Medistim ASA Q4 2022

March 1 st 2023

Kari E. Krogstad Thomas Jakobsen

PRESIDENT & CEO CFO

Disclaimer

The information included in this Presentation contains 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, 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 2021. 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

Highlights 4 th Quarter

	Q4 2022	Q o Q	Another all-time high sales quarter for Medistim
Revenue EBIT	MNOK 141.8 (112.7) MNOK 36.5 (19.5)	+ 25.8 % + 87.4 %	➢ Beating our previous sales record by 20 % o Imaging sales up 33.5 % in NOK, Flow sales up 28.1 % in NOK o Vascular sales up 8.8 % in NOK, Cardiac sales up 34.2 % in NOK
Currency		+ 4.2 %	➢ Currency neutral total growth was 21.6% o Currency neutral growth for own products was 24.6% ▪ Asia up 51.8 %
Number of	units sold or leased:		▪ Europe up 32.8 %
Flow systems	42	- 19.2 %	▪ USA up 9.8 %
Imaging systems	28	+ 12.0 %	▪ RoW down 32.5 %
Flow probes	(ex USA) 3 090	+ 36.7 %
Imaging probes	38	- 24.0 %	o Third-party products up 6.5 %
Procedures (USA)	19 284	+ 8.2 %

➢ Beating our previous sales record by 20 %

o Imaging sales up 33.5 % in NOK, Flow sales up 28.1 % in NOK
o Vascular sales up 8.8 % in NOK, Cardiac sales up 34.2 % in NOK

➢ Currency neutral total growth was 21.6%

o Currency neutral growth for own products was 24.6%
- Asia up 51.8 %
- Europe up 32.8 %
- USA up 9.8 %
- RoW down 32.5 %
o Third-party products up 6.5 %

EBIT margin at 25.7 % (17.3 %)

The Board of Directors suggest to the General Meeting a dividend of NOK 4.5 per share (NOK 3.75)

Highlights 2022

Full Year 2022		Y o Y		Best year ever for revenue and EBIT
Revenue MNOK 491.9 (427.3)			+ 15.1 %	➢ Sales revenue grows 15.1 % in NOK
EBIT	MNOK 141.3 (116.3)		+ 21.5 %	o	Imaging sales up 44.0 %, Flow up 10.6 % in NOK
				o	Vascularsales up 27.3 %, Cardiac up 18.8 % in NOK
Currency			+ 4.6 %
				➢	Currency neutral total revenue growth was 10.5%
				o	Currency neutral growth for own products was 14.0 %
Number of units sold or leased:					▪ USA up 22.2 %
Flow systems 153		-	1.9 %		▪ Asia up 15.6 %
Imaging systems 105			+ 12.9%		▪ Europe up 8.4 %
Flow probes	(ex USA) 8 606		+ 7.7 %		▪ RoW up 2.2 %
Imaging probes 171			+ 11.0 %
Procedures (USA) 86 030			+ 19.4 %	o	Third-party products up 2%

➢ Sales revenue grows 15.1 % in NOK and 16.6 % when excluding the PPP grant revenue of MNOK 5.3 from 2021
- o Imaging sales up 44.0 %, Flow up 10.6 % in NOK
- o Vascularsales up 27.3 %, Cardiac up 18.8 % in NOK
➢ Currency neutral total revenue growth was 10.5%
- o Currency neutral growth for own products was 14.0 %
  - USA up 22.2 %
  - Asia up 15.6 %
  - Europe up 8.4 %
  - RoW up 2.2 %
- o Third-party products up 2%

Record operating result (EBIT) at MNOK 141.3, with margin at 28.7 % (27.6 %)

02 Financial Statements

Profit and loss Q4

Profit & loss	Q4 2022	Q4 2021
1=NOK 1000
Sales revenue	141 823	112 740
Other revenue	-	-
Total revenue	141 823	112 740
Cost of goods sold	32 771	27 884
Salary and social expenses	42 797	41 418
Other operating expenses	23 847	17 951
Total operating expenses	99 414	87 252
EBITDA	42 409	25 488
EBITDA%	29,90 %	22,61 %
Depreciation	5 935	6 027
Operating result (EBIT)	36 474	19 461
EBIT %	25,72 %	17,26 %
Financial income	2 051	1 664
Financial expenses	Profit and loss Q4 2022 (3 383)	1 710
Net finance	5 434	(46)
Pre tax profit	41 908	19 415
Tax	9 431	3 302
Profit after tax	32 477	16 113

Profit and loss 2022

Profit & loss	FY 2022	FY 2021
1=NOK 1000
Sales revenue	491 937	421 984
Other revenue		5 292
Total revenue	491 937	427 276
Cost of goods sold	106 485	97 114
Salary and social expenses	146 376	134 507
Other operating expenses	74 537	55 950
Total operating expenses	327 398	287 571
EBITDA	164 539	139 705
EBITDA%	33,45 %	33,11 %
Depreciation	23 288	23 427
Operating result (EBIT)	141 251	116 278
EBIT %	28,71 %	27,56 %
Financial income	16 546	8 173
Financial expenses	11 748	10 380
Net finance	4 799	(2 207)
Pre tax profit	146 049	114 071
Tax	32 077	23 171
Profit after tax	113 973	90 900

