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: rune.nystad@observemedical.com

Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
E-mail: perarne.nygard@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, 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.