Quarterly Report • Apr 25, 2023
Quarterly Report
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Strong sales for the first quarter at MNOK 129.3 (MNOK 116.1) due to favorable currency. Currency neutral growth was 1.2%.
The Vascular business segment continues the positive development and grows at 21.5% in NOK, currency neutral 8.8% growth
The Imaging products grow at 9.4% in NOK, currency neutral decline of 3.7%
Currency neutral growth of own products was 2.5%
Operating profit (EBIT) for the quarter ended at MNOK 33.5 (MNOK 33.4), an EBIT margin of 25.9% (28.8%)
Medistim establishes direct sales organizations in both Canada and China this quarter
The General Meeting decided a dividend of NOK 4.50 per share, a total dividend payment of MNOK 82.2
www.medistim.com
Medistim is entering into a new year with the tailwind from record sales and profit from 2022, with the determination of crossing new frontiers for further market expansion and growth.
This first quarter we establish wholly owned subsidiaries with offices in Guangzhou, China, and in Toronto, Canada.
to build direct sales forces in more markets over time, and thereby ensure that higher share of both sales and profit stays with Medistim. With local Medistim expert teams on the ground, our ambition is to develop and adapt our product offerings in close collaboration with the surgeon users, and the local response to our going direct has been very positive.
In China, more than 60,000 coronary bypass procedures are performed annually, and the number is expected to continue to grow high single digit in the years to come. Today, about 70% of these procedures are supported by Medistim's equipment, which is installed in all the nation's top 10 cardiac surgical centers. Canada is also already a strong market for Medistim, with presence in 15 of Canada's 38 cardiac centers. About 18,000 coronary bypass surgeries are performed in Canada per year, and about 37% are supported with Medistim's technology.
building on the ongoing conversion from devices with Transit Time Flow Measurement (TTFM) technology only, to devices combining TTFM and High-Frequency Ultrasound (HFUS). In addition, a large market within Vascular and Transplant surgery provides opportunities for further growth. We are excited about the opportunity to make a bigger impact in these large geographies going forward. Medistim now has direct sales representation in the largest markets in America (USA), Europe (Germany) and Asia (China), emphasizing our global ambition.
held in Oslo on March 21st. At this event, two worldrenowned surgeons; Professors John D. Puskas and Pirkka Vikatmaa, shared their insights on the future
trends in Cardiac and Vascular Surgery. Both argued that
the number of open cardiac and vascular procedures, and hence the market for Medistim's products, should be expected to grow over the next several years.
They explained how open surgical alternatives to stenting and other endoscopic procedures provide
clear advantages to certain patient groups, such as diabetic patients. As Professor Puskas stated, "[Coronary bypass surgery] is the only surgical procedure devoted to combating the disease that kills most of us. I would argue that we have passed peak stenting because of diabetes as an epidemic on our planet. Medistim will play an increasing role in addressing the value imperative in coronary artery bypass surgery worldwide."
Fully energized, Medistim delivers another strong quarter
The weak NOK against both USD and Euro explain much of the growth, and currency neutral we see a slow 1.2% growth in total, and 2.5% growth of own products. The weak growth is related to the record finish in Q4 last year, that was partly driven by inventory buildup at distributors and also some end users, due to a price increase that was implemented from January 1st, 2023.
We also continue to build our established direct sales forces,
and this quarter reflects increased headcount expenses from our US, German, and Spanish sales teams, in addition to a new business development role. And as emphasized before, investments have been done in R&D and product innovation headcount, increasing our capacity to strengthen our product offerings. Operating profit (EBIT) for the quarter ends at MNOK 33.5 with a 25.9% EBIT margin. The cash position is strong at MNOK 149.3.
24th April 2023 Kari E. Krogstad - President & CEO
The financial report as per March 31st 2023 has been prepared according to the IFRS (International Financial Reporting Standard) and follows IAS 34 for interim financial reporting, as do the comparable numbers for 2022.
