Medistim

Quarterly Report • May 9, 2025

First Q uarter 2025 FinancialResults

Kari E. Krogstad President & CEO

Thom as Jakobsen CFO

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First Q uarter 2025 FinancialResults

Kari E. Krogstad President & CEO

Thom as Jakobsen CFO

Disclaim er

The inform ation included in this Presentation m ay contain certain forw ard-looking statem ents that address activities,events or developm ents that M edistim ASA ("the Com pany")expects,projects,believes or anticipates w ill or m ay occur in the future.These statem ents are based on various assum ptions m ade by the Com pany,w hich are beyond its controland are subject to certain additionalrisks and uncertainties.

The Com pany is subject to a large num ber of risk factors including but not lim ited to econom ic and m arket conditions in the geographic areas and m arkets w here M edistim is or w illbe operating,such as IP risks,clinical developm ent risks,regulatory risks,fluctuations in currency exchange rates,and changes in governm ental regulations. For a further description of other relevant risk factors,w e refer to M edistim 's AnnualReport for 2024. As a result of these and other risk factors,actualevents and our actualresults m ay differ m aterially from those indicated in or im plied by such forw ard-looking statem ents.

The reservation is also m ade that inaccuracies or m istakes m ay occur in this inform ation given above about current status of the Com pany or its business. Any reliance on the inform ation above is at the risk of the reader,and M edistim disclaim s any an allliability in this respect.

01 - Highlights

Medistim Fist QuarterFinancialResults 2025

M edistin Track Record

Dividend pershare in NO K

Sales per year in MNOK

EBIT in M NOK and EBT %

Highlights Q1 2025

In MNOK	Q1 2025	Q1 2024	QoQ % change
Revenue	181.5	133.8	35.7 %
EBIT	59.2	32.1	84.5 %
Currency			3.9 %

o Exceptionally strong sales and EBIT for a quarter, representing a new record

• oCurrency neutralsales developm ent:
  • • Totalsales up 31.8%
  • • O w n products sales up 29.9%
    • • AM ERICAS up 28.4%
    • • EM EA up 18.2%
    • • APAC up 62.6%
• • Third-party products up 41.2%

8

• o O perating profit (EBIT)up 84.5%
• o EBIT m argin on the high side at 32.6% (24.0% ) due to strong sales of ow n products in Q 1
• oStrengthening the com m ercialoperation
• oThe G eneralAssem bly decided to pay out a dividend of NO K 6 per share, a totalof M NO K 109.6

02 – Financial Statements

Medistim Fist QuarterFinancialResults 2025

Profit& Loss Q1 2025

PROFIT & LOSS (All numbers in NOK 1000)	Q1 25	@1 24	FY 2024
Total revenue	181 547	133 788	562 599
Cost of material	30 565	24 979	113 680
Gross margin	150 982	108 808	448 919
Gross margin %	83.16 %	81.33 %	79.79 %
Salary and social expenses	58 597	46 069	185 113
Other operating expenses	27 642	24 333	108 220
Total operating expenses	116 803	95 381	407 013
Operating profit before depreciation (EBITDA)	64 744	38 406	155 585
EBITDA %	35.7 %	28.7 %	27.7 %
Depreciation Operating profit (EBIT)	5 572 59 172	6 339 32 067	24 510 131 076
EBIT %	32.6 %	24.0 %	23.3 %
Financial income Financial expenses	3 340 5 802	3 584 4 987	11 499 8 329
Net finance	(2 462)	(1 403)	3 170
Profit before tax	56 710	30 664	134 246
Tax	13 285	6 284	30 414
Profit after tax	43 425	24 380	103 832
Dividend			82 414

Sales per Q uarter (M NO K)

Balance Sheet Assets

BALANCE SHEET (All numbers in NOK 1000)	01 25	01 24	FY 2022
Assets
Intangible assets	75 252	52 522	69 739
Fixed assets	71 864	61 611	76 098
Total intangible and fixed assets	147 116	114 133	145 837
Inventory	167 876	157 373	160 521
Accounts receivables	92 295	68 084	68 980
Other receivables	26 583	18 498	20 421
Cash	183 448	170 264	179 210
Total current assets	470 2022	414 219	429 131
TOTAL ASSETS	6773 8	528 3-2	574 968

• oIn general,high inventory levels due to com pany policy of securing stock of critical com ponents and finished goods
• oThe increase from year end is m ainly due to third-party products

