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Medistim ASA Q3 2023

October 27th 2023

PRESIDENT & CEOCFO

Kari E. Krogstad Thomas Jakobsen

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 assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties.

The Company is subject to ^a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets where Medistim is or will be operating, such as IP risks, clinical development risks, regulatory risks, fluctuations in currency exchange rates, and changes in governmental regulations. For ^a further description of other relevant risk factors, we refer to Medistim's Annual Report for 2022. As ^a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.

The reservation is also made that inaccuracies or mistakes may occur in this information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Medistim disclaims any an all liability in this respect.

● Highlights 01
● Financial statements 02
● Business segments update 03
● Implementing the strategy 04

01 Highlights

Highlights 3rd Quarter

R e e n e v u	( M N O K 1 2 4 1	) 1 1 6. 5	% 6. 5 +
E B I T	( M N O K 3 3. 5 3	) 4 0	1. 5 % -
C u r r e n c y			% 9 6 +


be f u Nu i m r o n	l d o lea d: ts so r se
low F te sy s ms		2 5	2 8. 6 % -
Im ing te ag sy s	ms	2 8	% 1 6. 7 +

low F te sy s ms	2 5	2 8. 6 % -
ing Im te ag sy s ms	2 8	1 6. % 7 +
low be F p ro s	2 0 0 4	1 5. 1 % -
be Im ing ag p ro s	4 4	% 7. 3 +
du ( ds lea ) Pro P P P c & ce res ar se	9 6 7 9	1. 4 % +

Q3 2023 Q o Q Solid financial results, helped by favorable currency

Own products sales increase by 5.4 % in NOK

Imaging sales up 8.1 % in NOK, Flow sales up 3.9 % in NOK
oVascular sales up 7.7 % in NOK, Cardiac sales up 4.9 % in NOK
Third-party products up 13.9 %

Currency neutral, total sales shows a -3.1% decline

o Currency neutral decline for own products was -5.6% with large regional variation:
AMERICAS down -10.3 %
EMEA up 32.1 %
APAC down -54.9 %

EBIT margin at 27.0 % (29.2 %)

High activity, timing, going direct, inflation and currency contribute to the higher expenses

Highlights YTD September 2023

	Y T D 2 0 2 3	Y T D Y T D o
R e e n e v u	( ) M N O K 3 9 0 7 3 5 0 1	% 1 1. 6 +
E B I T	( ) O 0 9 2 0 8 M N K 1 1 4	2 % 4 +
C u r r e n c y		% 1 0 4 +

Number of units sold or leased:

low F te sy s ms	1 0 5	5. 4 % -
Im ing te ag sy s ms	7 4	% 3. 9 -
low be F p ro s	6 6 5 1	0. 9 % +
be Im ing ag p ro s	1 2 9	% 3. 0 -
du ( ds lea ) Pro P P P c & ce res ar se	3 0 2 0 5	3. 3 % +

Strong financial results, helped by favorable currency

Own products sales increase by 12.9 % in NOK
oImaging sales up 0.3 % in NOK, Flow sales up 19.7 % in NOK
Vascular sales up 15.3 % in NOK, Cardiac sales up 12.4 % in NOK

Third-party products up 4.9 %

Currency neutral total growth was 1.2%
o Currency neutral growth for own products was 0.5%
- AMERICAS down -5.2 %
- EMEA up 13.5 %
- APAC down -5.1 %

EBIT margin at 27.9 % (29.9 %)

High activity, going direct, inflation and currency contribute to the higher expenses

