Earnings Release • Aug 24, 2016
Earnings Release
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FINANCIAL DEVELOPMENT (Comparative numbers for 2015 in parenthesis)
Sales in the 2nd quarter ended at MNOK 67.2 (MNOK 57.3), a 17.4 % increase. Europe had a strong quarter with a 20.3 % growth in sales, while sales in the US increased with 10.9 %. In Asia, sales increased with 40.4 % and in the rest of the world sales increased with 5.7 %. Asia and the Rest of the world are smaller regions and sales vary more per quarter.
Sales for the 1st half increased with 15.2 % and ended at MNOK 132.7 (MNOK 115.2). There was a growth measured in NOK in all regions. In the US, there was a 24.9 % growth. In Europe and Asia, there was a growth of 7.3 % and 28.0 % respectively. In the Rest of the world, there was a 25.1 % growth.
With the same rates as in 2015 sales would have amounted to MNOK 63.3 for the quarter, a currency neutral growth of 10.5 %. Similar for the 1st half would have resulted in sales of MNOK 124.7, a currency neutral growth of 8.3 %.
Sales of own products amounted to MNOK 47.7 (MNOK 39.0). Sales of 3.party products ended at MNOK 19.5 (MNOK 18.2). For the 1st half sales of own products ended at MNOK 96.8 (MNOK 77.1) and sales of 3.party products ended at MNOK 35.9 (MNOK 38.0)
Cost of goods sold ended at MNOK 17.3 for the quarter (MNOK 13.8) and cost of goods sold represent a percentage of 25.8 % of total sales (24.1 %). For the 1st half cost of goods sold ended at MNOK 33.0 (MNOK 30.8), which represent a percentage of 24.9 % ( 26.7 %).
Salaries and social expenses ended at MNOK 18.7 (MNOK 15.5) for the quarter. Other operating expenses ended at MNOK 11.2 (MNOK 10.3) for the quarter.
For the 1st half salaries and social expenses ended at MNOK 41.1 (MNOK 34.4). Other operating expenses ended at MNOK 22.3 (MNOK 20.0)
MNOK 1.4 of the increase in salary expenses were related to a weaker NOK against USD and EUR. The increase in salary expenses are related to the strengthening of the US sales team. With effect from the second half of 2015, the number of sales representatives was increased with 40 %.
For the quarter, MNOK 2.1 (MNOK 2.7) was used within research and development (R&D). Result before R & D,
depreciations and write offs was MNOK 21.6 (MNOK 18.4). This equals a margin of 32.2 % (32.1 %). During the quarter, MNOK 0.4 of the R & D expense was activated in the balance sheet (MNOK 1.9).
For the 1st half MNOK 4.5 (MNOK 5.3) was used within research and development (R&D). Result before R & D, depreciations and write offs was MNOK 39.9 (MNOK 32.1). This equals a margin of 30.1 % (27.9 %). During the 1st half MNOK 1.0 (MNOK 3.2) of the R & D expense was activated in the balance sheet.
Operating profit before depreciation (EBITDA) for the quarter ended at MNOK 20.0 (MNOK 17.6). Operating profit before depreciation (EBITDA) for the 1st half ended at MNOK 36.3 (MNOK 30.0).
Result before tax and finance (EBIT) ended at MNOK 17.1 (MNOK 11.7) for the quarter. Result before tax and finance for the first half (EBIT) ended at MNOK 30.6 (MNOK 21.6). In the 2nd quarter in 2015 profit was charged with a provision of NOK 3.2 million. The provision was related to the termination of the distribution agreement Medistim Norway had with Medtronic.
Net finance ended negative with MNOK 0.1 for the quarter (positive MNOK 1.6).
For the 1st half, net finance ended negative with MNOK 1.1 (positive MNOK 2.6).
Net finance was related to realized and unrealized gains or losses related to currency, hedging contracts, cash in USD and EUR and customer receivables.
Result before tax was MNOK 16.9 (MNOK 13.3) for the quarter. Result after tax for the quarter was MNOK 12.5 (MNOK 10.5).
