Ortivus

Earnings Release • Feb 17, 2023

Year-end Report

Fourth quarter and full-year, 2022

Highlights October - December 2022

• The Estonian Health Insurance Fund (Haigekassa) decided to award Telia Eesti, with Ortivus as a subcontractor, a contract for the supply of MobiMed ePR to the entire ambulance fleet of Estonia. The 5-year contract regards a Software As a Service (SaaS) solution and has an order value of 26 MSEK, with a corresponding value for five optional years.
• Ortivus received an order from Jersey Ambulance Service regarding the delivery of MobiMed ePR to the region's ambulance service. The order value is estimated to 3.8 MSEK and the contract duration is 3 years, with a possible extension for an additional two years. The service value in addition to the delivery is estimated to 2.3 MSEK for years 2-5.
• Ortivus was awarded a contract for delivery of MobiMed ePR, including the navigation application MobiMed enRoute, to all ambulance vehicles in the Region Jönköpings län. The contract duration is 5 years with a possible extension of 5 years. The order value is estimated to 4.2 MSEK and an additional 4.2 MSEK upon contract extension.
• Ortivus signed a strategic partnership agreement with the Spanish company ITURRI, who are an established supplier to sectors including but not limited to healthcare and defence.
• Ortivus announces the launch of a Danish subsidiary, Ortivus MobiMed ApS.

Significant events after end of the period

• Ortivus AB acquired approximately 10% of the Swedish technology company H&E Solutions AB, the developer of Evam - an operating system for emergency vehicles.

October - December 2022

• Net sales amounted to 33.4 (22.6) MSEK.
• The gross margin amounted to 39% (54%).
• Profit after tax amounted to 0.2 (1.7) MSEK.
• Earnings after tax per share before and after dilution amounted to 0.00 (0.04) SEK.
• Operating cash flow before changes in working capital amounted to 1.9 (3.2) MSEK.

January - December 2022

• Net sales amounted to 104.5 (94.3) MSEK.
• The gross margin amounted to 47% (51%).
• Profit after tax amounted to 5.9 (9.2) MSEK.
• Earnings after tax per share before and after dilution amounted to 0.13 (0.21) SEK.
• Operating cash flow before changes in working capital amounted to -6.9 (14.7) MSEK.

The Group in summary

	Oct-Dec 2022	Oct-Dec 2021	Jan-Dec 2022	Jan-Dec 2021
Net sales (MSEK)	33.4	22.6	104.5	94.3
Gross margin (%)	39%	54%	47%	51%
Operating profit (MSEK)	0.3	1.7	5.8	9.3
Operating margin (%)	1%	8%	6%	10%
EBITDA (MSEK)	1.1	3.1	10.2	12.7

For details regarding the figures, see "The Group's key figures".

CEO Statement

Ortivus ends 2022 with a growth of 10% for the full year

Ortivus had a strong quarter characterised by large deliveries to several customers. In addition, the company has signed contract with two new customers, Estonia and Jersey (UK), and has thereby secured future recurring revenues. Ortivus will now deliver MobiMed ePR to all ambulances in Estonia and Jersey, and MobiMed will be available on Windows, Android as well as on iOS. Ortivus has during the quarter, also been awarded a contract for the delivery of MobiMed ePR and MobiMed enRoute to the Region Jönköpings län. MobiMed enRoute, which was introduced at the end of the year, is a recently developed application for navigation and case management. The company continues its international expansion through the establishment of a new subsidiary in Denmark and a new strategic partnership with ITURRI, a leading company in the Spanish market.

Ortivus makes up for a weak third quarter, largely caused by delayed shipments due to component shortages, with a strong revenue growth in the fourth quarter. Turnover for the quarter amounted to 33.4 MSEK, which is an increase of 47% compared to the corresponding quarter of the previous year. The increase in turnover for the year did not reach the communicated goal of 15% growth annually, however, considering the challenging circumstances we have faced during the year, we are satisfied with this year's growth and the goals for the coming years remain the same. The product mix in the fourth quarter consisted mainly of hardware, which affected the gross margin that amounted to 39% for the quarter.

The lower gross margin together with increased costs due to a large number of market activities, results in a zero result for the quarter. The result for the full year amounted to 5.9 MSEK with a gross margin of 47%, which is higher than the fourth quarter as the product mix consists of a larger proportion of software and services.

