Half Year 2026 Medistim ASA Earnings Call

August 21, 2026

Speaker #2: Very good morning, everyone, and welcome to Medistim's second quarter and first half 2026 financial results presentation. My name is Kari Krogstad, and together with CFO Tomas Jakobsen, we are here to go through the results.

Kari Eian Krogstad: A very good morning, everyone, and welcome to Medistim's Q2 and H1 2026 financial results presentation. My name is Kari Krøgsrud, and together with CFO Thomas Jakobsen, we are here to go through the results. As always, we like to just remind ourselves about Medistim's track record. We are looking back on decades of growth, both in sales and in operating profit. That has been our promise to our shareholders to deliver constant profitable growth also going forward. If you look at just the recent period, from 2021 to 2025, we are looking to a 13% annual realized growth in sales. Definitely a strong track record to look back on. With that, we are entering into the Q2.

Kari Krogstad: A very good morning, everyone, and welcome to Medistim's Q2 and H1 2026 Financial Results Presentation. My name is Kari Krogstad, and together with CFO Thomas Jakobsen, we are here to go through the results. As always, we like to just remind ourselves about Medistim's track record. We are looking back on decades of growth, both in sales and in operating profit. That has been our promise to our shareholders to deliver constant profitable growth also going forward. If you look at just the recent period, from 2021 to 2025, we are looking to a 13% annual realized growth in sales. Definitely a strong track record to look back on. With that, we are entering into the Q2.

Speaker #2: As always, we like to just remind ourselves about Medistim's track record, and we are looking back on decades of growth, both in sales and in operating profit.

Speaker #2: And that has been our promise to our shareholders—to deliver constant, profitable growth, also going forward. If you look at just the recent period, from 2021 to 2025, we are looking to a 13% annualized growth in sales.

Speaker #2: So definitely a strong track record to look back on. With that, we are entering the second quarter. The second quarter last year was a strong comparable, and we’re seeing that we are beating it with high margin, and also setting new records for both sales and EBIT.

Kari Eian Krogstad: The Q2 last year was a strong comparable, and we are seeing that we are beating it with high margin and also setting new records for both sales and EBIT. This is definitely strong performance. As we can see, we are delivering another record quarter with sales reaching 202 million NOK. We can see here also that due to the strong Norwegian currency versus euros and dollars, we have a negative currency effect here. Adjusting for this, we are actually looking at currency-neutral sales development for total sales up 27.5%. A very good development. Our own products are growing by 33.6% currency neutral, and we can see that all the sales regions are really contributing nicely to this result. Americas is up 46.3%, EMEA is up 19.4%, and Asia Pacific up 22.4%. The third-party products is down 7%.

Kari Krogstad: The Q2 last year was a strong comparable, and we are seeing that we are beating it with high margin and also setting new records for both sales and EBIT. This is definitely strong performance. As we can see, we are delivering another record quarter with sales reaching NOK 202 million. We can see here also that due to the strong Norwegian currency versus euros and dollars, we have a negative currency effect here. Adjusting for this, we are actually looking at currency-neutral sales development for total sales up 27.5%. A very good development. Our own products are growing by 33.6% currency neutral, and we can see that all the sales regions are really contributing nicely to this result. Americas is up 46.3%, EMEA is up 19.4%, and Asia Pacific up 22.4%. The third-party products is down 7%.

Speaker #2: So this is definitely strong performance. As we can see, we are delivering another record quarter, with sales reaching 202 million NOK. We can see here also that, due to the strong Norwegian currency versus euros and dollars, we have a negative currency effect here.

Speaker #2: And, adjusting for this, we are actually looking at currency-neutral sales development for total sales, up 27.5%. So, a very good development. Our own products are growing by 33.6% currency-neutral, and we can see that all the sales regions are really contributing nicely to this result.

Speaker #2: Americas is up 46.3%, EMEA is up 19.4%, and Asia Pacific is up 22.4%. Third-party product is down 7%. We're also setting a new record for quarterly operating profit.

Kari Eian Krogstad: We are also setting then a new record for quarterly operating profit, delivering 65.3 million in EBIT this quarter. This gives an EBIT margin on the high side at 32.3%, very much driven by the strong sales development of our own products. We will see also that this is the first quarter where we are delivering sales through our direct operations in Japan. We are looking back at the month of May. We paid out a dividend of 8 NOK per share, totaling 146.3 million. The board will also propose to the general meeting to authorize a distribution of quarterly dividends going forward. Moving on to looking at highlights for the H1. This continued to be very strong numbers. It is a record H1, the first time we are surpassing 400 million in sales revenues.

Kari Krogstad: We are also setting then a new record for quarterly operating profit, delivering NOK 65.3 million in EBIT this quarter. This gives an EBIT margin on the high side at 32.3%, very much driven by the strong sales development of our own products. We will see also that this is the first quarter where we are delivering sales through our direct operations in Japan. We are looking back at the month of May. We paid out a dividend of 8 NOK per share, totaling 146.3 million. The board will also propose to the general meeting to authorize a distribution of quarterly dividends going forward. Moving on to looking at highlights for the H1. This continued to be very strong numbers. It is a record H1, the first time we are surpassing 400 million in sales revenues.

Speaker #2: Delivering NOK 65.3 million in EBIT this quarter. This gives an EBIT margin on the high side at 32.3%, very much driven by the strong sales development of our own products.

Speaker #2: We will also see that this is the first quarter where we are delivering sales through our direct operations in Japan. Looking back at the month of May, we paid out a dividend of NOK 8 per share, totaling NOK 146.3 million.

Speaker #2: And the board will also propose to the general meeting to authorize a distribution of quarterly dividends going forward. Moving on to highlights for the first half.

Speaker #2: So, this continues to be very strong numbers. It's a record first half year—the first time we are surpassing NOK 400 million in sales revenues.

Speaker #2: And again, we have this negative currency effect, and adjusting for this, we're looking at currency-neutral sales development in total at 23.4%. Again, it's really our own products that are driving this.

Kari Eian Krogstad: We have this negative currency effect and adjusting for this, we are looking at currency-neutral sales development in total at 23.4%. It is really our own products that are driving this, in total, up 31.8%. All regions are contributing very positively. Americas growing 37%, EMEA up 16%, Asia-Pacific up 43.7%. The third-party products in the H1 is down 19.9%, and we will remember that we had an extraordinary sale in the Q1 last year, equipping new hospitals in Norway. So it was not anticipated to being able to repeat that strong sales for the third parties in this year. We are looking then at very strong H1 performance operating profit, reaching a new record of NOK 122.4 million. EBIT margins on the high side at 30.3%. You will also note that there is a substantial increase in operating expenses.

