Medistim

Interim / Quarterly Report • Aug 14, 2020

• Sales for the quarter ended at MNOK 82.5 (MNOK 93.8), a decrease of 12.2%. Sales for the 1st half ended at MNOK 185.6 (MNOK 182.5), a 1.7 % increase
• Currency neutral sales of own products was down 20.3% for the quarter, driven by the COVID-19 pandemic, particularly in the U.S.

• Operating result (EBIT) for the quarter ended at MNOK 27.7 (MNOK 30.9) a 10.3% decrease. Operating result for the 1st half ended at MNOK 52.5 (MNOK 50.8), an 3.3% increase. This is the best operating result for the first half ever

• Medistim increased its cash position since year end with MNOK 35.8. Cash by the end of the quarter was MNOK 102.5. Payment of dividend will be evaluated at the October board meeting

• So far, Medistim's internal operations and employees have not been affected by the COVID 19
• The CIDAC study was published and supports the use of Medistim's equipment to improve outcomes during Carotid Endarterectomy

COMMENTS FROM CEO KARI E. KROGSTAD

As stated in the first quarter report, we anticipated that negative effects on sales revenues would be likely, as hospitals all over the world reported that the need to treat COVID-19 patients was taking priority over elective surgeries. A reduced activity level in the operating room over time would negatively affect sales of consumables, and as some hospitals had also implemented access restrictions, delays in new sales projects could also be anticipated.

The second quarter results do show a negative effect of the COVID-19 pandemic, as the total sales revenues was down by 12.1%. However, due to lower operating costs from no travelling, conferences and general cost containment, we are pleased to report our third best EBIT result ever, at MNOK 27.7 corresponding to a margin of 33.6%. Cash flow from operation was a solid MNOK 40.6, increasing our cash position to MNOK 102.4.

The U.S. market was hit hard this quarter, ending up with sales down by 28% in NOK. This effect is consistent with the news flow from the pandemic development and trending in this country. Not only were hospitals reallocating their resources and capacity towards COVID-19 treatment during the first phase of the pandemic, but as capacity has been increasing and hospitals are again able to receive patients for surgery, there has been a lack of patients seeking medical care altogether. It is believed that this is due to both the misconception that treatment capacity is still lacking, but also that patients avoid seeking hospital care due to the fear of getting contaminated by the virus. Care takers are currently encouraging patients to seek medical care and hopefully, this will have the intended effect of bringing patients back to the hospitals.

While all geographical regions have, as anticipated, been affected by the pandemic, Europe had 5% growth while the RoW region showed 63% growth in NOK of own

products. When considering sales in regions covered by distributors, we always need to take into account that this B2B business does not always reflect the actual situation at the end users, and clearly, several of our largest markets, like Spain, Italy and our direct market Germany, have all been significantly affected as well.

Going forward, as the pandemic has not yet burnt out, we need to brace for another time period with lower number of surgeries being performed compared to normal. To what extent continue to be difficult to predict. Many countries are struggling with the right balance of opening up their societies while keeping control, and the situation is still volatile. A consequence of leaving serious medical conditions such as heart disease and risk of stroke untreated for too long is increasing number of deaths from heart conditions outside of the hospitals. Evidence shows that

this has happened, and that there are strong forces now working to avoid this from continuing.

Meanwhile, we are happy that our employees have continued to stay healthy, our component supply chain is still intact and our operations, including production, are running as normal. We will continue to monitor the situation, containing our costs and focus on customer support wherever we can, while we prepare for future growth of our products.

13th August 2020 Kari E. Krogstad President and CEO

2nd quarter and 1st half report for 2020

The financial report as per June 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.

FINANCIAL DEVELOPMENT

(Comparative numbers for 2019 in parenthesis)

Sales and geographic split

Sales in the 2nd quarter ended at MNOK 82.5 (MNOK 93.8). In NOK, there was growth in the "Rest of the World", while in the other geographical regions there was a decline in sale for the quarter. Sales in "Rest of the World" grew by 62.6%, while sales in the U.S, Asia and Europe were down 27.8%, 20.1% and 4.4%, respectively. The reason for the decline in sales in general was related to the COVID19 pandemic. Hospitals were focusing on treating virus infected patients and postponing elective surgical procedures. The effect was strongest in the U.S., which is Medistim's largest market.

Sales for the 1st half increased with 1.7% and ended at MNOK 185.6 (MNOK 182.5). There was a growth of own products measured in NOK in Europe and Asia with 5.1% and 60% respectively. In the U.S and "Rest of the world", there was a 9.1% and 9.3% decrease respectively.