02 Financial Statements

Profit and loss Q3 2023

Pr f i & lo t o ss	Q 3 2 0 2 3	Q 3 2 0 2 2
O 1 0 0 0 A l l n be in N K um rs
Sa les re ve nu e	1 2 4 0 9 8	1 1 6 4 9 0
Co f g ds l d t o s oo s o	2 2 3 0 5	2 1 8 9 2
Sa lar d s ia l e y an os xp en se s	4 2 1 4 5	3 8 9 2 7
O t he t ing r o p er a ex p en se s	2 0 7 5 8	1 5 9 7 3
To ta l o t ing p er a ex p en se s	8 2 2 5 5	6 9 2 7 7
E B I T D A	3 8 8 4 6	3 9 6 9 9
% E B I T D A	3 1, 3 %	3 1 % 4,
De ia t ion p re c	5 3 2 9	5 6 8 1
Op ing f i ( E B I T ) t t er a p ro	3 3 1 5 7	3 4 0 1 7
E B I T %	2 0 % 7,	2 9, 2 %
F ina ia l inc nc om e	1 6 7 4	8 8 4 5
F ina ia l e nc xp en se s	1 6 7 1	8 3 5 5
Ne t f ina nc e	7 5	3 4 9 7 -
f Pr ta i t e p ro x	3 3 5 9 2	3 0 5 2 0
Ta x	4 6 0 7	8 3 5 7
Pr f i t a f te ta o r x	2 6 1 3 2	2 4 6 4 7

Profit and loss YTD September 2023

Pr f i & lo t o ss	Y T D 3 0. 0 9. 2 3	Y T D 3 0. 0 9. 2 2
O A l l n be in N K 1 0 0 0 um rs
Sa les re ve nu e	3 9 0 7 4 5	3 5 0 1 1 4
Co f g ds l d t o s oo s o	7 8 1 4 9	7 3 7 1 4
Sa lar d s ia l e y an os xp en se s	1 1 6 5 5 7	1 0 3 5 7 9
O t he t ing r o p er a ex p en se s	7 0 2 3 9	5 0 6 9 0
To ta l o t ing p er a ex p en se s	2 6 4 9 4 5	2 2 7 9 8 4
E B I T D A	1 2 5 8 0 0	1 2 2 1 3 0
E B I T D A %	3 2, 2 %	3 4, 9 %
De ia t ion p re c	1 6 6 1 7	1 3 3 7 5
Op ing f i ( E B I T ) t t er a p ro	1 0 9 1 8 4	1 0 4 7 7 7
% E B I T	2 9 % 7,	2 9, 9 %
F ina ia l inc nc om e	1 0 1 4 0	1 4 4 9 5
F ina ia l e nc xp en se s	1 0 5 0 5	1 5 1 3 1
Ne f ina t nc e	3 6 5 -	6 3 5 -
Pr f i ta t e x p ro	1 0 8 8 1 8	1 0 4 1 4 1
Ta x	2 4 1 0 4	2 2 6 4 6
Pr f i t a f te ta o r x	8 4 7 1 4	8 1 4 9 6

Balance sheet –Assets

Cash position by end of the quarter was MNOK 126.4 after a dividend payment of 82.2 MNOK in May
Securing end-of-life components and keeping security stocks explain the high inventory level
Reduction in customers receivables and strengthening of cash position

Ba lan he t ce s e	3 0. 0 9. 2 0 2 3	3 1. 1 2. 2 0 2 2
A l l n be in N O K 1 0 0 0 um rs
As ts se
In ta i b le ts ng as se	4 7 5 7 8	3 9 6 6 0
F ixe d a ts ss e	5 4 0 1 4	5 7 1 0 4
f To ta l in ta i b le d ixe d a ts ng an ss e	1 0 1 5 9 2	9 6 7 6 4
Inv to en ry	1 4 5 9 2 7	1 1 4 3 3 3
Cu to iva b les s m er s re ce	8 1 2 3 8	1 0 1 6 5 7
O t he iva b les r r ec e	1 9 7 1 8	1 7 2 6 3
Ca h s	1 2 6 4 2 2	1 5 2 6 4 1
To l c ta t a ts ur re n ss e	3 3 3 0 7 5	3 8 8 9 5 5
To ta l a ts ss e	4 7 4 8 9 7	4 8 2 6 5 9

Ba la he t nc e s e	3 0. 0 9. 2 0 2 3	3 1. 1 2. 2 0 2 2
A l l n be in N O K 1 0 0 0 um rs