Several new customer orders improve the financial stability and has given the company confidence for the coming years. The MobiMed Life range of defibrillators has shown to be an important component in our total solution and we have seen a steady growth within the segment over the year. Six Swedish regions have already procured MobiMed Life since the launch in 2021 and Ortivus has thereby increased the market share. We see an extensive need for innovative defibrillators and a continued growth potential within the segment as one competing player has chosen to leave the market.

Thanks to the investments made in the organisation, in product development and together with partners, Ortivus today has a strong position for continued growth. Our large customer deliveries to Singapore, Northern Ireland and Region Jönköpings län have been successful, and MobiMed is now used daily in these ambulance operations. In general, it can be stated, that despite the pandemic having released its grip, healthcare organisations are still under heavy pressure with a strained work environment. We experience delays in several customer delivery projects, and this is mainly caused by a lack of resources on the customer side.

The implementation of MobiMed Monitor in Region Skåne's approx. 100 ambulances began at the end of the year and the first vehicles equipped with MobiMed Monitor have been rolled out. According to the plan, all ambulances in Region Skåne will be ready and equipped with MobiMed during the spring of 2023.

Ortivus received an order, covering the delivery of MobiMed ePR to the entire ambulance fleet in Estonia. For the company, this order means a breakthrough on a completely new market.

A number of orders from new customers were secured during the quarter. One of these is a nationwide order regarding the delivery of MobiMed ePR to all ambulances in Estonia. The order for Estonia's pre-hospital care is for Ortivus a breakthrough on a new geographical market. The contract concerns a national system where Ortivus acts as a software supplier to Telia Eesti, which is the contracting party to the end customer Haigekassa in Estonia. The contract period covers five years and Ortivus' share of the contract has an order value of 26 MSEK. The agreement can also be extended with five more years. In this project, Ortivus will deliver software licenses for MobiMed ePR on an iOS platform as well as service and support services. Altogether, we see an increased demand for our solutions on iOS.

Ortivus continues to further develop existing products and to complement solutions with new functionalities. At the end of the year, a new solution for case

management and navigation were presented. This solution has been created in collaboration with the company H&E Solutions. H&E Solutions is a Swedish company that has developed a very advanced and user-friendly system for navigation, focusing on blue light operations. This navigation and case management module has been integrated with MobiMed and is marketed under the name MobiMed enRoute. During the fourth quarter, Region Jönköpings län procured both MobiMed ePR and MobiMed enRoute from Ortivus. The procurement was carried out in competition with competing solutions, and that the choice fell on Ortivus shows that this comprehensive solution with electronic patient records and navigation meets the market requirements. The collaboration with H&E Solutions has also been strengthened by Ortivus acquiring approx. 10% of the company's shares. This purchase was completed during the first quarter of 2023.

At the end of the year, Ortivus presented MobiMed enRoute, a new case management and navigation solution developed in collaboration with the company H&E Solutions.

2 2 The award from Region Jönköpings län has, however, been appealed by a competing company and contract cannot be signed until the administrative court has reached a verdict in the case. The appeal is a dispute

between the Region and the other company and Ortivus is not an active party.

During the last quarter of 2022, an agreement was signed with the company ITURRI regarding distribution of Ortivus' solutions on the Spanish market. ITURRI is a well-established company that manufactures and supplies equipment and vehicles for safety and industrial protection to the defence and healthcare industry. Together with ITURRI, several market activities aimed at the Spanish market are now being planned and carried out.

For strategic reasons, Ortivus, has during the fall, decided to establish a subsidiary in Denmark. This has been done to ensure local presence on a growing market. Several Danish regions are expected to procure prehospital monitoring and electronic patient record systems in the coming years.

Overall, we are experiencing an increased demand for our solutions. 2023 will be at least as intense a year as 2022 and we look forward to continuing to deliver our modern and innovative digital systems, for a better and more efficient healthcare.

Danderyd, 17th of February 2023

Reidar Gårdebäck Chief Executive Officer

Financial overview, October - December 2022

The Group

Net sales

Net sales amounted to 33.4 (24.5) MSEK.