(Comparative numbers for 2022 in parenthesis.)
Medistim has adjusted its geographic regions from the former USA, Asia, Europe and ROW to AMERICAS, Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA) when reporting sales of own products. Third party sales will be reported separately without any geographic split, as sales are only in Norway and Denmark. All comparable numbers are adjusted according to the new region split.
Sales revenues in the first quarter ended at MNOK 129.3 (MNOK 116.1), an 11.3% increase. In AMERICAS there was a 10 % growth in NOK driven by USA which represent 94 % of the region. Similar for APAC there was a 78.9 % growth in NOK. 80 % of sales from the region is from China and Japan. For the first quarter, sales growth was driven by China where sales increased 190 % in NOK. For EMEA, there was a 1.9 % growth in NOK in Europe while MEA had a decrease of 67 %. MEA represented 2% of total Medistim sales last year. 40 000 60 000 80 000 100 000 120 000 40 000 60 000 80 000 100 000 120 000
With the same foreign currency exchange rates as in 2022, sales would have amounted to MNOK 117.5 for the quarter, which represents a currencyneutral total growth of 1.2%. Currency-neutral growth of own products was 2.5%, while third party products declined by 4.5% compared to last year.
Sales of Medistim's own products can be split into capital sales of systems and repeating sales of probes, smartcards, and lease revenue, which are all defined as recurring revenue. In recent years, recurring sales were 67% of total sales of own products in 2022. For the first quarter 2023, the recurring sales represented 68%.
0% 5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 2000201200220032004200520062007200820092010211201220132014201520162017201820192020 5% 5 Sales of own products for the quarter amounted to MNOK 108.5 (MNOK 94.4). Sales of third-party products ended at MNOK 20.8 (MNOK 21.8).
For sales of own products, MNOK 90.0 (MNOK 79.1) was within the Cardiac segment and MNOK 18.5 (MNOK 15.2) was within the Vascular segment for the quarter, growing at 21.7%. Currency neutral sales growth within Cardiac was 1.3% and similar for Vascular was 8.8%.
For the quarter, sales revenue from Flow products was MNOK 73.6 (MNOK 62.4). Sales revenue from Imaging products was MNOK 34.9 (MNOK 31.9). Currency neutral growth within Flow was 5.8% and similar for Imaging was a decrease of 3.7%.
Cost of goods sold (COGS) ended at MNOK 25.9 for the quarter (MNOK 23.7) and represents 20.0% of total sales (20.4%). This gives a gross margin of 80.0% (79.6%).
Salaries and social expenses ended at MNOK 40.2 (MNOK 36.4) for the quarter. Other operating expenses amounted to MNOK 23.9 (MNOK 16.7).
The first quarter shows effects of recruitments done last year, growing the sales force in direct markets as well as in business development.
Apart for Medistim adding resources to its organization, 1.6 MNOK of the expense increase is related to foreign exchange differences and 1.5 MNOK is related to salary adjustments (4%) from last year.
Increase in other operating expenses was related to timing of QA/RA activities with 1.7 MNOK, a one-time commission of 0.9 MNOK to distributor related to a letter of credit agreement with an end customer, recruitment expenses with 0.6 MNOK and 1.6 MNOK in travel expenses. The increased travel expenses was related to the Vascular initiative and the establishment of direct operations in China. The remaining 2.3 MNOK was related to foreign exchange differences and in general price increases on expenses.
For the quarter, MNOK 6.7 (MNOK 6.3) was spent on research and development (R&D), of which MNOK 3.6 (MNOK 2.0) was activated in the balance sheet.
Medistim has over the past several quarters gradually strengthened the innovation and product development teams with additional headcounts, increasing capacity and bringing new competence and capabilities. This represents critical investments for the future, enabling us to realize our strategy to intensify product innovation and to bring the next generation of product solutions to our customers.
