0	11,218	10,211
Capitalization of development
expenses	1,075	1,908	0	0	0	0	1,075	1,908
Depreciation and amortization	-1,335	-1,642	-261	-721	0	0	-1,596	-2,363
Operating expenses	-3,017	-2,577	-3,473	-4,163	123	146	6,367	-6,594
Result of operating activities	5,239	5,383	-963	-2,367	54	146	4,330	3,162
Other operating income	106	188	1,044	1,329	-915	-1,135	235	382
Other operating expenses	-1,115	-1,420	-1,139	-1,254	851	1,081	-1,403	-1,593
Result of operating activities	4,230	4,151	-1,058	-2,292	-10	92	3,162	1,951

16. Post balance sheet events

No transactions of material relevance to the MeVis Group have arisen since the balance sheet date.

Bremen, November 11, 2013

Marcus Kirchhoff Dr. Robert Hannemann Chairman & CEO Member of the Executive Board

Responsibility Statement ("Bilanzeid")

Responsibility statement required by section 37y no. 1 of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) in conjunction with sections 297(2) sentence 4 and 315(1) sentence 6 of the Handelsgesetzbuch (HGB – German Commercial Code) for the consolidated financial statements and the group management report:

"To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the group management report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group."

Bremen, November 11, 2013

MeVis Medical Solutions AG

Marcus Kirchhoff Dr. Robert Hannemann Chairman & CEO Member of the Executive Board

Disclaimer

Forward-looking statement

This report contains forward-looking statements which are based on management's current estimates of future developments. Such statements are subject to risks and uncertainties, which MeVis Medical Solutions AG is not able to control or estimate with any precision, e.g. future market conditions and the general economic environment, the behavior of other market participants, the successful integration of new acquisitions and government acts. If any of these uncertainties or imponderabilities materialize or if the assumptions on which these statements are based prove to be incorrect, this may cause actual results to deviate materially from those expressly or implicitly contained in these statements. MeVis Medical Solutions AG does not intend and is under no obligation to update the forward-looking statements in the light of any events or developments occurring after the date of this report.

Deviations for technical reasons

Deviations may occur between the accounting data contained in this report and that submitted to the Bundesanzeiger for technical reasons (e.g. conversion of electronic formats). In the case of any doubt, the version submitted to the Bundesanzeiger will prevail.

This report is also available in a German-language version. In case of any doubt, the German-language version takes priority over the English-language one.

The report is available for downloading in both languages on the Internet at http://www.mevis.de/ir\_finanzberichte.html.

Finance Calendar 2013

May 16, 2013	Interim report for Q1 2013
June 20, 2013	Annual general meeting, Bremen
August 26, 2013	Interim report for H1 2013
August 26 through
August 28, 2013	Small Cap Conference, Frankfurt
November 11, 2013	Interim report for Q3 2013
November 11 through
November 13, 2013	German Equity Forum, Frankfurt am Main

Contact

Investor Relations

Phone +49 421 22495 0 Fax +49 421 22495 499 ir@mevis.de

Company Address

MeVis Medical Solutions AG Caroline-Herschel-Str. 1 28359 Bremen Germany Phone +49 421 22495 0 Fax +49 421 22495 499 info@mevis.de www.mevis.de