Quarterly report January − March 2009

SUCCESS AT HOME AND IN THE UNITED STATES

• Turnover totalled 23.0 (16.9) MSEK.
• Operating results amounted to −6.5 (−10.8) MSEK.
• Net profit amounted to −5.5 (−11.7) MSEK.
• Cash flow amounted to -1.2 (-3.3) MSEK, with a solidity of 57% (58%)
• Earnings per share before and after dilution amounted to −0.27 (−0.56) SEK.
• As previously stated, the Västra Götaland health care region has signed a framework agreement with MobiMed for 110 ambulance cars, making MobiMed the de facto standard in Sweden.

IMPORTANT EVENTS AFTER THE PERIOD OF THE REPORT
• Ortivus received a contract for delivering an ambulance billing system (Sweet-Billing) to 50 operators in the City of Phoenix.


A word from the CEO

In the first quarter of 2009, the Group turnover increased by 36 percent. We received several important orders, but reaching stable profit margins will require effort.

Cash flow has had a positive development, but remains negative.

During the quarter, we reached an agreement for the strategically important purchase of equipment for 110 ambulance cars in the Västra Götaland health care region. This order will make MobiMed the de facto standard on the Swedish market. Shipments will start in the second quarter.

Sales in the United States has also been encouraging, in spite of the harsh financial situation. Incoming orders increased in April, when we received a larger order from the City of Phoenix of our billing solution “Sweet Billing”, which makes ambulance operations more efficient.

Our operations in the United Kingdom have also been profitable, but when it comes to the extensive national purchase “Connecting for Health”, activity remains low.

During the first quarter of 2009, we have taken some important and prioritised steps in our product development. Ortivus has actively tackled IT-problems such as virus attacks on certain county councils by offering an upgrade to existing installations through SE46. This, along with our patient journal system being CE-certified, means that Ortivus are already following the new medical technical directives that will apply from 21 March 2010. We have come to master the intricate strategy of both following the medical technical requirements and providing the type of flexibility that IT –based products and wireless communication provide.

The development of our cardiovascular surveillance system CoroNet, which stimulates patients to move around within the medical unit by means of wireless Bluetooth supervision, has now been upgraded. Our focus on completing deliveries has shown results and our customers are able to sign on to “Software Assurance” in connection with shipments being sent out in spring 2009.

We have noticed an ongoing interest in our offer, as we address prioritised areas in health care such as efficiency in the care process and better results.

Ortivus that normally works with longterm decision processes does today recognize even longer decision processes caused by the recession. Despite this I look to the future with confidence,
Ortivus has unique products and services on offer that are relevant to health care sectors all over the world.

Jan B Andersson
CEO

May 6, 2009