Operating profit before finance, tax, depreciation, and write-offs (EBITDA) for the quarter ended at MNOK 39.2 (MNOK 39.3). The result before finance and tax (EBIT) ended at MNOK 33.5 (MNOK 33.4).
Net finance ended positive with MNOK 0.75 for the quarter (negative MNOK 0.5). Net finance was related to realized and unrealized gains or losses related to currency, cash in USD and EUR, and customer receivables.
The result before tax was MNOK 34.2 (MNOK 32.8) for the quarter. The result after tax for the quarter was MNOK 24.4 (MNOK 23.7).
The result per share for the quarter was NOK 1.41 (NOK 1.30). Average number of shares outstanding was 18,264,290 (18,240,914) at the end of March 2023.
Equity by the end of March 2023 was MNOK 399.2 (MNOK 327.7). This equals an equity ratio of 80.0% (76.7%).
The balance sheet ended at MNOK 499.5 from MNOK 482.6 at the beginning of the year.
Inventory levels continue to increase as supply situation has improved. The high inventory level is kept to secure end of life components and ensure security stock of critical components. Receivables increased due to high level of sales late in the quarter. The increase in working capital explains why cash from operations is only TNOK 646.
The cash position is strong and ended at MNOK 149.3 by the end of the quarter. The company's interest-bearing debt was related to lease contracts with a total of MNOK 16.2, where 8.2 was long term debt. Other long term debt was MNOK 2.0 related to deferred service contract revenue.
Sales volume in terms of units in probes and system are down. In total, sales for the region decreased with 4.5%. However, weak NOK against EUR increases revenue in NOK and currency neutral sales decreased with 12.4%. More than 90 % of sales from the region comes from Europe. In Europe sales increased 1.8% in NOK. Currency neutral sales decreased with 8.3%.
Middle East and Africa had a decline of 67%. However, these are small regions where sales vary much from one quarter to another and has minor impact on total sales.
The largest target market for Medistim is USA, and USA is representing 95% of sales in the AMERICAS region. In the USA Medistim offers several business models, including sales of procedures (Pay Per Procedures or 'PPP'), leasing, capital sales and consumables.
For the quarter, sales revenues in NOK increased by 6.0% to NOK 52.1. Currency neutral sales decreased with 8.0%.
From 2023 onwards, Medistim will report on the split between the number of procedures sold based on sales of 'pay per procedure' (PPP) smart cards and estimated number of procedures from sales of probes, see table geographic split of sales in units.
For the sake of calculating market penetration in the USA, we count procedures from both PPP and capital probes sold, and for the quarter, a total of 22,107 procedures were sold, compared to last year's 20,920. 4,390 (3,928) were imaging procedures and 17,717 (16,992) flow procedures. System sales were 10 (14) units.
In the USA, about 60% of bypass surgeries are performed with no quality assurance of blood flow other than surgeons using their fingertips to check for a pulse. It is clinically proven that this method is not reliable. There is therefore a large potential and need for Medistim's products, and the company has high ambitions in the US market. So far, Medistim has achieved a market penetration of > 30% of the total market of around 200,000 bypass surgery procedures performed annually. Medistim has a market penetration of > 80% in Germany, Austria, Switzerland, Spain, Scandinavia, and Japan. Medistim expects that the market penetration in the U.S. will continue to increase during the next years.
Medistim will strengthen its position in the region and announced during the quarter that a direct sales operation is being established in Canada.
Medistim already has a strong position in Canada with presence in 15 of Canada's 38 cardiac centers. About 18 000 coronary bypass surgeries are performed in Canada per year, and about 37% are supported with Medistim's technology. The company is well positioned to continue the growth with local sales representatives who will focus on attracting new customers as well as driving the conversion from devices with Transit Time Flow Measurement (TTFM) technology only, to devices combining TTFM and High Frequency Ultrasound (HFUS). In addition, the market within Vascular surgery provides further opportunities for growth. The Canadian team will be supported by the USA management in the daily operations. The transition period with the distributor ends the 30th of April.
