Earnings Release • Aug 23, 2022
Earnings Release
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Another all-time high revenue for a quarter ending at MNOK 117.5 (MNOK 109.8), where last year's revenue included an extraordinary MNOK 5.3 grant through the U.S. Payroll Protection Program related to COVID-19. Revenue for the first half of 2022 ended at MNOK 233.6 (MNOK 212.4)
Sales growth is driven by the USA with a currency neutral sales increase of 28 % for the quarter and 29 % for the first half
Strategic areas of Vascular surgery and Imaging products show high growth with 44 % and 65% for the quarter, and 65% and 50% respectively for the first half
Currency neutral sales of own products increase 13.4 % for the quarter and 11.2 % for the first half
Operating profit (EBIT) for the quarter ended at MNOK 37.4 (MNOK 42.7). Operating profit for the first half ended at MNOK 70.8 (MNOK 71.7). Last year's EBIT included the above-mentioned grant of MNOK 5.3 for both the quarter and for the first half
A dividend of NOK 3.75 per share was paid to the shareholders on the 9th of May according to the General Meeting resolution on the 27th of April
Medistim is happy to report yet another all-time high for sales revenues, at MNOK 117.5 for the second quarter. The currency-neutral growth from own products is at a healthy 13.4 % and the EBIT margin ended at solid 31.8 %.
Strong adoption of combined Flow & Imaging systems, and a high number of systems sold as capital compared to last year, explain the stellar result.
which was influenced by the delay in the regulatory approval process for the upgraded version of our MiraQ with new electronics components in China. While we are still waiting for the necessary approval, we have found an interim solution that enabled us to fill open orders this quarter, and in the quarters to come. Europe and RoW show some quarterly variation with a 5.7% and 14.8% decrease, respectively.
Medistim's most important target market is the global cardiac Coronary Artery Bypass Graft (CABG) market, representing an approximate 2 billion NOK annual revenue opportunity.
Medistim is uniquely positioned to continue to increase sales from the current level of about 300 million NOK per year and increase penetration in this open market for many years to come.
We will grow revenues from a combination of winning new users and from converting the business from a Flow-only to a combined Flow-and-Imaging business. The REQUEST clinical trial published in 2020 demonstrated the clinical benefits of combining the two technologies, and it is with great satisfaction
In addition, it is important that we make progress in developing the Vascular market opportunity to becoming the next growth market for the company. This market includes target applications such as Peripheral Bypass, Carotid Endarterectomy and AV access surgery, and represents a conservatively estimated 1.5 billion NOK annual revenue opportunity.
We are seeing increasing interest and enthusiasm for our Vascular offerings both amongst vascular surgeons and our sales force, and it is encouraging to see that we deliver 44% growth in Vascular product sales this quarter, and 42% in the first half.
A key to succeeding with winning in both Cardiac (CABG) and Vascular markets is continued innovation and product development. Our customers expect to see improved performance from both the Flow and Imaging core technologies, as well as new features that will advance the clinical value and make the products even more user-friendly and attractive to build into their workflows. Over the past quarters, Medistim has expanded the Innovation and Product Development teams with additional headcount, as an important investment in our future. Not only does this increase our capacity to drive innovation initiatives, but also it brings in new competencies, experience, and ideas.
Investing in people and organization; in Innovation and R&D, but also further strengthening business development, sales, service, and support functions are important for our continued and long-term suc-
cess. The headcount increase is reflected in the higher personnel costs for the quarter and first half. We also see an increase of component pricing and other operating expenses due to macroeconomic drivers. To compensate for increased input costs going forward,
we will implement an additional price increase to our products in the second half of the year.
22nd August 2022 Kari E. Krogstad President and CEO
The financial report as per June 2022 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 2021.
(Comparative numbers for 2021 in parenthesis.)