Kari Krogstad: We have this negative currency effect and adjusting for this, we are looking at currency-neutral sales development in total at 23.4%. It is really our own products that are driving this, in total, up 31.8%. All regions are contributing very positively. Americas growing 37%, EMEA up 16%, Asia-Pacific up 43.7%. The third-party products in the H1 is down 19.9%, and we will remember that we had an extraordinary sale in the Q1 last year, equipping new hospitals in Norway. So it was not anticipated to being able to repeat that strong sales for the third parties in this year. We are looking then at very strong H1 performance operating profit, reaching a new record of NOK 122.4 million. EBIT margins on the high side at 30.3%.

Speaker #2: In total, up 31.8%. And again, all regions are contributing very positively: Americas grew 37%, EMEA up 16%, Asia Pacific up 43.7%. The third-party products in the first half are down 19.9%, and we remember that we had an extraordinary sale in the first quarter last year, equipping new hospitals in Norway.

Speaker #2: So, it was not anticipated to be able to repeat that strong sales for the third parties in the first quarter or in this year. We are looking, then, at a very strong first-half performance, with operating profit reaching a new record of NOK 122.4 million.

Speaker #2: And again, EBIT margins are on the high side at 30.3%. You will also note that there is a substantial increase in operating expenses; this reflects higher commercial activity.

Kari Krogstad: You will also note that there is a substantial increase in operating expenses. This is reflecting higher commercial activity, so both more people working in the field, and also seeking to spend more time with customers, and other marketing activities. We also have now a team of 10 people working for us in Japan, which we did not have at the same period last year. Also we see some one-off expenses, which is due to ongoing IT system migration to the cloud. With that as an introduction, we will take a closer look at the financial statements and get back to some further details later on.

Kari Eian Krogstad: This is reflecting higher commercial activity, so both more people working in the field, and also seeking to spend more time with customers, and other marketing activities. We also have now a team of 10 people working for us in Japan, which we did not have at the same period last year. Also we see some one-off expenses, which is due to ongoing IT system migration to the cloud. With that as an introduction, we will take a closer look at the financial statements and get back to some further details later on.

Speaker #2: So, both more people are working in the field and also seeking to spend more time with customers and other marketing activities. We also now have a team of 10 people working for us in Japan, which we didn't have at the same period last year.

Speaker #2: And also, we see some one-off expenses, which are due to ongoing IT system migration to the cloud. So, with that as an introduction, we will take a closer look at the financial statements and get back to some further details later on.

Speaker #1: Good morning, everyone. I will, as usual, take us through the financials for the first half and the second quarter for Medistim.

Thomas Jakobsen: Good morning, everyone, and I will, as usual, take us through the financials for the H1 and the Q2 for Medistim. Looking at the P&L for the quarter, Kari Krøgsrud will go through revenue in more detail when it comes to geographic split and split of units. This is another record quarter for Medistim, with revenue more than NOK 200 million for a quarter. Our gross margin ends at 82.2%. That is an improvement from last year, 81.9%. That is despite the fact that on the cost of material, we have expensed NOK 5 million in tariffs related to the US. In the Q2 of last year, tariff was introduced, but Medistim shipped all the goods that we had available before the tariff was active, which then led to that Medistim did not pay any tariffs in 2025 before the Q4 last year.

Thomas Jakobsen: Good morning, everyone, and I will, as usual, take us through the financials for the H1 and the Q2 for Medistim. Looking at the P&L for the quarter, Kari Krogstad will go through revenue in more detail when it comes to geographic split and split of units. This is another record quarter for Medistim, with revenue more than NOK 200 million for a quarter. Our gross margin ends at 82.2%. That is an improvement from last year, 81.9%. That is despite the fact that on the cost of material, we have expensed NOK 5 million in tariffs related to the US.

Speaker #1: Looking at the P&L for the quarter, Kari will go through the revenue in more detail when it comes to geographic split and split of units. But again, this is another record quarter for Medistim.

Speaker #1: With revenue of more than $200 million for the quarter, our gross margin ends at 82.2%. That's an improvement from last year, which was 81.9%, and that is despite the fact that, on the cost of materials, we have expensed $5 million in tariffs related to the US.

Speaker #1: In the second quarter last year, a tariff was introduced, but Medistim shipped all the goods that we had available before the tariff was active. This then led to Medistim not paying any tariffs in 2025 before the fourth quarter last year.

Thomas Jakobsen: In the Q2 of last year, tariff was introduced, but Medistim shipped all the goods that we had available before the tariff was active, which then led to that Medistim did not pay any tariffs in 2025 before the Q4 last year. I will have more comments on that later on. Anyway, salary and social expenses increases with NOK 4 million. NOK 2 million of this is related to more general adjustments from 2025 to 2026, but the additional NOK 2 million is related to our direct operation that we have established in Japan. This is a quarter with a lot of activities and other operating expenses increases from NOK 30 million to NOK 42 million. There are some main reasons for that.

Speaker #1: And I will have some more comments on that later on. But anyway, salaries and other expenses increased by 4 million. Two million of this is related to more general adjustments from '25 to '26, but the additional 2 million is related to our direct operation that we have established in Japan.

Thomas Jakobsen: I will have more comments on that later on. Anyway, salary and social expenses increases with NOK 4 million. NOK 2 million of this is related to more general adjustments from 2025 to 2026, but the additional NOK 2 million is related to our direct operation that we have established in Japan. This is a quarter with a lot of activities and other operating expenses increases from NOK 30 million to NOK 42 million. There are some main reasons for that. The IT project that Kari Krøgsrud mentioned is actually to take all of our systems to the cloud is expensed in this quarter with around NOK 3 million. In addition, our direct operation in Japan, we had other operating expenses amounting to NOK 1.6 million. Patent study we talked about before, and in this quarter, we expensed around NOK 3 million related to that study.

Speaker #1: This is a quarter with a lot of activities, and other operating expenses increased from 30 to 42 million. There are some main reasons for that.

Speaker #1: The IT project that Kari mentioned is actually to take all of our systems to the cloud. It's expensed in this quarter, with around NOK 3 million.

Thomas Jakobsen: The IT project that Kari Krogstad mentioned is actually to take all of our systems to the cloud is expensed in this quarter with around NOK 3 million. In addition, our direct operation in Japan, we had other operating expenses amounting to NOK 1.6 million. Patent study we talked about before, and in this quarter, we expensed around NOK 3 million related to that study. Last but not least, we are also having high level of commercial activities like traveling and exhibition participation and so forth, amounting to more than NOK 2 million for the quarter. So all in all, a very high activity level.

Speaker #1: In addition, in our direct operation in Japan, we had other operating expenses amounting to $1.6 million. The patent study, which we talked about before, was expensed this quarter, and we incurred around $3 million related to that study.

Speaker #1: And last but not least, we're also having a high level of commercial activities, like traveling and exhibition participation, and so forth, amounting to more than $2 million for the quarter.