S ha i ta l re c ap	4 5 8 5	4 5 8 5
fu Pr iu d em m n	4 4 1 7 2	4 4 1 7 2
O he i t ty r e q u	3 2 9 1 0 5	3 1 8 9 3 4
To ta l e i ty q u	3 7 8 2 6 7	3 6 7 6 9 2

To ta l lo te de b t ng rm	4 3 7 2	1 5 1 4 5

To ta l s ho t te de b t r rm	9 2 2 5 8	9 9 8 2 2
To l e i d l ia b i l i ta ty ty q a n u	4 4 8 9 7 7	4 8 2 6 9 5

Balance sheet –Equity and Liability

No interest-bearing debt
11.8 MNOK in obligations related to lease contracts where 4.1 MNOK is long term. Deferred revenue related to extended warranty amounted to 0.2 MNOK. Total long-term debt of 4.4 MNOK
Strong balance sheet with 80 % equity ratio

03 Business segments update

Imaging probes in units (excl. PPP/leasing)

Imaging probes and systems in units

6 more Flow-and-Imaging units sold as capital in Q3 compared to Q3 LY:
•1 less in AMERICAS
•1 more in APAC
•6 more in EMEA

YTD September, we are 2 systems down from last year

Imaging probe sales follows the system sales

Flow probes and systems in units

10 less capital sales of Flow systems in Q3, with APAC down 7. 3 less YTD September
The total sale of systems (Flow and Flow-and-Imaging) sold as capital equipment shows a decline of 4 units this quarter, and 5 unit less for YTD
261 259 ²⁹⁸ ³²² ³⁰⁹ ³⁴⁷ ⁴⁰¹ ⁴⁷² ⁴¹⁹ ³⁸⁷ ⁴³⁶ ⁵⁰⁸ ⁴²⁷ 341 ⁴⁸⁶ 714 ⁷⁶³ ⁵⁵⁰ ⁸²⁸ ⁵⁹⁰ ⁴³³ ⁹²⁷ 1355754 ⁷¹⁷ 31791911961001 ¹¹³³ ¹⁴⁰⁰ 13491185 1148101416478801352126005001000150020002500300035004000Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 20042360

⁵ ⁴ ⁷ ⁸ ⁵ ⁵ ⁶ ³ ⁴ ⁷ ³

Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23

APAC

EMEA

²⁸ ²⁹ ¹⁸

¹¹

Flow probes in units (excl. PPP/leasing)

Americas

14 8

1115

Flow systems in units (excl. PPP/leasing)

Good probesales in AMERICAS and EMEA, but a weak quarter for APAC

M i l l N O K	Q 3 2 3	Q 3 2 2	Q / Q	Y T D 2 3	Y T D 2 2	Y T D / Y T D
C S A M E R I A	1, 5 7	1, 8 5	-0 3 % ,	1 6 2, 2	1 3, 9 5	% 5, 4
A P A C	9, 8	1 9, 2	-4 8, 8 %	5 4, 3	5 0, 4	7, 6 %
E M E A	4 5, 1	3 0, 1	4 9, 8 %	1 1 5, 3	8 9, 6	2 8, 7 %
3.p ty ar	1 7, 5	1 5, 3	1 3, 9 %	5 9, 0	5 6, 2	4, 9 %
To ta l	1 2 4, 1	1 1 6, 5	6, % 5	3 9 0, 7	3 0, 1 5	1 1, 6 %

Revenue performance by region

• In AMERICAS, revenues was at the same level as LY in NOK for the quarter and up 5.4 % YTD, but declined by 10.3 % currency neutral for the quarter and 5.2 % YTD. The reason for the decline is fewer capital sales of systems, Imaging systems in particular.
• In APAC, revenues declined with 48.8 % for the quarter and was up 7.6 % YTD. Currency neutral development was 54.9 % decline for the quarter and 5.1 % YTD. The weak quarter was related to the transition of our China business from a distributor to own sales organization, leading to increased inventory at the local Chinese distributors.
EMEA delivered a strong second and third quarter after a weak first quarter. Revenues were up in NOK by 49.8 % and currency neutral up by 32.1 %. YTD currency neutral growth was 13.5 %.
1. Party sales up 13.9 % for the quarter and 4.9 % YTD.