Oct-Dec	Nordics Rest of Europe		RoW		Total
Amount in MSEK	2022	2021	2022	2021	2022	2021	2022	2021
Prehospital care	7 607	5 490	14 851	11 192	5 711	2 956	28 169	19 638
Advanced monitoring and other	5 186	949	0	1 936	0	77	5 186	2 962
Total	12 793	6 439	14 851	13 128	5 711	3 033	33 355	22 600

Results

• Gross profit amounted to 13.0 (12.1) MSEK and the gross margin was 39% (54%).
• Operating expenses (selling, administrative, and development expenses) amounted to 13.1 (9.7) MSEK.
• Other operating income or expenses consist of realised and unrealised foreign exchange effects of 0.4 (-0.8) MSEK. These consist to some extent of revaluation of currency forward contracts in the income statement amounting to -0.1 MSEK, as the group's agreed major revenue flows in foreign currency are forward hedged.
• Operating profit amounted to 0.3 (1.7) MSEK.
• EBITDA amounted to 1.1 (3.1) MSEK.
• Profit after tax amounted to 0.2 (1.7) MSEK, which corresponds to earnings per share before and after dilution of 0.00 (0.04) SEK.

Financial position

Intangible assets partly consist of previously capitalised development expenses for MobiMed ePR but also of expenses for further development of both MobiMed ePR and Monitor. See further under the section "Important estimates and assessments".

Investments in intangible fixed assets during the quarter amounted to 1.2 (2.5) MSEK. Amortisation of intangible fixed assets amounted to 0.6 (0.9) MSEK during the quarter.

Investments in tangible fixed assets during the period, amounted to 0.5 (0.0) MSEK. Depreciation of tangible fixed assets amounted to 0.1 (0.5) MSEK during the quarter.

The inventory value amounted to 16.8 (4.8) MSEK.

Accounts receivable amounted to 32.9 (21.4) MSEK.

As of December 31, 2022, the Group's cash and cash equivalents amounted to 7.6 (22.1) MSEK.

Equity for the Group amounted to 35.4 (29.4) MSEK.

As of December 31, 2022, the group's long-term liabilities amounted to 11.1 (12.1) MSEK and consist of long-term liabilities regarding right-of-use assets according to IFRS16 of 4.2 (2.0) MSEK and prepaid revenues for licenses and guarantees of 6.9 (10.0) MSEK.

The group's short-term liabilities amounted to 42.6 (30.9) MSEK and consist, among other things, of accrued expenses prepaid income of 18.1 (16.2) MSEK, advances from customers of 1.6 (7.3) MSEK and debt regarding right-of-use assets according to IFRS 16 of 2.0 (1.3) MSEK.

Cash flow

The operating activities generated a cash flow of 1.9 (-12.2) MSEK. This is partly due to increased working capital from paid customer receivables.

Before changes in working capital, the cash flow was 4.2 (6.0) MSEK.

The cash flow from investment activities amounted to -2.0 (-1.9) MSEK.

Cash flow from financing activities amounted to -0.5 (-2.5) MSEK.

The group's total cash flow during the quarter amounted to -0.7 (17.2) MSEK.

The Parent Company

Results

• Net sales amounted to -3.8 (24.6) MSEK.
• Gross profit amounted to -4.0 (18.2) MSEK.
• Operating profit amounted to -6.4 (55.8) MSEK.

Financial position

Depreciation of intangible fixed assets has been made at 0.0 (0.9) MSEK for the period. Investments in intangible fixed assets during the period amounted to 0.0 (2.5) MSEK. Depreciation of tangible fixed assets has been made at 0.0 (0.1) MSEK for the period. Investments in tangible fixed assets during the period amounted to 0.0 (0.0) MSEK. As of December 31, 2022, the parent company's equity amounted to 81.4 (81.2) MSEK.

The Group

Net sales

Net sales amounted to 104.5 (94.3) MSEK.

Revenues per country / region and segment are shown in the table below.

Jan - Dec	Nordics		Rest of Europe		RoW		Total
Amount in MSEK	2022	2021	2022	2021	2022	2021	2022	2021
Prehospital care	31 742	22 146	44 348	44 642	10 672	15 531	86 762	82 319
Advanced monitoring and other	17 747	3 830	0	7 721	0	402	17 747	11 953
Total	49 489	25 976	44 348	52 363	10 672	15 933	104 509	94 272

Results

• The gross profit amounted to 48.7 (47.9) MSEK and the gross margin was 47% (51%), mainly due to cost increases caused by a global component shortage.
• Operating costs (sales, administration and development costs) amounted to 42.1 (35.3) MSEK where the sales investments account for the increased cost compared to the previous year.
• Other operating income or costs consist of realised and unrealised exchange rate effects of -1.2 (-2.5) MSEK
• The operating profit amounted to 5.8 (9.3) MSEK as a result of increased sales focus in line with the company's strategy.
• Profit after tax amounted to 5.9 (9.2) MSEK, which corresponds to a profit per share before and after dilution of 0.13 (0.21) SEK.

