Medistim

Investor Presentation • Apr 25, 2023

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Welcome to Medistim ASA'sInterim report for the first quarter 2023

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Medistim ASA Q1 2023

April 25th ²⁰²³

PRESIDENT & CEOCFO

Kari E. Krogstad Thomas Jakobsen

3

Disclaimer

The information included in this Presentation contains 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, 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.

Table of Contents

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

01 Highlights

Highlights 1st Quarter

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

Number of units sold or leased:

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

Q1 2023 Q o Q Strong sales quarter due to favorable currency

15.0 % growth in sales of own products in NOK

• oImaging sales up 9.1 % in NOK, Flow sales up 18.0 % in NOK
• oVascular sales up 21.5 % in NOK, Cardiac sales up 13.7 % in NOK
• Third-party products down 4.5 %

Currency neutral total growth was 1.2%

• o Currency neutral growth for own products was 2.5%
• AMERICAS down 4.5 %
• EMEA down 12.4 %
• APAC up 64.0 %

Medistim goes direct in both Canada and China

EBIT margin at 25.9 % (28.8 %)

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

The General Assembly decided a dividend of NOK 4.50 per share (NOK 3.75)

02 Financial Statements

Profit and loss Q1 2023

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

Sales per Quarter (TNOK)

Balance sheet –Assets

• Cash position by end of the quarter was MNOK 149.3
• Securing end-of-life components and keeping security stocks explain the high inventory level

Increased customers receivables due to strong sales at the end of the quarter

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

Ba la he t nc e s e	3 1. 0 3. 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	1 2 4 4 7	1 2 4 4 7
O he i t ty r e q u	3 5 0 4 3 5	3 1 8 9 3 4
To ta l e i ty q u	3 9 9 1 9 2	3 6 7 6 9 2
To l lo de b ta te t ng rm	1 0 1 9 8	1 1 4 5 5
To ta l s ho t te de b t r rm	9 0 1 5 2	9 9 8 2 2
To ta l e i ty d l ia b i l i ty q u a n	4 9 9 5 4 2	4 8 2 6 5 9

Balance sheet –Equity and Liability

No interest-bearing debt

15.3 MNOK in obligations related to lease contracts where 8.0 MNOK is long term.

• Deferred revenue related to extended warranty amounted to 2.2 MNOK. Total long term debt of 10.2 MNOK
• Strong balance sheet with 80.0 % equity ratio

Dividend to be paid by 5th of May

03 Business segments update

Imaging systems in units (excl. PPP/leasing)

Imaging probes and systems in units

Both imaging systems and probes are at the same level as Q1 last year

Imaging probes in units (excl. PPP/leasing)

Flow probes and systems in units

Number of flow systems sold as capital equipment is up 33 % from Q1 last year

The total sale of systems (Flow and Flow-and-Imaging) sold as capital equipment shows an increase of 11 units this quarter (+19%)

After an extraordinary Q4, the number of flow probes is down 5% from Q1 last year

Flow systems in units (excl. PPP/leasing)

Flow probes in units (excl. PPP/leasing)

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

Revenue performance by region

• •In AMERICAS, revenues increased with 10 % in NOK, but declined by 4.5% currency neutral. In USA the currency neutral decline was 8%.
• In APAC, revenues increased with 79% in NOK and 64% currency neutral. The strong increase was related to the transition of our China business from a distributor to own sales organization. The former distributor closed several projects before their distribution rights ended on March 31st.
• In EMEA, revenues were down both in NOK by 4.5% and currency neutral by 12.4%. Europe shows 1.9% growth in NOK and declining 8.3% currency neutral.
• •3. Party sales down 4.5%.

Positive currency effects for 2023 vs 2022 was 11.8 MNOK.

