Observe Medical ASA: Business update and first quarter 2022 presentation
Oslo, 3 June 2022 – Observe Medical ASA (OSE: OBSRV) (“the Company” or “Observe Medical”) today releases its first quarter results for 2022.
Observe Medical has made progress across its medtech platform during the quarter, preparing and strengthening it for growth. The Company has also streamlined the organization and other operational synergies following the acquisition of Biim Ultrasound in January this year.
Observe Medical has continued the roll-out of Biim, a patented, wireless, and pocketable ultrasound probe, across Fresenius Kidney Care’s educational centres throughout the US. Observe Medical has also established additional distribution to clinics in Costa Rica and Hawaii as part of the commercial roll-out.
“Observe Medical has had a productive start to 2022. The partnership agreement with Fresenius Kidney Care continues to evolve, and I am excited about our progress so far. In addition, with the establishment of Sippi’s® regulatory pathway in the US we have also started to prepare for scale-up.
“With a commercial focus, and with time and precision, we are confident that we will scale the platform to reach our goals,” said Rune Nystad, CEO of Observe Medical.
Other Q1 achievements
Following alignment of commercial strategies, the Company has made progress with its planned scale-up for Sippi®, its proprietary automated and digital urine meter. Observe Medical could also announce that it has received a Medical Device Regulation (MDR) Certification for the Sippi® Disposable Unit, ensuring continued market access for the unit in Europe after 2024. Observe Medical is in the process of obtaining MDR Certification for the Sippi® Base Unit, and until 2024 it is certified under MDD. This means that the complete Sippi® system can be sold and marketed in Europe.
Financial results
For the first quarter of 2022, Observe Medical reported NOK 7.7 million in operating revenues, representing a +148 percent year-over-year growth, driven by strong sales for the Nordic distribution portfolio in the first quarter of 2022 and for the Biim ultrasound probe in March 2022.
The gross margin increased from 27.1 percent in 2021 to 43.7 percent in 2022.
Please see the attached presentation material for detailed information about the financial results for the first quarter of 2022.
For further information, please contact:
Rune Nystad, CEO Observe Medical
Mobile: +47 916 24 683
E-mail: [email protected]
Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
E-mail: [email protected]
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 commercialization of its broad portfolio of medical technology products, mainly in urine measurement, ultrasound, anesthesiology/ICUs, surgery and wound care, in combination with targeted M&A.
The Company is headquartered in Oslo, Norway, with additional offices in Narvik (Norway), Gothenburg (Sweden), Oulu (Finland), and Seattle (the US). In addition, Observe Medical has a direct sale organization in the Nordics and a distributor network internationally.
Further information is available at www.observemedical.com.