In Latin America, Medistim is represented through local distributors.
Sales in NOK increased 10% for the region while currency neutral growth was negative with 4.5%.
In this region, Medistim has its strongest position in China and Japan, representing 80% of sales. For the quarter, sales to China was the main driver, not just for the region but also globally. China represents a growth market for Medistim's products where number of CABG increases. To follow this opportunity, Medistim announced on April 3rd that a direct sales representation is established.
Number of procedures per quarter in the USA
More than 60,000 coronary bypass procedures are performed in China annually and the number is expected to continue to grow high single digit in the years to come.
Today, about 70% of these procedures are supported by Medistim's equipment, which is installed in all the nation's top 10 cardiac surgical centers. The company is well positioned to continue its growth by further expanding the local distributor network and building on the ongoing conversion from devices with Transit Time Flow Measurement (TTFM) technology only, to devices combining TTFM and High-Frequency Ultrasound (HFUS). In addition, a large market within Vascular and Transplant surgery provides opportunities for further growth.
The new subsidiary, Medistim (Guangzhou) Medical Technology Co., Ltd., is a Wholly Foreign Owned Enterprise (WFOE) by Medistim ASA. It is located in Guangzhou in the Greater Bay Area.
Sales in the region increased with 79 % in NOK, while currency neutral sales increased with 64%.
Third part products are sold through Medistim's subsidiaries in Norway and Denmark. Sales for the quarter ended at MNOK 20.8 compared to last year MNOK 21.8.
The company aims to develop products to meet surgeons' growing need for quality control of cardiac bypass surgery, peripheral vascular surgery, and transplant surgery. Our vision is that Medistim's solutions shall represent the "standard of care" in clinical practice and that blood flow measurements and intraoperative ultrasound imaging are made available to the benefit of every patient.
Medistim's focus is to strengthen the company's ability to effectively commercialize its product portfolio on a global basis. One of the key routes to achieve this is closer contact with customers through a highly competent and effective sales and marketing organization. Another important strategic pathway is to engage with key opinion leaders in clinical research and produce enhanced clinical documentation for marketing purposes. Further, to grow the attention and interest in blood flow measurements, ultrasound imaging, surgical guidance and quality assurance and ensure these topics are on the agenda of the medical associations and in other relevant forums and channels.
Continuous technology and product development will secure Medistim's products and leading position within cardiac and vascular surgery in the future.
On a global basis, more than 700,000 heart bypass surgeries are performed each year. The USA represents the largest market for Medistim's products, with almost 1/3 of the world market. The global number of procedures has kept stable over the past several years. The decrease in the number of procedures performed in the Western countries has been compensated by an increase in emerging markets such as China, Russia, and India. A stable to growing trend is therefore expected in the years to come.
Adding intraoperative ultrasound imaging to flow measurements more than doubles Medistim's market potential thanks to new applications and relevance and higher pricing compared to traditional flow measurement technology alone. The total market opportunity within CABG surgery is estimated to be NOK 2 billion annually. The imaging functionality makes MiraQ™ relevant in other cardiac surgeries and not just bypass surgery. Medistim estimates this additional potential to be NOK 1 billion.
The company also has a significant potential within the global vascular market, which is estimated to be more than 900,000 vascular procedures annually. Total market opportunity within vascular surgery is estimated to be over NOK 1.5 billion.
The general trend in surgery is moving towards minimally invasive and keyhole procedures, which gives the surgeon less workspace and ability to verify in a traditional way. There is therefore an increased need to verify the desired result in the future.
Global demographic trends are an important driving force for the many cost-efficiency initiatives around the world. Focus on quality is growing, driven by the need to reduce costs, particularly related to correction of errors, the need for repeated treatments and repeated hospital admissions. Medistim therefore has a good opportunity to position its products as an important contributor to achieving these goals.