Thomas Jakobsen: Last but not least, we are also having high level of commercial activities like traveling and exhibition participation and so forth, amounting to more than NOK 2 million for the quarter. So all in all, a very high activity level. Operating profit, EBITDA ends at NOK 71.3 million versus NOK 60.5 million last year, and EBITDA percentage at almost the same as last year, 35.3% versus 35.8% last year. Depreciation, no major changes, same level as last year, and our EBIT for the quarter ends at 32.3% versus 32% last year. Again, I just remind everyone about the tariff expense this quarter of NOK 5 million. Net finance ends positive at NOK 3.6 million, and this is currency-related, converting US dollars and euros to Norwegian crowns. Profit before tax ends at NOK 68.9 million. That is up 22% compared to last year, and profit after tax ends at NOK 52.2 million versus NOK 42.9 million last year.

Speaker #1: So all in all, very high activity level, activity level. Opening profit, EBITDA, ends at NOK 71.3 million versus NOK 60.5 million last year. And EBITDA percentage is almost the same as last year: 35.3% versus 35.8% last year.

Thomas Jakobsen: Operating profit, EBITDA ends at NOK 71.3 million versus NOK 60.5 million last year, and EBITDA percentage at almost the same as last year, 35.3% versus 35.8% last year. Depreciation, no major changes, same level as last year, and our EBIT for the quarter ends at 32.3% versus 32% last year. Again, I just remind everyone about the tariff expense this quarter of NOK 5 million. Net finance ends positive at NOK 3.6 million, and this is currency-related, converting US dollars and euros to Norwegian crowns. Profit before tax ends at NOK 68.9 million. That is up 22% compared to last year, and profit after tax ends at NOK 52.2 million versus NOK 42.9 million last year.

Speaker #1: Depreciation: no major changes, same level as last year. Our EBIT for the quarter ends at 32.3%, versus 32% last year. Again, I just remind everyone about the tariff expense this quarter of NOK 5 million.

Speaker #1: Net finance ends positive at NOK 3.6 million, and this is currency related—converting US dollars and euros to Norwegian kroner. Profit before tax ends at NOK 68.9 million.

Speaker #1: That's up 22% compared to last year. And profit after tax ends at NOK 52.2 million versus NOK 42.9 million last year. If you then look at year to date, or the first half of '26, it's a new record for Medistim revenue, ending at NOK 403.7 million.

Thomas Jakobsen: If you look at the year to date or the H1 2026, a new record for Medistim revenue ending at NOK 403.7 million. Gross margin is down from NOK 82.5 million to NOK 80.9 million. Again, here is a tariff expensed on the cost of material of NOK 10 million. Salary and social expenses and other operating expenses has more or less the same explanations as for the quarter, only larger numbers, so I do not go into that detail. However, under other operating expenses, I just want to remind that we had in the Q1 an agent commission of around NOK 2.5 million. EBITDA ends for the H1 at NOK 134.6 million, versus NOK 125.2 million last year. Depreciations at the same level, more or less, a little bit higher than last year, but not by much.

Speaker #1: Gross margin is down from NOK 82.5 million to NOK 80.9 million. Again, here's a tariff expensed on the cost of material of NOK 10 million.

Speaker #1: Salary and social expenses, as well as other operating expenses, have more or less the same explanations as for the quarter, only with larger numbers, so I won't go into that detail.

Speaker #1: However, under other operating expenses, I just want to remind you that we had, in the first quarter, an agent commission of around NOK 2.5 million.

Speaker #1: EBITDA ends for the first half at 134.6 million, versus 125.2 million last year. Depreciation is at the same level, more or less, just a little bit higher.

Speaker #1: Than last year, but not by much. Operating profit ends at NOK 122.4 million versus NOK 113.3 million last year, with an EBIT margin of 30.3%. Net finance was negative for the first half.

Thomas Jakobsen: Operating profit ends at NOK 122.4 million versus NOK 113.3 million last year, and EBIT margin of 30.3%. Net finance negative for the H1, again, related to currency. Profit before tax ends at NOK 120.4 million, and profit after tax at NOK 92.5 million. Last comment I want to make for the P&L is related to the US tariff that was deemed unlawful in the US. You probably heard about companies that get refund for this unlawful tariff. To our understanding that the U.S. Customs and Border Protection are now gradually refunding this month by month. The last that we heard is that they refunded as of July 2025. As I mentioned earlier, Medistim did not pay any tariff before the Q4 2025.

Speaker #1: Again, related to currency. Profit before tax ends at NOK 120.4 million, and profit after tax at NOK 92.5 million. Last comment I want to make for the P&L is related to the US tariff that was deemed unlawful in the US.

Speaker #1: And you probably heard about companies that get refunds for this unlawful tariff. And to our understanding, the US Customs are now gradually refunding this month by month.

Speaker #1: And the last that we heard is that they refunded as of July 2025. As I mentioned earlier, Medistim did not pay any tariff before the fourth quarter of 2025.

Speaker #1: And as we speak, we are working on documenting and putting all the paperwork together in order to file a refund for the tariff that we paid in the fourth quarter of 2025.

Thomas Jakobsen: As we speak, we are working on documenting and putting all the paperwork together in order to file a refund for the tariff that we paid in the Q4 2025. This amounts to $760,000, and that is not reflected in these financials that we now are presenting to you. So this will be an upside when we get the refund. If I look at the balance sheet, intangible assets increases, and this is mainly because of our development projects ongoing, the automated production project and also our software project related to INTUI, but also the IT project related to taking our systems to the cloud. No investment in fixed assets this year, and therefore a decline. Inventory levels has gradually been reduced quarter by quarter after our peak in the H1 2025, and ends at NOK 156.5 million.

Speaker #1: This amounts to $760,000 US dollars, and that is not reflected in these financials that we are now presenting to you. So, this will be an upside when we get the refund.

Speaker #1: Then look at the balance sheet. Intangible assets increase, and this is mainly because of our development projects ongoing—the automated production project and also our software project related to Intui.

Speaker #1: But also the IT project related to taking our systems to the cloud. No investments in fixed assets this year, and therefore a decline. Inventory levels have gradually been reduced quarter by quarter, after our peak in the first half of '25.

Speaker #1: And ends at $156.5 million. However, we keep inventory levels both because of critical components that we need to have security stock of, and also if there are end-of-life components that we are dependent on before we can get new regulatory approvals.

Thomas Jakobsen: However, we will continue to keep high inventory levels, both because of critical components that we need to have security stock of, and also if there are end of life on components that we are dependent on before we can get new regulatory approvals. Accounts receivable are increasing, that is because we also have very strong sales, so that is a natural increase. It also increases our working capital. Cash ends at NOK 100 million, that is after paying NOK 146.3 million in dividend in May. As Kari Krøgsrud mentioned, the board is now proposing that they are authorized to pay a quarterly dividend, and we will have to come back on that later on. We will comment on that when there will also be sent out a notice with a general meeting to give the board this authorization. Equity and liability.

