Observe Medical ASA announced on November 3 its results for the third quarter of 2022. The Company reported NOK 3.4 million in total revenues, and a gross margin of 41%. The EBITDA for the quarter amounted to negative NOK 10.7 million as the Group continues to invest in line with the growth strategy. Moreover, the company has entered into an exclusivity agreement with the intention to acquire Convatec’s Unometer urine measurement portfolio.
“In October, we announced that Observe Medical had entered into an exclusive agreement with the intention to acquire Convatec’s Unometer urine measurement portfolio, consisting of several market-leading brand names such as Unometer™ Safeti™ Plus, Unometer™ 500, and Unometer™ Abdo-Pressure™. This proposed agreement comes with significant revenue potential and positions Observe Medical as the leading urine measurement system provider in Europe. The agreement will provide direct access to hundreds of distributors across more than 50 countries worldwide and will bring with it several synergies and fast-track the go-to-market strategy for Sippi®,” says Rune Nystad, CEO of Observe Medical, and added:
“In the period, we also strengthened the management team by bringing in Carsten Trygve Bøgh as CTO. Combined, these are events that will support our growth efforts in the immediate and long term.”
Portfolio update
In the third quarter of 2022, Observe Medical has worked closely with its recently selected manufacturing partner for Sippi®. With preparations underway, the distribution network that follows the potential acquisition of the Unometer product portfolio will significantly strengthen the sales channels for Sippi®. The US roll-out of the Biim ultrasound system also continues across Fresenius clinics, and the Company continues to support Fresenius’ multi-clinic training efforts.
The Company is proactive in pursuing new tenders and products complementing existing product lines as part of the Nordic sales and distribution platform. The platform is well-equipped to take on new products, such as the Unometer product portfolio.
Financial highlights
For the third quarter of 2022, Observe Medical reported NOK 3.4 million in total revenues, and the gross margin amounted to 41 per cent. The EBITDA for the quarter amounted to negative NOK 10.7 million as the Group continues to invest in line with the growth strategy.