• oIncrease in custom er receivables due to record sales,w hich increase w orking capital

• o Strong cash position by quarter end at M NO K 183.4

• o Dividend of M NO K 109.6 decided by the G eneralAssem bly

Balance Sheet Equity & Liability

BALANCE SHEET (All numbers in NOK 1000)	01 25	01 24	FY 2024
EQUITY AND LIABILITY
Share capital	4 585	4 585	4 584
Share premium reserve	44 172	44 172	44 172
Other equity	417 665	381 176	387 855
Total equity	466 422	429 933	436 611
Lease obligations	26 172	9 062	25 059
Deferred income	4 532	3 499	5 931
Total long term liability	30 705	12561	30 990
Total short term debt	120 192	85 858	107 367
TOTAL EQUITY AND LIABILITY	617 318	528 352	574 968

oNo interest-bearing debt

• o32.1 M NO K in obligations related to lease contracts,w here 26.2 M NO K is long term
• oDeferred incom e related to extended w arranty am ounted to 4.5 M NOK

Key Figures

KEY FIGURES	01 25	01 24	FY 2024
Equity share	75.6 %	81.4 %	75.9 %
Earnings per share	kr 2.37	kr 1.33	kr 5.67
Earnings per share diluted	kr 2.37	kr 1.33	kr 5.67
Average shares outstanding in 1000	18 314	18 314	18 314
Average shares outstanding in 1000 diluted	18 314	18 314	18 314

Cash

Flow

CASH FLOW (All numbers in NOK 1000)	01 25	01 24	FY 2024
Profit before tax	56 710	30 664	134 246
Income tax paid	(15 531)	(12 936)	(28 404)
Depreciation and amortizations	3 375	4 243	24 510
Change in working capital	(19 917)	(2 463)	(7 855)
Other	(5 816)	2610	19 065
Cash flow from operation	18 821	22 118	141 561
Cash flow from investments	(4 468)	(3 630)	(24 693)
Purchase own shares	(7 919)
Dividend			(82 414)
Principle and interest paid on lease obligations	(2 197)	(2 096)	(9 115)
Cash flow from financing	(10 116)	(2 096)	(91 529)
Net change in cash and cash equivalents	4 237	16 392	25 339
Cash and cash equivalents at start of period	179 210	153 872	153 872
CASH AND CASH EQUIVALENTS BY THE END OF PERIOD	183 447	170 264	179 210

03 Business Segments Update

Medistim FirstQuarterFiancialResults 2025

Flow -and-Im aging System s in Units (capitalsales)

11 m ore Flow -and-Im aging units sold com pared to last year Q 1 grow th driven by sales in AM ERICAS

• o AM ERICAS up by 9 units
• o EM EA dow n by 1 unit
• o APAC up by 3 units

High volum e sale of this higher value product drives revenue

M ost of the sales w as through the direct channeland less through distributors

15 26 Flow -and-Im aging system s in units sold as capital

Im aging Probes in Units

13 m ore Im aging probes sold,driven by strong capitalsales of system s

• • AM ERICAS up by 14 units
• • EM EA dow n by 1 unit
• • APAC at sam e levelas Q 1 last year

Upw ard trend in im aging probe sales last 5 quarters

Im aging

probes

in units

Flow -only System s in Units (capitalsales)

Capitalsales of Flow system s up 7 units com pared to Q 1 last year

• o AM ERICAS dow n by 5 units
  • High Flow -and-im aging sales in Q 1
• o EM EA up by 10 units
  • Increase in 5 units through distributors
  • Increase of 5 units from direct channel
• o APAC up by 2 units

Flow -only system s in units sold as capital

Flow Probes in Units

Flow probe unit sales up 18.5% in Q 1

• o AM ERICAS up 18%
• o EM EA up 1%
• o APAC up 60%

Strong capitalsales drive probe sales Inventory situation in China norm alized Sales back on track for Japan

Flow Probes in units

2394

2838

AM ERICAS

M NO K 74.1 (54.7)in sales in Q 1

Currency neutral,revenue is up 28.4% for the quarter

• oTotalnum ber of system s sold as capital,is up by 4 units in total.Flow -and-Im aging system s is up w ith 9 units,driving the grow th for the region
• oNew direct m arket C anada had a strong 1s^t quarter last year and sales ended at sam e level for the 1s^t quarter this year,at M NO K 5.8
• o Distributors in Latin Am erica delivers w eak quarter com pared to last year dow n from M NO K 2.5 to M NO K 0.3

