Oslo, May 30, 2025 - Observe Medical ("the Company" or "Observe Medical") has today published its Annual Report for 2024. 

Observe Medical has today released its Annual Report 2024, including the Board of Directors report and financial statements. The report and annual accounts were approved by the Board of Directors on May 29, 2025.

On 18 March 2025 Observe Medical reported preliminary and unaudited results for the second half year and full year 2024. Today's audited accounts include adjustments followed by the final conclusions received by the Norwegian Financial Supervisory published in a stock exchange notice on May 14, 2025.

The following summary provides information of the additional changes from the interim report for the 6-month period ended 31 December 2024 in 2023 comparable figures recognized in the Annual Report for 2024 (with effects on profit and loss highlighted):

• Goodwill Write-Down: Following discussions with the NFSA the Company has decided that the write-down of goodwill of NOK 67.1 million should have been recorded in 2023 and is adjusted in the 2023 comparable figures in the 2024 financial statements.
• Capitalized Expenses: Following discussions with the NFSA the Company has concluded that additional capitalized development costs should be expenses in 2023, resulting in additional NOK 2.8 million being expensed in the 2023 comparable figures, reducing the profit for the 12-month period ended 31 December 2023.
• Convatec Transaction: Following discussions with the NFSA the Company has decided that a relative share of the consideration for the Convatec transaction should have been allocated to the related license agreement and to information about customers/distributors. This has resulted in higher amortization expenses of NOK 1.1 million in H2 2024 and NOK 2.2 million for the full year.  In addition, the Company has decided to expense NOK 0.75 million previously capitalized related to the transaction.

The report is attached to this stock notice in PDF as well as an ESEF file version and is also available on the company's website under the Investor Relations section. The Auditor's Report, which is incorporated in the annual report, has a qualified opinion related to impairment assessments of goodwill and other intangible assets for the group and related to impairment assessments of shares in subsidiaries, loans to subsidiaries and intercompany receivables for the parent company. In addition, an emphasis of matter relating to the material uncertainty related to the going concern assumption has been included in a separate section of the Auditor's Report. The section of Other matters states that the financial statements have been made public after the deadline by the Act on Securities Trading (Securities Trading Act) for publishing the financial statements.

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.