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
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.
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
Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
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.