Split between recurring sales and capital sales in TNOK

Sales of Medistim's own products can be split into capital sales of systems and repeating sales of probes, smartcards and lease revenue, which is defined as recurring revenue. In recent years, recurring sales were around 70% of total sales of own products. For the 1st half, the recurring sales represented 68.2%.

Split of own products and third party products

Sales of own products for the quarter amounted to MNOK 66.0 (MNOK 74.3). Sales of third party products ended at MNOK 16.5 (MNOK 19.5). Activities at Norwegian hospitals were lower than normal for the quarter due to the priority placed on COVID-19 patients, affecting the third party products as well as Medistim's own products.

Sales of own products for the 1st half amounted to MNOK 153.6 (MNOK 144.2). Sales of third party products ended at MNOK 32.0 (MNOK 38.3).

Split of sales between Cardiac and Vascular segment

For sales of own products, MNOK 55.2 (MNOK 65.5) was within the cardiac segment and MNOK 10.8 (MNOK 8.7) was within the vascular segment for the quarter. Similar for the 1st half, sales of own products within the cardiac segment was MNOK 129.2 (MNOK 125.5) and MNOK 24.4 (MNOK 18.6) was within the vascular segment. Hence, the vascular segment represents 15.9% of sales of own products (12.9%) in the 1st half.

Currency effect

With the same rates as in 2020 sales would have amounted to MNOK 75.7 for the quarter, which represents a currencyneutral decline of 19.3%. Currency-neutral decline of own products was 20.3%, while third party products declined by 15.5% compared to last year.

Similar for the 1st half was a currency-neutral decline of 7.0%. Currency-neutral decline of own products was 4.5%, while third party products declined by 16.6% compared to last year.

Cost of goods sold

Cost of goods sold (COGS) ended at MNOK 15.9 for the quarter (MNOK 21.1) and represents 19.3% of total sales (22.5%).

Cost of goods sold (COGS) ended at MNOK 39.0 for the 1st half (MNOK 41.8) and represents 21.0% of total sales (22.9%). The higher level of sales of own products explains the decrease in COGS in percent of sales for both, the quarter and the 1st half.

Salary, social and other operating expenses

Salaries and social expenses ended at MNOK 22.4 (MNOK 23.6) for the quarter. Other operating expenses amounted to MNOK 10.9 (MNOK 13.8) for the quarter. Salaries and social expenses for the 1st half ended at MNOK

55.7 (MNOK 54.7). Other operating expenses amounted to MNOK 27.3 (MNOK 26.4) for the 1st half.

The decrease in expenses in the second quarter is related to reduced activity because of the COVID 19 situation. Reduced sales results in lower bonuses and commissions. Further, travel restrictions and canceled exhibitions has resulted in reduced other operating expenses.

R&D expenses

For the quarter, MNOK 3.0 (MNOK 1.9) was spent on research and development (R&D). The result before R&D, depreciation and write-offs was MNOK 35.6 (MNOK 35.2). This equals a margin of 43.2% (35.7%). During the quarter, MNOK 0.7 (MNOK 1.9) of the R&D expense was activated in the balance sheet.

For the 1st half, MNOK 8.0 (MNOK 5.7) was spent on research and development (R&D). The result before R&D,

depreciation and write-offs was MNOK 70.9 (MNOK 62.4). This equals a margin of 38.2% (34.2%). During the 1st half, MNOK 0.7 (MNOK 2.9) of the R&D expense was activated in the balance sheet.

Earnings

Operating profit before depreciation and write-offs (EBITDA) for the quarter ended at MNOK 33.3 (MNOK 35.2). The result before tax and finance (EBIT) ended at MNOK 27.7 (MNOK 30.9).

For the 1st half operating profit before depreciation and writeoffs (EBITDA) ended at MNOK 63.6 (MNOK 59.6). The result before tax and finance (EBIT) ended at MNOK 52.5 (MNOK 50.8).

Net finance ended negative with MNOK 2.2 for the quarter (negative MNOK 0.8). Similar for the 1st half was net finance ended positive with MNOK 0.5 (Negative MNOK 0.6). 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 25.5 (MNOK 30.1) for the quarter. The result after tax for the quarter was MNOK 20.3 (MNOK 22.1). For the 1st half, result before tax ended at MNOK 53.0 (MNOK 50.3). Result after tax ended at MNOK 41.4 MNOK (MNOK 38.1).