Balance sheet – Assets

Cash position by end of the year was MNOK 152.6

Securing end-of-life components and keeping security stocks explain the high inventory level

Increased customers receivables due to strong sales by the end of the quarter

Balance sheet	31.12.2022	31.12.2021
All numbers in NOK 1000
Assets
Intangible assets	39 660	33 410
Fixed assets	57 104	63 337
Total intangible and fixed assets	96 764	96 747
Inventory	114 333	97 413
Customers receivables	101 657	68 634
Other receivables	17 263	10 960
Cash	152 641	129 490
Total current assets	385 895	306 497
Total assets	482 659	403 244

Balance sheet	31.12.2022	31.12.2021
All numbers in NOK 1000

Share capital	4 585	4 585
Premium fund	44 172	44 172
Other equity	318 934	257 295
Total equity	367 692	306 052

Total long term debt	15 145	19 589

Total short term debt	99 822	77 603
Total equity and liability	482 659	403 244

Balance sheet – Equity and Liability

No interest-bearing debt

17.1 MNOK in obligations related to lease contracts where 10.0

MNOK is long term. Deferred revenue related to extended warranty amounted to 5.1 MNOK

Strong balance sheet with 76.6 % equity ratio

03 Business segments update

Unit sales of imaging systems sold as capital equipment continue to be strong, growing 21.7 % this quarter

Unit sales of imaging probes vary since one probe can be used 100 times, this quarter down 24 %

Imaging probes in units (capital sales)

Imaging probes US imaging probes

Flow probes and systems in units

Number of flow systems sold as capital equipment is down 16.3 % from Q4 last year

The total sale of systems (Flow and Flow-and-Imaging) sold as capital equipment shows a decrease of 3 units this quarter

Strong development in number of flow probes sold this quarter with 36.7 % growth, partly driven by an announced price increase in 2023

Flow systems in units (capital sales)

Revenue performance by region

Mill NOK	Q4 22	Q4 21	Q / Q	2022	2021	YTD / YTD
Europe	60,5	49,3	22,5 %	200,6	190,2	5,5 %
USA	48,0	39,1	22,8 %	198,1	154,1	28,5 %
Asia	30,7	20,3	50,9 %	76,8	66,8	15,0 %
ROW (MEA, CAN, SA, AUS)	2,7	4,0	-32,5 %	16,4	16,1	1,6 %
Total	141,8	112,7	25,8 %	491,9	427,3	15,1 %

• In Europe, Q4 sales of own products increased with 32 % in NOK and currency neutral with 32.8%. 3. party increased with 6.5 %. For 2022 sale of own products increased with 7.7% in NOK and currency neutral with 8.4 %. 3.party sales ended up 2 % compared to last year.

In the USA, currency neutral sales for the quarter increased with 9.8 %, hence a strong positive currency effect in NOK. For 2022, currency neutral sales increase with 22.1 % (ex. PPP grant).
In Asia, we continue to see recovery from the slow Q1. The regulatory approval in China for the upgraded version of MiraQ is now in place.
ROW is a smaller sales territory for Medistim, with significant quarter to quarter variation.

Positive currency effects for 2022 vs 2021 was 19.7 MNOK.

Average actual exchange rate for USD 9.61 and EUR 10.1 versus last year USD 8.59 and EUR 10.16.

Revenue performance by product category

Mill NOK	Q4 22	Q4 21	Q / Q	2022	2021	YTD / YTD
Procedures (USA)	37,9	28,6	32,7 %	139,9	111,8	25,1 %
Flow probes	44,8	30,3	47,7 %	125,9	115,7	8,8 %
Flow systems (MiraQ)	13,2	17,6	-24,7 %	49,8	51,0	-2,3 %
Imaging systems (MiraQ)	20,6	15,1	36,2 %	86,6	57,9	49,6 %
Imaging probes	2,1	2,0	4,8 %	8,2	7,1	15,4 %
3rd party	19,6	18,4	6,5 %	75,8	74,3	2,0 %
Other	3,6	0,8	376,0 %	5,7	9,5	-40,0 %
Total revenues	141,8	112,7	25,8 %	491,9	427,3	15,1 %

• Procedure sale in the USA: Strong procedure sales both for the quarter and the year; the total number of procedures increased with 8.2 % and 19.4 %, respectively.

