Earnings Release • Feb 26, 2021
Earnings Release
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2020 started off on a high note, with record sales in the first quarter, indicating that Medistim was on track to deliver its 10th consecutive year of profitable growth. But, due to the severe implications from the COVID-19 pandemic we ended the year with sales on par with 2019.
However, quickly adapting to the situation, Medistim found ways to manage the new challenges and ended the year with all-time-high operating profit and a strengthened cash position, confirming our market position and robust business model.
During this unprecedented year we experienced that hospitals all over the world, understandably, prioritized COVID-19 patients over elective surgeries.
Widespread travel- and hospital access restrictions limited marketing activities and delayed sales projects. This impacted demand for Medistim products in 2020. On-site presence for demonstrations and facilitation of clinical evaluations are critically important steps in our sales and purchasing process. We also normally rely on conferences and in-person meetings to promote our products and influence clinical practice.
On the other hand, through our efforts to adapt to this new situation we found new ways of cooperating and performing our business, ways that may provide great opportunities for us in the future.
To address the challenges, we did as many others in 2020; "we went digital". We quickly adapted to using digital platforms for conferences and meetings with our customers as well as suppliers, distributors, investors, and other stakeholders. Our experience is that it is possible to maintain close contact, exchange information, influence, and make business progress – all while saving cost and time by just becoming more efficient.
By applying digital communication platforms and remotely controlling our ultrasound systems, we were even able to give product demonstrations and end user training. This has opened new ways for developing future customer relations and support. And while we look forward to meeting people in person in 2021, we will continue to take advantage of these technology-enabled opportunities in the future.
Medistim's vision is to become standard-of-care in the operating room, all around the globe. In 2020, sales in all regions were impacted as the pandemic reduced surgical activity. This was offset by higher sales in Japan early in year following the MiraQ regulatory approval in late 2019 and favorable currency effects in Asia and Europe.
The U.S market continues to be the most important nearterm growth driver for the company. This was reflected in our team signing 25 new accounts in a challenging year and
underpins our expectation of renewed growth into 2021. Longer term, we expect emerging economies to increasingly contribute to Medistim's growth. The distributor agreement signed with LivaNova in 2020 for India is an important milestone in that respect.
The pandemic is not yet behind us. Still, we saw a decreasing impact on our business from the pandemic's initial onset in the second quarter as the year progressed. We expect to gradually move towards a more normal situation over the course of 2021 and resume more traditional customer interaction by balancing in-person and digital communication. The roll-out of mass vaccination will hopefully create herd immunity and enable societies to re-open and hospitals to attend to all patient groups. While there may be a backlog of postponed surgeries which provides an upside potential, the most important factor for us is that the need for Medistim's products has not diminished.
Our customers, cardiac and vascular surgeons, are experts in their fields. They are progressive, innovative and technology savvy in their desire to improve outcomes of surgery for their patients. The expectations they set for industry partners and medical equipment are growing and becoming increasingly sophisticated. For Medistim it means that we need to continue product and solution innovation.
We have therefore created a dedicated innovation team to maximize efficiency of prototyping and testing of new solutions and devices. Some of the team members have background from artificial intelligence and virtual reality and will challenge established thinking on how our devices should operate. We are excited to continue these efforts in 2021 and to bring innovation to our customers over the years to come.
Our employees are our most critical asset and the
protection of their health is our number one priority. We are relieved that the pandemic to date has not brought any serious health issues upon us.
With our 120 employees in Norway and international subsidiaries, supported by a distributor network in more than 60 countries, trusted business partners, long-term owners, and our board of directors; the Medistim team is well equipped to continue our journey of profitable growth.
February 2021 Kari E. Krogstad President and CEO
The financial report as per December 2020 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 2019.
(Comparative numbers for 2019 in parenthesis.)