In the second quarter, total revenue ended at MNOK 117.5 (MNOK 109.8), a 7.0% increase. The total revenue from last year included an extraordinary recording of 5.3 MNOK as other revenues in the USA, related to the Paycheck Protection Program (PPP). This was established by the U.S. federal government to help businesses keep employees employed during the COVID-19 pandemic. Medistim kept all its U.S. employees throughout the pandemic and was therefore qualified for the program.
Sales revenues in the second quarter ended at MNOK 117.5 (MNOK 104.5), a 12.5% increase.
There was strong revenue growth in the USA and Asia, with 21.9% and 15.5%, respectively. In the USA, last year's revenue included the PPP revenue, and when excluding this, the sales revenue growth was 39.8%.
Sales revenues in Europe and "Rest of the World" were down by 5.7% and 14.9% respectively.
For the first half, total revenue increased with 10.0% and ended at MNOK 233.6 (MNOK 212.4). Sales revenues, excluding MNOK 5.3 PPP revenue from last year, increased with 12.8% and ended at MNOK 233.6 (MNOK 207.1). 40 000 60 000 40 000 60 000 80 000
There was growth in all regions except Asia. In the USA, total revenue, including last year's PPP revenue, led to an increase of 30.3%, while sales revenues alone increased by 39.8%. Sales revenues in Europe increased by 1.9% and sales in "Rest of the World" increased by 5.6 %. Sales in the Asia were down by 12.7%.
With the same currency exchange rates as in 2021, total revenue would have amounted to MNOK 114.6 for the quarter, which represents a currency-neutral growth in total revenues of 4.4% and currency-neutral growth in sales revenues of 9.7%. Currency-neutral growth in sales revenues of own products, was 13.4%, while third party products decreased by 5.5% compared to last year.
Similar for the first half was a currency-neutral increase of total revenue of 7.3% and a currencyneutral growth in sales revenues of 10.1%. Currencyneutral growth in sales revenues of own products was 11.2%, while third party products increased by 5.2% compared to last year.
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 revenues. In recent years, recurring sales were around 70% of total sales of own products. For the first half, the recurring sales represented 65%. The strong system sales in the quarter secures future recurring revenue.
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Sales revenues from own products for the quarter amounted to MNOK 98.4 (MNOK 84.2). Sales of third-party products ended at MNOK 19.1 (MNOK 20.2).
Sales revenues from own products for the first half amounted to MNOK 192.7 (MNOK 168.2). Sales of third-party products ended at MNOK 40.9 (MNOK 38.9).
For the quarter, sales revenue from the Cardiac segment was MNOK 81.8 (MNOK 72.8). Sales revenue from the Vascular segment was MNOK 16.6 (MNOK 11.5).
For the first half, sales revenue from the Cardiac segment was MNOK 160.9 (MNOK 145.8). Sales revenue from the Vascular segment was MNOK 31.8 (MNOK 22.4), a growth of 44.5% for the quarter and 42.2% for the year. This represents 16.5% of sales of own products (13.3%) in the first half.
For the quarter, sales revenue from Flow products was MNOK 63.7 (MNOK 63.3). Sales revenue from Imaging products was MNOK 34.7 (MNOK 20.9).
For the first half, sales revenue from Flow products was MNOK 126.1 (MNOK 123.8). Sales from Imaging products was MNOK 66.7 (MNOK 44.4).
Hence, the Imaging products grow at 65% for the quarter and 50 % for the year. The Imaging products represent 34.6% of sales of own products (26.4%) in the first half.
Cost of goods sold (COGS) ended at MNOK 28.1 (MNOK 22.6) for the quarter and represents 23.9% of sales revenues (21.7%).
COGS ended at MNOK 51.8 for the first half (MNOK 45.4) and represents 22.2% of sales revenues (21.9%).
Increased sale of Imaging products and the general increase in costs, explain the increase in COGS in percent of sales for both the quarter and the first half.
Salaries and social expenses ended at MNOK 28.2 (MNOK 25.2) for the quarter. Other operating expenses amounted to MNOK 18.0 (MNOK 13.6) for the quarter.
