Medistim

Investor Presentation • Feb 28, 2025

Fourth Quarter and Full Year 2024

Preliminary Financial Results

Kari E. Krogstad President & CEO

Thomas Jakobsen CFO

• mute during the presentation
• questions
• at the end of the presentation

Disclaimer

The information included in this Presentation may contain certain forward-looking statements that address activities, events or developments that Medistim ASA ("the Company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties.

The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets where Medistim is or will be operating, such as IP risks, clinical development risks, regulatory risks, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to Medistim's Annual Report for 2023. 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.

01 - Highlights

Dividend per share in NOK Sales per year in MNOK EBIT in MNOK and EBIT % Medistim Track Record

Highlights Q4 2024

In MNOK	Q4 2024		Q4 2023 QQQ % change
Revenue	151.1	135.6	11.4 %
EBIT	25.8	22.2	+16.1 %
Currency			+1.6 %

• o All time high sales for a quarter
• o Currency neutral sales development:
  • Total sales up 9.8%
  • Own products sales up 9.7%
    • AMERICAS up 29.7%
    • EMEA up 10.9%
    • APAC down 24.4%
• 7 • Third-party products up 10.4%
• o Operating profit (EBIT) up 16.1%
• o EBIT margin on the lower side at 17.1% (16.4%) due to high activity in Q4:
  • Launch of the INTUI software for cardiac
  • EACTS exhibition in Lisbon
  • ICC meeting in London
  • Capital markets day in London
  • PATENT study

Highlights
2024

• o Currency neutral sales development:
  • Total sales up 5.4%
  • Own products sales up 3.9%
    • AMERICAS up 11.6%
    • EMEA up 8.0%
    • APAC down 22.7%
  • Third-party products up 13.1%
• o Operating profit (EBIT) ends at the same level as last year, at a lower margin of 23.3% (25.0%):
• o While AMERICAS and EMEA show solid sales development, the declined APAC sales challenges the margin, as Medistim continues to invest in the business: • Launching MiraQ INTUI sw platform in Q4 • Clinical marketing studies (PATENT, ROMA-Women)
  • Higher operating expenses from establishing direct sales in new markets (China, Canada, Sweden)

  • Strengthening R&D and product innovation teams

    
    -
• o The Board of Directors suggest a dividend of NOK 6 per share to the General Meeting

02 – Financial Statements

Profit & Loss Q4 2024 Sales per Quarter (MNOK)

EBIT per Quarter (MNOK & %)

Profit & Loss 2024 Sales per Quarter (MNOK)

EBIT per Quarter (MNOK & %)

Balance Sheet Assets

ASSETS	31.12.2024	31.12.2023
Intangible assets	69739	50 517
Fixed assets	76 098	63 635
Total intangible and fixed assets	145 837	114 152
Inventory	160 521	145 391
Customers receivables	68 980	74 303
Other receivables	20 421	18 000
Cash	179 210	153 872
Total current assets	429 131	301 566
TOTAL ASSETS	574 968	505 718

• o High inventory levels due to company policy of securing stock of critical components and finished goods
• o Reduction in customer receivables
• o Strong cash position by quarter end at MNOK 179.2

Balance Sheet Equity & Liability

EQUITY AND LIABILITY	31.12.2024	31.12.2023
Share capital	4 584	4 584
Share premium reserve	44172	44 172
Other equity	387 855	349 185
Total equity	436 611	397 941
Lease obligations	25 059	9 260
Deferred income	5 931	4 233
Total long term liability	30 990	13 493
Total short term liability	107 367	94 284
TOTAL EQUITY AND LIABILITY	574 968	505 718

• o No interest-bearing debt
• o 34.3 MNOK in obligations related to lease contracts, where 25.1 MNOK is long term
• o Deferred income related to extended warranty amounted to 5.9 MNOK

Key Figures

KEY FIGURES	Q4 24	Q4 23	FY 2024	FY 2023
Equity share	74,85 %	78.69 %	74,85 %	78,69 %
Earnings per share	kr 1,16	kr 1,04	kr 5,67	kr 5,67
Earnings per share diluted	kr 1,16	kr 1,04	kr 5,67	kr 5,67
Average shares outstanding in 1000	18 314	18 310	18 314	18 296
Average shares outstanding in 1000 diluted	18 314	18 310	18 314	18 296