Sales in the 4th quarter ended at MNOK 94.2 (MNOK 95.7). In NOK, there was growth in Europe while in the other geographical regions there was a decline in sale for the quarter. Sales in Europe grew by 19.3%, while sales in USA, Asia and "Rest of the world" were down 23.2%, 17.7% and 15.9%, respectively. Sales of own products in Europe was up by 12.1% and third party grew by 33.4%.
Sales for the full year ended at MNOK 363.1 (MNOK 363.7). There was growth in NOK of 12.0% in Asia, while the USA and "Rest of the world" were down by 7.1% and 24.2%, respectively. Europe was up in sales with 5.7% as a region, with sales of own products growing by 10.3% while third party products were at the same level as last year.
The reason for the overall lack of growth in sales seen in the 4th quarter and in 2020, was related to the COVID-19 pandemic and the hospitals' lowered capacity for elective surgical procedures. Both favorable currency and high sales of the recently approved MiraQ™ platform in Japan have helped to offset the decline in NOK.
To get a better understanding of the underlaying decrease in surgical procedure level in 2020, good measures are the reduction in number of procedures of about 10% in the USA and 13% outside of the USA. This corresponds reasonably well with the currency neutral revenue decline in own products of 7.3% for the year.
This decrease is not dramatic, and we see tendency of recovery, as the currency neutral decline in Q4 of 7.2% continues to drop from the 9.7% decline seen in Q3 and the 19.3% decline in Q2. With increasing effect of the global vaccination efforts, we expect to see further recovery going forward into 2021.
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 around 70% of total sales of own products. For 2020, the recurring sales represented 69%.
Sales of own products for the quarter amounted to MNOK 72.9 (MNOK 79.7). Sales of third party products ended at MNOK 21.2 (MNOK 15.9).
Sales of own products in 2020 amounted to MNOK 295.6 (MNOK 295.7). Sales of third party products ended at MNOK 67.5 (MNOK 68.1).
For sales of own products, MNOK 61.7 (MNOK 64.6) was within the cardiac segment and MNOK 11.2 (MNOK 15.1) was within the vascular segment for the quarter.
For 2020, sales of own products within the cardiac segment was MNOK 250.5 (MNOK 252.4) and MNOK 45.1 (MNOK 43.3) was within the vascular segment. Hence, the vascular segment represents 15.2% (14.6%) of sales of own products in 2020.
With the same rates as in 2019 sales would have amounted to MNOK 88.8 for the quarter, which represents a currencyneutral decline of 7.2%. Currency-neutral decline of own products was 15.3%, while third party products increased by 33.4% compared to last year.
For 2020 there was a currency-neutral decline of 6.1%. Currency-neutral decline of own products was 7.3%, while third party products was at the same level as last year.
Cost of goods sold (COGS) ended at MNOK 22.2 for the quarter (MNOK 19.8) and represents 23.6% of total sales (20.7%).
Cost of goods sold (COGS) ended at MNOK 76.6 for 2020 (MNOK 80.1) and represents 21.1% of total sales (22.0%).
Positive currency effects explain the decrease in COGS in percent of sales for both the quarter and for the year 2020.
Salaries and social expenses ended at MNOK 32.2 (MNOK 35.2) for the quarter. Other operating expenses amounted to MNOK 11.3 (MNOK 16.1) for the quarter.
Salaries and social expenses for the full year ended at MNOK 119.1 (MNOK 122.0). Other operating expenses amounted to MNOK 48.9 (MNOK 53.8) for 2020.
For the quarter, MNOK 4.7 (MNOK 3.3) was spent on research and development (R&D). During the quarter, MNOK 1.2 (MNOK 0.9) of the R&D expense was activated in the balance sheet.
The result before R&D, depreciation and write-offs was MNOK 31.9 (MNOK 26.9). This equals a margin of 33.9% (28.2%).
For 2020, MNOK 16.5 (MNOK 12.4) was spent on research and development (R&D). In 2020, MNOK 1.9 (MNOK 4.6) of the R&D expense was activated in the balance sheet. The result before R&D, depreciation and write-offs was MNOK 133.1 (MNOK 115.6). This equals a margin of 36.6% (28.5%).