Salaries and social expenses for the first half ended at MNOK 64.7 (MNOK 57.6). Other operating expenses amounted to MNOK 34.7 (MNOK 26.1) for the first half.
The main reason for higher salary and social expenses is related to increased number of employees. The organization has been strengthened primarily within Innovation and Product development (R&D), but also within business development, sales, service, and administration. In addition, strong sales result increases sales commissions and bonuses.
Compared to the COVID-19 affected first half of 2021, the activity level in marketing and sales were higher during the first half of 2022, explaining the increase in other operating expenses.
For the quarter, MNOK 4.5 (MNOK 3.4) was spent on product innovation, research and development (R&D). During the quarter, MNOK 2.9 (MNOK 0.3) of the R&D expense was activated in the balance sheet.
For the first half, MNOK 10.8 (MNOK 8.1) was spent on research and development (R&D). During the first half, MNOK 4.9 (MNOK 0.7) of the R&D expense was activated in the balance sheet.
Medistim has over the past several quarters gradually strengthened the innovation and product development teams with additional headcounts, increasing capacity and bringing new competence and capabilities. This represents critical investments for the future, enabling us to realize our strategy to intensify product innovation and to bring the next generation of product solutions to our customers.
Operating profit before depreciation and writeoffs (EBITDA) for the quarter ended at MNOK 43.1 (MNOK 48.3). The result before tax and finance (EBIT) ended at MNOK 37.3 (MNOK 42.7).
For the first half, operating profit before depreciation and write-offs (EBITDA) ended at MNOK 82.4 (MNOK 83.2). The result before tax and finance (EBIT) ended at MNOK 70.8 (MNOK 71.7).
Net finance ended positive with MNOK 3.4 for the quarter (positive MNOK 0.1). Similar for the first half, net finance ended positive with MNOK 2.9 (negative MNOK 1.1).
Net finance was related to realized and unrealized gains or losses related to currency, hedging contracts, cash in USD and EUR and customer receivables.
Accumulated operating profit (EBIT) per quarter in TNOK
The result before tax was MNOK 40.7 (MNOK 42.8) for the quarter. The result after tax for the quarter was MNOK 33.1 (MNOK 34.2). For the first half, result before tax ended at MNOK 73.6 (MNOK 70.7). Result after tax ended at MNOK 56.8 MNOK (MNOK 56.0).
The result per share for the quarter was NOK 1.81 (NOK 1.88). The result per share for the first half was NOK 3.11 (NOK 3.07). Average number of shares outstanding was 18,242,810 (18,213,336) at the end of June 2022.
Equity by the end of June was MNOK 309.1 (MNOK 261.0). This equals an equity ratio of 78.8% (78.6%).
The balance sheet ended at MNOK 397.6 from MNOK 403.2 at the beginning of the year.
Cash flow from operations for the period ended at MNOK 50.2. The cash position at the end of June ended at MNOK 104.0 after a dividend of 68.4 MNOK. The company had no interest-bearing debt and MNOK 21.2 in obligations related to lease contracts that are recognized in the balance sheet according to IFRS 16.
For the quarter, sales of own products ended at MNOK 28.4, a decrease of 5.9% compared to last year. Sales of third- party products ended at MNOK 19.1, a decrease of 5.5%.
For the first half, sales of own products ended at MNOK 56.0, which is at the same level as last year. Sales of third-party products ended at MNOK 40.9, an increase of 5.1%.
Currency neutral, sale of own products was down by 4.0 % for the quarter, while the first half showed growth of 1.7 %.
Medistim offers several business models in the USA, including sales of procedures ("Pay Per Procedures"), leasing, and capital sales.
For the quarter, total revenue increased by 21.9% in NOK. MNOK 5.3 of the revenue in 2021 was related to the previously mentioned extraordinary revenue from the US federal Paycheck Protection Program. Currency neutral product sales increased with 28.0%.