Cash Flow

CASH FLOW ANALYSIS	31.12.2024	31.12.2023
All numbers in NOK 1000
Profit for the period	134 246	135 212
Other cash flow from operation	7 315	-19 372
Cash flow from operation	141 561	115 840
Cash flow from investments	-24 693	-29 726
Cash flow from financial activities	-91 529	-84 883
Change in cash for the period	25 339	1 231
Cash at start of period	153 872	152 641
CASH BY THE END OF PERIOD	179 210	153 872

03 Business Segments Update

Flow-and-Imaging Systems in Units (capital sales)

5 fewer Imaging units sold compared to Q4 last year, which was a strong comparable

• o AMERICAS up by 2 units
• o EMEA up by 4 units
• o APAC down by 11 units, related to weak imaging sales to Japan

For the year, APAC drives the number of Imaging systems down

Flow-and-Imaging systems in units sold as capital

Imaging Probes in Units

3 more Imaging probes sold, despite fewer number of systems sold

• AMERICAS up by 5 units
• EMEA up by 4 units
• APAC down by 6 units

Upward trend in imaging probe sales last 4 quarters

Flow-only Systems in Units (capital sales)

Capital sales of Flow systems in Q4 at same level as last year, but indicating recovery from past quarters:

• o AMERICAS up by 4 units
• o EMEA down by 3 units, weak sales through distributors
• o APAC down by 1 unit

For the year, APAC drives the number of Imaging systems down

Flow Probes in Units

• o AMERICAS up 23%
• o EMEA down 6.8%
• o APAC down 7.1%

5.6% growth for the year despite lower unit sales of systems speaks to robust utilization

AMERICAS

MNOK 61.7 (46.8) in sales in Q4 MNOK 237.2 (209.0) in sales for the year

Currency neutral, revenue is up 29.7% for the quarter and 11.6% for the year

• o Total number of systems sold as capital, is up by 6 units for the quarter and 11 for the year
• o New direct market Canada had a strong quarter and a great sales for the year; MNOK 4.0 (1.3) in Q4 and MNOK 14.0 (6.7) for the year
• o Distributors in Latin America delivers high growth for the year and sales ends at MNOK 6.9 (5.1). Q4 ended at MNOK 2.1 (3.1)

Performance USA

SYSTEM SALES AND OUTPLACEMENTS Q4 2024		Q4 2023
Capital sales flow	6
Capital sales flow & Imaging	1
Outplacement flow
Outplacement flow & Imaging
Total number of units	15

NUMBER OF PROCEDURES FROM:	Od 2024	04 2023	CHANGE IN %
PPP or lease flow	5 400	6 678	-19.1 %
Flow probes to capital customers	11 382	10 676	6.6 %
Total flow procedures	16 782	17 354	-3.3 %
PPP or lease Imaging	1 767	1907	-7.3 %
Imaging probes to capital customers	1 900	1 200	58.3 %
Total Imaging procedures	3 667	3 107	18.0 %
Total flow and Imaging procedures	20 449	20 461	-0.1 %

NUMBER OF PROCEDURES FROM:	2024	2023	CHANGE IN %
PPP or lease flow	23 535	26 058	-9.7 %
Flow probes to capital customers	46 147	43 706	5.6 %
Total flow procedures	69 682	69 764	-0.1 %
PPP or lease Imaging	7 475	8 042	-7.1 %
Imaging probes to capital customers	5 300	5 500	-3.6 %
Total Imaging procedures	12 775	13 542	-5.7 %
Total flow and Imaging procedures	82 457	83 306	-1.0 %

in capital sale of

quarter and year

systems both for the

• Total number of procedures sold*) is flat for the quarter and year
• Flow procedures from capital accounts are growing for the quarter at 6.6% and year at 5.6%
• New customers tend to be capital accounts, and some PPP/lease customers convert to capital
• 10 (7) new customers in Q4 and ²² 26 (27) for the year

*) Procedures are counted based on PPP cards and Probes sold.. the number sold is an estimate for utilization

APAC

MNOK 22.1 (28.7) in sales in Q4 MNOK 65.3 (83.0) in sales for the year

Currency neutral, revenue is down -24.4% for the quarter and -22.7% for the year

Growth for the year was challenged by

• o Exceptional high system sales to our distributor for China, prior to Medistim going direct in Q2-23
• o Weak sales to the distributor in Japan for the year. Medistim is actively collaborating with the distributor to understand market dynamics and are evaluating strategies to optimize the business.