Operating profit before depreciation and write-offs (EBITDA) for the quarter ended at MNOK 28.4 (MNOK 24.5). The result before tax and finance (EBIT) ended at MNOK 22.1 (MNOK 19.7).
For 2020, operating profit before depreciation and write-offs (EBITDA) ended at MNOK 118.6 (MNOK 107.8). The result before tax and finance (EBIT) ended at MNOK 95.5 (MNOK 89.8), which is the best EBIT result ever.
Net finance ended negative with MNOK 2.2 for the quarter (positive MNOK 0.4). For 2020 net finance ended negative with MNOK 3.9 (Positive MNOK 1.3). Net finance was related to realized and unrealized gains or losses related to currency, hedging contracts, cash in USD and EUR and customer receivables.
The result before tax was MNOK 19.9 (MNOK 20.2) for the quarter. The result after tax for the quarter was MNOK 13.9 (MNOK 15.5). For 2020, result before tax ended at MNOK 91.6 (MNOK 91.0). Result after tax ended at MNOK 69.4 MNOK (MNOK 70.3).
The result per share for the quarter was NOK 0.75 (NOK 0.85). The result per share year for 2020 was NOK 3.81 (NOK 3.87). Average number of shares outstanding was 18,200,391 (18,188,836) at the end of December 2020.
Equity by the end of 2020 was MNOK 256.8 (MNOK 236.9). This equals an equity ratio of 74.% (70.5%).
The balance sheet ended at MNOK 345.8 from MNOK 336.1 at the beginning of the year.
Cash from operations at year end, ended at MNOK 74.3 despite the increase in inventory. The cash position at the end of December ended at MNOK 71.9. The company had MNOK 10.6 in interest-bearing debt and MNOK 30.1 in obligations related to lease contracts that are recognized in the balance sheet according to IFRS 16.
The growth in sales of own products in Europe was driven by strong system sales in Nordic with 46% growth from replacing old installations. There was also a solid growth in UK with 30% growth in sales. Medistim had modest sale in UK in 2019 and despite COVID 19. 3 ultrasound imaging systems where sold. 2020 was a good year for Medistim in Russia. Installed base continued to increase and solid probe sales resulted in a 75% growth in sales compared to 2019.
Medistim offers several business models in the USA, including sales of procedures, leasing, and capital sales.
For the quarter, sales ended at MNOK 26,9, a decrease by 23.2% in NOK. Currency neutral sales decreased with 27.8%. Similar for 2020, sales ended at MNOK 126,4, a decline of 7.1% in NOK. Currency neutral decline was 12.6%. The decline for the quarter and the year is due to the COVID 19 situation. However, even with limited access to hospitals the number of new customers in 2020 was 25.
For the quarter, a total of 13,899 procedures were sold, compared to last year's 15,625. 1,935 (2,818) were imaging procedures and 11,964 (12,834) flow procedures. Capital sales were 3 (8) units.
For 2020, a total of 56,059 procedures were sold, compared to last year's 62,439. 8,803 (10,233) were imaging procedures and 47,256 (52,206) flow procedures. Capital sales were 26 (33) units.
Number of procedural sales per quarter in the USA
In the USA, about 70% 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 U.S. market. So far, Medistim has achieved a market penetration of about 23% of the total market of approximately 200,000 bypass surgery procedures performed annually. Medistim has a market penetration of > 80% in Germany, Scandinavia and Japan. Medistim expects that the market penetration in the USA will develop in the same manner over time.
Asia saw a 17.7% decline in sales for the quarter. However, for 2020 sales increased with 12.0% compared to last year. The sales increase was mainly driven by Japan, where system sales showed strong growth in the first half, after the introduction of MiraQ in late 2019.