Medistim's flowmeters have been in use in more than two million patients worldwide since entering the market, and the company is the clear leader in its niche. In total, Medistim has installed 3,300 systems in more than 60 countries. The equipment is used today in about 37% of the total number of bypass surgeries performed worldwide. Medistim's penetration and market share are expected to grow gradually as quality assurance in surgery is getting increasing attention and acceptance.
There are competitors that use the transit time measurement principle. Equipment from competitors is estimated to be in use in about 5% of the procedures performed. This means that in about > 55% of the cases where bypass surgery is performed there is no equipment in use to verify blood flow. This market represents Medistim's largest opportunity.
With Medistim's ultrasound imaging technology and MiraQ™ platform, the company has acquired another edge compared to its competitors, with unique and differentiated products that are currently alone in their segment.
The company is exposed to EUR and USD. Exposure can vary depending on the share of its revenues and costs in USD and EUR relative to its total income and expenses. For 2022, a 10% change in the exchange rate against USD and EUR would result in an 8.5% change in sales and a 17.8% change in operating result. The company partly secures its positions with hedging contracts.
The Russian and Ukrainian conflict is expected to have minor impact on Medistim sales to these markets in isolation, since sales revenues from these countries were less than 2% of total sales in 2022. However, the war is impacting the global market, which in general is facing macro-economic turmoil, with energy crisis, inflation pressure, increasing interest rates and cost levels. The longterm consequences of the pandemic aftermath and growing geopolitical uncertainty are unclear but might lead to continuing challenges in the global flow of goods. Medistim is taking mitigating actions to ensure access to key components to secure production and maintain growth and profitability also for the future. Further, the company is financially solid to face future challenges, with no interest- bearing debt and an equity ratio of 76.6 %.
The company had 73,046 Medistim shares by the end of March 2023. The share price was NOK 300.00 per share on the 31st of March 2023. For comparison, entering 2022 the share price was 231.00 per share.
The number of shares sold in the first quarter of 2023 totaled 879,329. The five largest shareholders were Aeternum Capital with 1,862,500 shares, Odin Fondene with 1,800,000 shares, Fløtemarken AS with 1,285,000 shares, State Street Bank with 1,238,172 shares and Follum Invest with 970,000 shares.
Medistim arranged a capital markets day the 21st of March with presentations from leading surgeons using Medistim's device within Cardiac and Vascular surgery. The recordings from the presentations are available on medistim.com.
The General meeting decided a dividend of NOK 4.50 per share based upon the 2022 results. Divided will be paid by the 5th of May.
Oslo, April 24th, 2023
Øyvin A. Brøymer
Chair
Ole J. Dahlberg Board member
Lars Rønn
Board member
Anna Ahlberg Board member
Anthea Arff-Pettersen Board member Sign. Sign. Sign.
Tove Raanes Board member Sign. Sign. Sign.
Jon H. Hoem Board member
Kari Eian Krogstad President & CEO
Sign. Sign.