EMEA

MNOK 44.8 (39.6) in sales in Q4 MNOK 170.3 (154.9) in sales for the year

Currency neutral, revenue is up 10.9% for the quarter and 8.0% for the year

o Continued growth in direct markets (Spain, Germany, Sweden) with currency neutral increase of 12.1% for the quarter and 19.6% for the year

3rd party products

MNOK 22.6 (20.5) in sales in Q4 MNOK 89.8 (79.4) in sales for the year ^o Mentor, Icare and A.M.I. are the biggest

Revenue is up 10.4% for the quarter and 13.1% for the year

• o Highly diversified product portfolio
• contributors

Revenue Performance by Region

26

Cardiac and Vascular Sales Split

Vascular products	shows 15% growth for the	year	and make up 19% of	sales of own	products
Steadily becoming	a more significant portion	of our	portfolio

Flow and Imaging Sales Split

After a challenging period in 2023 and most of 2024, the portfolio is showing growth at 10.5% in Q4

Recurring vs Capital Revenue

Split between recurring and capital sales (MNOK)

04 Implementing the Strategy

The Growth Strategy

1. Convert high-penetrated Flow-only CABG markets to Flow-and-Imaging and the New-Standard-of-Care 2. Grow adoption in under-penetrated markets

2. → Early adopter & KOL support

3. → REQUEST study
4. → Ease conversion with the upgradable MiraQ

3. Flexible pricing and business models

• → Clinical marketing, Guidelines, Education

• → Product innovation for ease of use

• → Entry-level solution in price sensitive markets

• → Price-per-procedure model & capital sales

4. Build position in Vascular surgery

• ^→ Dedicated system MiraQ Vascular & probes
• → Build position with societies and KOLs

5. Expand direct market coverage

• → Get closer to the customer

31

THE GROWTH STRATEGY

Product innovation for ease-of-use

• Added a new step to the process owned by a dedicated team - User-centric - Agile
  -
  -
  -
• VoC meeting VoT Clearly defined concepts being handed over to the Engineering team Product development capacity doubled since pre-COVID

Entering a new era of Digital Innovation

Launching TTFM in mid-90s Launching HFUS in 2010

The first flowmeter - developed in collaboration with surgeons: • 1st gen CardioMed 1994 • 2nd gen Butterfly 1997 • 3rd gen VeriQ 2003

-

A new paradigm:

• 4th gen VeriQC 2010
• 5th gen MiraQ 2014
• 6th gen in development

Adding value from data 2024→

• NEW: INTUI software platform
• Next:
  • -Imagingupgrades
• • Connected to patient journal & remote servicing
• • Interpretation guidance basedon ML/AI

Launching MiraQ INTUI – a new software platform What is INTUI ? A response to users' requests

---

• ^o Reference values for interpretation guidance
  • ^o Context data for higher quality, data analysis and reporting Cutting-edge, future-proof sw architecture ^o Shorter development time to next
  • • upgrades

Developed and tested in collaboration with an international team of cardiac surgeons, we are confident that INTUI offers advanced support for clinical decisionmaking, with the potential to improve patient safety and outcomes. And this is just the beginning—we are excited to expand this technology to vascular applications in the near future.

Medistim, 11 November 2024

THE GROWTH STRATEGY

Build position in Vascular Surgery

Launching PATENT – a clinical study on TTFM and HFUS in Peripheral Bypass surgery • Peripheral bypass surgery is a treatment to provide new vascularization (blood flow) in patients with

• Critical Limb Threatening Ischemia (CLTI), an advanced stage of peripheral artery disase (PAD) • CLTI has a negative prognosis within a year after
• the initial diagnosis, with 1-year amputation rates of approximately 12% and mortality of 50% at 5 years and 70% at 10 years • About 20% of bypasses fail, hence there is a need for improved intraoperative guidance and control • The timing is good: Endovascular treatment is today
• the first choice, but a recent study(1) has shown that open surgery may provide better results (1) BEST-CLI trial, Farber et al, 2022)

