REPORT ON OPERATIONS 2003

REPORT ON OPERATIONS 2003 -Turnover during 2003 amounted to SEK 607.4 (517.8) million, of which SEK 179.6 (148.3) million was during the fourth quarter. - Operating income for 2003 amounted to SEK 821.0 (9.5) million. Adjusted for items affecting comparability and the one-time revenue in 2002, operating income amounted to SEK -20.1 (24.8) million. - Operating income for the fourth quarter amounted to SEK 369.0 (-16.6) million. Adjusted for items affecting comparability, operating income for the fourth quarter amounted to SEK -9.9 (20.4) million. - Net income for the year after tax amounted to SEK 845.3 (-3.6) million. Adjusted for items affecting comparability and the one-time revenue in 2002, net income amounted to SEK 4.2 (11.7) million. - Earnings per share amounted to SEK 34.06 (-0.14). - The Board proposes a regular dividend of SEK 3 per share and an extra dividend of SEK 10 per share. Queries should be addressed to: Bengt Ågerup, President and CEO, tel: +46(0)18-474 90 00 or +46(070-974 90 25. Erika Kjellberg Eriksson, CFO, tel: +46(0)18-474 90 20 or +46(0)70-974 90 20. Fredrik Hallstan, Director of Investor Relations and Corporate Communications, tel: +46(0)18-474 90 15 or +46(070-974 90 15. Q-Med is a rapidly growing and profitable biotechnology/medical device company that develops, produces and markets medical implants. All products are based on the company's patented technology for the production of NASHA - Non-Animal Stabilized Hyaluronic Acid. The products RESTYLANE, RESTYLANE Touch and RESTYLANE Perlane are used for the filling out of lips and facial wrinkles and today account for the majority of sales. DUROLANE, Q-Med's product for the treatment of osteoarthritis of the knee joint, has been approved in Europe since May 2001. DEFLUX is a product which has been approved in Europe and the USA for the treatment of vesicoureteral reflux (malformation of the urinary bladder) in children. ZUIDEX for the treatment of stress urinary incontinence in women has been sold in Europe since July 2002. Since July Q-Med today has 450 employees, with approximately 300 at the company's production facility and head office in Uppsala. The Q-Med share was first listed on the O-list of the Stockholm Stock Exchange in December 1999. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/12/20040212BIT20200/wkr0006.pdf The full year-end report

About Us

Q-Med is a rapidly growing and profitable biotechnology and medical device company that develops, produces and markets medical implants. Operations focus on four areas, Esthetics, Orthopedics, Uro-Gynecology, and Cell Therapy and Encapsulation.

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