Flow probes: In number of units; up 36.7% for the quarter and up 7.7 % for 2022. Sale of probes in 2021 is a strong comparable due to the increased activity level in the operating room after the slow-down during COVID in 2020. Sales for the quarter is partly driven by an announced price increase in 2023.
Flow systems (capital): In number of units, down 16.3% for the quarter and at the same level as last year for 2022. The higher reduction in NOK for the quarter is due to the higher level of sales going through the distribution sales channel.
Imaging systems (capital): 21.7 % increase in units for the quarter and 21.7 % for the year. The higher growth in NOK is driven by strong sales through the direct US sales channel and positive currency.
3 rd party products: 6.5 % increase in sales for the quarter, and 2% growth for the year.
Other: Other includes the US PPP grant of MNOK 5.3 in 2021

Covid-19: From gradually decreasing impact to strong recovery towards normalcy

Currency neutral change in sales revenues

Global supply chains and economy

The ongoing Russian-Ukrainian war creates increased uncertainty in global supply chains and in the world economy at large
Medistim is actively monitoring and managing the situation, particularly regarding sourcing and stocking up of components

04 Implementing the strategy

Medistim growth strategy

1. Convert the routine Flow market to a Flow-and-Imaging market by establishing Surgical Guidance and Quality Assessment as the new standard of care through
2. → Early adopter & KOL support
3. → REQUEST study
4. → Ease conversion from flow to imaging with MiraQ
1. Achieve routine use of both Flow and Imaging by fighting ignorance, indifference and ease-of-use objections through
2. → Clinical marketing, guidelines and educational programs
3. → Product innovation for ease of use
4. → Increased sales force capacity
1. Offer an entry-level solution to reach emerging, price-sensitive, high-growth markets
1. Build and strengthen position in vascular surgery
2. → Dedicated system (MiraQ Vascular) & probes
3. → Build position with societies and KOLs
1. Expand our direct market coverage

GEOGRAPHIES

APPLICATION AREAS

Developing the US market

Performance US sales

Currency neutral sales revenue grows by 9.8 % in Q4 and 22.2 % in 2022, to USD 20.6
Total number of procedures was up 8.2 % in Q4 and 19.4 % in 2022
- o Flow procedures up 6.3 % Q4 and 16.9 % in 2022
- o Imaging procedures up 17.2 % Q4 and 31.5 % in 2022

Strong capital systems sales

o 8 units this Q4 vs 11 last year
o 46 units in 2022 where 32 was imaging vs 38 last year where 16 was imaging
Keep winning new customers
- o 7 this Q4 vs 7 last year
- o 34 in 2022 vs 40 last year

Number of procedures per year

year to our history

o 491.9 mill NOK in revenue
o EBIT margin of 28.7 %
o Equity ratio of 76.2%
o Strong revenue and profit growth
o Strong cash flow
o No long-term liabilities

o Dividend paid since IPO in 2004

0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50 5,00

Capital Markets Day with Medistim

Capital markets day March 21st – key topics

Grand Hotel, Oslo, from 08:00 to 11:00

Future of Cardiac bypass surgery Medistim in Vascular surgery Innovation from Medistim

Prof. John D. Puskas,

Mount Sinai Health System, New York, USA

➢ Internationally recognized for his expertise in off-pump CABG and has performed more than 5000 off-pump procedures since 1996
➢ Global leader in the development of minimally invasive Hybrid Coronary Revascularization, which combines robotic bypass grafting with catheter-based stents in selected patients
➢ Lead investigator on the REQUEST study of TTFM and HFUS, published in 2020

Prof. Pirkka Vikatmaa, Helsinki University Hospital, Finland

➢ President of the Finnish Surgical Society
➢ Former board member of the European Society of Vascular Surgery (ESVS)
➢ Performing Peripheral Bypass surgery, Carotid Endarterectomy and other vascular and endovascular procedures
➢ Has performed 3-4000 procedures with Medistim's equipment

VP Innovation, Håkon Grøthe VP Development, Erik Swensen Medistim ASA

➢ Our history of innovation
➢ What's next?

20 largest shareholders per 28th February

Shareholder	Number of shares	Shares in %	Citisenzhip
1 Aeternum Capital AS	1 862 500	10,16 %	Norway
2 ODIN Fonder	1 800 000	9,82 %	Norway
3 SEB Fonder	1 716 166	9,36 %	Sweden
4 Øyvin A. Brøymer with companies	1 285 000	7,01 %	Norway
5 Swedbank Robur Fonder	1 155 000	6,30 %	Sweden
6 Follum Invest AS	970 000	5,29 %	Norway
7 Invesco	910 000	4,96 %	USA
8 Danske Invest	719 201	3,92 %	Denmark
9 Berenberg Funds	675 095	3,68 %	Germany
10 Fidelity Investments (FMR)	611 312	3,33 %	USA
11 SEBinvest	444 605	2,42 %	Denmark
12 Asbjørn John Buanes	381 876	2,08 %	Norway
13 Holberg Fonder	346 754	1,89 %	Norway
14 Montanaro	314 500	1,72 %	UK
15 Humle Fonder	275 234	1,50 %	Sweden
16 TIN Fonder	238 314	1,30 %	Sweden
17 La Financière de l'Echiquier	205 783	1,12 %	France
18 DNCA Finance S.A	203 549	1,11 %	France
19 Aktia Asset Management	180 337	0,98 %	Finland
20 Abrdn Investment Management	153 545	0,84 %	UK

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