Oslo, May 12[th], 2021 - Observe Medical ASA (OSE: OBSRV) today released its
presentation of the first quarter 2021, reporting continued advancement for the
commercialization and go-to-market strategy Sippi®, a unique and proprietary
solution for digital automated urine monitoring in hospitals.
"We are continuing to execute on our go-to-market strategy, with current focus
on the clinical rollout of Sippi® in the Nordics and Europe, and so far this
year, we have made considerable steps forward, despite the challenging
environment with highly restricted access to our customers. It is essential for
us to get Sippi® out to the hospitals and into clinical use. Not only is it
important to establish references and to educate physicians in the benefits of
Sippi®, but it is also of vital importance for us to gain experience and collect
feedback from customers. We already see that this feedback is helping us
optimizing our offering for a broader commercial push going forward," said CEO
of Observe Medical Björn Larsson.
So far in 2021, Observe Medical has enhanced its Nordic sales and distribution
capacity and also continued to expand and strengthen its global patent
portfolio. At the same time, the clinical evidence for Sippi® is reinforced
further through a doctoral dissertation earlier this year and new studies to
broaden the clinical use of Sippi® has been initiated.
Sippi® contributes to improved clinical outcome for patients, enhances the
working situation for health care professionals and drives efficiency for the
"The Covid-19 pandemic has obviously challenged our pace of roll-out, and we
have recently again, experienced tougher restrictions on access to customers.
However, we have spent the time well, preparing for accelerated clinical rollout
of Sippi® once the situation improves, which we expect will happen gradually,
later in 2021," said Björn Larsson, and continued:
"Our Nordic Direct Sales Operation is now well established and proves very
efficient even in the challenging situation during the pandemic. We are able to
source essential equipment for hospitals due to our excellent global supplier
relations, and during Q1 we received large orders which will materialize in
revenues during the rest of 2021. The product portfolio and sales capabilities
of the Nordic Direct Sales Operation are highly synergistic with Sippi®, which
is of vital importance for the access to Sippi® target customers."
Observe Medical's revenue in the first quarter of 2021 was NOK 3.1 million, up
from approx. NOK 32 thousand in the same quarter in 2020. The increase was
primarily driven by the added revenue from the acquired sales and distribution
operations in Sweden. The Company's EBITDA was negative NOK 8.0 million
(negative NOK 4.4 million in the same quarter in 2019), affected by increased
cost related to increased headcounts and market activities. The net result in
the period ended at negative NOK 4.8 million (negative 0.4 million).
Observe Medical is hosting a presentation of the first quarter 2021 financial
results as a webcast Wednesday, May 12[th], 2021. The event will start at 08.30
CET and will be webcasted live on www.observemedical.com - Investor relations
and on the following link:
Representatives from the Company will be CEO Björn Larsson and CFO Per Arne
Viewers are welcome to ask questions in writing 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 (https://obervemedical.com)
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 headquarters 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 biofilm formation that can lead to urinary infections
(Sippcoat®). Sippi® is currently being launched with focus on selected markets
and hospitals in Nordics and in Europe.