Perform ance USA

SYSTEM SALES AND	(01	(01	CHANGE
OUTPLACEMENTS	20225	2024	IN %
Capital sales flow	2	7	-71 4 %
Capital sales flow & imaging	14	5	180 0 %
Outplacement flow	0	2	-100 %
Outplacement flow & imaging	2	4	-50 0 %
Total number of units	18	18	0.0 %
NUMBER OF PROCEDURES FROM: PPP or lease flow	@1 2025 6579	01 2024 6 323	CHANGE IN % 4.0 %
Flow probes to capital customers	16 147	12 235	32.0 %
Total flow procedures	22 726	18 558	22.5 %
PPP or lease imaging	2 282	1 998	14.2 %
Imaging probes to capital customers	2 000	500	300 0 %
Total imaging proce- dures	4 282	2 498	71.4 %
Total flow and imaging

C apital sale of system s at im proved level Im aging system s driving revenue

o

o

o

o in Q 1

• Flow procedures from capital accounts are grow ing for the quarter at 32% ,driven by capital sales w ith start-up probe packages
• G row th in flow procedures translate into grow th in m arket share
• o 12 (8)new custom ers in Q 1

37% ofthe US

CABG

*)Procedures are counted based on PPP cardsand Probes sold..the num ber sold is an ESTIM ATE for utilization

APAC

M NO K 27.9 (16.8)in sales in Q 1

Currency neutral,revenue is up 62.6% for the quarter

W e see recovery in sales to both China and Japan;

• o Entering 2025,sales to C hina is norm alizing after the transition period after going from distributor to direct operations in 2023,w ith inventory build ups affecting sales in the follow ing periods
• o Q 1 w as very strong w ith sales at M NO K 14.5, up 72% . W e expect to see quarterly variations but a norm alized year.
• o Sales to Japan saw norm alizing tendency in Q 4-24, w hich is continuing into Q 1 this year
• o Q 1 w as M NO K 6.3, up 75% from a w eak Q 1 last year

22

EM EA

M NO K 47.9 (39.8)in sales in Q 1

Currency neutral,revenue is up 18.2% for the quarter

• o Continued strong developm ent in direct m arkets (Spain,G erm any,Scandinavia)w ith currency neutralgrow th of 16.1% for the quarter.
• o Sales through distributors w as up w ith a currency neutralgrow th of 22.2% for the quarter

3rd party products

M NO K 31.6 (22.4)in sales in Q 1

Revenue is up 41.2% for the quarter

• o Highly diversified product portfolio
• o M entor,Icare and A.M .I.are the biggest contributors
• o New agency from Peters Surgicaland TisgenX in good developm ent
• o In Q 1, the strong grow th w as driven by delivery of new equipm ent to the new hospital in Dram m en, Norw ay

Revenue Perform ance by Region

GEOGRAPHIC SPLIT OF SALES (All numbers in NOK 1000)	Q1 25	- Q1 24	CHANGE IN %
AMERICAS
USA	67 988	46 370	46.6 %
Canada	5 799	5 826	-0.5 %
South America	277	2 553	-89.2 %
TOTAL AMERICAS	74 064	54 749	35.3 %
АРАС
China	14 494	8-432	71.9 %
Japan	6 275	3 595	74.5 %
Rest of APAC	7 138	4 793	48.9 %
TOTAL APAC	27 907	16 820	65.9 %
EMEA
Europe	43 448	38 955	11.5 %
MEA	4 491	856	424.6 %
TOTAL EMEA	47 939	39 811	20.4 %
Third-party products	31 637	22 408	41.2 %
TOTAL SALES	181 547	133 788	35.7 % 2

Cardiac and Vascular Sales Split

SPLIT OF SALES BETWEEN CARDIAC SURGERY, VASCULAR SURGERY AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000)	01 25	01 24	CHANGE IN %
Sales within Cardiac surgery	119 659	90 535	32.2 %
Sales within Vascular surgery	30 251	20 845	45.1 %
Sales of third-party products	31 637	22 408	41.2 %
TOTAL SALES	181 547	133 788	35.7 %

Vascularproducts show s 45% grow th in Q 1 and m ake up 20% ofsales ofow n products