Positive currency effects for 2023 vs 2022 was 36.4 MNOK. Average actual exchange rate for USD 10.47 and EUR 11.35 versus last year USD 9.42 and EUR 10.01.

Revenue performance by product category

O M i l l N K	Q 3 2 3	Q 3 2 2	Q Q o	Y T D 2 3	Y T D 2 2	Y T D Y T D o
( S ) Pr du U A oc e re s	2 3 5,	2 4, 5	3, % 5	8 0, 0	1, 0 7	1 2, 6 %
F low be p ro s	3 9, 7	3 8 7,	0 % 5,	1 3 6, 0	1 0 6 7,	2 6, % 4
F low te ( M ira Q ) sy s m s	1 2, 0	1 2, 0	% 0, 1	4 0, 5	3 5, 7	% 1 3, 2
Im in te ( M ira Q ) ag g sy s m s	2 4, 9	2 2, 3	1 1, 6 %	6 3, 5	6 6, 1	3, 9 % -
Im in be ag g p ro s	4, 7	4, 6	2, 9 %	1 1, 9	1 3, 5	1 2, 0 % -
3r d ty p ar	1 7, 5	1 5, 3	1 3, 9 %	5 9, 0	5 6, 2	4, 9 %
T l t o a r e v e n u e s	1 2 4, 1	1 1 6, 5	6, % 5	3 9 0, 7	3 0, 1 5	1 1, 6 %

• Procedure sale in the USA: The number of procedures increased with 1.4 % for the quarter and 3.3 % YTD. Favorable currency explains the higher growth in NOK.

• Flow probes: The number of units sold decreased -15.1 % for the quarter and increased 0.9 % YTD. The increase in NOK is driven by currency and price increase.
• Flow systems: The number of units sold was down -28.6 % for the quarter and down -2.8 % YTD, but high level of sales through the direct channel and currency explain the increase in NOK for the quarter and YTD.
• Imaging systems and probes: For the quarter the number of imaging units sold was up 27.3%, but higher level of sales through distributors explain less growth in NOK. The number of units was down -2.7 % YTD, and sales in NOK shows a decline.
•3. Party sales up 13.9% for the quarter and 4.8 % YTD. ¹⁸

04 Implementing the strategy

Medistim growth strategy

GEOGRAPHIES

E i m e r g n g h ig h-g h t row ies ec on om ( ) I C B R e.g	3
l i D e v e o p n g d is im ke M t ts e m ar ( U S A, U K, e.g ) Fra nc e	2
S t r o n g d ke M is im t ts e m ar ( d ic, Jp No e.g r , ) Ge rm an y ha 0 % C A G 5 B > s re	1	4
	C A B G su rg er y ( ) 2 B N O K	lar Va sc u su rg er y ( ) 1. 5 B N O K >	he O t r o p en he t ar su rg er y ( ) 1 B N O K

APPLICATION AREAS

1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through
→Early adopter & KOL support
→REQUEST study
→Ease conversion from flow to imaging with MiraQ
1. Achieve routine use of both Flow and Imaging by fighting ignorance, indifference and ease-of-use objections through
→Clinical marketing, guidelines and educational programs
→Product innovation for ease of use
→Increased sales force capacity
1. Offer an entry-level solution to reach emerging, price-sensitive, high-growth markets
1. Build and strengthen position in vascular surgery
→Dedicated system (MiraQ Vascular) & probes
→Build position with societies and KOLs
5.Expand our direct market coverage

Developing the US market

Performance US sales

Currency neutral sales revenue declined by -10.3 % in Q3 and by -5.2 % YTD in AMERICAS due to soft capital sales in the USA

Total number of procedures was flat in Q3 and down -1.9 % YTD(counting PPP/Lease procedures and procedures from capital probe sales)