The result per share for the quarter was NOK 1.11 (NOK 1.22). The result per share for the 1st half was NOK 2.27 (NOK 2.09). Average number of shares outstanding was 18,200,169 (18,188,836) at the end of June 2020.

Balance sheet

Equity by the end of June was MNOK 286.1 (MNOK 202.4). This equals an equity ratio of 77.7% (78.3%).

The balance sheet ended at MNOK 368.3 from MNOK 336.1 at the beginning of the year.

Cash from operations for the period was strong, ending at MNOK 40.6. The cash position at the end of June ended at MNOK 102.4. The company had MNOK 6.0 in interestbearing debt and MNOK 25.7 in obligations related to lease contracts that are recognized in the balance sheet according to IFRS 16.

OPERATIONAL STATUS

Europe

In Europe for the quarter, sales of own products ended at MNOK 24.2, an increase of 5.1% compared to last year. Sales of third party products ended at MNOK 16.5, a decrease of 15.5%.

For the 1st half sales of own products ended at MNOK 49.5, an increase of 16.3% compared to last year. Sales of third party products ended at MNOK 32.0, a decrease of 16.6%. The increase in sales of own products for the quarter was driven by direct sales and favorable currency. Favorable currency contributed MNOK 2.3 (9.8%) to the growth for the quarter and MNOK 4.6 (10.8%) for the 1st half.

USA

Medistim offers several business models in the USA, including sales of procedures, leasing and capital sales.

For the quarter, sales declined by 27.8% in NOK. Currency neutral sales declined with 36.2%. Similar for the 1st half was a decline of 9.1% in NOK. Currency neutral decline was 19.7%. The decline is related to the COVID 19 situation.

For the quarter, a total of 12,514 procedures were sold, compared to last year's 17,267. 2,287 (2,532) were imaging procedures and 10,227 (14,735) flow procedures. Capital sales were 4 (10) units.

For the 1st half, a total of 27,561 procedures were sold, compared to last year's 32,512. 4,850 (5,030) were imaging procedures and 22,711 (27,482) flow procedures. Capital sales were 14 (21) units.

In the U.S., 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 220,000 bypass surgery procedures performed annually. Medistim has a market

penetration of about 80% in Germany, Scandinavia and Japan. Medistim expects that the market penetration in the U.S. will develop in the same manner over time.

Asia

Asia saw a 20% decline in sales for the quarter. However, for the 1st half sales increased with 60% compared to last year. The sales increase was mainly driven by Japan, where system sales showed strong growth after the introduction of MiraQ in late 2019.

Sales of flow systems in Asia increased from 6 units to 16 units, while sales of the combined flow and imaging solution declined from 7 to 2 units for the quarter. For the 1st half flow systems increased from 13 to 41 units while the combined flow and imaging solution declined from 14 to 12 units.

Probe sales also showed strong growth and increased by 18.6% for the 1st half, driven by inventory build-up at the distributor for China. As probes manufactured at the new production facility could not be sold in China until updated certificates was obtained, probes produced at the former manufacturing facility had to be used to secure delivery. However, late in the second quarter the certificates for the new manufacturing site was obtained.

Rest of the World

Sales in 'Rest of the World' increased from MNOK 4.4 to MNOK 7.2 for the quarter and for the 1st half sales declined from 13.2 MNOK to 12.0 MNOK. In total, these are small markets with wide variations from quarter to quarter.

Publication of the REQUEST study in The Journal of Thoracic and Cardiovascular Surgery

During the 1st half the REQUEST study was published as a paper in the Journal of Thoracic and Cardiovascular Surgery (JTCVS).

The REQUEST study was a multicenter, prospective study among seven international centers performing coronary artery bypass grafting procedures. The primary endpoint was any change in the planned surgical procedure. Major secondary endpoints consisted of the rate and reason for surgical changes related to the aorta, in situ conduits, coronary targets, and completed grafts, and the rate of inhospital mortality and major morbidity.

1,016 patients were included in the final analyses. Surgical changes related to the aorta, conduits, coronary targets, and anastomosis were made in 25% of patients. This was associated with low operative mortality and low major morbidity. The authors concluded that "transit-time flow measurement (TTFM) and high-frequency ultrasound (HFUS) may improve the quality, safety, and efficacy of coronary artery bypass grafting procedures and should be considered as a routine procedural aspect."