Thomas Jakobsen: However, we will continue to keep high inventory levels, both because of critical components that we need to have security stock of, and also if there are end of life on components that we are dependent on before we can get new regulatory approvals. Accounts receivable are increasing, that is because we also have very strong sales, so that is a natural increase. It also increases our working capital. Cash ends at NOK 100 million, that is after paying NOK 146.3 million in dividend in May. As Kari Krogstad mentioned, the board is now proposing that they are authorized to pay a quarterly dividend, and we will have to come back on that later on.

Speaker #1: Accounts receivable are increasing, and that is because we also have very strong sales. So that's a natural increase, and it also increases our working capital.

Speaker #1: Cash ends at NOK 100 million, and that is after paying NOK 146.3 million in dividend in May. And as Kari mentioned, the board is now proposing that they are authorized to pay a quarterly dividend.

Speaker #1: And we will have to come back on that later on. And, yeah, we will comment on that when we send out—there will also be sent out a notice with the general meeting to give the board this authorization.

Thomas Jakobsen: We will comment on that when there will also be sent out a notice with a general meeting to give the board this authorization. Equity and liability. Strong balance sheet, more than 70% equity, no interest-bearing bank debt. The long-term liability is related to extended warranties and lease obligations that we have. Key figures. Earnings per share follow obviously the increase in profits. So we have a strong development here in Q2 and by H1, we have earnings per share of just over NOK 5 per share. Cash flow. Cash from operation suffers a bit from the increase in change in working capital, as you can see both for the quarter and for H1. The main reason is explained by the increase in accounts receivables. Investments is our development projects and the IT projects we talked about.

Speaker #1: Equity and liability: strong balance sheet, more than 70% equity, no interest-bearing bank debt. The long-term liability is related to extended warranties and lease obligations that we have.

Thomas Jakobsen: Strong balance sheet, more than 70% equity, no interest-bearing bank debt. The long-term liability is related to extended warranties and lease obligations that we have. Key figures. Earnings per share follow obviously the increase in profits. So we have a strong development here in Q2 and by H1, we have earnings per share of just over NOK 5 per share. Cash flow. Cash from operation suffers a bit from the increase in change in working capital, as you can see both for the quarter and for H1. The main reason is explained by the increase in accounts receivables. Investments is our development projects and the IT projects we talked about. Cash from financing is negative with NOK 152 million, where the majority is dividend and the remaining is payment of our lease obligations.

Speaker #1: Key figures: Earnings per share, obviously, follow the increase in profits. So, we have strong development here in the second quarter. By the first half, we have earnings per share of just over NOK 5 per share.

Speaker #1: Cash flow—cash flow from operations suffers a bit from the increase in change in working capital, as you can see, both for the quarter and for the first half.

Speaker #1: And the main reason is explained by the increase in accounts receivable. Investments are our development projects and the IT project we talked about. Cash from financing is negative at 152 million, where the majority is dividend and the remainder is payment of our lease obligations.

Thomas Jakobsen: Cash from financing is negative with NOK 152 million, where the majority is dividend and the remaining is payment of our lease obligations. Net cash is negative in H1, NOK 112 million, and cash ends at NOK 100 million by the end of H1, an improvement from last year's NOK 96.3. With that, I leave the floor to Kari Krogstad. Thank you.

Speaker #1: Net cash is negative in the first half, at 111 or 112 million. Cash ends at 100 million by the end of the first half, an improvement from last year's 96.3.

Thomas Jakobsen: Net cash is negative in H1, NOK 112 million, and cash ends at NOK 100 million by the end of H1, an improvement from last year's NOK 96.3. With that, I leave the floor to Kari Krøgsrud. Thank you.

Speaker #1: And with that, I leave the floor to Kari. Thank you.

Speaker #2: Yes, so let's take a closer look at the details of the markets and product segments, starting with how we’re doing on flow and imaging systems sales in units.

Kari Eian Krogstad: Yes. Let us take a look further into the details of the markets and product segments. Starting with looking at how we are doing on the flow and imaging systems sales in units. Of course, this is a very important product for us. It is the higher value and also higher priced product. We can see that we are delivering a total of 22 systems this quarter on the same level as this quarter last year. Very important for us to see that we are at this level in total. Funny enough, each region is actually delivering exactly the same number of units as this quarter last year. When it comes then to the imaging probes in units, we are two units down this quarter. Of course, there are quarterly variations, as we can see this graph is also depicting.

Kari Krogstad: Yes. Let us take a look further into the details of the markets and product segments. Starting with looking at how we are doing on the flow and imaging systems sales in units. Of course, this is a very important product for us. It is the higher value and also higher priced product. We can see that we are delivering a total of 22 systems this quarter on the same level as this quarter last year. Very important for us to see that we are at this level in total. Funny enough, each region is actually delivering exactly the same number of units as this quarter last year.

Speaker #2: Of course, this is a very important product for us. It's the higher value and also higher-priced product. We can see that we are delivering a total of 22 systems this quarter, on the same level as this quarter last year.

Speaker #2: And it's very important for us to see that we are at this level in total. Funny enough, each region is actually delivering exactly the same number of units as in this quarter last year.

Speaker #2: When it comes to the imaging probes in units, we are two units down this quarter. Of course, there are quarterly variations, as we can see this graph is also depicting.

Kari Krogstad: When it comes then to the imaging probes in units, we are two units down this quarter. Of course, there are quarterly variations, as we can see this graph is also depicting. Americas this quarter is up by 5 units, while EMEA is down by 5 units and Asia Pacific is also down by 2 units. Looking at the flow-only systems in units, we are 3 units down. Americas delivers at the same level as last year. EMEA is also at the same level with 12 units, and we see this quarter particularly strong contributions from the distributors in EMEA. This is also something we see varying from quarter to quarter. Sometimes the direct market is the stronger part, and sometimes the distributors are the ones that are growing the most. Asia Pacific down 3 units for the quarter.

Speaker #2: America's this quarter is up by five units, while EMEA is down by five units, and Asia Pacific is also down by two units. Looking at the flow-only systems in units, we are three units down.

Kari Eian Krogstad: Americas this quarter is up by 5 units, while EMEA is down by 5 units and Asia Pacific is also down by 2 units. Looking at the flow-only systems in units, we are 3 units down. Americas delivers at the same level as last year. EMEA is also at the same level with 12 units, and we see this quarter particularly strong contributions from the distributors in EMEA. This is also something we see varying from quarter to quarter. Sometimes the direct market is the stronger part, and sometimes the distributors are the ones that are growing the most. Asia Pacific down 3 units for the quarter. We can note that we had a very strong Q1 in terms of number of units for Asia Pacific, so I would not be very worried about this.

Speaker #2: Americas delivers at the same level as last year. EMEA is also at the same level, with 12 units. And we see this quarter particularly strong contributions from the distributors in EMEA.

