Observe Medical ASA: Status update on Letters of Intent

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Oslo, 3 March 2023 – Observe Medical ASA (“the Company” or “Observe Medical”) today provides an update on the initial letters of intent (LOIs) that have been sent to distributors of the Unometer portfolio.

As previously announced, Observe Medical is in the process of confirming orders with distributors of Unometer Safeti Plus, AbdoPressure and Sippi. Since the first LOIs were sent out in the middle of February 2023, the order value of those that have been signed and returned for the Unometer urine measurement system amount to approximately EUR 1 million. The company expects further volumes to be confirmed in the coming weeks.

The company continues to experience strong demand and consumer commitment for the Unometer product portfolio and will, at the back of the signed LOIs, initiate contract discussions to secure volume commitments for 2023 and 2024.

"We are excited by the level of commitment displayed by distributors of the Unometer portfolio. This marks the beginning of our work to secure steady revenue streams through established sales channels and takes us closer to our ambition to achieve a revenue run rate of NOK 200-250 million by the end of 2023. Moving forward, we will continue, as we have until now, to build strong relationships with distributors and work towards becoming a leading urine measurement provider in Europe," said Rune Nystad, CEO of Observe Medical.

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.