Ortivus

Quarterly Report • May 4, 2023

Interim Report

January - March 2023

Ortivus shows an increase in turnover of 13.7% compared to the equivalent period previous year. A continued issue with component shortages and rising costs affected the operating profit which amounted to 0.5 (2.0) MSEK and the gross margin amounted to 48% (47%). During the quarter, the company initiated the delivery of MobiMed ePR to Estonia's ambulance fleet, and the delivery of MobiMed Monitor and MobiMed Life to all ambulances in the swedish Region Skåne continued according to plan. Region Jönköpings läns ambulance operations will be the first to install MobiMed enRoute, Ortivus' new solution for navigation and case management. The company works actively to further establish and present the new product segment to the market.

Highlights January - March 2023

• Ortivus signs a framework agreement with East of England NHS Collaborative Procurement Hub regarding MobiMed ePR, creating new opportunities in the UK. The agreement means that all UK Ambulance Trusts can call-off electronic patient records - ePR solutions, from all qualified companies. The contract period is 2 years from the start date.
• Ortivus signs a contract regarding the delivery of MobiMed ePR to the Estonian ambulance fleet. The contract has an order value of approximately 26 MSEK over a period of 5 years with a possible extension for another 5 years. The extension period also has an estimated order value of 26 MSEK.
• Ortivus signs a framework agreement with Stockholm County Healthcare District (SLSO) regarding MobiMed Life, semi-automatic defibrillators. The customer will call-off units as need arises. The total order value for the entire framework agreement period, which is four years, amounts to a maximum of 2.4 MSEK.
• Ortivus AB acquires approx. 10% of the company H&E Solutions AB, a Swedish technology company that has developed Evam – an operating system for emergency vehicles.

Significant events after end of the period

• Ortivus qualifies for the NHS framework agreement covering MobiMed Life, which creates new opportunities in the UK.
• Ortivus' product range is further broadened via an asset purchase agreement of the vehicle control system FleetCtrl, which together with Ortivus' other products form a competitive total solution for the future of healthcare.

January - march 2023

• Net sales amounted to 28.0 (24.6) MSEK.
• The gross margin amounted to 48% (47%).
• EBITDA amounted to 0.2 (2.0) MSEK.
• Earnings after tax per share before and after dilution amounted to 0.01 (0.04) SEK.
• Operating cash flow before changes in working capital amounted to 1.5 (2.4) MSEK.

The Group in summary

	Jan-Mar 2023	Jan-Mar 2022	Jan-Dec 2022
Net sales (MSEK)	28.0	24.6	104.5
Gross margin (%)	48%	47%	47%
Operating profit (MSEK)	0.5	2.0	5.8
Operating margin (%)	2%	8%	6%
EBITDA (MSEK)	1.5	2.9	10.2

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

Ortivus initiates customer delivery projects in the Baltics

The high delivery pace that Ortivus kept in the last quarter of 2022 continues and several deliveries has been made during the first quarter. Ortivus has also signed a framework agreement with the East of England regarding MobiMed ePR which is an electronic record system for ambulance operations. Today, four of The National Health Services' (NHS) thirteen ambulance trusts use MobiMed ePR daily and through this framework agreement even more trusts will get the possibility to call-off MobiMed ePR without having to do a separate procurement. The order value of this framework agreement cannot be estimated as it depends entirely on which trusts that use the agreement for future businesses and what solutions they choose.

After the end of the period, Ortivus also qualified for a framework agreement with NHS Supply Chain. This framework agreement applies to MobiMed Life and means that all UK care units and organisations that belong to the NHS can call-off defibrillators from Ortivus. These framework agreements are significantly increasing Ortivus' chances for new future contracts in the UK.

After the end of the period, it was announced that Ortivus had bought the rights to the vehicle control system FleetCtrl from the company mpDEV via an asset purchase agreement. FleetCtrl is an easyto-use software application used by personnel working within different blue light operations. The application simplifies everyday life for employees, standardises controls and increases patient safety. The application, that is developed by personnel with extensive experience from prehospital care, has been used for several years by paramedics in Region Jämtland Härjedalen. By launching Mobi-Med FleetCtrl, Ortivus further expands its product range with an application, not only applicable for the prehospital care but also for other blue light operations such as the fire brigade or the home health care.

Ortivus is making great progress in Great Britain and qualifies for two national framework agreements covering MobiMed ePR and MobiMed Life.

