Orders of NOK 8.2m received to date, representing annual recurring sales potential of approx NOK 50 million
Oslo, 26 May 2023 – Observe Medical ASA (the "Company" or "Observe Medical") has received initial orders from distributors for delivery of UnoMeter™ products and is expecting to ship the first units to customers in June.
The total value of these initial orders is NOK 8.2 million. The distributors that have signed the orders have historically had annual repetitive purchases of around NOK 50 million. Dialogues with these and other distributors continue to advance, and with products expected to be on the market relatively soon, Observe Medical is expecting additional orders to be confirmed.
“Our dialogue with distributors and these initial orders confirms strong demand for high-quality urine measurement products. We are pleased to have established an efficient and reliable supply chain for delivery of the products to distributors and ultimately to their healthcare customers,” said Observe Medical CEO, Rune Nystad.
In parallel, Observe Medical continues the process with Convatec to conclude the contemplated acquisition of the UnoMeter™ and Abdo-Pressure™ products, which was announced in October 2022. The delivery of the products described herein is conditional upon the agreement with Convatec being entered into and that Observe Medical secures the required financing to execute and complete the contemplated agreement with Convatec and to roll-out the products. The agreement with Convatec is expected to be signed relatively soon, but no assurance can at this stage be given that this agreement will be signed and that the other conditions for the roll-out of the products will be fulfilled nor the timing thereof.
The attached Company presentation provides more background and details on the above mentioned initial orders, the conditions for the ability to reach the targets set out therein, the process with Convatec and preliminary projections of future sales.
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 commercialization 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 and Gothenburg, Sweden, and subsidiaries in Finland and the US. In
addition, Observe Medical has a direct sale organization in the Nordics and a distributor network internationally.
Further information is available at www.observemedical.com.
This information is required to be disclosed in accordance with the EU Market Abuse Regulation. The information was submitted for publication by CFO Per Arne Nygård at 08:00 CET, 26 May 2023.