Medistim signed a Distributor Agreement with LivaNova for distribution of Medistim products in India by end of the quarter. With its population size of about 1,4 billion, India is a large and emerging market for Medistim's ultrasound devices. Today, about 100,000 coronary bypass (CABG) procedures are performed in India annually, representing a market size of about half of the USA. The disproportionally low number of procedures compared to population size, as well as the growth in the general economy and health care investments, are expected to drive higher growth in CABG procedures in this market compared to the developed, western world. Hence, India is an important market for Medistim's long term strategy and growth.
As the cost of a CABG procedure in India is significantly lower than in many other markets, Medistim has a 2-tier product strategy in this market, offering both a lower-priced entry-level flowmeter, as well as a high-end portfolio with high frequency ultrasound imaging (HFUS) as an additional option.
As of January 1st, 2021, LivaNova will represent Medistim in India, through its Cardiovascular business unit. LivaNova is a globally operating medical device manufacturer with a strong foothold in cardiac surgery. They are a market leader within heart-lung machines, hence targeting the same target customers as Medistim's intraoperative ultrasound devices. LivaNova has already proven to be a strong partner for Medistim in Australia.
Medistim has decided to go to market with special configuration of MiraQ for an entry-level alternative for price sensitive markets. The SonoQ products will be faced out. The decision is made due to the ever-increasing regulatory burden and cost of keeping two product families in parallel. With this change, Medistim will be able to continue to pursue their strategy and serve customers in India together with their new distributor, LivaNova, as planned, but at a lower total cost for Medistim.
Sales in 'Rest of the World' decreased from MNOK 3.0 to MNOK 2.5 for the quarter and for 2020 sales declined from 21.9 MNOK to 16.7 MNOK. In total, these are small markets with wide variations from quarter to quarter.
The company aims to develop products to meet surgeons' growing need for quality control of heart bypass surgery, peripheral vascular surgery and transplant surgery. Our vision is that Medistim's solutions shall represent the "standard of care" for clinical practice and that blood flow measurements and intraoperative ultrasound imaging are performed on all patients.
Medistim's focus is to strengthen the company's ability to effectively commercialize its product portfolio on a global basis. One of the key tasks to achieve this is closer contact with customers through a strengthened sales and marketing organization. Another important task is to produce enhanced clinical documentation and focus on putting blood flow measurements, ultrasound imaging, surgical guidance and quality assurance on the agenda of medical associations and in other relevant forums and channels.
Continuous technology and product development will secure Medistim's products and leading position within cardiac surgery in the future. The company also has ambitions to build and develop a similar position within vascular and transplant surgery.
On a global basis, more than 700,000 heart bypass surgeries are performed each year. The U.S. represents the largest market for Medistim's products, with 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 the BRICS countries (Brazil, Russia, India, China and South Africa). 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. Total market size within cardiac surgery is estimated to be NOK 2 billion annually. The imaging functionality makes MiraQTM relevant in other cardiac surgeries and not just bypass surgery. Medistim estimates this potential to be NOK 1 billion.
In addition, the company has a significant potential within the global vascular market, which is estimated to be about 600,000 vascular procedures annually. Total market size within vascular surgery is estimated to be over NOK 1 billion.
The 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 measures 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 flow meters 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 3,000 systems in more than 60 countries. The equipment is used today in about 33% 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 7% of the procedures performed. This means that in about 60% 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 MiraQTM platform, the company has acquired a new 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 2020, a 10% change in the exchange rate against USD and EUR would result in an 8.1% change in sales and a 13.7% change in operating result. The company partly secures its positions with hedging contracts.
The fourth quarter results continue to show a negative effect of the COVID-19 pandemic, as the total currency neutral sales revenues was down by 7.2%. Although the pandemic affects the US quite hard in the 4th quarter with a 27.8% decline in USD compared to same quarter in 2019, the negative impact on the global business is less than in the second and third quarter.