| PROFIT & LOSS | Q1 2023 | Q1 2022 | FY 2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| Total revenue | 129 261 | 116 129 | 491 937 |
| Cost of goods sold | 25 900 | 23 681 |
106 485 |
| Salary and social expenses | 40 213 | 36 411 |
146 376 |
| Other operating expenses | 23 917 | 16 744 |
74 537 |
| Total operating expenses | 90 030 | 76 837 |
327 398 |
| Op. res. before depr. and write-offs (EBITDA) | 39 231 | 39 292 | 164 539 |
| EBITDA% | 30,4 % | 33,8 % | 33,4 % |
| Depreciation | 5 779 | 5 872 |
23 288 |
| Operating profit (EBIT) | 33 452 | 33 420 | 141 251 |
| EBIT % | 25,9 % | 28,8 % | 28,7 % |
| Financial income | 7 555 | 1 165 |
16 546 |
| Financial expenses | 6 810 | 1 698 |
11 748 |
| Net finance | 746 | (533) | 4 799 |
| Pre tax profit | 34 198 | 32 887 |
146 049 |
| Tax | 8 532 | 9 162 |
32 077 |
| PROFIT AFTER TAX | 25 666 | 23 725 | 113 973 |
| Dividend | - | - | 68 396 |
| Comprehensive income | |||
| Result after tax | 25 666 | 23 725 |
113 973 |
| Exchange differences arising on translation of foreign operations |
5 834 | (2 052) |
10 659 |
| TOTAL COMPREHENSIVE INCOME | 31 500 | 21 673 | 124 632 |
| KEY FIGURES | Q1 2023 | Q1 2022 | FY 2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| Equity share | 79,9 % | 76,7 % | 76,2 % |
| Earnings per share | kr 1,41 | kr 1,30 | kr 6,25 |
| Earnings per share diluted | kr 1,40 | kr 1,30 | kr 6,24 |
| Average shares outstanding in 1000 | 18 264 | 18 241 |
18 248 |
| Average shares outstanding in 1000 diluted | 18 289 | 18 269 |
18 277 |
| SPLIT OF EBIT PER SEGMENT | Q1 2023 | Q1 2022 | FY 2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| EBIT from Medistim products | 30 289 | 29 719 |
128 653 |
| EBIT margin Medistim products | 27,9 % | 31,5 % | 30,9 % |
| EBIT from 3. party products | 3 164 | 3 701 |
12 598 |
| EBIT margin 3. party products | 15,2 % | 17,0 % | 16,6 % |
| Totalt EBIT | 33 452 | 33 420 | 141 251 |
| EBIT% | 25,9 % | 28,8 % | 28,7 % |
| BALANCE SHEET | 3/31/2023 | 3/31/2022 | 12/31/2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| Assets | |||
| Intangible assets | 41 976 | 33 850 |
39 660 |
| Fixed assets | 53 082 | 60 097 |
57 104 |
| Total tangible and fixed assets | 95 058 | 93 947 | 96 764 |
| Inventory | 129 441 | 97 426 |
114 333 |
| Customers receivables | 104 698 | 69 258 |
101 657 |
| Other receivables | 21 076 | 18 917 |
17 263 |
| Cash | 149 270 | 147 943 |
152 641 |
| Total current assets | 404 484 | 333 543 | 385 894 |
| TOTAL ASSETS | 499 542 | 427 490 | 482 659 |
| Equity and liability | |||
| Share capital | 4 585 | 4 585 |
4 585 |
| Share premium reserve | 44 172 | 44 172 |
44 172 |
| Other equity | 350 435 | 278 968 |
318 934 |
| Total equity | 399 192 | 327 725 | 367 692 |
| Long-term debt | |||
| Lease obligations | 8 025 | 15 290 |
10 020 |
| Deferred income | 2 173 | 3 288 |
5 126 |
| Total long term debt | 10 198 | 18 578 | 15 145 |
| Short term debt | |||
| Accounts payable | 23 089 |
30 258 |
|
| Tax and social liabilities | 32 365 | 57 748 |
69 214 |
| 56 414 | |||
| Other short term debt | 1 373 | 350 | 350 |
