Observe Medical ASA: Business update and interim financial results for the fourth quarter and full year 2021
Oslo, 29 March 2022 – Observe Medical ASA (“the Company” or “Observe Medical”) today releases a combined business update and interim financial results for the fourth quarter and full year 2021. Observe Medical can also report that 202 out of 260 Biim ultrasound probes have been successfully shipped.
Another 58 Biim probes will be delivered in April this year, completing the planned initial delivery of Biim probes to Fresenius Kidney Care’s 260 educational dialysis clinics in the US. Fresenius is the leading provider of kidney care services in the US.
“For Observe Medical, this marks a significant milestone in our relationship with Fresenius. The company has more than 2500 dialysis centres across the US, and we expect to be in a position to introduce our Biim probe to most of these. Moreover, with Fresenius being considered a leader in its segment, other health care companies are also showing interest in our product,” said Rune Nystad, CEO of Observe Medical.
Other Q1 achievements
The patented, wireless, and pocketable ultrasound probe Biim was acquired by Observe Medical in a successful acquisition in the first quarter of this year. Other achievements in the year to date include a capital raise that secured financial headroom for accelerated growth and good progress in launching the Company’s other proprietary product, the digital urine meter Sippi, in Poland.
“For Sippi, we are currently targeting top distributors in Europe, and we have defined a regulatory pathway with the US Food and Drug Administration enabling commercialization of Sippi in the US in Q4 this year and market entry with a selected partner by Q1 2023,” said Rune Nystad.
Financial results
For the full year 2021, Observe Medical reported NOK 24 million in operating revenues, a 55 percent year-over-year increase driven by strong sales growth for the Nordic distribution portfolio. Gross margin increased from 37.5 percent in 2020 to 39.6 percent in 2021.
EBITDA before non-recurring items, i.e. expenses related to the acquisition of Biim and Sylak in 2021 and 2020, respectively, was negative NOK 28.5 million in 2021 (2020: negative NOK 24.9 million ). Net result was negative NOK 26.3 million (negative NOK 36.9 million).
For detailed information about the financial results in the fourth quarter and full year 2021, please see the attached presentation material.
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, 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 and Gothenburg, Sweden, and subsidiaries in Finland and 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.