The turn over for the quarter amounted to 28.0 (24.6) MSEK with a profit after tax of 0.2 (2.0) MSEK. The turnover increase is 13.7% compared to the corresponding quarter of the previous year. The gross margin, which amounted to 48% (47%), is slightly higher than the previous year despite the more expensive components as a result of the prevailing component shortage and cost inflation. The operating profit is pushed down by increased costs for the business and amounts to 0.5 (2.0) MSEK. Margin and profit-improving measures have been initiated and the positive profit effects are expected at a lagging pace.

MobiMed Monitor is increasingly used in primary care and during the quarter several new primary care units were put into operation. The latest in Lessebo municipality in Region Kronoberg and in Jokkmokk municipality in Region Norrbotten.

MobiMed Monitor offers important improvements for both patients and healthcare personnel, and by using Ortivus' solution, the greater part of an examination can take place in the patient's safe home environment. With MobiMed, medical specialists can monitor patient's vital signs and communicate with healthcare personnel remotely, which gives a more efficient work flow and means that unnecessary healthcare transports can be avoided. The system is currently used in 29 different care centers or mobile care teams around Sweden and the number of users is steadily increasing.

Ortivus strengthens its offer and launches MobiMed FleetCtrl, a software application that facilitates everyday life for blue light staff and increases patient safety.

2 2 MobiMed enRoute is a new module for navigation and case management that Ortivus developed in collaboration with the Swedish company H&E Solutions AB. The solution has already attracted a lot of attention as it, together with the company's

.

other systems, offers a competitive total solution for ambulance operations, that has been required by the market for a long time. In 2022, Region Jönköpings län carried out a procurement that specifically referred to the combination of navigation and electronic patient records, and Ortivus was awarded the contract. However, the contract has not yet been signed as a competing supplier chose to appeal the award. On April 24, the Administrative Court issued a verdict in the case where the appeal was rejected. Ortivus has not been part of the legal process.

We see continued increased interest in our solutions, both on our home markets and internationally. Together with the investments made on the organisation, in product development and with partners, Ortivus has a strong position for continued growth and good profitability.

Danderyd, 4th of May 2023

Reidar Gårdebäck Chief Operating Officer

The Group

Net sales

Net sales amounted to 28.0 (24.6) MSEK.

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

Jan - Mar	Nordics		Rest of Europe		RoW		Total
Amount in MSEK	2023	2022	2023	2022	2023	2022	2023	2022
Prehospital care	15 651	4 463	8 914	14 721	0	1 809	24 565	20 993
Advanced monitoring and other	3 385	3 630	39	0	0	0	3 424	3 630
Total	19 036	8 093	8 953	14 721	0	1 809	27 989	24 623

Results

• Gross profit amounted to 13.5 (11.6) MSEK and the gross margin amounted to 48% (47%), mainly due to a increased sales compared to the previous year.
• Operating expenses (sales, administration and research and development expenses) amounted to 12.5 (9.7) MSEK, where increased sales activities and cost inflation account for the increased cost compared with corresponding quarter previous year.
• Other operating income resp. costs consist of realised and unrealised exchange rate effects of -0.5 (0.1) MSEK.
• Operating profit amounted to 0.5 (2.0) MSEK.
• EBITDA amounted to 1.5 (2.9) MSEK.
• Earnings after tax amounted to 0.2 (2.0) MSEK, which corresponds to earnings per share before and after dilution of 0.01 (0.04) 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 assessments".

Investments in intangible fixed assets during the quarter amounted to 3.4 (1.2) MSEK. Amortisation of intangible fixed assets amounted to 0.7 (0.3) MSEK during the quarter.

Investments in tangible fixed assets during the period amounted to 0.3 (0.0) MSEK. Amortisation of tangible fixed assets amounted to 0.4 (0.6) MSEK during the quarter.

Investments in financial fixed assets during the period amounted to 4.0 (0.0) MSEK, which is attributable to the investment in EVAM.

The inventory value amounted to 17.1 (5.3) MSEK.

Accounts receivable amounted to 25.8 (13.9) MSEK.

As of March 31, 2023, the group's cash and cash equivalents amounted to 8.2 (27.7) MSEK.

Equity for the Group amounted to 35.8 (31.2) MSEK.

As of March 31, 2023, the group's long-term liabilities amounted to 6.1 (11.1) MSEK and consist of long-term liabilities regarding right-of-use assets according to IFRS16 of 3.3 (1.7) MSEK, loans attributable to the investment in EVAM of 2.8 (0.0) MSEK and prepaid revenues for licenses and guarantees of 9.5 (9.4) MSEK.