| Total short term debt | 90 152 | 81 187 | 99 822 |
| TOTAL EQUITY AND LIABILITY | 499 542 | 427 490 | 482 659 |
| CHANGE IN EQUITY | 3/31/2023 | 3/31/2022 | 12/31/2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| Equity start of period | 367 692 | 306 052 |
306 052 |
| Result for the period | 25 666 | 23 725 |
113 973 |
| Dividend | - | - | (68 396) |
| Other | - | - | 5 404 |
| Changes in exchange rates | 5 834 | (2 052) |
10 658 |
| Equity end of period | 399 191 | 327 725 | 367 692 |
| CASH FLOW ANALYSIS | 3/31/2023 | 3/31/2022 | 12/31/2022 |
| 1 =NOK 1000 | |||
| Result for the period | 25 666 | 23 725 |
113 973 |
| Cash flow from operation | (25 019) | (1 262) |
584 |
| Cash flow from operation | 647 | 22 463 | 114 556 |
| Cash flow from investments | (2 246) | (2 222) |
(21 102) |
| Cash flow lease obligations | (1 771) | (1 788) |
(70 304) |
| Change in cash for the period | (3 370) | 18 453 |
23 150 |
| Cash at start of period | 152 641 | 129 490 |
129 490 |
| Cash by the end of period | 149 270 | 147 943 | 152 641 |
| GEOGRAPHIC SPLIT OF SALES IN NOK | Q1 2023 | Q1 2022 | FY 2022 |
| 1 =NOK 1000 | |||
| USA | 52 102 | 49 148 |
198 087 |
| Canada | 3 016 | 1 104 |
3 298 |
| Latin America | 548 | 375 | 2 223 |
| Total AMERICAS | 55 666 | 50 627 | 203 608 |
| China Japan |
13 796 | 4 738 6 753 |
37 154 25 601 |
| Rest of APAC | 6 278 3 652 |
1 779 |
16 245 |
| Total APAC | 23 726 | 13 270 | 79 000 |
| Europe | 28 156 | 27 633 |
124 812 |
| MEA | 935 | 2 830 |
8 684 |
| Total EMEA | 29 091 | 30 463 | 133 496 |
| Third party products | 20 778 | 21 769 |
75 833 |
| TOTAL SALES | 129 261 | 116 129 | 491 937 |
| GEOGRAPHIC SPLIT OF SALES IN NUMBER OF UNITS | Q1 2023 | Q1 2022 | FY 2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| AMERICAS | |||
| PPP and lease: | |||
| Flow procedures (PPP/card based) | 7 423 | 7 228 |
30 005 |
| Imaging and flow procedures (PPP/card based) | 2 960 | 2 228 |
10 713 |
| Flow systems (PPP or lease) | - | 3 | 4 |
| Flow and imaging systems (PPP or lease) | 2 | 2 | 4 |
| System sales and consumables: | |||
| Flow systems | 4 | 5 | 17 |
| Flow and imaging systems | 8 | 10 | 32 |
| Flow probes | 436 | 431 | 1 707 |
| Imaging probes | 14 | 17 | 60 |
| APAC | |||
| Flow systems | 29 | 13 | 75 |
| Flow and imaging systems | 8 | 6 | 34 |
| Flow probes | 754 | 590 | 3 296 |
| Imaging probes | 12 | 4 | 48 |
| EMEA | |||
| Flow systems | 11 | 15 | 57 |
| Flow and imaging systems | 8 | 8 | 35 |
| Flow probes | 880 | 1 155 |
4 943 |
| Imaging probes | 11 | 16 | 63 |
| TOTAL SALES IN UNITS | |||
| PPP and lease: | |||
| Flow procedures (PPP/card based) | 7 423 | 7 228 |
30 005 |
| Imaging and flow procedures (PPP/card based) | 2 960 | 2 228 |
10 713 |
| Flow systems (PPP or lease) | - | 3 | 4 |
| Flow and imaging systems (PPP or lease) | 2 | 2 | 4 |
| System sales and consumables: | |||
| Flow systems | 44 | 33 | 149 |
| Flow and imaging systems | 24 | 24 | 101 |
| Flow probes | 2 070 | 2 176 |
9 946 |
| Imaging probes | 37 | 37 | 171 |