This marks the finish line for a large clinical study performed by highly regarded and experienced coronary surgeons in

this field. Their support for routine use of TTFM and HFUS as standard of care will be of great value to the further endorsement of Medistim's equipment and adoption of its technology across the globe.

Publication of the CIDAC study in the European Journal of Vascular and Endovascular Surgery

During the quarter, the CIDAC study (Comparison of Intraoperative Duplex Ultrasound and Angiography after Carotid Endarterectomy) was published online in the European Journal of Vascular and Endovascular Surgery (EJVES).

The CIDAC study is a prospective trial comparing highfrequency ultrasound (HFUS, named IDUS in the study) and angiography in 150 patients as intraoperative completion control after removal of plaque in a neck artery, a procedure called carotid endarterectomy (CEA). The aim of a CEA procedure is to remove plaque that might become a source of embolism and cause stroke.

The study was conducted by Professor Henning Eckstein and team at the well-recognized Klinikum Rechts der Isar (Technical University of Munich), Germany. For the HFUS scan, the Medistim VeriQC device was used together with the L15 High-frequency Ultrasound Imaging Probe.

The results demonstrated that HFUS detected significantly more high-grade defects that needed revision compared to angiography, and with significantly higher interobserver reliability. The authors conclude that given the lesser invasiveness, HFUS could be considered as an alternative to angiography for intra-operative completion control in CEA.

The study further strengthens the support of using Medistim's ultrasound imaging device and probe for reducing the risk of stroke after CEA. The advantages with the use of ultrasound rather than angiography include no exposure to x-rays or contrast agents and no dependency on more costly angiography equipment.

PROSPECTS AND TRENDS

Goals and vision

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 should represent the "standard of care" for clinical practice and that blood flow measurements and intraoperative ultrasound imaging are performed on all patients.

Strategy

Medistim's focus is to strengthen the company's ability to effectively commercialize its existing 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 in relevant forums and channels.

Continuous technology and product development will continue to secure Medistim's products and leading position within cardiac surgery in the future. The company also has ambitions to launch new products adapted to specialties within vascular- and transplant surgery.

Market size and trends

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.

Position and Competition

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 2,700 systems in more than 60 countries. The equipment is used today in about 31% of the total number of bypass surgeries performed worldwide. Medistim's penetration and market share are expected to increase gradually as quality assurance in surgery is getting more 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 65% 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.

Exposure towards currency

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 8.2% change in sales and a 18.8% change in operating result. The company partly secures its positions with hedging contracts.

The COVID-19 pandemic

The second quarter results do show a significant negative effect of the COVID-19 pandemic, as the total sales revenues was down by 12.1%. However, due to lower operating costs from no travelling, conferences and general cost containment, we are pleased to report our third best EBIT result ever, at MNOK 27.7 corresponding to a margin of 33.6%. Cash flow from operation was a solid MNOK 40.6, increasing our cash position to MNOK 102.4.

In order to safeguard the business and protect short- and long-term liquidity and solidity, Medistim has implemented savings in its operating expenses, including reduced travel, conferences and marketing.

The situation is being continuously monitored, a contingency plan is in place and the level of measures will be adjusted as appropriate. Implications related to COVID 19 is elaborated further under CEO's comments.

SHAREHOLDER INFORMATION

The company had 136,500 Medistim shares by the end of March 2020. The shares were purchased at a price per share of NOK 14.70. The share price was NOK 220.00 per share at the end of the quarter. For comparison, entering 2020 the share price was 192.00 per share.

The number of shares sold in the second quarter of 2020 totaled 2,645,948. 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 1,199,342 shares and SEB Europafond with 1,139,634 shares.

With reference to the COVID-19 situation mentioned above, and as previously announced on the 3rd of April, the board of directors decided to change its dividend proposal for the financial year 2019. Given the uncertainty in this situation, the board of directors were of the opinion that it is prudent, and in the best interest of the company and its shareholders, to await further developments before potentially deciding to resolve a dividend for the financial year 2019. The changed dividend proposal from a fixed dividend to an authorization to the board of directors to resolve a dividend based on the financial statements for the financial year 2019 was approved by the Annual General Meeting on April 28th. Payment of dividend will be evaluated at the October board meeting.

Responsibility statement:

The financial report per 30th of June 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. The board of Directors and Managing Director confirm to the best of our knowledge that the condensed set of financial statements for the period 1st of January to 30th of June 2020 has been prepared in accordance with IAS 34 "Interim Financial Reporting" and gives a true and fair view of the groups assets, liabilities, financial position and result for the period viewed in their entirety. The board of Directors and managing Director confirm that the interim management report includes a fair review of any significant events that arouse during the six month period and their effect on the half yearly financial report, any significant related parties transactions, and description of the principal risks and uncertainties for the remaining six months of the year.