For the 1st half result before tax was MNOK 29.5 (MNOK 24.2). Result after tax for the 1st half was MNOK 22.0 (MNOK 17.9).
Result per share for the quarter was NOK 0.69 (NOK 0.58). Result per share for the 1st half was NOK 1.21 (NOK 0.99). Average number of shares outstanding was 18.149.669 (18. 116.336) by end of June 2016.
Equity by the end of June was MNOK 148.3 (MNOK 131.9). This equals an equity ratio of 75.5 % (71.4 %). A dividend of MNOK 30.0 was paid in May. See also comment under shareholder affairs.
Cash as of 30th of June was MNOK 18.3 and the company had MNOK 7.5 in interest bearing debt. In addition to a dividend of MNOK 30,0 investments of MNOK 5,1 and increase of working capital of 11,5 reduced cash as of june
The balance sheet ended at MNOK 195.5 from MNOK 218.4 by the beginning of the year. The reduction is manly related to the payment of dividend to shareholders.
The sales growth in Europe was mainly driven by sales of own products that increased with MNOK 5.1 or 38.0 %, while sales of 3.party products increased with 7.0 %, and ended at MNOK 19.5. For the first half sales of 3.party products decreased with MNOK 2.1. The reduction was related to the lost agency from Medtronic. Sales of own products increased with 6.9 MNOK or 25.5 %. Adjusted for currency sales increased with 15.1 % for the first half.
In total for the first half there was sold 20 flow systems and 5 flow- and imaging systems. 16 of the flow systems sold were on the new platform MiraQ, and equally all of the flow- and imaging systems were on the new platform. 2 of the systems sold was to vascular customers.
The growth in Europe for the first half was driven by sales in UK and France. Medistim has a low market penetration in these markets. In UK 3 systems where sold and in France 4 systems where sold. Sales to these countries for the same period last year was zero. Medistim has direct representation in UK and is represented through a distributor in France.
Medistim has a business model in the US that is mainly based upon sales of procedures and leasing, but also capital sale as in other markets.
The US had a 10.9 % increase in sales in the second quarter. Currency neutral growth was 5.9 %. The second quarter 2016 represent the highest quarter ever in terms of sales for Medistim in the US. The previous record was from the second quarter of 2015.
For the quarter there was sold 11.313 procedures compared to last year 11.045. During the quarter 1.308 (995) procedures was sold to customers using the imaging system. Further, 10.005 flow procedures were sold (10.050).
For the 1st half there were sold 21.936 procedures (19.322) of which 2.488 were imaging procedures (1.863) and 19.448 flow procedures (17.459). Sales increased with 24.9 % for the first half of 2016. The currency neutral growth was 14.3 %.
The MiraQ product lines where introduced in the USA during the first half at the STS (The Society of Thoracic Surgeons). Medistim can now offer US customers all of the MiraQ products, MiraQ Cardiac, MiraQ Vascular and MiraQ Ultimate. With a strengthened and motivated sales team and new products available for sale in the US market, Medistim consider itself to well positioned for further growth in the US.
In the US about 80 % of the bypass surgeries are performed with no other quality assurance of blood flow other than the surgeons experience by feeling pulse on the vessels using the finger. It is clinically proven that this method is not reliable. It is therefore a large potential and need for Medistims products in the US. Medistim has large ambitions in the US market. So far Medistim has achieved a market penetration of more than 15.0 % of the total market of approximately 240.000 bypass surgery procedures performed annually. Medistim has a market penetration of about 70 % in Germany, Scandinavia and Japan. Medistim expect that the market penetration in the US will develop in the same manner over time.
In Asia, there was an increase in sales for the quarter with 40.4 %, while for the 1st half there was an increase of 28.0 %. The sales increase for the first half was related to probe sales. Flow probes increased with 33.8 %
The Ministry of Health, Labor and Welfare in Japan approved during the first half a reimbursement of YEN 25,000 [EUR 225] when blood flow of the graft is controlled, using either transit time flow measurement or high-resolution epicardial ultrasonography intraoperatively.