Due to lower operating costs from no travelling, conferences, and general cost containment, Medistim reports an EBIT result that is better both for the fourth quarter and for 2020 compared to last year. Cash flow from operation was a solid MNOK 74.3 and the cash position was MNOK 71.9 after a dividend of MNOK 50.1 was paid in the fourth quarter.
While Medistim has been affected by the COVID 19 situation, the company have been able to deliver solid profit and cash flow. The need for Medistim's products has not changed, hence the expectation is that it is only a matter of time before cardiac bypass surgeries are back to normal.
The situation is being continuously monitored, contingency plans are in place and the level of measures are being adjusted as appropriate.
The company had 136,500 Medistim shares by the end of December 2020. The shares were purchased at a price per share of NOK 14.70. The share price was NOK 250.00 per share at the end of the quarter. For comparison, entering 2020 the share price was NOK 192.00 per share.
The number of shares sold in the fourth quarter of 2020 totaled 1,682,473. The five largest shareholders were Intertrade Shipping AS with 2,000,000 shares, Salvesen & Thams Invest AS with 1,862,500 shares, Odin Fondene with 1,800,000 shares, State Street Bank with 1,171,599 shares and SEB Europafond with 1,040,407 shares.
Due to the COVID 19 situation, The Board of Directors received an authorization on the Annual General Meeting to resolve a dividend based on the financial statements for the financial year 2019. Payment of dividend was revaluated at the October 21st board meeting. Based upon the development and a positive future outlook for Medistim, the
Board of Directors decided to pay out the previously proposed dividend in full, NOK 2.75 per share. The shares were traded ex dividend the 22nd of October 2020. The dividend was paid out on the 4th of November 2020.
The Board will suggest to the General meeting a dividend of NOK 3.00 per share based upon the 2020 results.
Sales per quarter in TNOK Operating profit per quarter in TNOK
Dividend per share in NOK
Oslo, February 26th, 2021, Board of Directors and CEO of Medistim ASA
Sign. Sign. Sign.
Øyvin A. Brøymer Tove Raanes Bjørn M. Wiggen Chairman Board member Deputy Chairman
Board member Board member CEO
Sign. Sign. Sign.
Siri Fürst Lars Rønn Kari Eian Krogstad
| Profit & loss | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
|---|---|---|---|---|
| All numbers in NOK 1000 | ||||
| Sales | 94 184 | 95 672 | 363 133 | 363 723 |
| Cost of goods sold | 22 232 | 19 836 | 76 577 | 80 138 |
| Salary and sosial expenses | 32 177 | 35 184 | 119 066 | 122 016 |
| Other operating expenses | 11 348 | 16 103 | 48 865 | 53 790 |
| Total operating expenses | 65 756 | 71 123 | 244 508 | 255 944 |
| Opr. res.before. depr. and write offs | 28 429 | 24 549 | 118 626 | 107 778 |
| Opr. res before depr and write off % | 30,18 % | 25,66 % | 32,67 % | 29,63 % |
| Depreciation | 6 293 | 4 796 | 23 141 | 18 010 |
| Operating result | 22 136 | 19 753 | 95 484 | 89 768 |
| EBIT % | 23,50 % | 20,65 % | 26,29 % | 24,68 % |
| Financial income | 1 433 | 7 888 | 14 137 | 6 649 |
| Financial expenses | 3 648 | 7 492 | 18 015 | 5 373 |