Risk factors for the rest of the year:

The group risk and uncertainty factors remain the same as described in the annual report for 2019.

Transactions with related parties:

There were no transactions between related parties in the period.

Sales per quarter in TNOK

Operating profit per quarter in TNOK

Oslo, August 13th, 2020, Board of Directors and Managing Director of Medistim ASA

Profit & loss	2. quarter 20	2. quarter 19	1. half 20	1. half 19	2019
All numbers in NOK 1000
Sales	82 482	93 796	185 588	182 533	363 723
Cost of goods sold	15 892	21 145	38 966	41 839	80 138
Salary and sosial expenses	22 413	23 648	55 703	54 676	122 016
Other operating expenses	10 883	13 793	27 347	26 429	53 790
Total operating expenses	49 187	58 586	122 016	122 944	255 944
Opr. res.before. depr. and write offs	33 294	35 210	63 572	59 589	107 778
Opr. res before depr. and write off %	40,37 %	37,54 %	34,25 %	32,65 %	29,63 %
Depreciation	5 584	4 318	11 077	8 752	18 010
Write offs and provisions	-	-	-	-	-
Operating result	27 710	30 892	52 495	50 836	89 768
Financial income	1 387	677	8 026	906	6 649
Financial expenses	3 573	1 472	7 503	1 482	5 373
Net finance	(2 186)	(795)	523	(576)	1 276
Pre tax profit	25 525	30 098	53 018	50 260	91 044
Tax	5 256	7 969	11 642	12 159	20 738
Result	20 269	22 129	41 376	38 100	70 306
Dividend	-	40 925	-	40 925	40 925
Comprehensive income
Result after tax	20 269	22 129	41 376	38 100	70 306
Exchange differences arising	-	-	-	-	-
on translation of foreign operations	(5 230)	(2 325)	7 120	(1 450)	(87)
Total comprehensive income	15 039	19 804	48 496	36 650	70 219

Key figures		2. quarter 20		2. quarter 19		1. half 20		1. half 19		2019
Equity share		77,69 %		78,25 %		77,69 %		78,25 %		70,47 %
Earnings per share	kr	1,11	kr	1,22	kr	2,27	kr	2,09	kr	3,87
Earnings per share diluted	kr	1,11	kr	1,22	kr	2,27	kr	2,09	kr	3,86
Average shares outstanding in 1000		18 201		18 188		18 200		18 188		18 188
Average shares outstanding in 1000 diluted		18 238		18 188		18 238		18 188		18 222

Split of operating result

per segment	2. quarter 20	2. quarter 19	1. half 20	1. half 19	2019
All numbers in NOK 1000
Result from Medistim products	24 643	26 880	47 610	43 942	79 883
Margin from Medistim products	37,34 %	36,18 %	30,99 %	30,48 %	27,02 %
Result from 3 party products	3 067	4 013	4 886	6 894	9 885
Margin from 3 party products	18,61 %	20,57 %	15,28 %	17,98 %	14,52 %
Totalt result	27 710	30 892	52 495	50 836	89 768
Margin	33,60 %	32,94 %	28,29 %	27,85 %	24,68 %

Balance sheet	30.06.2020	30.06.2019	31.12.2019
All numbers in NOK 1000
Assets
Intangible assets	37 895	41 631	40 773
Fixed assets	66 568	44 764	66 835
Total tangible and fixed assets	104 463	86 395	107 608
Inventory	98 845	64 344	90 070
Customers receivables	55 398	69 333	62 188
Other receivables	7 111	9 964	9 497
Cash	102 459	28 668	66 745
Total current assets	263 813	172 310	228 501
Total assets	368 276	258 704	336 109
Equity and liability
Share capital	4 585	4 585	4 585
Share premium reserve	44 172	44 172	44 172
Other equity	237 347	153 681	188 104
Total equity	286 104	202 438	236 861
Long term debt
Lease obligations	19 689	910	22 683
Deferred income	2 826	648	618
Other long term debt	3 000	6 000	4 500
Total long term debt	25 516	7 558	27 801
Total short term debt	56 657	48 709	71 447
Total equity and liability	368 276	258 704	336 109
Net interest bearing debt	(96 459)	(19 669)	(53 039)