Cardiac sales also very strong w ith 32% grow th

Fbw and Inaging Sales Split

SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING PRODUCTS AND

THIRD-PARTY PRODUCTS (All numbers in NOK 1000)	Q1 25	Q1 24	CHANGE IN %
Flow products	100 583	84 837	18.6 %
Imaging products	49 327	26 543	85.8 %
Sales of third-party products	31 637	22 408	41.2 %
TOTAL SALES	181 547	133 788	35.7 %

After a challenging period in 2023 and 2024 , the In aging portfolio show ed grow th of 86% in Q1

Recurring vs Capital Revenue

o Recurring revenue is high,how ever, share oftotalis influenced by the strong capitalsales in the quarter

Q 1: 67.7% (75.0% )

LTM : 71.6%

Split betw een recurring and capitalsales (M NO K)

04 Implementing the Strategy

Medistim FirstQuarterFiancialResults 2025

The G row th Strategy

in Em er g g h ig h h t .-g ro w ie ec on om s ia ( d ) In e .g
in lo D ev e p g d is im M t e ( ke ts m ar e .g S U A U K , , ) Fr an ce
S tr on g is im d ke M t ts e m ar (e.g ina h Jp C , , ic, d No G r er m an y % ha 5 0 s re >
O 7 B N K l an nu a re ve nu e i tu ty op p or n	C G A B su rg er y ( ) 2 B N O K >	la Va sc u r Su rg er y ( ) 4 B N O K >	he O t ro p en he t ar su rg er y ( ) 1 B N O K >

1. C onvert high-penetrated Flow -only CABG m arkets to Flow -and-Im aging and the New -Standard-of-Care

• →Early adopter & KO L support
• →REQ UEST study

→ Ease conversion w ith the upgradable M iraQ

2. G row adoption in under-penetrated m arkets

• →Clinicalm arketing,G uidelines,Education
• →Product innovation for ease of use

3. Flexible pricing and business m odels

• → Entry-levelsolution in price sensitive m arkets
• →Price-per-procedure m odel& capitalsales

4. Build position in Vascular surgery

• → Dedicated system M iraQ Vascular & probes
• →Build position w ith societies and KO Ls

5. Expand direct m arket coverage

→G et closer to the custom er

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.

KariE.Krogstad,31 January 2025

Strengthening the Com m ercialO perations

"W ith these strategic additions to our team ,enhanced com m ercialinitiatives, and a focus on fostering collaboration and sharing best practices across allregions, Iam confident w e w illaccelerate grow th throughout this year and beyond." KariE.Krogstad,31.January 2025

medistim2025

One team. BOLD MOVES. Excellence redefined.

Medistim Shareholders

Rank	Shareholder	Number of shares	In % of total	Country
1	ACAPITAL MEDI HOLDCO AS	1 900 219	10,4 %	Norway
2	FLØTEMARKEN AS	1 285 000	7.0 %	Norway
3	State Street Bank and Trust Comp	1 262 577	6,9 %	United States
4	VERDIPAPIRFOND ODIN NORDEN	1 180 000	6,4 %	Norway
5	FOLLUM INVEST AS	970 000	5,3 %	Norway
6	INTERTRADE SHIPPING AS	935 735	5,1 %	Norway
7	Skandinaviska Enskilda Banken AB	813 801	4,4 %	Sweden
8	VERDIPAPIRFONDET HOLBERG NORGE	684 414	3.7 %	Norway
9	ODIN Small Cap	600 000	3,3 %	Norway
10	J.P. Morgan SE	517 566	2,8 %	Luxembourg
11	Skandinaviska Enskilda Banken AB	413 146	2.3 %	Sweden
12	J.P. Morgan SE	410 000	2.2 %	Luxembourg
13	State Street Bank and Trust Comp	400 422	2.2 %	United States
14	The Northern Trust Comp, London Br	393 375	2.1 %	United Kingdom
15	BUANES	385 877	2.1 %	Norway
16	Skandinaviska Enskilda Banken AB	355 802	1,9 %	Sweden
17	MUSTAD INDUSTRIER AS	351 540	1,9 %	Norway
18	Skandinaviska Enskilda Banken AB	337 332	1,8 %	Sweden
19	BNP Paribas	319 282	1.7 %	France
20	The Bank of New York Mellon SA/NV	268 000	1.5 %	Belgium
	Total 20 largest shareholders	13 784 088	75.2 %
	Total number of shares outstanding	18 337 336

Chaim an Øyvin Brøyn er represent Fløten AS and Intertæde Shipping AS that in totalow n 2 220 735 (221%) shares and 's the largest shareholder in Medistim ASA MED'STIM