| GEOGRAPHIC SPLIT OF SALES PER PRODUCT GROUP | Q1 2023 | Q1 2022 | FY 2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| AMERICAS | |||
| PPP and lease: | |||
| Flow procedures (PPP/card based) | 16 997 | 14 696 |
61 096 |
| Imaging and flow procedures (PPP/card based) | 9 820 | 6 968 |
32 693 |
| System sales and consumables: | |||
| Flow systems | 2 997 | 4 118 |
14 579 |
| Flow and imaging systems | 12 831 | 12 991 |
44 984 |
| Flow probes | 10 988 | 9 071 |
41 256 |
| Imaging probes | 2 034 | 2 783 |
9 000 |
| Total sales AMERICAS | 55 666 | 50 627 | 203 608 |
| APAC | |||
| Flow systems | 6 631 | 3 367 |
17 654 |
| Flow and imaging systems | 5 032 | 3 374 |
19 925 |
| Flow probes | 11 089 | 6 257 |
38 106 |
| Imaging probes | 974 | 272 | 3 315 |
| Total sales APAC | 23 726 | 13 270 | 79 000 |
| EMEA | |||
| Flow systems | 3 447 | 4 723 |
17 431 |
| Flow and imaging systems | 3 645 | 4 386 |
21 524 |
| Flow probes | 21 464 | 20 174 |
89 820 |
| Imaging probes | 535 | 1 181 |
4 721 |
| Total sales EMEA | 29 091 | 30 464 | 133 496 |
| TOTAL SALES | |||
| PPP and lease: | |||
| Flow procedures (PPP/card based) | 16 997 | 14 696 |
61 096 |
| Imaging and flow procedures (PPP/card based) | 9 820 | 6 968 |
32 693 |
| System sales and consumables: | |||
| Flow systems | 13 075 | 12 208 |
49 664 |
| Flow and imaging systems | 21 508 | 20 751 |
86 433 |
| Flow probes | 43 541 | 35 503 |
169 182 |
| Imaging probes | 3 542 | 4 235 |
17 036 |
| Total sales own products | 108 483 | 94 361 | 416 104 |
| Total sales third party products | 20 778 | 21 768 | 75 833 |
| TOTAL SALES | 129 261 | 116 129 | 491 937 |
| SPLIT OF SALES BETWEEN CARDIAC SURGERY, VASCULAR SURGERY AND 3RD PARTY PRODUCTS |
Q1 2023 | Q1 2022 | FY 2022 |
|---|---|---|---|
| 1 =NOK 1000 | |||
| Sales within Cardiac surgery | 89 973 | 79 125 |
346 550 |
| Sales within Vascular surgery | 18 510 | 15 235 |
69 554 |
| Sales of 3rd party products | 20 778 | 21 769 |
75 833 |
| TOTAL SALES | 129 261 | 116 129 | 491 937 |
| SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING PRODUCTS AND 3RD PARTY PRODUCTS |
Q1 2023 | Q1 2022 | FY 2022 |
| 1 =NOK 1000 | |||
| Flow products | 73 613 | 62 407 |
279 943 |
| Imaging products | 34 870 | 31 955 |
136 161 |
| Sales of 3rd party products | 20 778 | 21 768 |
75 833 |
| TOTAL SALES | 129 261 | 116 129 | 491 937 |
[email protected] www.medistim.com
Medistim ASA (Head office) Økernveien 94 0579 Oslo Norway Phone +47 23 05 96 60
Medistim ASA (Manufacturing) Bromsveien 17 3183 Horten Norway
Phone +47 33 03 17 26
0579 Oslo Norway Phone +47 23 03 52 50
Medistim Danmark ApS Søgade 16
4100 Ringsted Denmark Phone +45 23 800 300 Medistim USA Inc. 14000 25th Ave N. Ste. 108 Plymouth, MN 55447
USA Phone +1 763 208 9852
Medistim Deutschland GmbH Bahnhofstr. 32 82041 Deisenhofen Germany Phone +49 (0) 89 62 81 90 33
Calle Balmes 173, 4º, 2 08006 Barcelona, Spain Phone +34 911 238 318
Medistim UK Limited
34 Nottingham South Ind Est Ruddington Lane Wilford NG11 7EP Nottingham, UK Phone +44 (0) 115 981 0871
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