Revenue performance by product category

M i l l N O K	Q 1 2 3	Q 1 2 2	Q Q o	2 0 2 2	2 0 2 1	Y o Y
Pr du ( U S A ) oc e res	2 6, 8	2 1, 7	% 2 3, 8	9 3, 8	1 1 1, 8	% 1 6, 1 -
F low be p ro s	4 3, 5	3 5, 5	% 2 2, 6	1 6 9, 2	1 1 5, 7	% 4 6, 2
F low ( M ira Q ) tem sy s s	1 3, 1	1 2, 2	7, 1 %	4 9, 7	5 1, 0	2, 6 % -
Im ing ( M ira Q ) tem ag sy s s	2 1, 5	2 0, 8	3, 6 %	8 6, 4	5 7, 9	4 9, 3 %
Im ing be ag p ro s	3, 5	4, 2	1 6, 4 % -	1 7, 0	7, 1	1 3 9, 3 %
3r d p ty ar	2 0, 8	2 1, 8	4, 5 % -	7 5, 8	7 4, 3	2, 0 %
To l r t a ev e nu e s	1 2 9, 3	1 1 6, 1	1 1, 3 %	4 9 1, 9	4 2 3 7,	1 1 % 5,

•Procedure sale in the USA: The number of procedures increased with 9.8 % and favorable currency explains the higher growth in NOK.

• Flow probes: The number of units sold was 4.9% lower than last year, related to inventory build-up in Q4-22. The increase in NOK is driven by currency and price increase.

• •Flow systems: The number of units sold was up 33%, but high level of sales through distributor channel (China/APAC) results in lower increase in NOK.
• • Imaging systems and probes: The number of units sold was the same as last year, and sales in NOK shows low growth for systems and decline for probes. The favorable currency effect was outweighed by higher sales through the distributor channel this year.
• •3r^d party products: 4.5 % decrease in sales for the quarter

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

• 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 8.0 % in Q1 – related to strong finish in 2022
• Total number of procedures was up 5.7 % in Q1 (counting PPP/Lease procedures and procedures from capital probe sales)
• o Flow procedures up 4.3 % to 17,107 procedures
• o Imaging procedures up 11.8 % to 4,390 procedures

Capital systems sales

o12 units this Q1 vs 15 last year

Keep winning new customers

o6 this Q1 vs 13 last year

23

Number of procedures per Quarter Q2 18Q3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 21Q2 21Q3 21Q4 21Q1 22Q2 22Q3 22Q4 22

18

(from PPP/Lease and Capital probe sales)

Build and strengthen position in Vascular surgery

Surgical guidance & quality assessment is needed in Vascular surgery as well

the MiraQ system is a versatile tool for multiple applications

l b l k f L t a r g e g o a m a r e o l V a s c u a r s u g e r y	r	l A i i t p p c a o n s	f k S i z e o e y k t m a r e s	l l d C i i n c a n e e s
		C E A s u r g e r y	2 5 0 0 0 0 >	d k f k d R i t e u c e r s o s r o e a n d h t e a f f I i t- t m p r o e c o s e e c e n e s s v v
l b l l k G i t o a v a s c u a r m a r e s d 9 0 0 0 0 0 > p r o c e u r e s l l a n n u a y		h l b P i e r p e r a y p a s s s u r g e r y		l f I -t t m p r o v e o n g e r m g r a t p a e n c y d A i i t t o a m p a o n v u
f l l 1. 5 B i i N O K > o n o f k i t t t m a r e o p p o r u n y o r d M i i t e s m		A V a c c e s s s u r g e r y	2 0 0 0 0 0 >	f S i t t e c u r e m a u r a o n o / f h l i t t s u n s u a d k f d R i i e c e r s o c a r a c u f l d h d h i i i a u r e a n a n s c e m a
		l L i t t v e r r a n s p a n s u r g e r y	3 0 0 0 0 > ( l b l l ) g o a y	f I t n c r e a s e s u c c e s s r a e o r a l d t c o s y p r o c e u r e

Growing the Vascular segment

2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 00020 000

• Growing 27% last year, we see 21.5% growth in Q1 vs last year, 8.8% currency neutral
• A larger market than the CABG market, growing due to an elderly population and the increase in diabetes, which is associated with increased risk of diseased blood vessels
• Medistim apply our proven strategies from the Cardiac market
• →Relationship building with KOLs; clinical collaborations and product development
• →Relationship building with Vascular societies; conferences and exhibitions