| Net finance | (2 216) | 397 | (3 878) | 1 276 |
| Pre tax profit | 19 920 | 20 150 | 91 606 | 91 044 |
| Tax | 6 352 | 4 662 | 22 219 | 20 738 |
| Result | 13 568 | 15 488 | 69 387 | 70 306 |
| Dividend | 50 052 | - | 50 052 | 40 925 |
| Comprehensive income | ||||
| Result after tax | 13 568 | 15 488 | 69 387 | 70 306 |
| Exchange differences arising | ||||
| on translation of foreign operations | (6 490) | (2 626) | (965) | (87) |
| Total comprehensive income | 7 078 | 12 862 | 68 422 | 70 219 |
| Key figures | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
| Equity share | 74,27 % | 70,47 % | 74,27 % | 70,47 % |
| Earnings per share | 0,75 | 0,85 | 3,81 | 3,87 |
| Split of operating | ||||
|---|---|---|---|---|
| result per segment | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
| All numbers in NOK 1000 | ||||
| Res from Medistim products | 18 410 | 17 111 | 86 334 | 79 883 |
| Margin Medistim products | 25,24 % | 21,46 % | 29,21 % | 27,02 % |
| Res from 3. party products | 3 726 | 2 642 | 9 150 | 9 885 |
| Margin 3. party products | 17,54 % | 16,60 % | 13,55 % | 14,52 % |
| Totalt result | 22 136 | 19 753 | 95 484 | 89 768 |
| Margin | 23,50 % | 20,65 % | 26,29 % | 24,68 % |
Earnings per share diluted 0,74 0,85 3,80 3,86 Average shares outstanding in 1000 18 200 18 188 18 200 18 188 Average shares outstanding in 1000 diluted 18 237 18 222 18 237 18 222
| Balance sheet | 31.12.2020 | 31.12.2019 |
|---|---|---|
| All numbers in NOK 1000 | ||
| Assets | ||
| Intangible assets | 33 463 | 40 773 |
| Fixed assets | 66 570 | 66 835 |
| Total tangible and fixed assets | 100 033 | 107 608 |
| Inventory | 112 667 | 90 070 |
| Customers receivables | 57 485 | 62 188 |
| Other receivables | 3 744 | 9 497 |
| Cash | 71 891 | 66 745 |
| Total current assets | 245 787 | 228 501 |
| Total assets | 345 820 | 336 109 |
| Equity and liability | ||
| Share capital | 4 585 | 4 585 |
| Share premium reserve | 44 172 | 44 172 |
| Other equity | 208 089 | 188 104 |
| Total equity | 256 846 | 236 861 |
| Long term debt | ||
| Lease obligations | 21 652 | 22 683 |
| Deferred income | 265 | 618 |
| Other long term debt | 7 580 | 4 500 |
| Total long term debt | 29 497 | 27 801 |
| Total short term debt | 59 477 | 71 447 |
| Total equity and liability | 345 820 | 336 109 |
| Net interest bearing debt | (19 450) | (15 528) |
| Change in equity | 31.12.2020 | 31.12.2019 |
| All numbers in NOK 1000 | ||
| Equity start of period | 236 861 | 206 712 |
| Result for the period | 69 387 | 70 306 |
| Dividend | (50 052) | (40 925) |
| Medistim shares | 1 615 | 854 |
| Changes in exchangerates Equity end of period |
(965) 256 846 |
(87) 236 861 |
| Cash flow analysis | 31.12.2020 | 31.12.2019 |
| All numbers in NOK 1000 | ||
| Result for the period | 69 387 | 70 306 |
| Other cash flow from operation | 4 946 | 10 075 |
| Cash flow from operation | 74 333 | 80 380 |
| Investments | (10 639) | (13 682) |
| Cash flow from financing | (58 549) | (47 444) |
| Change in cash for the period | 5 145 | 19 254 |
| Cash at start of period | 66 745 | 47 491 |
| Cash by the end of period | 71 891 | 66 745 |
| Geographic split of sales | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
|---|---|---|---|---|
| All numbers in NOK 1000 | ||||
