Presentation

Company Profile
Medistim is a Norwegian company engaging in the development, manufacturing and distribution of innovative and cost-effective medical devices that measure blood flow and visualize atherosclerosis. The devices are used in cardiac and vascular surgery. With its MiraQ system, Medistim is a market leader within intra-operative transit time flow measurement (TTFM) and ultrasound imaging. The company has subsidiaries in selected European countries and in the US, and a global distributor network covering more than 50 countries. In Norway, the company also acts as a distributor for other MedTech companies.

Recent highlights
Q2 sales amounted to a record-high NOK 104.5 million (82.5), corresponding to a 26.7% increase y/y. Currency neutral growth in sales of own products was 40.2%. On the product side, both sales of the vascular product portfolio as well as the imaging products showed strong performance, despite a set-back in the latter that was observed Q4 ‘20 and Q1 ‘21. Q2 EBIT amounted to NOK 42.7 million (27.7), an increase of 54.0% y/y and by far the best quarterly result ever recorded. The main growth driver was the strong increase in number of procedures for CABG surgery, which resulted in great performance in the US, Europe and Asia.

Outlook
Medistim is the clear market leader in its niche and its penetration rate and market share has the potential to increase further as quality assurance in surgery is getting more attention and acceptance. The total addressable market for Medistim is currently estimated to be NOK 2bn within cardiac surgery and over NOK 1bn within vascular surgery.