Speaker #2: This is also something we see varying from quarter to quarter. Sometimes the direct market is the stronger part, and sometimes the distributors are the ones that are growing the most.

Speaker #2: Asia Pacific was down three units for the quarter. We can note that we had a very strong first quarter in terms of number of units for Asia Pacific.

Kari Krogstad: We can note that we had a very strong Q1 in terms of number of units for Asia Pacific, so I would not be very worried about this. Looking at flow probes in unit, which is of course a good indicator of both utilization and sales in general of the new equipment. We see a good development of 16.5% growth in this quarter. Americas as a region is delivering the same level in number of probes as last year. I should already now note that USA is definitely showing an increase in number of flow probes, and we will see that reflected in the number of procedures in a little while. It is Canada and South America that is having a lower number of probes this quarter, and the Americas then ends up at the same level as last year.

Speaker #2: So I wouldn't be very worried about this. Looking at flow probes, in units, which is of course a good indicator of both utilization and sales in general of the new equipment.

Kari Eian Krogstad: Looking at flow probes in unit, which is of course a good indicator of both utilization and sales in general of the new equipment. We see a good development of 16.5% growth in this quarter. Americas as a region is delivering the same level in number of probes as last year. I should already now note that USA is definitely showing an increase in number of flow probes, and we will see that reflected in the number of procedures in a little while. It is Canada and South America that is having a lower number of probes this quarter, and the Americas then ends up at the same level as last year. EMEA, very strong, up 22.5%, and Asia Pacific also up 20.6%. Looking further into the Americas region.

Speaker #2: We see good development, with 16.5% growth in this quarter. The Americas as a region is delivering the same level in number of probes as last year.

Speaker #2: But I should already now note that the USA is definitely showing an increase in the number of flow probes, and we will see that reflected in the number of procedures in a little while.

Speaker #2: It is Canada and South America that are having a lower number of probes this quarter. And the Americas then end up at the same level as last year.

Speaker #2: EMEA was very strong, up 22.5%, and Asia Pacific was also up 20.6%. Yes. So, looking further into the Americas region, it delivered NOK 103.7 million—more than 50% of the total revenues for Medistim in the quarter.

Kari Krogstad: EMEA, very strong, up 22.5%, and Asia Pacific also up 20.6%. Looking further into the Americas region. Delivering 103.7 million NOK, so more than 50% of the total for revenues in Medistim for the quarter. Currency neutral, as already mentioned, up 46% for the quarter. I just mentioned that the total units of flow probes and system sales for the region are at the same level as last year, and the revenue growth that we will see from the probes and systems are then driven by price increase. We will also note that there is good growth in number of flow procedures to lease and PPP accounts, and also the imaging probe unit sales is up. Sales in Canada increased 19%, so this is more driven by systems than probes.

Kari Eian Krogstad: Delivering 103.7 million NOK, so more than 50% of the total for revenues in Medistim for the quarter. Currency neutral, as already mentioned, up 46% for the quarter. I just mentioned that the total units of flow probes and system sales for the region are at the same level as last year, and the revenue growth that we will see from the probes and systems are then driven by price increase. We will also note that there is good growth in number of flow procedures to lease and PPP accounts, and also the imaging probe unit sales is up. Sales in Canada increased 19%, so this is more driven by systems than probes. Further detail on the unit sales development in USA in isolation. Already mentioned, the flat development on the system sales for the quarter.

Speaker #2: Currency neutral, as already mentioned, is up 46% for the quarter. I just mentioned that the total units of flow probes and systems sold for the region are at the same level as last year.

Speaker #2: The revenue growth that we will see from the probes and systems is then driven by price increases. We also note that there is good growth in the number of flow procedures to lease and PPP accounts.

Speaker #2: And also, the imaging probe unit sales are up. Sales in Canada increased 19%, so this is more driven by systems than probes. And further detail on the unit sales development in the USA in isolation.

Kari Krogstad: Further detail on the unit sales development in USA in isolation. Already mentioned, the flat development on the system sales for the quarter. We are actually down 2 for the H1, and these are 2 lease out placements that we did last year that we are not repeating this year. But the number of capital sales of systems is the same. When we are looking at number of procedures from the various components here, we see really good and strong development all over. We see, especially as I mentioned, flow probes, which was flat for Americas. It is definitely growing for the US, and this is reflected in actually 20,739 procedures coming from this capital probe sales for the quarter.

Speaker #2: As already mentioned, the flat development in system sales for the quarter was actually down two for the first half, and these are two lease-out placements that we did last year that we're not repeating this year.

Kari Eian Krogstad: We are actually down 2 for the H1, and these are 2 lease out placements that we did last year that we are not repeating this year. But the number of capital sales of systems is the same. When we are looking at number of procedures from the various components here, we see really good and strong development all over. We see, especially as I mentioned, flow probes, which was flat for Americas. It is definitely growing for the US, and this is reflected in actually 20,739 procedures coming from this capital probe sales for the quarter. That gives the 28.6% growth, and we can also see for the H1, very strong development in number of procedures from capital probe sales, 32.1%. Also worth noticing, imaging probes to capital customers also definitely going in the right direction, 10% growth for the quarter, 12.5% growth, in the H1.

Speaker #2: But the number of capital sales of systems is the same. When we're looking at the number of procedures from the various components here, we see really good and strong development all over.

Speaker #2: We see especially, as I mentioned, flow probes—which was flat for Americas—is definitely growing for the US. And this is reflected in actually 20,739 procedures coming from these capital probe sales for the quarter.

Speaker #2: And that gives the 28.6% growth. And we can also see for the first half very strong development in number of procedures from capital probe sales, 32.1%.

Kari Krogstad: That gives the 28.6% growth, and we can also see for the H1, very strong development in number of procedures from capital probe sales, 32.1%. Also worth noticing, imaging probes to capital customers also definitely going in the right direction, 10% growth for the quarter, 12.5% growth, in the H1. Asia Pacific, NOK 26 million in the quarter. Currency neutral, this translates to 22.4% growth. We are of course following the development in China very closely, where we have been direct now for a couple of years. Up 15.9% for the quarter and reaching NOK 14.8 million. So very good quarter and also a strong H1 for China. We just always want to remind that still we are selling through local subsidiaries and agents and this will sometimes end up with some quarterly variations.

Speaker #2: Also worth noting, imaging probes to capital customers are definitely going in the right direction—10% growth for the quarter, and 12.5% growth in the first half.

Speaker #2: Asia Pacific: 26 million in the quarter. Currency neutral, this translates to 22.4% growth. And we are, of course, following the development in China very closely.

