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Business update
In the first half of 2024, Observe Medical achieved growth and market expansion
of the UnoMeterT portfolio. Observe Medical has achieved a major milestone with
the early commercial launch of the UnoMeterT Safeti Plus, marking significant
strategic and commercial progress. This success highlights the effective
collaboration between our product development team and external manufacturing
partner. The launch underscores our commitment to providing advanced solutions
for healthcare providers and patients globally and sets the stage for the
upcoming releases of UnoMeterT Safeti Max and UnoMeterT Sippi®, further
strengthening our portfolio of next-generation hourly diuresis monitoring
products.
Financial highlights
Observe Medical reported operating revenues of NOK 13.1 million for H1 2024,
marking a year-over-year increase of NOK 1.2 million, driven by UnoMeterT
sales of NOK 7.0 million compared to NOK 1.5 million LY.
Gross profit in H1 2024 increased to NOK 5.0 million, up by NOK 0.7 million YoY.
EBITDA before non-recurring items was negative NOK 12.6 million, improved by NOK
6.8 million YoY supported by increased UnoMeterT sales and reduced operating
expenses.
The net finance result was negative NOK 3.2 million, an improvement from
negative NOK 5.7 million in H1 2023.
The net result for H1 2024 was negative NOK 22.5 million, a significant
improvement from negative NOK 35.2 million in H1 2023.
As of June 30, 2024, the company’s equity stood at NOK 107.4 million.
In June 2024, the Company successfuly placed a private placement of new shares
in the Company to raise gross proceeds of NOK 22 million. Following subsequent
repair issue and undertaking from the Company’s manufacturer to be completed in
H2 2024.
Presentation
The Company will host a presentation and Q&A session at 10:00 CET today.
Personal attendance is welcomed at Carnegie’s offices at Aker Brygge,
Fjordalleen 16. The presentation will also be available via webcast at the
following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20240826_1/ (https://eur03.
safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandi
ngpage%2Fhegnarmedia%2F20240826_1%2F&data=05%7C02%7Cjohan.fagerli%40observemedica
l.com%7C1fac2e9c0d614c29397708dcbde4d5b0%7C139dbc03ecf246efb467a338c990a8d6%7C0%7
C0%7C638594037759840057%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luM
zIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=n%2FlMy2ZqF%2Fg6Pnl4RVxtK1Ju
xGeoGdrIIte%2BHaXVWrY%3D&reserved=0)
After the live event, the presentation and recording will be made
available under the Investor Relations section on the Company’s website,
Investor relations – Observe Medical
For further information, please contact:
Jørgen Mann, CEO Observe Medical
Mobile: +45 408 67 558
E-mail: jorgen.mann@observemedical.com
Johan Fagerli, CFO Observe Medical
Mobile: +47 958 12 765
E-mail: johan.fagerli@observemedical.com
About Observe Medical:
Observe Medical is a Nordic medtech company that develops, markets and sells
innovative medtech products for the global market. The Company is committed to
improving patient welfare and patient outcomes, improving clinical data accuracy
and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and
commercialisation of its broad portfolio of medical technology products, mainly
in urine measurement and ultrasound, in combination with targeted M&A and
distribution. Observe Medical is working with a network of leading distributors
to provide outstanding solutions for healthcare professionals globally.
The Company is headquartered in Oslo, Norway.
Further information is available at www.observemedical.com.
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