About 20,000 coronary bypass surgery procedures are performed annually in Japan, and more than 80% of these procedures are guided and controlled by the use of blood flow measurement and intraoperative ultrasound imaging technology from Medistim. This makes Japan the most developed country in the world in terms of adopting and
routinely applying quality assessment and surgical guidance to improve CABG surgery.
This is an important milestone in Medistim's history. Achieving reimbursement for the use of Medistim technology is a great encouragement and affirmation of the value that is put on the clinical value of the technology. This could encourage customers in Japan to convert from flow to flow and imaging. It could also result in more countries acknowledging the value of reimbursing the quality assessment and guidance aspects of CABG and other vascular surgery.
In other markets sales for the second quarter increased with 5.7 %. For the first half sales increased with 25.1 %. Of the total of 8 systems sold in the first half, 4 of the systems was on the new platform MiraQ.
Compare to the total these are marginal markets that have little effect on the total sales.
After the launch of vascular products late 2015 in Europe and the launch of the same products in the US in the first half, focus for the development recources has been to establish and optimize the production line for the new products. By June 2016 this has been established and focus is again moved to improve existing and develop new products.
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.
Medistim's focus is to strengthen the company's ability to effectively commercialize 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.
Continious technology and product development will secure Medistims products and leading position within cardiac surgery also in the future. The company also has ambitions
to launch new products adapted to specialities within vascular- and transplant surgery.
On a global basis it is performed more than 700,000 heart bypass surgeries per year. The US represents the largest market for Medistims products with 1/3 of the world market. The global number of procedures has in the past been constant. The decrease in number of procedures perfomed in the western countries has been compensated by an increase in the BRIC countries (Brazil, Russia, India and China). It is therefore expected to have a stabil growing trend in the years to come.
Adding intraoperative ultrasound imaging to flow measurements more than doubles Medistims market potential, because of new applications and relevance and higher pricing compared to traditional flowmeasurement technollogy. Total market size within cardiac surgery is estimated to be 2 billion NOK annualy. The imagingfunctionallity makes MiraQTM and VeriQC relevant in other cardiac surgeries and not just by pass surgery. Medistim estimates this potential to be 1 billion NOK.
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 1 billion NOK.
The trend in surgery moves towards less intervention and keyhole surgery, which gives the surgeon less workspace and the ability to control in a traditional way. It 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, with America's health care reform as very important. 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 their products as an important contributor to achieving these goals.
Medistim's flow meters have been in use in more than 1.5 million patients worldwide since it came on the market, and the company is the clear leader in its niche. The equipment is used today in more than 25 % of the total number of by-pass surgeries performed worldwide.
Medistims penetration and market share is 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 7 % of the procedures performed. This means
that in about 65 % of the cases where by pass surgery is performed there is no equipment in use to verify blood flow. This market represent Medistim's largest opportunity.
With Medistim's Ultrasound imaging technollogy and MiraQTM platform, the company has acquired a new edge compared to competitors, with unique and differentiated products that is currently alone in its segment.
The company is exposed to EUR and USD. Exposure can vary depending on how large share of revenues and costs USD and EUR account for of total income and expenses. For 2016 a 10 % change in the exchange rate against USD and EUR would result in a 7.3 % change in sales and a 19.6 % change in operating result. The company partly secures its positions with hedging contracts.
The company had 186.000 Medistim shares by the end of June 2016. The shares were purchased at a price per share of NOK 14.70. The share price was NOK 57.00 per share at the end of the quarter. 10.000 Medistim shares were transferred to CEO in the first half of 2016 according to previously agreed terms.
The number of shares traded in the 1st half of 2016 was 1.850.500. The five largest shareholders by the end of the 1st half were Intertrade Shipping AS with 3.850.000 shares, Salvesen & Thams Invest with 1.862.500 shares, Stenshagen Invest AS with 1.511.729 shares, Protector forsikring with 1.196.498 shares and Skagen Vekst with 1.070.072 shares.
The General Assembly held the 19th of April decided to pay a dividend of NOK 1.65 per share (NOK 1.40). This is a pay out ratio of 80 % (55 %). The dividend was paid the 2end of May.
Historical dividend in NOK per share paid by medistim
The financial report per 30th of June 2016 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 2015. 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 2016 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.