· Purpose: To compare the effectiveness of best available surgical treatment with best available endovascular treatment in adults with critical limb threatening ischemia (CLTI).	Primary Endpoints	Surgery	Endovasc	HR (95%CI)	p-value
· Trial Design: Randomized, prospective, interventional,	SSGSV available	$(n=709)$	$(n=711)$
parallel assignment, open label, multicenter (150), N= 1434. · Primary Endpoints: Time to major adverse limb event (MALE) or death, whichever occurs first in subjects with Single-Segment Great Saphenous Vein (SSGSV) available: time to major adverse limb event or death, whichever occurs. first in subjects without available SSGSV.	MALE or all cause death	302 (42.6%)	408 (57.4%)	0.68 (0.59, 0.79)	< 0.001
	Above-ankle amputation of the index limb	74 (10.4%	106 (14.9%)	0.73 (0.54, 0.98)	0.04
Secondary Endpoints: Time to re-intervention of the index	SSGSV not available	$(n=194)$	$N = 199$
leg, amputation of the index leg, or death, whichever occurs. first in subjects with or without available SSGSV.	MALE or all cause death	83 (42.8%)	95 (47.7%)	0.79 (0.58, 1.06)	0.12
· Key Takeaway: BEST-CLI does not support an "endovascular-first" approach to all patients with CLTI.	Above-ankle amputation of the index limb	29 (14.9%	28 (14.1%)	1.10 (0.65, 1.87)	0.72
	Results: Bypass surgery with adequate saphenous vein should be offered as a first line treatment option for suitable candidates with CLTI.

• Endovascular treatments dominate also in Vascular surgery – but new information may drive change:
• New study presented at the American Heart Association meeting 2022:

BEST CLI: What is the best surgical therapy in patients with Critical Limb Threatening Ischemia?

• → 1,434 patients, prospective, randomized, 150 sites
• 24→ BYPASS SURGERY […] SHOULD BE OFFERED AS A FIRST LINE TREATMENT OPTION FOR SUITABLE CANDIDATES WITH CLTI

Expand our direct market coverage

Going direct in Canada (press release 20.03.23)

• Medistim has a strong position in the Canadian CABG market already
• →18,000 CABG procedures per year, 37% supported by Medistim technology
• →38 cardiac centers, 15 are using Medistim technology
• →Prof Teresa Kieser, Calgary, long standing advocate and KOL
• →Medtronic has been our distributor for years
• →2022 revenues from the distributor was about 3 MNOK
• Medistim Canada Inc. formally established medio 2022
• →Sales reps in Ontario and Quebec, in addition to the west coast
• →Supported by Medistim USA Inc.
• Well positioned for further growth
• →Continue CABG growth
• →HFUS imaging adoption
• →Vascular targeting

Going direct in China (press release 03.04.23)

• Strong position in the Chinese CABG market already
• → >60,000 CABG procedures per year, about 70% supported by Medistim technology
• →Medistim is used in all top 10 cardiac centers
• → 2022 revenues from the former distributor was about 37 MNOK
• Medistim China formally established medio 2022
• →Own organization being established
• →Local 3rd party support team
• Well positioned for further growth
• →Continue CABG growth
• →HFUS imaging adoption
• →Vascular targeting

Opening of Medistim China with Consul General Hege Araldsen 29.3 in Guangzhou, Greater Bay Area

Capital Markets Day with Medistim

Capital Markets Day March 21st – key take homes

Grand Hotel, Oslo

Future of Cardiac bypass surgery Medistim in Vascular surgery Key take-homes

Prof. John D. Puskas,

Mount Sinai Health System, New York, USA

• Internationally recognized for his expertise in off-pump CABG and has performed more than 5000 off-pump procedures since 1996
• Global leader in the development of minimally invasive Hybrid Coronary Revascularization, which combines robotic bypass grafting with catheter-based stents in selected patients
• Lead investigator on the REQUEST study of TTFM and HFUS, published in 2020

Prof. Pirkka Vikatmaa, Helsinki University Hospital, Finland

• President of the Finnish Surgical Society
• Former board member of the European Society of Vascular Surgery (ESVS)
• Performing Peripheral Bypass surgery, Carotid Endarterectomy and other vascular and endovascular procedures

• Has performed 3-4000 procedures with Medistim's equipment

• "[Coronary bypass surgery] is the only surgical procedure devoted to combatting 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."