| USA | 26 974 | 35 135 | 126 408 | 136 094 |
| Asia | 8 844 | 10 743 | 46 811 | 41 790 |
| Europe | 55 841 | 46 790 | 173 263 | 163 863 |
| Rest of the world | 2 525 | 3 004 | 16 651 | 21 975 |
| Total sales | 94 184 | 95 672 | 363 133 | 363 723 |
| Geographic split | ||||
| of sales in number of units | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
| USA | ||||
| Procedures flow measurement only | 11 964 | 12 834 | 47 256 | 52 206 |
| Procedures imaging | 1 935 | 2 818 | 8 803 | 10 233 |
| Capital sales MiraQ flowmeasurement instrument | 2 | 1 | 14 | 14 |
| Capital sales MiraQ imaging and flowmeasurement instrument | 1 | 7 | 12 | 19 |
| Lease flow instrument | 3 | 3 | 10 | 6 |
| Lease imaging and flow instrument | 3 | 5 | 3 | 13 |
| Asia | ||||
| MiraQ and VeriQ flowmeasurement instrument | 9 | 18 | 63 | 40 |
| MiraQ and VeriQC imaging and flowmeasurement instrument | 3 | 1 | 19 | 25 |
| Imaging probes | 1 | 3 | 26 | 28 |
| Flowmeasurement probes | 463 | 655 | 1 693 | 1 909 |
| Europe | ||||
| MiraQ flowmeasurement instrument | 22 | 21 | 52 | 54 |
| MiraQ imaging and flowmeasurement instrument | 9 | 6 | 19 | 20 |
| Imaging probes | 16 | 10 | 36 | 25 |
| Flowmeasurement probes | 1 167 | 1 093 | 3 943 | 4 269 |
| Rest of the world | ||||
| MiraQ flowmeasurement instrument | (1) | - | 9 | 8 |
| MiraQ imaging and flowmeasurement instrument | 1 | 2 | 9 | 15 |
| Imaging probes | 5 | 4 | 13 | 25 |
| Flowmeasurement probes | 138 | 150 | 582 | 1 012 |
| Total sales outside the US in units | ||||
| Number of MiraQ and VeriQ flow instruments outside USA | 30 | 39 | 124 | 102 |
| MiraQ and VeriQC imaging and flow instruments | 13 | 9 | 47 | 60 |
| Total number of imaging probes | 22 | 17 | 75 | 78 |
| Total number of flowmeasurement probes outside USA | 1 768 | 1 898 | 6 218 | 7 190 |
| Split of sales per segment | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
| All numbers in NOK 1000 | ||||
| USA | ||||
| Procedural revenue flow | 17 870 | 21 836 | 75 484 | 83 185 |
| Procedural revenue Imaging and flow | 5 489 | 6 414 | 23 892 | 23 540 |
| Capital sales MiraQ flowmeasurement instruments | 2 796 | 57 | 12 022 | 9 852 |
| Capital sales MiraQ imaging and flowmeasurement instrument | 819 | 6 828 | 15 011 | 19 517 |
| Outside USA | ||||
| MiraQ and VeriQ flowmeasurement instrument | 10 683 | 8 481 | 35 225 | 23 047 |
| MiraQ and VeriQC imaging and flowmeasurement instrument | 9 149 | 4 897 | 29 179 | 29 725 |
| Imaging probes | 1 291 | 1 052 | 5 219 | 5 000 |
| Flowmeasurement probes | 22 831 | 26 601 | 92 626 | 94 985 |
| Other | 2 016 | 3 588 | 6 927 | 6 809 |
| Total sale of Medistim prod. | 72 944 | 79 754 | 295 585 | 295 660 |
| Sale of 3. party products | 21 240 | 15 919 | 67 549 | 68 063 |
| Total sales | 94 184 | 95 673 | 363 134 | 363 723 |
| Split of sales between coronary | ||||
| and vascular surgery and 3 party products | 4. quarter 20 | 4. quarter 19 | 2020 | 2019 |
| All numbers in NOK 1000 | ||||
| Sales within coronary surgery | 61 703 | 64 636 | 250 482 | 252 371 |
| Sales within vascular surgery | 11 241 | 15 118 | 45 102 | 43 289 |
| Sales of 3. party products | 21 240 | 15 919 | 67 549 | 68 063 |
| Total sales | 94 184 | 95 673 | 363 133 | 363 723 |
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