Financial position

Intangible assets consist partly of previously capitalised development costs for MobiMed ePR but also of costs for further development of both MobiMed ePR and Monitor. See further under the section "Important estimates and judgements".

Investments in intangible fixed assets during the quarter amounted to 5.4 (5.8) MSEK. Amortisation of intangible fixed assets amounted to 1.6 (1.4) MSEK.

Investments in tangible fixed assets during the period amounted to 1.1 (0.9) MSEK. Amortisation of tangible fixed assets amounted to 0.9 (1.9) MSEK.

The inventory value amounted to 16.8 (4.8) MSEK.

Accounts receivable amounted to 32.9 (21.4) MSEK.

Cash and cash equivalents amounted to 7.6 (22.1) MSEK.

Equity for the Group amounted to 35.4 (29.4) MSEK.

The group's long-term liabilities amounted to 11.1 (12.1) MSEK and consist of long-term liabilities regarding right-of-use assets according to IFRS16 of 4.2 (2.0) MSEK and prepaid revenues for licenses and guarantees of 6.9 (10.0) MSEK.

The group's short-term liabilities amounted to 42.6 (30.9) MSEK and consist, among other things, of accrued expenses prepaid income of 18.1 (16.2) MSEK, advances from customers of 1.6 (7.3) MSEK and debt regarding right-of-use assets according to IFRS 16 of 2.0 (1.3) MSEK.

Cash flow

Operating activities generated a cash flow of -6.9 (7.8) MSEK.

Cash flow from investing activities amounted to -6.1 (-6.7) MSEK.

Cash flow from financing activities amounted to -1.4 (-1.2) MSEK.

The Group's total cash flow during the quarter amounted to -14.5 (-0.2) MSEK.

The Parent Company

Results

• Net sales amounted to 9.5 (77.3) MSEK.
• Gross profit amounted to 9.4 (44.8) MSEK.
• Operating profit amounted to 0.2 (55.4) MSEK.

Financial position

Depreciation of intangible fixed assets was 0.0 (1.4) MSEK for the period.

Investments in intangible fixed assets during the period amounted to 0.0 (5.8) MSEK.

Depreciation of tangible fixed assets has been made at 0.0 (0.3) MSEK for the period.

Investments in intangible fixed assets during the period amounted to 0.0 (0.0) MSEK.

Audit

This report has been reviewed by the company's auditor.

The Board of Directors and the CEO ensure that the interim report provides a true and fair overview of the parent company's and the Group's operations, position, and earnings, and that it describes significant risks and uncertainties faced by the same.

Danderyd, 17th of February, 2023 Ortivus AB (publ)

Anders Paulsson Chairman of the Board

Peter Edvall Board member

Anna Klevby Dalgaard Board member

Ulf Järnberg Board member

Reidar Gårdebäck CEO

Ortivus publishes this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication at 08:30 a.m. on February 17, 2023.

Financial Statement

Statement of comprehensive income

Amounts in 1000 SEK	Oct-Dec 2022	Oct-Dec 2021	Jan-Dec 2022	Jan-Dec 2021
Net sales	33 355	22 601	104 509	94 272
Cost of sales	-20 324	-10 474	-55 785	-46 403
Gross profit	13 031	12 127	48 724	47 869
Gross margin	39%	54%	47%	51%
Selling expenses	-6 203	-5 121	-23 880	-19 491
Administrative expenses	-5 009	-2 902	-14 895	-12 521
Research and development expenses	-1 942	-1 645	-3 289	-3 290
Other operating income	1 606	578	1 606	3 203
Other operating expanses	-1 180	-1 332	-2 419	-6 424
Operating profit (EBIT)	303	1 705	5 847	9 346
EBIT margin	1%	8%	6%	10%
Financial net	-6	-44	-34	-135
Profit before tax	297	1 661	5 813	9 211
Tax	-95	0	79	0
Profit for the period	202	1 661	5 892	9 211
Comprehensive income for the period Items that may be subsequently reclassified to profit or loss Gains/losses arising on translation of the statements of foreign operations	-94	162	99	555
Comprehensive income for the period	108	1 823	5 991	9 766
Profit for the period attributable to: Owners of the Parent Company	202	1 661	5 892	9 211
Comprehensive income for the period attributable to: Owners of the Parent Company	108	1 823	5 991	9 766
Earnings per share: Earnings per share before and after dilution, SEK Average number of shares	0,00 44 307	0,04 44 307	0,13 44 307	0,21 44 307