A total of 23,592 procedures were sold, compared to last year's 18,718. 4,515 (2,902) were imaging procedures and 19,077 (15,816) were flow procedures. Capital sale was 13 (8) units. During the quarter, 3 lease customers converted to capital customers explaining the negative number of lease systems for the quarter.
For the first half, total revenue increased by 30.3% in NOK, while currency neutral product sales revenues increased by 29.4 %.
A total of 44,512 procedures were sold, compared to last year's 35,389. 8,443 (5,682) were imaging procedures and 36,069 (29,707) were flow procedures. Capital sale was 27 (17) units. In addition 5 units were outplaced as lease agreements.
Number of procedures per quarter in the USA
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 US market. So far, Medistim has achieved a market penetration of about 25% 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 US will develop in the same manner over time.
Asia saw a 15.5 % increase in sales for the quarter, while the first half sales decreased with 12.7 % compared to last year.
The reason for the weaker sales in the first quarter was related to China, due to delay in regulatory approval of the updated MiraQ with new electronics. Sales was therefore delayed, but not lost. Some of the projects were closed this second quarter, while others will be closed in the second half of the year.
Sales in 'Rest of the World' (MEA, Canada, South America and Australia) decreased from MNOK 4.1 to MNOK 3.5 for the quarter. For the first half, sales increased from 7.6 MNOK to 8.0 MNOK.
These markets constitute a relatively small sales region for Medistim so far and is subject to considerable variation in sales from quarter to quarter.
On April 4th, the 18th annual Arthur D. Little Nordic Life Science Award was awarded to Kari E. Krogstad, CEO of Medistim ASA. The award is given to a person in the Nordic region that has demonstrated outstanding management and leadership in the Life Science industry.
The company aims to develop products to meet surgeons' growing need for quality control of cardiac bypass surgery, peripheral vascular surgery, and transplant surgery. Our vision is that Medistim's solutions shall represent the "standard of care" in clinical practice and that blood flow measurements and intraoperative ultrasound imaging are made available to the benefit of every patient.
Medistim's focus is to strengthen the company's ability to effectively commercialize its product portfolio on a global basis. One of the key routes to achieve this is closer contact with customers through a highly competent and effective sales and marketing organization. Another important strategic pathway is to engage with key opinion leaders in clinical research and produce enhanced clinical documentation for marketing purposes. Further, to grow the attention and interest in blood flow measurements, ultrasound imaging, surgical guidance and quality assurance and ensure these topics are on the agenda of the medical associations and in other relevant forums and channels.
Continuous technology and product development will secure Medistim's products and leading position within cardiac and vascular surgery in the future.
On a global basis, more than 700,000 heart bypass surgeries are performed each year. The USA represents the largest market for Medistim's products, with almost 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 emerging markets such as China, Russia, and India. 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 alone. The total market opportunity within CABG surgery is estimated to be NOK 2 billion annually. The imaging functionality makes the MiraQ system relevant in other cardiac surgeries and not just bypass surgery. Medistim estimates this additional potential to be NOK 1 billion.
The company also has a significant potential within the global vascular market, which is estimated to be more than 900,000 vascular procedures annually. Total market opportunity within vascular surgery is estimated to be over NOK 1.5 billion.
The general 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 initiatives 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 flowmeters 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 MiraQ platform, the company has acquired another 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 revenue and costs in USD and EUR relative to its total income and expenses. For 2021, a 10% change in the exchange rate against USD and EUR would result in an 8.2% change in sales and a 13.0% change in operating result. The company partly secures its positions with hedging contracts.
Cardiac bypass surgery is to a large extent an elective procedure that can be scheduled with some time delay. When the outbreak of the COVID-19 pandemic was a fact, several by-pass surgeries were postponed. Therefore, the number of bypass procedures was reduced compared to the normal level. While Medistim has over several years shown a currency neutral growth of 7% to 10 % per year, 2020 ended without growth compared to 2019, all due to the pandemic.