Kari Eian Krogstad: Asia Pacific, NOK 26 million in the quarter. Currency neutral, this translates to 22.4% growth. We are of course following the development in China very closely, where we have been direct now for a couple of years. Up 15.9% for the quarter and reaching NOK 14.8 million. So very good quarter and also a strong H1 for China. We just always want to remind that still we are selling through local subsidiaries and agents and this will sometimes end up with some quarterly variations. So there will be some inconsistency in the developments over the quarter. Japan, we established our own team and a subsidiary in Japan in the end of Q1. Now in Q2, this is the first time we are actually delivering sales through this organization. It is quite modest for Q1.

Speaker #2: Where we have been direct now for a couple of years. Up 15.9% for the quarter and reaching NOK 14.8 million. So, a very good quarter, and then also a strong first half for China.

Speaker #2: We just always want to remind that we are still selling through local subsidiaries and agents, and this will sometimes result in some quarterly variations.

Speaker #2: So, there will be some inconsistency in the developments over the quarter. In Japan, we established our own team and subsidiary at the end of the first quarter.

Kari Krogstad: So there will be some inconsistency in the developments over the quarter. Japan, we established our own team and a subsidiary in Japan in the end of Q1. Now in Q2, this is the first time we are actually delivering sales through this organization. It is quite modest for Q1. This is just representing probe sales, and we are now working in the field to build the pipeline to replace old systems out in Japan. We know we have a very high penetration rate there and also working in the vascular side to establish new customer opportunities. Also note that other Asian distributors have a strong quarter, growing 28% and delivering NOK 8 million in sales. The EMEA region delivers NOK 48.9 million in the quarter. This is currency neutral, 19.4% growth.

Speaker #2: And now, in the second quarter, this is the first time we're actually delivering sales through this organization. It is quite modest for the first quarter.

Speaker #2: This is just representing probe sales. We are now working in the field to build the pipeline to replace old systems out in Japan.

Kari Eian Krogstad: This is just representing probe sales, and we are now working in the field to build the pipeline to replace old systems out in Japan. We know we have a very high penetration rate there and also working in the vascular side to establish new customer opportunities. Also note that other Asian distributors have a strong quarter, growing 28% and delivering NOK 8 million in sales. The EMEA region delivers NOK 48.9 million in the quarter. This is currency neutral, 19.4% growth. As I alluded to earlier, it is really the distributors that are providing the highest growth this quarter, actually growing 59% currency neutral. While the direct markets are relatively at the same level as last year.

Speaker #2: We know we have a very high penetration rate there and are also working on the vascular side to establish new customer opportunities. We also note that our distributors had a strong quarter.

Speaker #2: Growing 28% and then delivering 8 million in sales. The EMEA region delivers 48.9 million in the quarter. This is currently a neutral 19.4% growth. As I alluded to earlier, it is really the distributors that are providing the highest growth this quarter.

Kari Krogstad: As I alluded to earlier, it is really the distributors that are providing the highest growth this quarter, actually growing 59% currency neutral. While the direct markets are relatively at the same level as last year. This is also something we have noted over time, that we have these variations from quarter to quarter, whether it is the direct markets or the distributors that are really driving the development in EMEA. We can just also keep in mind that the direct markets account for about 55% of the revenues in EMEA and distributors around 45%. So both sales channels are, of course, important. When it comes to the third-party products, I already mentioned this, so 7% down for this quarter. It was a tougher Q1 here.

Speaker #2: Actually growing 59% currency neutral, while the direct markets are relatively at the same level as last year. This is also something we have noted over time: that we have variations from quarter to quarter whether it's the direct markets or the distributors that are really driving the development in EMEA.

Kari Eian Krogstad: This is also something we have noted over time, that we have these variations from quarter to quarter, whether it is the direct markets or the distributors that are really driving the development in EMEA. We can just also keep in mind that the direct markets account for about 55% of the revenues in EMEA and distributors around 45%. So both sales channels are, of course, important. When it comes to the third-party products, I already mentioned this, so 7% down for this quarter. It was a tougher Q1 here. So at H1 of the year, are then looking at the 19.9% decline so far this year. I explain that with a very strong Q1 in 2025. Summarized, we are looking at, and this is in Norwegian currency, so not currency adjusted.

Speaker #2: We should also keep in mind that the direct markets account for about 55% of revenues in EMEA, and distributors account for around 45%. So both sales channels are, of course, important.

Speaker #2: When it comes to the third-party products, I already mentioned this. So, 7% down for this quarter. It was a tougher first quarter here.

Speaker #2: So, for the first half, we are then looking at a 19.9% decline so far this year. And I explain that with a very, very strong first quarter in 2025.

Kari Krogstad: So at H1 of the year, are then looking at the 19.9% decline so far this year. I explain that with a very strong Q1 in 2025. Summarized, we are looking at, and this is in Norwegian currency, so not currency adjusted. We look at the Americas region, 31.4% growth for the quarter, 23.2% for the H1. Asia Pacific, up 17.5% for the quarter, up 37.3% for the H1. EMEA up 14.3% for the quarter and 11.3% for the H1. So, strong performance from all regions and bringing us to the total of 19.5% growth for the quarter and 15.1% for the H1.

Speaker #2: Summarized, we are looking at—and this is in Norwegian currency, so not currency-adjusted—we look at the Americas region: 31.4% growth for the quarter, 23.2% for the half year.

Kari Eian Krogstad: We look at the Americas region, 31.4% growth for the quarter, 23.2% for the H1. Asia Pacific, up 17.5% for the quarter, up 37.3% for the H1. EMEA up 14.3% for the quarter and 11.3% for the H1. So, strong performance from all regions and bringing us to the total of 19.5% growth for the quarter and 15.1% for the H1. Here we can see that the cardiac surgery segment is really driving the growth both for the quarter and for the H1. Very strong performance over cardiac product portfolio. When it comes to the vascular, we will remember that in Q1, we reported 1% increase in vascular sales, and now in Q2, we are looking at 9.3% decline. This is definitely weaker than we have seen in the recent years.

Speaker #2: Asia Pacific was up 17.5% for the quarter, and up 37.3% for the first half. EMEA was up 14.3% for the quarter, and 11.3% for the first half.

Speaker #2: So, strong performance from all regions, bringing us to a total of 19.5% growth for the quarter and 15.1% for the first half. Here, we can see that the cardiac surgery segment is really driving the growth, both for the quarter and for the first half.

Kari Krogstad: Here we can see that the cardiac surgery segment is really driving the growth both for the quarter and for the H1. Very strong performance over cardiac product portfolio. When it comes to the vascular, we will remember that in Q1, we reported 1% increase in vascular sales, and now in Q2, we are looking at 9.3% decline. This is definitely weaker than we have seen in the recent years. You will remember that we have had 20% and 30% growth in the vascular product portfolio in recent years. What we are seeing right now is not reflecting a shift in the underlying demand. It is rather a temporary product mix effect.

Speaker #2: Very strong performance over the cardiac product portfolio. When it comes to vascular, we will remember that in the first quarter we reported a 1% increase in vascular sales.

