Observe Medical ASA: Fourth quarter 2022 results

Oslo, 17 February 2023 - Observe Medical ASA ("the Company" or "Observe
Medical") today releases its results for the fourth quarter of  2022.

"The year 2022 has been a transformational year for Observe Medical. Building on
the growth initiatives seen earlier in the year, we signed two exclusivity
agreements in the fourth quarter to acquire a market leading product portfolio
of urine measurement systems and a medical production facility in Italy. It has
been an exciting final quarter and looking ahead, our roadmap is clear - we are
working towards becoming Europe's leading urine measurement provider. As we
enter 2023, I look forward to keeping the market updated on our transactions and
several workstreams," said Rune Nystad, CEO of Observe Medical.

Portfolio update

In the fourth quarter, the company continued to progress its partnership with
Fresenius Kabi in the US. Since the start of the partnership, Observe Medical
has provided Fresenius with Biim devices and training across 265 dialysis
clinics. As part of a recent and significant reorganisation, Fresenius has re
-confirmed that Biim will be central to their dialysis offering moving forward.

In the same quarter, Observe Medical announced an exclusivity agreement with
Ferrari L., a medical device production facility in Verona, Italy. Once the deal
is completed, Observe Medical plans to manufacture most of its own products in
-house. This will allow the company to control its value chain, significantly
optimise the costs of goods sold, and improve profitability.

Observe has also commenced the production set-up of the urine measurement
portfolio it intends to acquire from Convatec and is ready to start producing
the tools needed to make individual medical device components. Once production
is initiated, Sippi® will be introduced to the market via the same established
sales channels as UnometerT and AdboPressureT.

At the start of 2023, Observe Medical appointed Jørgen Mann as the company's
Chief Commercial Officer. He will lead Observe Medical's commercial efforts as
the company reaches new markets.


Financial highlights

In the fourth quarter of 2022, Observe Medical reported NOK 4.1 million in
operating revenues, compared to NOK 3.6 million in the fourth quarter of 2021.
For 2022, the company's operating revenues amounted to NOK 19.5 million compared
to NOK 24 million in 2021.

For the fourth quarter of 2022, the company's reported NOK 4.1 million in
operating revenue compared to NOK 3.6 million in the same quarter in 2021.
Operating revenue for the full year of 2022 amounted to NOK 19.5 million
compared to NOK 24.0 in 2021. The company's EBITDA for the quarter amounted to
NOK -16.5, compared to NOK -14.1 in the fourth quarter 2021.  For the full year
of 2022, the company's EBITDA amounted to NOK -53.4 million compared to NOK
-42.6 million in 2021. The result reflects continues investments in growth
inititaives and consolidation of Biim Ultrasound from March 1, 2022.

Financing

As announced on the 14[th] of December 2022, the company is working to raise
funds to support the acquisitions of the UnometerT product portfolio and Ferrari
L. The company will consider the most beneficial financial structure to support
the transactions based on today's capital market. No definitive decision has
been made, and no binding agreements regarding the completion of these
transactions have been entered.

Management will host a presentation and Q&A session at 08:30 CET today. The
presentation will take place at Haakon VIIs gate 2 and will be available via
webcast at the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230217_3/

See the attached presentation material for more detailed information about the
financial results for the fourth quarter and full year of 2022.

The presentation and recording will be made available under the Investor
Relations section on the Company's website, https://observemedical.com/investor
-relations/.

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 commercialisation 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 organisation in the Nordics and a distributor network internationally.

Further information is available at www.observemedical.com.