Since the pandemic started to affect the Medistim business in second quarter of 2020, the effect became gradually smaller, and in the second quarter of 2021, there was a strong rebound in procedures performed and hence in the sales revenues. This rebound continued through 2021.
While Medistim has been affected by the COVID-19 situation, the company has been able to deliver solid profit and cash flow. The need for Medistim's products has not changed, and the strong recovery seen through 2021 and the growth that continues in 2022, may indicate that cardiac bypass surgeries are back to normal. However, there are still some uncertainties related to new variants of the virus.
The Russian and Ukrainian conflict is expected to have minor sales impact, since sales revenues from these countries was less than 2% of total sales in 2021.
The market is impacted by macro-economic uncertainty, with inflation pressure, increased component cost and higher interest rates. The longterm consequences of geopolitical uncertainty and the aftermath of the pandemic are unclear, and might generate greater uncertainty and imbalance in the global flow of goods. The company is continuing to take mitigating actions to ensure access to key components in order to maintain strong profitability development in the future. Also, the company is well equipped financially to face future challenges with no interest bearing debt and an equity ratio of 78,8 %.
The company had 85,046 Medistim shares by the end of June 2022. The share price was NOK 282.50 per share at the end of first half 2022. For comparison, entering 2022 the share price was 367.50 per share.
The number of shares sold in the first half of 2022 totaled 1,237,688. The five largest shareholders were Aeternum Capital with 1,862,500 shares, Odin Fondene with 1,800,000 shares, Fløtemarken AS with 1,285,000 shares, State Street Bank with 1,196,455 shares and Follum Invest with 970,000 shares.
The General meeting decided a dividend of NOK 3.75 per share, total MNOK 68.4 based upon the 2021 results. The dividend was paid the 9th of May 2022.
The financial report per 30th of June 2022 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 2021. 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 2022 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 2021.
There were no transactions between related parties in the period except for the share program to management approved by the General meeting the 27th of April this year.
Oslo, August 22nd, 2022
Board of Directors and CEO of Medistim ASA
Øyvin A. Brøymer Chairman
Anthea Arff-Pettersen Board member Sign. Sign. Sign.
Siri Fürst Board member
Lars Rønn Board member
Torben Jørgensen
Board member
Tove Raanes Board member Sign. Sign. Sign.
Kari Eian Krogstad CEO Sign.
MEDISTIM SECOND QUARTER AND FIRST HALF RESULTS 2022 9
| PROFIT & LOSS | Q2 2022 |
Q2 2021 |
First half 2022 |
First half 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| 1=NOK 1000 | |||||
| Sales revenue | 117 495 | 104 476 |