The group risk and uncertainty factors remain the same as described in the annual report for 2015. The general global economic situation is closely monitored.
There were no transactions between related parties in the period.
Oslo 23rd of August 2016, Board of Directors and managing director in Medistim ASA
| Profit & loss | 2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 |
|---|---|---|---|---|---|
| All numbers in NOK 1000 Sales |
67 194 | 57 254 | 132 694 | 115 161 | 251 429 |
| Cost of goods sold | 17 322 | 13 787 | 33 009 | 30 767 | 64 653 |
| Salary and sosial expenses | 18 692 | 15 513 | 41 088 | 34 377 | 79 102 |
| Other operating expenses | 11 217 | 10 365 | 22 261 | 20 005 | 44 027 |
| Total operating expenses | 47 231 | 39 666 | 96 358 | 85 149 | 187 783 |
| Opr. res.before. depr. and write offs | 19 963 | 17 589 | 36 336 | 30 013 | 63 646 |
| Opr. res before depr. and write off % | 29,71 % | 30,72 % | 27,38 % | 26,06 % | 25,31 % |
| Depreciation | 2 880 | 2 649 | 5 714 | 5 202 | 10 642 |
| Write offs and provisions | - | 3 200 | - | 3 200 | 2 747 |
| Operating result | 17 083 | 11 740 | 30 622 | 21 610 | 50 257 |
| Financial income | 3 427 | 2 874 | 3 553 | 11 120 | 10 755 |
| Financial expenses | 3 566 | 1 279 | 4 631 | 8 487 | 5 367 |
| Net finance | (139) | 1 595 | (1 079) | 2 633 | 5 388 |
| Pre tax profit | 16 944 | 13 335 | 29 543 | 24 243 | 55 645 |
| Tax | 4 426 | 2 867 | 7 517 | 6 365 | 15 223 |
| Result | 12 517 | 10 468 | 22 026 | 17 878 | 40 422 |
| Dividend | 29 950 | 25 362 | 29 950 | 25 362 | 25 362 |
| Comprehensive income Result after tax |
12 517 | 10 468 | 22 026 | 17 878 | 40 422 |
| Exchange differences arising | - | - | - | - | - |
| on translation of foreign operations | 3 | 1 033 | (111) | 557 | 807 |
| Total comprehensive income | 12 520 | 11 501 | 21 915 | 18 435 | 41 229 |
| Key figures Equity share |
2. quarter 16 75,86 % |
2. quarter 15 71,42 % |
1. half 16 75,86 % |
1. half 15 71,42 % |
2015 71,49 % |
| Earnings per share | kr 0,69 |
kr 0,58 |
kr 1,21 |
kr 0,99 |
kr 2,23 |
| Earnings per share diluted | kr 0,69 |
kr 0,58 |
kr 1,21 |
kr 0,99 |
kr 2,23 |
| Average shares outstanding in 1000 Average shares outstanding in 1000 diluted |
18 151 18 151 |
18 116 18 116 |
18 149 18 149 |
18 111 18 111 |
18 118 18 118 |
| Split of operating result | |||||
| per segment | 2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 |
| All numbers in NOK 1000 | |||||
| Result from Medistim products | 13 553 | 11 146 | 25 606 | 18 100 | 39 991 |
| Margin from Medistim products | 28,42 % | 28,56 % | 26,46 % | 23,47 % | 22,81 % |
| Result from 3 party products Margin from 3 party products |
3 530 18,10 % |
594 3,26 % |
5 016 13,97 % |
3 510 9,23 % |
10 266 13,49 % |
| Key figures | 2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity share | 75.86 % | 71.42 % | 75.86 % | 71.42 % | 71.49 % | ||||||
| Earnings per share | kr | 0.69 | kr | 0.58 | kr | 1,21 | kr | 0.99 | kr | 2.23 | |
| Earnings per share diluted | kr | 0.69 | kr | 0.58 | kr | 1.21 | kr | 0.99 | kr | 2.23 | |
| Average shares outstanding in 1000 | 18 151 | 18 116 | 18 149 | 18 111 | 18 118 | ||||||