Flow procedures at the same level as last year for the quarter and down -2.1 % YTD
Imaging procedures down -1.7 % for the quarter and at the same level as last year YTD

Capital systems sales

o 9 (13) units in total in Q3 and 32 (40) units in total YTD
oFewer Flow-and-Imaging units YTD; 18 (26)

Keep winning new customers

o7 (8) in Q3 and 25 (27) YTD

Number of procedures per Year (from PPP/Lease and Capital probe sales)

20 largest shareholders per 24th of October

Name: MEDISTIM ASAISIN: NO0010159684Number of investors: 1043Number of shares: 18.337.336

Na me	nk Ra	Ho	ldi ng	% In	Co try un	Cit ize hip ns	f a Ty t pe o cco un
AE TE RN UM CA PIT AL AS		1	219 1 9 00	10, 36 %	ed Sw en	No rw ay	din Or ary
k a nd Sta Str t B Tr Co te ust ee an mp		2	690 1 2 86	7, 02 %	d S Un ite tat es	d S Un ite tat es	No mi ne e
Ø AS FL TE MA RK EN		3	000 1 2 85	01 % 7,	No rw ay	No rw ay	Or din ary
VE RD IPA PIR FO ND OD IN NO RD EN		4	000 1 1 80	6, 43 %	No rw ay	No rw ay	din Or ary
FO LLU M INV EST AS		5	00 97 0 0	5, 29 %	No rw ay	No rw ay	din Or ary
Sta Str k a nd Co t B Tr te ust ee an mp		6	79 92 0 7	02 % 5,	ite d S Un tat es	ite d S Un tat es	mi No ne e
kan din ka kil da nk S avi Ens Ba AB s en		7	85 90 2 9	4, 92 %	ed Sw en	ed Sw en	No mi ne e
k a nd Sta Str t B Tr Co te ust ee an mp		8	43 61 0 8	3, 33 %	d S Un ite tat es	d S Un ite tat es	No mi ne e
OD Sm ll C IN a ap		9	00 60 0 0	3, 27 %	No rw ay	Sw ed en	Or din ary
Th he do e N Tru st C Lon n B ort rn om p, r	10		75 44 0 3	2, 40 %	d K do Un ite ing m	d S Un ite tat es	No mi ne e
nk CA CE IS I Se rvi Ba S.A est nv or ces	11		82 42 5 6	2, 32 %	lan d Ire	mb Lu xe ou rg	No mi ne e
S kan din avi ka Ens kil da Ba nk AB s en	12		17 42 1 0	2, 30 %	De k nm ar	De k nm ar	No mi ne e
BU AN ES	13		76 38 1 8	2, 08 %	No rw ay	No rw ay	din Or ary
SK AN DIN AV ISK A E NS KIL DA BA NK EN AB	14		46 38 1 7	2, 08 %	mb Lu xe ou rg	mb Lu xe ou rg	No mi ne e
VE IPA PIR FO HO LBE RG NO RG RD ND ET E	15		71 36 0 1	1, 96 %	No rw ay	No rw ay	Or din ary
k a nd Sta Str t B Tr Co te ust ee an mp	16		75 34 7 0	1, 89 %	d S Un ite tat es	d S Un ite tat es	No mi ne e
SK AN DIN AV ISK A E NS KIL DA BA NK EN AB	17		00 29 5 0	% 1, 61	mb Lu xe ou rg	mb Lu xe ou rg	mi No ne e
S kan din avi ka Ens kil da Ba nk AB s en	18		34 27 5 2	1, 50 %	Sw ed en	Sw ed en	No mi ne e
bas BN P P ari	19		52 27 1 3	1, 48 %	ly Ita	ly Ita	No mi ne e
/ Th k o f N rk llo e B Yo Me n S A NV an ew	20		00 25 0 0	% 1, 36	lg ium Be	k De nm ar	mi No ne e

lar 20 st ge	13 506 04 4
l n be f s ha To ta um r o res	18 337 33 6
20 lar ha f to l st s ta ge re o	73 65 % ,

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