Financial information January – March 2025

• Net sales amounted to TSEK 23,499 KSEK (12,120), a 94 percent increase. Sales of instruments/other were TSEK 9,237 (4,864), a 90 percent increase. Sales of disposables were TSEK 14,262 (7,256), a 97 percent increase.
• The gross margin excluding amortization was 65.9 percent (64.3).
• Operating expenses amounted to TSEK 37,297 (37,441)
• EBITDA was TSEK -20,839 (-28,546).
• Profit (loss) after financial items was TSEK -35,522 (-28,719).
• Earnings per-share were SEK -0.27 (-0.23).
• Cash and cash equivalents as of March 31, 2025, were TSEK 62,059 (116,856).

CEO comment:
We have strong momentum. Net sales in Q1 increased by 94 percent to SEK 23.5 million. A quarter with record sales, several new important hospital contracts, product launches, and expansion to meet demand. Deliveries of disposable sensors more than doubled once again.

Our new TetraGraph system, introduced in the US during the fourth quarter of 2024, has been very well received by the market. Numerous clinical evaluations conducted at hospitals in the US and Europe have unanimously praised its unique design and how it simplifies and accelerates compliance with the new clinical guidelines for neuromuscular monitoring. During the quarter, we announced several key hospital contracts won through competitive evaluations. This is a direct result of the successful investments we have made in research and development in recent years. In total, we delivered over 440 new TetraGraph systems in the first quarter, compared with just under 900 TetraGraph Classics delivered throughout all of 2024. In mid-March, we also launched the new TetraGraph system in the European market. In just two weeks, we delivered more new systems than we sold TetraGraph Classics in Europe during all of 2024. More launches are planned for the year, with Japan and South Korea next in line. Demand is strong.

The success of our business model is especially evident in the sales of disposable sensors, which continue to grow at a triple-digit rate. Utilization of the TetraGraph systems is increasing, and we are continuously winning new customers.

The gross margin improved compared to Q1 last year and operating expenses were in line with the previous year despite extensive commercial investments. We will achieve profitability through high utilization of our systems, offer the most user-friendly and innovative solutions, and scale up with the support of smart, industrial partnerships.

The pipeline for 2025 is strong, and we continue to see high demand. We have a unique portfolio of solutions that meet market needs. Follow us on our journey toward improved patient safety for millions of patients.

Philip Siberg, CEO

Uppsala, Sweden, April 2025