Size of key Applications Clinical needs markets Improve long-term graft Peripheral patency >500 000(1) Bypass surgery Avoid amputation Reduce risk of stroke and death CEA surgery >250 000 Improve cost effectiveness Secure maturation of shunt/fistula AV access >500 000 (1) surgery Reduce risk of cardiac failure and hand ischemia Liver transplant >35 000 Increase success rate for surgery (globally) a costly procedure

The Patent Study – Design and Endpoints

Goal

• Detect technical issues with the graft that can be corrected intraoperatively
• Identify grafts with a high risk of failure and separate from grafts with low failure risk

Design

• Prospective
• Non-randomized
• International, multicenter study Cohort study, 450 patients

Endpoints

Primary: Graft patency rate at 1 year

Secondary:

• Revisions or surgical changes
• based on TTFM and HFUS Early (within 30 days) graft failure rate • Major adverse limb events • Re-interventions • Amputation-free survival

The PATENT study Investigator Team

Prof. Michael Conte UCSF, San Francisco 1 st Author Global Guidelines Lead Investigator

Prof. Maarit Venermo Helsinki Uni. Hospital Secretary General ESVS

Prof. Nobuyoshi Azuma Asahikawa Med. Uni. Dep. President JSVS

Prof. Alik Farber Boston Medical Center 1 st Author BEST-CLI trial

Prof. Clement Darling Albany Medical Center Past SVS President

Prof. Joseph Mills Baylor College of Medicine, Houston Recent SVS President (2024)

This study [PATENT ]has the potential to be a gamechanger for Medistim, much like how the REQUEST study was transformative for the adoption of HFUS imaging in CABG surgery.

Medistim, 14 November 2024

medistim.com

THE GROWTH STRATEGY

Organizational development supporting accelerated growth

Medistim stands at a pivotal moment as we enter 2025, poised for significant growth driven by the launch of the INTUI software platform, which is advancing innovation in the Cardiac segment, and a focused strategy in the Vascular segment, supported by the PATENT study and our commitment to advancing Peripheral Bypass. This is the perfect time to strengthen our commercial efforts. Medistim, 31 January 2025

Strengthening the Commercial Operations

"With these strategic additions to our team, enhanced commercial initiatives, and a focus on fostering collaboration and sharing best practices across all regions, I am confident we will accelerate growth throughout this year and beyond."Kari E. Krogstad, 31. January 2025

Medistim Shareholders

RANK	NAME	NUMBER OF SHARES	SHARES IN %	COUNTRY
1	ACAPITAL MEDI HOLDCO AS	1 900 219	10,36 %	Norway
2	FLØTEMARKEN AS	1 285 000	7.01 %	Norway
3	State Street Bank and Trust Comp	1249 576	6,81 %	United States
4	VERDIPAPIRFOND ODIN NORDEN	1180 000	6,43 %	Norway
5	FOLLUM INVEST AS	970 000	5.29 %	Norway
6	State Street Bank and Trust Comp	890 961	4,86 %	United States
7	Skandinaviska Enskilda Banken AB	813 801	4.44 %	Sweden
8	VERDIPAPIRFONDET HOLBERG NORGE	684 414	3.73 %	Norway
9	ODIN Small Cap	600 000	3,27 %	Norway
10	State Street Bank and Trust Comp	549 946	3,00 %	United States
11	J.P. Morgan SE	517 566	2,82 %	Luxembourg
12	The Northern Trust Comp, London Br	440 375	2.40 %	United Kingdom
13	SKANDINAVISKA ENSKILDA BANKEN AB	413 146	2,25 %	Luxembourg
14	BUANES ASBJØRN JOHN	383 277	2,09 %	Norway
15	Skandinaviska Enskilda Banken AB	355 802	1.94 %	Sweden
16	SKANDINAVISKA ENSKILDA BANKEN AB	337 332	1.84 %	Luxembourg
17	J.P. Morgan SE	330 000	1,80 %	Luxembourg
18	BNP Paribas	277 535	1.51 %	Luxembourg
19	The Bank of New York Mellon SA/NV	268 000	1.46 %	Belgium
20	BNP Paribas	263 705	1.44 %	France
	Total 20 largest shareholders	13 710 655	74.77 %
	Total number of shares outstanding	18 337 336