| Average shares outstanding in 1000 diluted | 18 151 | 18 116 | 18 14 9 | 18 111 | 18 118 |
| Split of operating result | ||||||
|---|---|---|---|---|---|---|
| per segment | 2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 | |
| All numbers in NOK 1000 | ||||||
| Result from Medistim products | 13 553 | 11 146 | 25 606 | 18 100 | 39 991 | |
| Margin from Medistim products | 28,42 % | 28,56 % | 26,46 % | 23,47 % | 22,81 % | |
| Result from 3 party products | 3 530 | 594 | 5 016 | 3 510 | 10 266 | |
| Margin from 3 party products | 18,10 % | 3,26 % | 13,97 % | 9,23 % | 13,49 % | |
| Totalt result | 17 083 | 11 740 | 30 622 | 21 610 | 50 257 | |
| Margin | 25,42 % | 20,51 % | 23,08 % | 18,77 % | 19,99 % |
| Balance sheet All numbers in NOK 1000 |
30.06.2016 | 30.06.2015 | 31.12.2015 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 53 868 | 53 581 | 55 122 |
| Fixed assets Total tangible and fixed assets |
16 469 70 336 |
15 414 68 994 |
14 158 69 280 |
| Inventory | 60 453 | 43 387 | 46 613 |
| Customers receivables | 40 446 | 33 787 | 44 831 |
| Other receivables | 5 986 | 10 034 | 8 787 |
| Cash | 18 229 | 28 442 | 48 925 |
| Total current assets | 125 114 | 115 650 | 149 156 |
| Total assets | 195 450 | 184 644 | 218 436 |
| Equity and liability | |||
| Share capital Share premium reserve |
4 585 41 852 |
4 585 41 852 |
4 585 41 852 |
| Other equity | 101 841 | 85 431 | 109 727 |
| Total equity | 148 278 | 131 868 | 156 164 |
| Long term debt | |||
| Pension liability | - | - | - |
| Deferred income Other long term debt |
1 026 3 750 |
1 724 7 501 |
1 375 5 626 |
| Total long term debt | 4 776 | 9 226 | 7 001 |
| Short term debt | |||
| Credit facility | - | - | - |
| Accounts payable | 10 581 | 10 183 | 12 739 |
| Tax and social liabilities Other short term debt |
31 665 150 |
33 217 150 |
42 383 150 |
| Total short term debt | 42 396 | 43 550 | 55 271 |
| Total equity and liability | 195 450 | 184 644 | 218 436 |
| Net interest bearing debt | (10 729) | (13 858) | (37 883) |
| Change in equity | 30.06.2016 | 30.06.2015 | 31.12.2015 |
| All numbers in NOK 1000 | |||
| Equity start of period | 156 164 | 139 097 | 139 097 |
| Result for the period Capital increase |
22 026 - |
17 878 - |
40 422 1 200 |
| Dividend | (29 950) | (25 362) | (25 362) |
| Minority | - | - | - |
| Medistim shares | 150 | (300) | - |
| Changes in exchange rates Equity end of period |
(112) 148 278 |
556 131 868 |
807 156 164 |
| Cash flow analysis | 30.06.2016 | 30.06.2015 | 31.12.2015 |
| All numbers in NOK 1000 | |||
| Result for the period | 22 026 | 17 878 | 40 422 |
| Cash flow from operation | (15 485) | (4 125) | 2 298 |
| Cash flow from operation | 6 541 | 13 753 | 42 720 |
| Cash flow from investments | (5 170) | (5 559) | (11 726) |
| All numbers in NOK 1000 | ||
|---|---|---|
| All numbers in NOK 1000 | |||
|---|---|---|---|
| All numbers in NOK 1000 | |||
| Result for the period | 22 026 | 17 878 | 40 422 |
| Cash flow from operation | (15 485) | (4 125) | 2 298 |
| Cash flow from operation | 6 541 | 13 753 | 42 720 |
| Cash flow from investments | (5 170) | (5 559) | (11 726) |