Speaker #2: And now in the second quarter, we are looking at a 9.3% decline. This is definitely weaker than what we've seen in recent years. You will remember that we have had 20% and 30% growth in the vascular product portfolio in recent years.

Kari Eian Krogstad: You will remember that we have had 20% and 30% growth in the vascular product portfolio in recent years. What we are seeing right now is not reflecting a shift in the underlying demand. It is rather a temporary product mix effect. I will try to explain this, because these MiraQ Ultimate systems that we are providing are delivering both the cardiac and the vascular applications. We sell this as a broad-based package, enabling the hospitals to use our technology both in the cardiac department and in the vascular department. It is a fact that we have launched a new INTUI software, and currently it is only available on the cardiac systems. So that has led to a lower number of MiraQ Ultimate system sales and a higher level of cardiac system sales.

Speaker #2: And what we're seeing right now is not reflecting a shift in the underlying demand. It's rather a temporary product mix effect. And I'll try to explain this, because these ultimate systems that we are providing are delivering both the cardiac and the vascular applications.

Kari Krogstad: I will try to explain this, because these MiraQ Ultimate systems that we are providing are delivering both the cardiac and the vascular applications. We sell this as a broad-based package, enabling the hospitals to use our technology both in the cardiac department and in the vascular department. It is a fact that we have launched a new INTUI software, and currently it is only available on the cardiac systems. So that has led to a lower number of MiraQ Ultimate system sales and a higher level of cardiac system sales. For instance, in the US, in H1, we have sold five less Ultimates and eight more cardiac systems.

Speaker #2: And we sell this as sort of a broad-based package, enabling the hospitals to use our technology both in the cardiac department and in the vascular department.

Speaker #2: Now, the fact is that we have launched a new intuitive software, and currently it's only available on the cardiac systems. So, that has led to a lower number of Ultimate system sales and a higher level of cardiac system sales.

Speaker #2: For instance, in the US, in the first half, we have sold five fewer Ultimates and eight more Cardiac systems, and this also reflects the high price of the Ultimate system.

Kari Eian Krogstad: For instance, in the US, in H1, we have sold five less Ultimates and eight more cardiac systems. That is also reflecting around the high price of the MiraQ Ultimate systems of around 220K USD. Of course, a shift like that has an impact on the revenues. It is also important to just remember that the revenues from the MiraQ Ultimate sales are allocated then 50% to cardiac and 50% to vascular. So this is the product mix effect that is driving this sort of negative development for the vascular sales reporting that we are seeing right now. We will continue to see this, we believe, until we are launching the INTUI software also and making it available for the vascular and the MiraQ Ultimate systems. That is planned to happen at least in H1 of next year, as early as possible, of course.

Kari Krogstad: That is also reflecting around the high price of the MiraQ Ultimate systems of around 220K USD. Of course, a shift like that has an impact on the revenues. It is also important to just remember that the revenues from the MiraQ Ultimate sales are allocated then 50% to cardiac and 50% to vascular. So this is the product mix effect that is driving this sort of negative development for the vascular sales reporting that we are seeing right now. We will continue to see this, we believe, until we are launching the INTUI software also and making it available for the vascular and the MiraQ Ultimate systems. That is planned to happen at least in H1 of next year, as early as possible, of course.

Speaker #2: So, around $220,000 US dollars. Of course, a shift like that has an impact on the revenues. And it's also important to just remember that the revenues from an ultimate sale are then allocated—50% to Cardiac and 50% to Vascular.

Speaker #2: So this is the product mix effect that is driving the sort of negative development for the vascular sales reporting that we are seeing right now.

Speaker #2: We will continue to see this. We believe, until we are launching the Intuitive software also and making it available for the Vascular and the Ultimate systems.

Speaker #2: And that's planned to happen at least in the first half of next year, as early as possible, of course. When it comes to the split between flow products and imaging products, we see that the flow products are continuing to develop very nicely, both for the quarter and for the first half.

Kari Eian Krogstad: When it comes to the split between flow products and imaging products, we see that the flow products are continuing to develop very nicely, both for the quarter and for H1. Our imaging products are also really going in a nice direction. We will remember that the imaging products have shown high growth for a number of years, but had a dip in 2023 and 2024 in the tougher macroeconomic circumstance that we saw. This came back really nicely in 2025, and we have also seen continued strong performance in H1 of 2026. So, this is good to see. We have never lost confidence in our imaging portfolio. We always experience really high interest from new users in that technology. So, we are continuing to be optimistic for it going forward. The component of recurring revenues versus capital revenue.

Kari Krogstad: When it comes to the split between flow products and imaging products, we see that the flow products are continuing to develop very nicely, both for the quarter and for H1. Our imaging products are also really going in a nice direction. We will remember that the imaging products have shown high growth for a number of years, but had a dip in 2023 and 2024 in the tougher macroeconomic circumstance that we saw. This came back really nicely in 2025, and we have also seen continued strong performance in H1 of 2026. So, this is good to see. We have never lost confidence in our imaging portfolio. We always experience really high interest from new users in that technology. So, we are continuing to be optimistic for it going forward.

Speaker #2: Our imaging products are also really going in a nice direction. We will remember that the imaging products have shown high growth for a number of years, but had a dip in 2023 and 2024 in the tougher macroeconomic circumstances that we saw.

Speaker #2: This came back really nicely in 2025, and we've also seen continued strong performance in the first half of 2026. So this is good to see.

Speaker #2: We have never lost confidence in our imaging portfolio. We always experience really high interest from new users in that technology, so we're continuing to be optimistic for it going forward.

Speaker #2: Yeah. The component of recurring revenues versus capital revenue—here we continue to see really high contribution from the recurring products. So that means capital probes, and PPP cards, and lease contracts.

Kari Krogstad: The component of recurring revenues versus capital revenue. Here we continue to see really high contribution from the recurring products. So that means capital probes and PPP cards and lease contracts. The last 12-month period is showing a 70% part of recurring sales, so quite in line with historical performance. So that is a review of details when it comes to performance for the quarter and for H1. I would like to comment a little bit about our outlook going forward. This is our simplified description of our growth strategy, and we can see that we are targeting the CABG market, the vascular surgery market. In this are also the transplant procedures and other open surgery, which is connected to CABG, you could say.

Kari Eian Krogstad: Here we continue to see really high contribution from the recurring products. So that means capital probes and PPP cards and lease contracts. The last 12-month period is showing a 70% part of recurring sales, so quite in line with historical performance. So that is a review of details when it comes to performance for the quarter and for H1. I would like to comment a little bit about our outlook going forward. This is our simplified description of our growth strategy, and we can see that we are targeting the CABG market, the vascular surgery market. In this are also the transplant procedures and other open surgery, which is connected to CABG, you could say. Today, I would like to point to the size of the annual revenue opportunity here, NOK 7 billion in total opportunity.