233 623 |
207 106 |
421 984 |
| Other revenue | - | 5 292 |
- | 5 292 |
5 292 |
| Total revenue | 117 495 | 109 768 | 233 623 | 212 398 | 427 276 |
| Cost of goods sold | 28 141 | 22 637 |
51 823 |
45 438 |
97 114 |
| Salary and social expenses | 28 241 | 25 208 |
64 652 |
57 611 |
134 507 |
| Other operating expenses | 17 973 | 13 611 |
34 717 |
26 118 |
55 950 |
| Total operating expenses | 74 356 | 61 456 |
151 192 |
129 167 |
255 944 |
| Op. res. before depr. and write-offs | |||||
| (EBITDA) | 43 139 | 48 312 | 82 431 | 83 231 | 139 705 |
| EBITDA% | 36,72% | 44,01% | 35,28% | 39,19% | 32,70% |
| Depreciation | 5 800 | 5 637 |
11 672 |
11 491 |
23 427 |
| Operating profit (EBIT) | 37 339 | 42 675 | 70 759 | 71 741 | 116 278 |
| EBIT % | 31,78% | 38,88% | 30,29% | 33,78% | 27,21% |
| Financial income | 8 472 | 1 250 |
9 637 |
3 251 |
8 173 |
| Financial expenses | 5 077 | 1 103 |
6 775 |
4 320 |
10 380 |
| Net finance | 3 395 | 147 | 2 862 |
(1 069) |
(2 207) |
| Pre tax profit | 40 734 | 42 821 | 73 621 | 70 672 | 114 071 |
| Tax | 7 610 | 8 653 |
16 773 |
14 682 |
23 171 |
| Profit after tax | 33 124 | 34 168 | 56 849 | 55 990 | 90 900 |
| Dividend | 68 396 | 54 640 |
68 396 |
54 640 |
54 640 |
| Comprehensive income | |||||
| Profit after tax | 33 124 | 34 168 |
56 849 |
55 990 |
90 900 |
| Exchange differences arising on translation of foreign operations |
14 204 | 156 | 12 152 |
2 792 |
5 357 |
| TOTAL COMPREHENSIVE INCOME | 47 328 | 34 324 | 69 001 | 58 781 | 96 257 |
| KEY FIGURES | Q2 2022 |
Q2 2021 |
First half 2022 |
First half 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| Equity share | 77,73% | 77,69% | 77,73% | 78,59% | 75,90% |
| Earnings per share | kr 1,82 | kr 1,88 | kr 3,12 | kr 3,07 | kr 4,99 |
| Earnings per share diluted | kr 1,81 | kr 1,87 | kr 3,11 | kr 3,07 | kr 4,98 |
| Average shares outstanding in 1000 | 18 245 | 18 213 |
18 243 |
18 213 |
18 216 |
| Average shares outstanding in 1000 diluted |
18 274 | 18 246 |
18 276 |
18 246 |
18 249 |
| SPLIT OF EBIT PER SEGMENT | Q2 2022 |
Q2 2021 |
First half 2022 |
First half 2021 |
Full year 2021 |
| EBIT from Medistim products | 33 424 | 37 729 |
63 143 |
63 274 |
102 741 |
| EBIT margin from Medistim products | 33,98% | 44,79% | 32,76% | 37,62% | 29,55% |
| EBIT from 3rd party products | 3 915 | 4 946 |
7 617 |
8 467 |
13 537 |
| EBIT margin from 3rd party products | 20,47% | 24,44% | 18,62% | 21,77% | 18,21% |
| Total EBIT | 37 339 | 42 675 | 70 759 | 71 741 | 116 278 |
| Total EBIT margin | 31,78% | 38,88% | 30,29% | 33,78% | 27,21% |
| BALANCE SHEET | 6/30/2022 | 6/30/2021 | 12/31/2021 |
|---|---|---|---|
| 1=NOK 1000 | |||
| Assets | |||
| Intangible assets | 35 146 | 30 826 |
33 410 |
| Fixed assets | 58 274 | 60 329 |
63 337 |
| Total tangible and fixed assets | 93 420 | 91 154 | 96 747 |
| Inventory | 104 492 | 113 485 |
97 413 |
| Customers receivables | 79 189 | 66 041 |
68 634 |
| Other receivables | 16 513 | 8 376 |
10 960 |