| Cash flow from financing (loan\dividend) | (31 617) | (29 227) | (31 544) |
| Change in cash for the period | (30 246) | (21 033) | (550) |
| Cash at start of period | 48 475 | 49 475 | 49 475 |
| Geographic split of sales | 2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 |
|---|---|---|---|---|---|
| All numbers in NOK 1000 | |||||
| USA | 22 697 | 20 467 | 45 653 | 36 544 | 76 219 |
| Asia Europe |
4 043 38 067 |
2 880 31 649 |
11 185 69 768 |
8 736 65 013 |
21 703 141 715 |
| Rest of the world | 2 387 | 2 258 | 6 088 | 4 868 | 11 792 |
| Total sales | 67 194 | 57 254 | 132 694 | 115 161 | 251 429 |
| Geographic split of sales in number of units |
2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 |
| USA | |||||
| Procedures flow measurement Procedures imaging |
10 005 1 308 |
10 050 995 |
19 448 2 488 |
17 459 1 863 |
36 048 3 988 |
| Capital sales VeriQ flowmeasurement instrument | 1 | 2 | 2 | 2 | 3 |
| Capital sales VeriQC imaging and flowmeasurement instrument | 2 | 2 | 4 | 3 | 6 |
| Asia | |||||
| MiraQ and VeriQ flowmeasurement instrument | 3 | 4 | 11 | 14 | 29 |
| MiraQ and VeriQC imaging and flowmeasurement instrument | - | - | 4 | 3 | 16 |
| Imaging probes | - | 3 | 9 | 12 | 28 |
| Flowmeasurement probes | 400 | 295 | 811 | 606 | 1 190 |
| Europe | |||||
| MiraQ and VeriQ flowmeasurement instrument | 14 | 7 | 20 | 13 | 33 |
| MiraQ and VeriQC imaging and flowmeasurement instrument Imaging probes |
4 7 |
- 3 |
5 8 |
3 8 |
20 21 |
| Flowmeasurement probes | 970 | 991 | 1 886 | 1 933 | 4 124 |
| Rest of the world | |||||
| MiraQ andVeriQ flowmeasurement instrument | 2 | 3 | 4 | 3 | 5 |
| MiraQ and VeriQC imaging and flowmeasurement instrument | 1 | 1 | 4 | 6 | 13 |
| Imaging probes | 1 | 1 | 6 | 5 | 20 |
| Flowmeasurement probes | 148 | 220 | 322 | 285 | 590 |
| Sales outside the US | |||||
| Number of MiraQ and VeriQ flow instruments outside USA | 19 | 14 | 35 | 30 | 67 |
| MiraQ and VeriQC imaging and flowmeasurement instruments Total number of imaging probes |
5 8 |
1 7 |
13 23 |
12 25 |
49 69 |
| Total number of flowmeasurement probes outside USA | 1 518 | 1 506 | 3 019 | 2 824 | 5 904 |
| Split of sales per segment | 2. quarter 16 | 2. quarter 15 | 1. half 16 | 1. half 15 | 2015 |
| All numbers in NOK 1000 USA |
|||||
| Procedural revenue | 20 292 | 17 875 | 40 751 | 33 274 | 69 729 |
| Capital sales VeriQ flowmeasurement instruments | 654 | 873 | 1 253 | 873 | 1 192 |
| Capital sales VeriQC imaging and flowmeasurement instrument | 1 752 | 1 718 | 3 649 | 2 396 | 5 298 |
| Outside USA | |||||
| MiraQ and VeriQ flowmeasurement instrument MiraQ and VeriQC imaging and flowmeasurement instrument |
3 444 2 173 |
2 563 397 |
7 164 6 152 |
5 264 4 361 |
11 668 17 974 |
| Imaging probes | 518 | 263 | 1 346 | 1 160 | 3 885 |
| Flowmeasurement probes | 17 602 | 14 963 | 34 801 | 28 782 | 64 135 |
| Other | 1 257 | 379 | 1 664 | 1 020 | 1 459 |
| Total sale of Medistim products | 47 691 | 39 030 | 96 780 | 77 131 | 175 340 |
| Sale of 3 party products | 19 503 | 18 224 | 35 914 | 38 030 | 76 089 |
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