Oslo, March 18, 2025 - Observe Medical ("the Company" or "Observe Medical") today releases its results and interim report for the second half and full year of 2024.

Business update

2024 marked a pivotal transition toward the launch of UnoMeter Safeti Plus, historically the most revenue- and profit-generating product in the Convatec portfolio. Observe Medical is now focused on executing its strategy to reclaim UnoMeter's market position. In 2021, the UnoMeter product portfolio generated approximately NOK 220 million in annual revenue. With an estimated global market potential of NOK 700 million per year, this presents a substantial growth opportunity for the Company.

Financial highlights

Observe Medical reported operating revenues of NOK 5.4 million for the second half of 2024 (H2 2024), reflecting a year-over-year decrease of NOK -10.7 million. For the full year of 2024 (FY 2024) the the Company recorded revenues of NOK 18.5 million, reflecting a year-over-year decrease of NOK -9.5 million, primarily driven by the reduction in sales from Nordic distribution portfolio as the Company transferred certain customer contracts and inventory to another distributor as part of a strategic restructuring initiative, and other business (NOK -12.7 million), partly offset by UnoMeter™ sales of NOK 11.5 million, reflecting an increase of NOK 3.2 million / +39% year-over-year.

Gross profit in H2 2024 negative of NOK 1.9 million, a decrease of NOK -6.9 million YoY driven by inventory write-down of NOK 3.1 million. Gross profit adjusted for write-down, NOK 1.2 million. For the full year 2024, the Group recorded a gross profit adjusted for write-down of NOK 6.2 million, NOK -3.4 million YoY.

Operational expenses of NOK 15.6 million in H2 2024, a reduction of NOK -6.1 million / -28% year-over-year. For the full year the Group had operating expenses of NOK 33.1 million, a decrease of NOK 15.6 million / -32% year-over-year

EBITDA adjusted for special items negative NOK 14.3 million, improved by NOK 2.3 million YoY. For the full year of 2024, negative 26.9 million, an improvement of NOK 12.1 million YoY. 

The net finance result was negative NOK 11.2 million vs. negative NOK 5.1 million in H2 2023. For the full year 2024, net finance result was negative NOK 14.4 million vs. negative NOK 10.9 million LY.

The result for H2 2024 was negative NOK 104.5 million vs negative NOK 28.7 million in H2 2023. For the full year 2024 the result was negative NOK 127.0 million, NOK -63.0 million YoY. 

The lower result is mainly driven by write-down of goodwill in the second half year of NOK -69.8 million.

As of December 31, 2024, the company's equity stood at NOK 24.1 million.

Please find the interim report attatched.

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 commercialization 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.