| Cash | 104 026 | 53 019 |
129 490 |
| Total current assets | 304 221 | 240 921 | 306 497 |
| TOTAL ASSETS | 397 641 | 332 075 | 403 244 |
| Equity and liability | |||
| Share capital | 4 585 | 4 585 |
4 585 |
| Share premium reserve | 44 172 | 44 172 |
44 172 |
| Other equity | 260 323 | 212 229 |
257 295 |
| Total equity | 309 080 | 260 986 | 306 052 |
| Long-term debt | |||
| Lease obligations | 13 501 | 18 146 | 17 079 |
| Deferred income | 4 258 | 66 | 2 510 |
| Other long-term debt | - | 1 337 | - |
| Total long-term debt | 17 759 | 19 550 | 19 589 |
| Short-term debt | |||
| Accounts payable | 23 768 | 14 184 |
20 318 |
| Tax and social liabilities | 46 685 | 37 206 |
56 935 |
| Other short-term debt | 350 | 150 | 350 |
| Total short-term debt | 70 803 | 51 539 | 77 603 |
| TOTAL EQUITY AND LIABILITY | 397 641 | 332 075 | 403 244 |
| CHANGE IN EQUITY | 6/30/2022 | 6/30/2021 | 12/31/2021 |
|---|---|---|---|
| Equity start of period | 306 052 | 256 846 |
256 846 |
| Result for the period | 56 849 | 55 990 |
90 900 |
| Dividend | (68 396) | (54 641) |
(54 640) |
| Other | (812) | - | |
| Medistim shares | 3 235 | - | 7 589 |
| Changes in exchange rates | 12 152 | 2 792 |
5 357 |
| Equity end of period | 309 080 | 260 986 | 306 052 |
| CASH FLOW ANALYSIS | 6/30/2022 | 6/30/2021 | 12/31/2021 |
| Profit for the period | 56 849 | 55 990 |
90 900 |
| Other cash flow from operation | (6 687) | (16 394) |
37 238 |
| Cash flow from operation | 50 161 | 39 596 | 128 138 |
| Cash flow from investments | (3 651) | (2 327) |
(11 486) |
| Lease obligations | (3 578) | (1 500) |
(4 500) |
| Dividend | (68 396) | (54 640) |
(47 051) |
| Cash flow from financing (lease\dividend) | (71 974) | (56 140) |
(59 053) |
| Change in cash for the period | (25 464) | (18 871) | 57 599 |
| Cash at start of period | 129 490 | 71 891 |
71 891 |
| Cash by the end of period | 104 026 | 53 019 | 129 490 |
| GEOGRAPHIC SPLIT OF SALES | Q2 2022 |
Q2 2021 |
First half 2022 |
First half 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| 1=NOK 1000 | |||||
| USA | 50 539 | 41 444 |
99 687 |
76 508 |
154 135 |
| Asia | 15 911 | 13 780 |
29 020 |
33 242 |
66 805 |
| Europe | 47 513 | 50 396 |
96 914 |
95 074 |
190 190 |
| Rest of the world | 3 532 | 4 148 |
8 002 |
7 574 |
16 146 |
| TOTAL REVENUE | 117 495 | 109 768 |
233 623 |
212 398 |
427 276 |
| GEOGRAPHIC SPLIT OF SALES IN | Q2 | Q2 | First half | First half | Full year |
| UNITS | 2022 | 2021 | 2022 | 2021 | 2021 |
| USA Procedures flow measurement |
15 816 |
36 069 |
29 707 |
59 397 |
|
| Procedures imaging | 19 077 4 515 |
2 902 |
8 443 |
5 682 |
12 635 |
| Capital sales flow systems | 4 | 4 | 8 | 9 | 22 |
| Capital sales imaging and flow systems | 9 | 4 | 19 | 8 | 16 |
| Lease flow systems | -2 | 3 | 3 | 6 | 9 |
| Lease imaging and flow systems | -1 | 6 | 2 | 7 | 10 |
| Asia | |||||
| Flow systems | 19 | 12 | 32 | 35 | 59 |
| Imaging and flow systems | 12 | 9 | 18 | 17 | 34 |
| Imaging probes | 16 | 8 | 20 | 20 | 46 |