Statement of financial position in summary

Amounts in 1000 SEK	31 Dec 2022	31 Dec 2021
Fixed assets
Intangible assets	15 047	11 635
Tangible assets	8 453	5 452
Total fixed assets	23 500	17 087
Current assets
Inventory	16 760	4 777
Accounts receivables	32 859	21 406
Other receivables	1 307	849
Prepaid expenses and accrued income	7 089	6 228
Cash	7 597	22 112
Total current assets	65 612	55 372
Total assets	89 112	72 459
Shareholders equity	35 434	29 444
Prepaid income	6 909	10 049
Long term leasing liabilities	4 164	2 041
Total Long-term liabilities	11 073	12 090
Short-term liabilities
Advance payments from customers	1 592	7 302
Accounts payable	16 304	2 860
Other liabilities	4 663	3 319
Short-term leasing liabilities	1 976	1 269
Accrued expenses and prepaid income	18 070	16 175
Total short-term liabilities	42 605	30 925
Total liabilities and equity	89 112	72 459

(*) Of which3 338 assets pertain to rights-of-use in accordance with IFRS16.

Statement of changes in equity in summary

Amounts in 1000 SEK	31 Dec 2022	31 Dec 2021
Opening balance	29 444	19 678
Comprehensive income for the period	5 991	9 766
Closing balance	35 434	29 444

Statement of cash flow in summary

Amounts in 1000 SEK	Oct-Dec 2022	Oct-Dec 2021	Jan-Dec 2022	Jan-Dec 2021
Profit before tax	297	1 661	5 813	9 211
Adjustments for non-cash items	3 930	1 492	4 359	5 446
Cashflow from operating activities before changes in work ing capital	4 227	3 153	10 172	14 657
Cashflow from changes in working capital	-2 351	18 460	-17 109	-6 883
Cashflow from operating activities	1 876	21 613	-6 937	7 774
Cashflow from investing activities	-2 094	-1 919	-6 149	-6 702
Cashflow from financing activities	-530	-2 521	-1 429	-1 240
Cashflow for the period	-748	17 173	-14 515	-168
Cash at the beginning of the period	8 345	4 887	22 112	22 127
Exchange difference in cash		52		153
Cash at the end of the period	7 597	22 112	7 597	22 112

The Parent Company's Financial Statements

Income statement

Amount in KSEK	Oct-Dec 2022	Oct-Dec 2021	Jan-Dec 2022	Jan-Dec 2021
Net sales	-3 776	24 601	9 505	77 289
Cost of sales	-272	-6 372	-119	-32 456
Gross profit	-4 048	18 229	9 386	44 833
Gross margin	107%	74%	99%	58%
Selling expenses	2 006	-6 552	-153	-20 524
Administrative expenses	-3 725	-2 985	-7 897	-11 939
Research and development expenses	0	-2 094	0	-3 739
Other operating income	1 019	50 585	1 019	53 205
Other operating expenses	-1 619	-1 334	-2 198	-6 425
Operating profit (EBIT)	-6 367	55 849	157	55 411
EBIT margin	169%	227%	2%	72%
Financial net	40	25	40	25
Profit before tax	-6 327	55 874	197	55 436
Tax	-	-	-	-
Profit for the period	-6 327	55 874	197	55 436

The result for the period corresponds to the total result for the period.

Balance sheet

Amounts in 1000 SEK	31 Dec 2022	31 Dec 2021
Fixed assets
Intangible assets	0	0
Tangible assets	0	0
Participation in Group companies	60 316	60 316
Total Fixed assets	60 316	60 316
Current assets
Inventory	0	0
Accounts receivable	0	3 380
Receivables from group companies	38 863	3 790
Tax receivables	434	0
Other receivables	122	2 874
Prepaid expenses and accrued income	645	0
Cash	110	17 988
Total Current assets	40 174	28 032
Total assets	100 490	88 348
Shareholders' equity	81 355	81 158
Current liabilities
Advance payments from customers	0	0
Accounts payable	927	2 317
Liabilities to group company	17 005	919
Other liabilities	196	635
Accrued expenses and prepaid income	1 007	3 319
Total short-term liabilities	19 135	7 190
Total liabilities and equity	100 490	88 348

Statement of changes in equity in summary

Amounts in 1000 SEK	31 Dec 2022	31 Dec 2021
Opening balance	81 158	25 722
Profit of the year	197	55 436
Outgoing balance	81 355	81 158

Gross margin

Gross profit as a percentage of net sales. The Company believes that the key figure provides an in-depth understanding of the Company's profitability.