The Group's current liabilities amounted to 37.7 (30.3) MSEK and consist of, among other things, accrued expenses of prepaid income of 15.7 (14.2) MSEK, advances from customers of 3.4 (7.0) MSEK and debt relating to usufruct assets in accordance with IFRS 16 of 2.0 (1.3) MSEK.

Cash flow

Operating activities generated a cash flow of 6.1 (7.2) MSEK.

Before the change in working capital, the cash flow amounted to 1.5 (2.4) MSEK.

Cash flow from investing activities amounted to -3.8 (-1.3) MSEK.

Cash flow from financing activities amounted to 1.8 (-0.3) MSEK.

The Group's total cash flow during the quarter amounted to 0.6 (5.6) MSEK.

The Parent Company

Results

• Net sales amounted to 3.1 (2.2) MSEK.
• Gross profit amounted to 3.1 (2.2) MSEK.
• Operating profit amounted to 0.3 (0.1) MSEK.

Financial position

No investments have been done in the parent company.

As of March 31, 2023, the parent company's equity amounted to 81.6 (81.3) MSEK.

Audit

This report has not 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, 4th of May, 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 May 4, 2023.

Statement of comprehensive income

Amounts in 1000 SEK	Jan-Mar 2023	Jan-Mar 2022	Jan-Dec 2022
Net sales	27 989	24 623	104 509
Cost of sales	-14 510	-12 985	-55 785
Gross profit	13 479	11 638	48 724
Gross margin	48%	47%	47%
Selling expenses	-6 267	-6 143	-23 880
Administrative expenses	-3 901	-2 619	-14 895
Research and development expenses	-2 300	-938	-3 289
Other operating income	-	361	1 606
Other operating expanses	-517	-300	-2 419
Operating profit (EBIT)	494	1 999	5 847
EBIT margin	2%	8%	6%
Financial net	-66	-34	-34
Profit before tax	228	1 965	5 813
Tax	-	-	79
Profit for the period	228	1 965	5 892
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	143	-255	99
Comprehensive income for the period	371	1 710	5 991
Profit for the period attributable to: Owners of the Parent Company	228	1 965	5 892
Comprehensive income for the period attributable to: Owners of the Parent Company	371	1 710	5 991
Earnings per share:
Earnings per share before and after dilution, SEK	0,01	0,04	0,13
Average number of shares	44 307	44 307	44 307

Statement of financial position in summary

Amounts in 1000 SEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
Fixed assets
Intangible assets	18 102	12 537	15 047
Tangible assets*	7 593	4 981	8 453
Financial assets	4 000	-	-
Total fixed assets	29 695	17 518	23 500
Current assets
Inventory	17 131	5 272	16 760
Accounts receivables	25 796	13 861	32 859
Other receivables	2 194	2 069	1 307
Prepaid expenses and accrued income	6 018	6 218	7 089
Cash	8 220	27 696	7 597
Total current assets	59 359	55 116	65 612
Total assets	89 054	72 634	89 112
Shareholders equity	35 805	31 154	35 434
Prepaid income	9 538	9 390	6 909
Loan	2 750	-	-
Long term leasing liabilities	3 307	1 749	4 164
Total Long term liabilities	15 595	11 139	11 073
Short term liabilities
Advance payments from customers	3 446	6 960	1 592
Accounts payable	12 108	3 519	16 304
Other liabilities	4 450	4 395	4 663
Short term leasing liabilities	1 992	1 269	1 976
Accrued expenses and prepaid income	15 658	14 198	18 070
Total short term liabilities	37 654	30 341	42 605
Total liabilities and equity	89 054	72 634	89 112

(*) Of which 5 305 assets pertain to rights-of-use in accordance with IFRS16.

Statement of changes in equity in summary

Amounts in 1000 SEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
Opening balance	35 434	29 444	29 444
Comprehensive income for the period	371	1 710	5 991
Closing balance	35 805	31 154	35 434

Statement of cash flow in summary

	Jan-Mar	Jan-Mar	Jan-Dec
Amounts in 1000 SEK	2023	2022	2022
Profit before tax	228	1 965	5 813
Adjustments for non-cash items	1 286	394	4 359
Cashflow from operating activities before changes in working capital	1 514	2 359	10 172
Cashflow from changes in working capital	4 621	4 843	-17 109
Cashflow from operating activities	6 135	7 202	-6 937
Cashflow from investing activites	-3 778	-1 290	-6 149
Cashflow from financing activities	-1 764	-325	-1 429
Cashflow for the period	593	5 587	-14 515
Cash at the beginning of the period	7 597	22 112	22 112
Exchange difference in cash	30	-3	-
Cash at the end of the period	8 220	27 696	7 597