| Flow probes | 360 | 715 | 924 | 1 393 |
2 683 |
| Europe | |||||
| Flow systems | 16 | 10 | 29 | 20 | 54 |
| Imaging and flow systems | 5 | 6 | 11 | 14 | 27 |
| Imaging probes | 19 | 16 | 34 | 23 | 50 |
| Flow probes | 1 113 | 1 199 |
2 175 |
2 140 |
4 524 |
| Rest of the world | |||||
| Flow systems | 1 | 3 | 4 | 4 | 12 |
| Imaging and flow systems | 1 | 2 | 3 | 4 | 6 |
| Imaging probes | 2 | 1 | 3 | 3 | 11 |
| Flow probes | 185 | 43 | 403 | 198 | 781 |
| Sales outside the US | |||||
| Flow systems | 36 | 25 | 65 | 59 | 125 |
| Imaging and flow systems | 18 | 17 | 32 | 35 | 67 |
| Imaging probes | 37 | 25 | 57 | 46 | 107 |
| Flow probes | 1 658 | 1 957 |
3 502 |
3 731 |
7 988 |
| SPLIT OF SALES PER PRODUCT SEGMENT |
Q2 2022 |
Q2 2021 |
First half 2022 |
First half 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| 1=NOK 1000 | |||||
| USA | |||||
| Procedures flow measurement | 25 764 | 24 679 |
48 470 |
44 162 |
81 974 |
| Procedures imaging | 9 286 | 4 210 |
19 037 |
10 634 |
29 780 |
| Capital sales flow systems | 3 152 | 2 954 |
6 851 |
7 334 |
18 108 |
| Capital sales imaging and flow systems | 12 337 | 4 309 |
25 328 |
9 087 |
18 984 |
| Other | - | 5 292 |
- | 5 292 |
- |
| Outside USA | |||||
| Flow systems | 9 113 | 5 439 |
16 904 |
14 157 |
32 898 |
| Imaging and flow systems | 10 701 | 10 495 |
18 461 |
21 168 |
38 912 |
| Imaging probes | 2 347 | 1 940 |
3 769 |
3 504 |
7 118 |
| Flow probes | 24 785 | 28 985 |
52 017 |
55 228 |
115 704 |
| Other | 879 | 1 230 |
1 887 |
2 941 |
4 169 |
| Total sale of Medistim products | 98 365 | 84 240 | 192 725 | 168 213 | 347 646 |
| Other USA | - | 5 292 |
5 292 |
5 290 |
|
| Sale of 3rd party products | 19 129 | 20 236 | 40 898 | 38 892 | 74 340 |
| TOTAL REVENUE | 117 494 | 109 768 | 233 623 | 212 398 | 427 276 |
| SPLIT OF SALES BETWEEN CARDIAC AND VASCULAR SURGERY |
Q2 2022 |
Q2 2021 |
First half 2022 |
First half 2021 |
Full year 2021 |
| Sales within cardiac surgery | 81 783 | 72 764 |
160 908 |
145 833 |
293 027 |
| Sales within vascular surgery | 16 582 | 11 476 |
31 817 |
22 380 |
54 619 |
| Other | - | 5 292 |
- | 5 292 |
5 290 |
| Sales of 3rd party products | 19 129 | 20 236 |
40 898 |
38 892 |
74 340 |
| TOTAL REVENUE | 117 494 | 109 768 | 233 623 | 212 398 | 427 276 |
[email protected] www.medistim.com
Medistim ASA (Head office) Økernveien 94 0579 Oslo Norway Phone +47 23 05 96 60
Medistim ASA (Manufacturing) Bromsveien 17 3183 Horten Norway
Phone +47 33 03 17 26
0579 Oslo Norway Phone +47 23 03 52 50
Medistim Danmark ApS Søgade 16
4100 Ringsted Denmark Phone +45 23 800 300 Medistim USA Inc. 14000 25th Ave N. Ste. 108
Plymouth, MN 55447 USA Phone +1 763 208 9852
Medistim Deutschland GmbH Bahnhofstr. 32 82041 Deisenhofen Germany Phone +49 (0) 89 62 81 90 33
Calle Balmes 173, 4º, 2 08006 Barcelona, Spain Phone +34 911 238 318
34 Nottingham South Ind Est Ruddington Lane Wilford NG11 7EP Nottingham, UK Phone +44 (0) 115 981 0871
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