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Amounts in 1000 SEK	2022	2021	2022	2021
Gross profit	13 031	12 127	48 724	47 869
Net sales	33 355	22 601	104 509	94 272
Gross margin	39%	54%	47%	51%

Operating margin, excluding non-recurring costs

Operating profit, adjusted for non-recurring costs, as a percentage of net sales. The Company believes that the key figure provides an in-depth understanding of the Company's profitability.

Amounts in 1000 SEK	Oct-Dec 2022	Oct-Dec 2021	Jan-Dec 2022	Jan-Dec 2021
Operating profit	303	1 705	5 847	9 346
Net sales	33 355	22 601	104 509	94 272
Operating margin, excluding non-recurring costs	1%	8%	6%	10%

EBITDA

19

Operating profit before net interest income, tax, depreciation of tangible fixed assets and amortisation of intangible fixed assets. The Company believes that the key figure provides an in-depth understanding of the Company's profitability.

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Amounts in 1000 SEK	2022	2021	2022	2021
Profit before tax	297	1 661	5 813	9 211
Net financial	6	44	34	135
Depreciation	808	1 390	4 351	3 338
EBITDA	1 111	3 095	10 198	12 684

Earnings per share

Profit after tax divided by the average number of shares for the period. Recalculation has been done by the historically average number of shares with regards to the bonus element. The company believes that the key figure gives investors a better understanding of the historical dividend per share.

	Oct-Dec 2022	Oct-Dec 2021	Jan-Dec 2022	Jan-Dec 2021
Profit after tax (1000 SEK)	202	1 661	5 892	9 211
Average number of shares for the period (Thousands)	44 307	44 307	44 307	44 307
Earnings per share (SEK)	0.00	0.04	0.13	0.21

Equity per share

Equity at the end of the period divided by the number of shares at the end of the period. The company believes that the key figure provides a deeper understanding of the company's profitability.

Amount in KSEK	31 Dec 2022	31 Dec 2021
Equity at the end of the period	35 434	29 444
Number of shares at the end of the period	44 307	44 307
Equity per share	0.80	0.66

Significant exchange rates

Currency code	31 Dec 2022	31 Dec 2021
GBP
Year-end rate	12.58	12.18
Average rate	12.47	11.80
SGD
Year-end rate	7.77	6.68
Average rate	7.34	6.38
EUR
Year-end rate	11.13	10.23
Average rate	10.63	10.14
USD
Year-end rate	10.44	9.04
Average rate	10.12	8.58

Ortivus in short

Ortivus is a MedTech company founded in 1985 and a leading provider of mobile digital solutions for prehospital care providers worldwide. Ortivus' solutions save lives and reduces suffering. Ortivus' MobiMed is currently used by more than 12,000 paramedics in over 2,700 emergency vehicles and handles over 200,000 patient cases every month. Ortivus headquarters is located in Danderyd outside Stockholm and the company has a wholly owned subsidiary in Southampton, UK.

Ortivus' modular platform MobiMed is created based on in-depth clinical knowledge in cardiology and is continuously developed in close collaboration with its users. MobiMed can be divided into four different product groups that can be seamlessly integrated and adapted as needed. MobiMed Monitor offers real-time monitoring of patients' vital signs.

MobiMed ePR is a clinical decision support and electronic patient record system. MobiMed Life consist of a range of stand-alone defibrillators. MobiMed enRoute is a tool for navigation and case management. Together, these constitute a competitive and innovative total solution for a remote and digital future healthcare.

MobiMed has a total weight of 3.5 kg and is created to function in a demanding environment and out in the field. The two-way communication supports telemedicine consulting with clinical experts while patient data is seamlessly integrated into the medical records at the hospitals and primary care centers.

MobiMed saves time and helps healthcare professionals make the right decisions in critical situations. MobiMed also contributes to improved quality of care and saved resources.

Used by over 12 000 paramedics Installed in over 2700 emergency vehicles Handles over 200 000

patients each month

Accounting principles

The interim report for the Group has been prepared in accordance with the IFRS regulations in application of IAS 34 Interim Financial Reporting and applicable provisions in the Annual Accounts Act.