The Parent Company's Financial Statements

Income statement

	Jan-Mar	Jan-Mar	Jan-Dec
Amounts in 1000 SEK	2023	2022	2022
Net sales	3 080	2 249	9 505
Cost of sales	-	-	-119
Gross profit	3 080	2 249	9 386
Gross margin	100%	100%	99%
Selling expenses	-87	-	-153
Administrative expenses	-2 323	-2 159	-7 897
Research and development expenses	-5	-	-
Other operating income	-	219	1 019
Other operating expenses	-390	-199	-2 198
Operating profit (EBIT)	275	110	157
EBIT margin	9%	5%	2%
Financial net	-66	-	40
Profit before tax	209	110	197
Tax	-	-	-
Profit for the period	209	110	197

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

Balance sheet

Amounts in 1000 SEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
Fixed assets
Intangible assets	-	-	-
Tangible assets	-	-	-
Partipication in Group companies	60 316	60 316	60 316
Total Fixed assets	60 316	60 316	60 316
Current assets
Inventory	-	-	-
Accounts receivable	-	79	-
Recievables from group companies	38 358	14 648	38 863
Other receivables	-	-	434
Prepaid expenses and accrued income	137	638	96
Other short term investment	1 414	3 242	645
Cash	402	21 028	110
Total Current assets	40 311	39 635	40 148
Total assets	100 627	99 951	100 464
Shareholders equity	81 564	81 268	81 355
Current liabilities
Advance payments from customers	-	-	-
Accounts payable	466	326	927
Liabilities to group company	17 309	16 138	17 005
Other liabilities	314	173	170
Accrued expenses and prepaid income	974	2 046	1 007
Total short term liabilities	19 063	18 683	19 109
Total liabilities and equity	100 427	99 951	100 464

Statement of changes in equity in summary

Amounts in 1000 SEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
Opening balance	81 355	81 158	81 158
Profit of the year	209	110	197
Outgoing balance	81 564	81 268	81 355

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.

	Jan-Mar	Jan-Mar	Jan-Dec
Amounts in 1000 SEK	2023	2022	2022
Gross profit	13 479	11 638	48 724
Net sales	27 989	24 623	104 509
Gross margin	48%	47%	47%

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	Jan-Mar 2023	Jan-Mar 2022	Jan-Dec 2022
Operating profit	494	1 999	5 847
Net sales	27 989	24 623	104 509
Operating margin, excluding non-recurring costs	2%	8%	6%

EBITDA

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.

	Jan-Mar	Jan-Mar	Jan-Dec
Amounts in 1000 SEK	2023	2022	2022
Profit before tax	228	1 965	5 813
Net financial	266	34	34
Depreciation	1 053	897	4 351
EBITDA	1 547	2 896	10 198

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.

	Jan-Mar 2023	Jan-Mar 2022	Jan-Dec 2022
Profit after tax (1000 SEK)	228	1 965	5 892
Average number of shares for the period (Thousands)	44 307	44 307	44 307
Earnings per share (SEK)	0.01	0.04	0.13

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.

	Jan-Mar	Jan-Mar	Jan-Dec
Amount in KSEK	2023	2022	2022
Equity at the end of the period	35 805	31 154	35 434
Number of shares at the end of the period	44 307	44 307	44 307
Equity per share	0.81	0.70	0.80
Significant exchange rates	Jan-Mar	Jan-Mar	Jan-Dec
Currency code	2023	2022	2022
GBP
Year-end rate	12.81	12.17	12.58
Average rate	12.67	12.53	12.47
SGD
Year-end rate	7.79	6.85	7.77
Average rate	7.83	6.90	7.34
EUR
Year-end rate	11.28	10.34	11.13
Average rate	11.20	10.48	10.63
USD
Year-end rate	10.35	9.26	10.44
Average rate	10.43	9.33	10.12

Other information

Ortivus in short

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 the United Kingdom and one in Denmark.

Ortivus' modular platform Mobi-Med 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 a patients vital signs.
• MobiMed ePR is a clinical decision support and electronic patient record system.
• MobiMed Life consist of a range of standalone 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.

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 212.7 (238.1) 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

Besök gärna www.ortivus.se

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