20 largest shareholders per 24th April

Na me	k Ra n	l d ing Ho	% In	( ) Co try t un p os	f a Ty t p e o cc ou n
A E T E R N U M C A P I T A L A S	1	0 1 8 6 2 5 0	1 0, 1 6 %	de Sw e n	d Or ina ry
Ø F L T E M A R K E N A S	2	0 1 2 8 5 0 0	7, 0 1 %	No rw ay	d Or ina ry
O O O V E R D I P A P I R F N D D I N N R D E N	3	0 2 0 0 0 0 1	6, % 5 4	No rw ay	Or d ina ry
F O L L U M I N V E S T A S	4	0 9 7 0 0 0	5, 2 9 %	No rw ay	d Or ina ry
k a d S S Ba Tr Co ta te tre t t e n n us m p	5	2 9 2 4 3 3	5, 0 4 %	d Un i S te ta te s	No ine m e
S U O A O S A O L A G E B E R P F N D M B	6	9 1 3 0 7 5	4, 9 9 %	Sw de e n	Or d ina ry
S W E D B A N K R O B U R S M A B O L A G S F O N D N O R D E	7	0 7 3 0 0 0	% 3, 9 8	d Un i S te ta te s	d Or ina ry
k a d S S Ba Tr Co ta te tre t t e n n us m p	8	3 6 6 7 9 5	3, 6 4 %	d Un i S te ta te s	No ine m e
l l O D I N Sm Ca a p	9	0 6 0 0 0 0	3, 2 7 %	No rw ay	d Or ina ry
S ka d ina is ka k i l da ke En Ba A B n v s n n	0 1	0 2 4 4 4 7	2, 0 % 4	k De nm ar	ine No m e
he he do T No Tr Co Lo Br t t r rn us m p, n n	1 1	5 4 3 3 5 4	2, 3 6 %	d do Un i K ing te m	No ine m e
S W E D B A N K R O B U R H E A L T H C A R E	1 2	0 4 2 5 0 0	2, 3 2 %	d Un i S te ta te s	d Or ina ry
S S k a d Co Ba Tr ta te tre t t e n n us m p	3 1	9 3 6 4 4 1	2, 2 9 %	i d S Un te ta te s	ine No m e
S E B N A N O C A P	1 4	1 4 1 4 0 1	% 2, 2 6	de Sw e n	d Or ina ry
S K A N D I N A V I S K A E N S K I L D A B A N K E N A B	1 5	3 4 0 4 6 0	2, 2 1 %	bo Lu xe m ur g	No ine m e
U A S B N E	1 6	6 3 8 1 8 7	2, 0 8 %	No rw ay	d Or ina ry
V E R D I P A P I R F O N D E T H O L B E R G N O R G E	1 7	4 3 4 6 7 5	% 1, 8 9	No rw ay	d ina Or ry
ba k R B C Inv ice S. A. to es r s er v s n	1 8	5 2 9 3 7 7	1, 6 0 %	lan d Ire	No ine m e
ka d ka k l da ke S ina is En i Ba A B n v s n n	1 9	4 2 7 5 2 3	1, 5 0 %	de Sw e n	No ine m e
i ba B N P Pa r s	2 0	2 2 7 1 3 5	% 1, 4 8	ly I ta	ine No m e

l lar To 2 0 ta t g es	1 3 2 6 0 8 8 0
l n be f s ha To ta um r o re s	1 8 3 3 7 3 3 6
2 0 lar ha f l in % t s to ta g es re o	2, 3 2 % 7