Change in equity	30.06.2020	30.06.2019	31.12.2019
All numbers in NOK 1000
Equity start of period	236 861	206 712	206 712
Result for the period	41 376	38 100	70 306
Dividend	-	(40 925)	(40 925)
Medistim shares	-	-	854
Changes in exchange rates	7 120	(1 450)	(87)
Equity end of period	286 104	202 438	236 861

Cash flow analysis	30.06.2020	30.06.2019	31.12.2019
All numbers in NOK 1000
Result for the period	41 376	38 100	70 306
Other cash flow from operation	(814)	(8 399)	10 022
Cash flow from operation	40 561	29 702	80 327
Cash flow from investments	(3 295)	(6 100)	(13 682)
Cash flow from financing (loan\dividend)	(1 500)	(42 425)	(47 444)
Change in cash for the period	35 766	(18 823)	19 201
Cash at start of period	66 692	47 491	47 491
Cash by the end of period	102 459	28 668	66 692

Geographic split of sales	2. quarter 20	2. quarter 19	1. half 20	1. half 19	2019
All numbers in NOK 1000
USA	26 620	36 861	64 973	71 467	136 094
Asia	7 938	9 939	27 120	16 905	41 790
Europe	40 693	42 549	81 495	80 933	163 863
Rest of the world	7 231	4 447	12 000	13 228	21 975
Total sales	82 482	93 796	185 588	182 533	363 723
Geographic split
of sales in number of units	2. quarter 20	2. quarter 19	1. half 20	1. half 19	2019
USA
Procedures flow measurement	10 227	14 735	22 711	27 482	52 206
Procedures imaging	2 287	2 532	4 850	5 030	10 233
Capital sales flowmeasurement instrument	2	5	7	11	14
Capital sales imaging and flowmeasurement instrum	2	5	7	10	19
Lease flow instrument	1	3	3	3	6
Lease imaging and flow instrument	-	5	-	6	13
Asia
Flowmeasurement instrument	16	6	41	13	40
Imaging and flowmeasurement instrument	2	7	12	14	25
Imaging probes	2	8	19	13	28
Flowmeasurement probes	325	438	917	773	1 909
Europe
Flowmeasurement instrument	11	15	21	21	54
Imaging and flowmeasurement instrument	2	1	8	8	20
Imaging probes	7	3	16	10	25
Flowmeasurement probes	939	1 240	1 874	2 171	4 269
Rest of the world
Flowmeasurement instrument	5	-	7	4	8
Imaging and flowmeasurement instrument	3	4	8	9	15
Imaging probes	4	6	8	13	25
Flowmeasurement probes	190	289	336	671	1 012
Sales outside the US
Number of flow instruments outside USA	32	21	69	38	102
Imaging and flowmeasurement instruments	7	12	28	31	60
Total number of imaging probes Total number of flowmeasurement probes outside U	13 1 454	17 1 967	43 3 127	36 3 615	78 7 190
Split of sales per segment	2. quarter 20	2. quarter 19	1. half 20	1. half 19	2019
All numbers in NOK 1000
USA
Procedural revenue	18 791	23 178	39 844	44 007	83 185
Procedural revenue Imaging and flow Capital sales flowmeasurement instruments	3 644 1 488	3 860 4 262	10 870 5 104	9 336 7 926	23 540 9 852
Capital sales imaging and flowmeasurement instrum	2 698	5 561	9 156	10 199	19 517
Outside USA
Flowmeasurement instrument	8 288	4 698	18 801	8 274	23 047
Imaging and flowmeasurement instrument	4 870	5 697	15 806	13 312	29 725
Imaging probes	1 041	959	3 122	2 232	5 000
Flowmeasurement probes	21 626	23 952	46 375	45 877	94 985
Other	3 552	2 121	4 530	3 022	6 809
Total sale of Medistim products	65 997	74 287	153 607	144 184	295 660
Sale of 3 party products	16 485	19 510	31 982	38 349	68 063
Total sales	82 482	93 797	185 588	182 533	363 723
Split of sales between coronary
and vascular surgery and 3 party products	2. quarter 20	2. quarter 19	1. half 20	1. half 19	2019
All numbers in NOK 1000
Sales within coronary surgery	55 185	65 553	129 238	125 534	252 371
Sales within vascular surgery	10 812	8 734	24 369	18 650	43 289
Sales of 3. party products	16 485	19 510	31 982	38 349	68 063
Total sales	82 482	93 797	185 588	182 533	363 723