Observe Medical ASA: Interim report fourth quarter 2020
Oslo, February 23rd, 2020 – Observe Medical ASA (OSE: OBSRV) today released its presentation of the fourth quarter 2020, reporting continued progress in terms of the commercialization and go-to-market strategy for its first product Sippi®. Sippi® is a unique and proprietary solution for digital automated urine monitoring in hospitals.
“Sippi® contributes to improved clinical outcome for hospitalized patients, enhances the working situation for health care professionals and drives efficiency for clinics. During Q4 2020 and the beginning of 2021 we have brought more systems into clinical use both in Sweden and Italy. This will serve as reference for other customers going forward,” said CEO of Observe Medical, Björn Larsson.
In Q4 2020, Observe Medical closed the acquisition of Sylak AB, a Swedish medtech company with a strong sales team and a product portfolio synergistic with Sippi®, now fully integrated into the Observe Medical sales operations.
“We have a strong and highly competent Nordic sales operations, which will be instrumental in accelerating the rollout of Sippi® into clinical use in the Nordics. We have also strengthened our commercial footprint in Norway through collaborations with Yallow Life Science AS and Norway Health Tech,” said Björn Larsson.
In the Nordics, Observe Medical has reported that Nya Karolinska Sjukhuset in Sweden will resume the implementation of Sippi® in clinical use, after a pause in 2020 due to Covid-19. Observe Medical is also ramping up in Italy and reported recently that Sippi® is installed in clinical use at the ICU department of a major Hospital in Northern Italy.
“We are pleased that Nya Karolinska Sjukhuset – a leading university hospital in Europe, has decided to resume the implementation of Sippi® at the Cardiothoracic ICU Department and that the cooperation with our Italian distribution partner SIM Italia has proven to work exceptionally well. We expect these recent advancements to serve as a reference for other departments at the same hospitals as well as at other hospitals”, said Björn Larsson.
Observe Medical’s revenue in the fourth quarter of 2020 was NOK 2.9 million, up from approx. NOK 94 thousand in the same quarter in 2019. The increase was primarily driven by the added revenue from the acquired sales and distribution activities in Sweden. The Company’s EBITDA was negative NOK 9.5 million (negative NOK 3.6 million in the same quarter in 2019), affected by increased cost related to increased headcount, market activities and transaction expenses related to M&A. The net result in the period ended at negative NOK 20.4 million (negative 4.5 million), affected by finance expenses mainly related to increased non-cash contingent consideration liabilities.
Observe Medical is hosting a presentation of the fourth quarter 2020 financial results as a video webcast Tuesday, February 23rd, 2021. The event will start at 08.30 CET and will be webcasted on www.observemedical.com - Investor relations and on the following link:
Representatives from the Company will be CEO Björn Larsson and CFO Per Arne Nygård.
Viewers are welcome to ask written questions during and after the presentation through the webcast player.
For further information, please contact:
Björn Larsson, CEO.
Mobile: +46 76 620 17 25
Per Arne Nygård, CFO
Mobile: +47 411 04 345
About Observe Medical
Observe Medical develops and markets and sells innovative hospital products that contribute to increased patient safety and a more efficient care system. The company’s ambition is to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in the areas of Urine measurement, Anesthesiology/ICUs and wound care, in combination with targeted M&A. The company’s headquarter is in Oslo, Norway and its operations is based out of Gothenburg, Sweden. Observe Medical has a direct sales organization in the Nordics and a distributor network internationally. Observe Medical’s product Sippi® is the only automated digital urine meter with possibility for wireless data transfer to the hospital patient data management systems and hinders bacterial migration that can lead to urinary infections (Sippcoat®). Sippi® is CE marked and is currently being launched with focus on selected markets and hospitals in Nordics and in Europe.