Oslo, August 20[th], 2021 - Observe Medical ASA (OSE: OBSRV) today released its
financial results and presentation of the second quarter and first half-year of
2021, reporting continuous progress in the go-to-market execution for Sippi®, a
unique and proprietary solution for digital, automated urine monitoring.
"We have a sharp focus on continuous roll-out of Sippi®, and during the second
quarter we made important steps forward, even though we operate under difficult
conditions due to the pandemic. We have strengthened our distribution network by
signing an agreement with the company Skamex for the launch of Sippi® in Poland
and Romania. Skamex has placed the first order and launch is planned for second
half 2021," said CEO of Observe Medical, Björn Larsson.
Observe Medical continues to gather clinical evidence of the benefits of Sippi®.
Nya Karolinska Sjukhuset in Stockholm has started a new study with the aim to
broaden the Sippi® clinical scope of use. This including acute kidney injury
which is a common and serious complication in critically ill patients.
"We already have a good position when it comes to clinical evidence, but it is
essential to continue to add to this in order to further build the value
proposition of Sippi®. During Q2 we have conducted health economic initiatives
that strongly support the value proposition. Going forward we will continue this
important workstream, aiming to transform clinical evidence into economic value
for our customers and Observe Medical. Over time we aim to obtain value-based
pricing for Sippi®, and capture a share of the great value Sippi® provides to
patients and the healthcare system," said Björn Larsson.
Observe Medical's revenue in the second quarter of 2021 was NOK 9.7 million, up
from NOK 3.1 million in the first quarter 2021 and NOK 0 in the same quarter in
2020. The increase from 2020 was primarily driven by the added revenue from the
acquired sales and distribution operations in Sweden. On a comparable basis, the
Nordic sales operations grew its revenues with close to 60 percent in the first
half-year compared to the same period in 2020.
"This portfolio is highly synergistic with Sippi®, and the Nordic sales
operations provides market access for our proprietary Sippi® products. We see
strong potential for the Nordic sales operations, and our ambition for this
portfolio is revenues of NOK 100 million and more than 40 percent gross margin,"
said Björn Larsson.
Observe Medical's EBITDA in Q2 2021 was negative NOK 4.8 million (negative NOK
6.3 million in the same quarter in 2020), affected by improved gross profit from
the sales operation. The net result in the period ended at NOK 1.3 million
(negative 10.1 million), driven by net finance income.
Observe Medical ASA invites you to a presentation of the second quarter and
first half year 2021. The presentation will take place at Felix Konferansesenter
in Oslo on Friday, August 20th. The event will start at 08.30 CET and will be
webcasted live on www.observemedical.com - Investor relations and at the
Representatives from the Company will be: CEO Björn Larsson and CFO Per Arne
Nygård. Shortly after the presentation the webcast recording will be published
on the same site.
For further information, please contact:
Björn Larsson, CEO of Observe Medical,
Mobile: +46 76 620 17 25
Per Arne Nygård, CFO of Observe Medical,
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.