The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Report.

The same accounting principles and calculation bases as in the most recent annual report have been applied.

Other new or amended IFRSs, including statements, are not expected to have any effect on the Group's accounts.

Employees

The number of employees in the Group amounted at the end of the period to 45 (34) people.

Transactions with related parties

The company has no transactions with related parties during the period, other than remuneration to management and the board.

Significant risk and uncertainties

Through its operations, Ortivus is exposed to many types of risks. Risk management is a part of the leadership team's responsibility. The company has a policy for risk management that primarily focuses on four types of risks: financial, operational, legal/regulatory, and national risks. As an example, the company has forward contracts for significant currencies. The Board's work with risk management is further stated in the Corporate Governance Report that is a part of the company's annual report for 2021. A detailed description of the financial risks are given in Note 25.

The share

Ortivus' A and B shares are listed on the NASDAQ Stockholm Small Cap list. There is a total of 44.3 M shares divided into 1.7M A-shares and 42.6 M B-shares. The company's market value at the end of the period amounted to 246.2 (232.1) MSEK.

The Group

The group consists of the parent company Ortivus AB (publ), org. no. 556259–1205, and the subsidiaries: Ortivus UK Ltd, org.nr. 03558696, Ortivus MobiMed ApS, CVR 43419110, Ortivus MobiMed AB, org.nr. 556593–0707, Elementanalys Analytica AB (dormant), org nr. 556265–4771 and Biohome AB (dormant), org.nr. 556364-0464. All subsidiaries are wholly owned.

The Parent Company, Ortivus AB operates on a global market with sales and service activities. The parent company's operations include group overall functions.

Ortivus MobiMed AB operates mainly on the Nordic market in functions such as development, finance, quality assurance, sales, and service.

Ortivus UK Ltd. operates on the UK market within functions such as sales, and service.

Ortivus MobiMed ApS operates on the Danish market within functions such as sales.

Alternative key figures

Ortivus applies the European Securities and Markets Authority's (ESMA) guidelines for so-called alternative performance measures (APM).

An APM is a financial measure of historical or future results development, financial position or cash flow that is not defined or specified by IFRS. The company reports a number of alternative key figures in the report, these are defined in the section "The Group's key figures".

Important estimates and assessments

Ortivus assesses that there are no estimates in the current financial statement that are associated with significant risk of notable changes in the reported amounts.

The following text describes important estimates that are associated with risk of changes in the reported values, but where the risk is not significant or where the possible adjustment is not notable or where it is not expected to affect reported values in the coming year.

Value recovery of development expenditure

The risk that balanced development expenses would not be recovered is dependent on future market potential for the developed products as well as prices and manufacturing costs that form the basis for estimates and calculations made before each development project is initiated.

Alterations in these conditions could have a significant impact on the carrying amount of the project, presented in the consolidated balance sheet.

Forward-looking statements

All forward-looking statements in this report are based on the company's best assessment at the publication time. Such statements comprise, like all future assessments, risks, and uncertainties, which may mean that the actual outcome will be different. In addition to what is required according to current legislation, forward-looking statements only apply the day they were made and Ortivus does not undertake to update any of them in case of future events or if new information is obtained.

Ortivus nomination committee for the 2023 annual general meeting

The nomination committee for the 2023 annual general meeting consists of the following members:

• Anders Paulsson, chairman of the board, appointed on the 2022 annual general meeting
• Peter Edwall, appointed by the shareholder Ponderus Invest AB (represents 18.8% of the votes)
• Konstantin Papaxanthis (represents 4.8% of the votes)
• Pär-Ola Adolfsson (represents 4,7% of the votes)

The annual general meeting will be held on May 4, 2023 at 15:00 – 16:00 at Ortivus' premises.

Upcoming financial reports

Please visit www.ortivus.com

For more information

Reidar Gårdebäck, CEO, telephone 08-446 45 00 or email: reidar.gardeback@ortivus.com Viveka Hiort af Ornäs, CFO, telephone 08-446 45 00 or email: viveka.hiortafornas@ortivus.com

For more information, visit www.ortivus.com

Ortivus AB Box 713 Svärdvägen 19 182 33 Danderyd Sweden

Telephone: + 46 8 446 45 00 Fax: + 46 8 446 45 19 Email: info@ortivus.com www.ortivus.se