OBSERVE MEDICAL ASA: First half year report 2024
Oslo, August 26, 2024 - Observe Medical ("the Company" or "Observe Medical") today releases its results for the first half of 2024.
Business update
In the first half of 2024, Observe Medical achieved growth and market expansion of the UnoMeter™ portfolio. Observe Medical has achieved a major milestone with the early commercial launch of the UnoMeter™ Safeti Plus, marking significant strategic and commercial progress. This success highlights the effective collaboration between our product development team and external manufacturing partner. The launch underscores our commitment to providing advanced solutions for healthcare providers and patients globally and sets the stage for the upcoming releases of UnoMeter™ Safeti Max and UnoMeter™ Sippi®, further strengthening our portfolio of next-generation hourly diuresis monitoring products.
Financial highlights
Observe Medical reported operating revenues of NOK 13.1 million for H1 2024, marking a year-over-year increase of NOK 1.2 million, driven by UnoMeter™ sales of NOK 7.0 million compared to NOK 1.5 million LY.
Gross profit in H1 2024 increased to NOK 5.0 million, up by NOK 0.7 million YoY.
EBITDA before non-recurring items was negative NOK 12.6 million, improved by NOK 6.8 million YoY supported by increased UnoMeter™ sales and reduced operating expenses.
The net finance result was negative NOK 3.2 million, an improvement from negative NOK 5.7 million in H1 2023.
The net result for H1 2024 was negative NOK 22.5 million, a significant improvement from negative NOK 35.2 million in H1 2023.
As of June 30, 2024, the company's equity stood at NOK 107.4 million.
In June 2024, the Company successfuly placed a private placement of new shares in the Company to raise gross proceeds of NOK 22 million. Following subsequent repair issue and undertaking from the Company’s manufacturer to be completed in H2 2024.
Presentation
The Company will host a presentation and Q&A session at 10:00 CET today. Personal attendance is welcomed at Carnegie's offices at Aker Brygge, Fjordalleen 16. The presentation will also be available via webcast at the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20240826_1/
After the live event, 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:
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 commercialisation 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.