Speaker #2: And the last 12-month period is showing as 70% part of recurring sales, so quite in line with historical performance. So that's a review of details when it comes to performance for the quarter and for the first half.

Speaker #2: And I would like to comment a little bit about our outlook going forward. This is our simplified description of our growth strategy.

Speaker #2: And we can see that we are targeting the CABG market, the vascular surgery market, and also the transplant procedures. And other open surgery, which is connected to CABG, you could say.

Speaker #2: Today, I would like to point to the size of the annual revenue opportunity here—NOK 7 billion in total opportunity. And remembering our sales performance last year, in 2025, we reached about NOK 700 million.

Kari Krogstad: Today, I would like to point to the size of the annual revenue opportunity here, NOK 7 billion in total opportunity. Remembering our sales performance last year in 2025, we reached about NOK 700 million. Meaning that we are addressing only 10% of the estimated market opportunity, highlighting then the significant runway for continued growth. If we are also looking at market penetration in terms of procedure shared and start discussing the CABG market, we have always taken a deliberate conservative view of the global CABG market, and we do not want to exaggerate the size. We have always said it is more than 700,000.

Kari Eian Krogstad: Remembering our sales performance last year in 2025, we reached about NOK 700 million. Meaning that we are addressing only 10% of the estimated market opportunity, highlighting then the significant runway for continued growth. If we are also looking at market penetration in terms of procedure shared and start discussing the CABG market, we have always taken a deliberate conservative view of the global CABG market, and we do not want to exaggerate the size. We have always said it is more than 700,000. Although we can actually find data to say that perhaps this market is both 800,000 and 900,000 procedures, the sources are not always that reliable. We have kept it very conservative at 700,000, and that would mean that we are currently serving around 40% of these procedures with our flow technology.

Speaker #2: So, meaning that we are addressing only 10% of the estimated market opportunity, highlighting the significant runway for continued growth. If we also look at market penetration in terms of procedures, and start discussing the CABG market, we've always taken a deliberate, conservative view of the global CABG market, and we don't want to exaggerate the size.

Speaker #2: So we've always said it's more than 700,000. And although we can actually find data to say that perhaps this market is both 800,000 and 900,000 procedures.

Kari Krogstad: Although we can actually find data to say that perhaps this market is both 800,000 and 900,000 procedures, the sources are not always that reliable. We have kept it very conservative at 700,000, and that would mean that we are currently serving around 40% of these procedures with our flow technology. That also means that there is, of course, a big incremental opportunity to convert these flow-only users to flow and imaging users. When it comes to the vascular market, we are looking at a total of up to 1.3 million procedures annually. Based on last year's number of probes sold, we can estimate that we are serving somewhere between 5% and 6% of this total market.

Speaker #2: But the sources are not always that reliable, so we've kept it very conservative at 700,000. That would mean we're currently serving around 40% of these procedures with our flow technology.

Speaker #2: That also means that there's, of course, a big incremental opportunity to convert these flow-only users to flow and imaging users. When it comes to the vascular market, we're looking at a total of up to 1.3 million procedures annually.

Kari Eian Krogstad: That also means that there is, of course, a big incremental opportunity to convert these flow-only users to flow and imaging users. When it comes to the vascular market, we are looking at a total of up to 1.3 million procedures annually. Based on last year's number of probes sold, we can estimate that we are serving somewhere between 5% and 6% of this total market. Of course, at a completely different level compared to CABG, but definitely showing that we are making progress in this market and that it represents a big growth opportunity for us going forward. Based on this, I just mentioned in my introduction the 13% annualized sales growth that we have shown over the past five years. We can also think back on the six record quarters that we have just reported on.

Speaker #2: And based on last year's number of probes sold, we can estimate that we are serving somewhere between 5 and 6% of this total market.

Speaker #2: So, of course, this is at a completely different level compared to CABG, but it definitely shows that we're making progress in this market and that it represents a big growth opportunity for us going forward.

Kari Krogstad: Of course, at a completely different level compared to CABG, but definitely showing that we are making progress in this market and that it represents a big growth opportunity for us going forward. Based on this, I just mentioned in my introduction the 13% annualized sales growth that we have shown over the past five years. We can also think back on the six record quarters that we have just reported on. With this big growth opportunity that I have just described, I would like to update our long-term outlook for our business. As part of our annual strategy review with the board in June, we have updated our view on this.

Speaker #2: So, based on this, I just mentioned in my introduction the 13% annualized sales growth that we have shown over the past five years. We can also think back on the six record quarters that we've just reported.

Speaker #2: And with this big growth opportunity that I've just described, I would like to update our long-term outlook for our business. As part of our annual strategy review with the board in June, we have updated our view on this.

Kari Eian Krogstad: With this big growth opportunity that I have just described, I would like to update our long-term outlook for our business. As part of our annual strategy review with the board in June, we have updated our view on this. Our revised plan indicates that we are expecting to see actually a higher growth trajectory than achieved over the past five years, and that it should definitely be possible to deliver continued margin expansion in this scenario. That also means that based on this outlook, we expect to reach our first milestone of NOK 1 billion in annual revenue in just a couple of years. Our confidence is supported not only by past success, but the continued expansion and increasing effectiveness of our sales organization. Of course, we have gone direct in more countries.

Speaker #2: Our revised plan indicates that we are expecting to see, actually, a higher growth trajectory than achieved over the past five years, and that it should definitely be possible to deliver continued margin expansion in this scenario.

Kari Krogstad: Our revised plan indicates that we are expecting to see actually a higher growth trajectory than achieved over the past five years, and that it should definitely be possible to deliver continued margin expansion in this scenario. That also means that based on this outlook, we expect to reach our first milestone of NOK 1 billion in annual revenue in just a couple of years. Our confidence is supported not only by past success, but the continued expansion and increasing effectiveness of our sales organization. Of course, we have gone direct in more countries.

Speaker #2: And that also means that, based on this outlook, we expect to reach our first milestone of NOK 1 billion in annual revenue in just a couple of years.

Speaker #2: And our confidence is supported not only by past success, but also by the continued expansion and increasing effectiveness of our sales organization. Of course, we have gone direct in more countries.

Speaker #2: We have invested in broadening the sales source, and we are prepared to continue to expand our direct sales forces, and continue also to work on the effectiveness part of this.

Kari Eian Krogstad: We have invested in broadening the sales force, and we are prepared to continue to expand our direct sales forces and continuing also to work on the effectiveness part of this. Together with the upcoming launches, as I just mentioned, MiraQ Ultimate, MiraQ Vascular, coming now in Q2, sometime next year. Also in this period, we will see the report out of large important trials such as the patent for peripheral bypass and SMARTFLOW, the randomized clinical trial for CABG. Of course, all long-term predictions are subject to uncertainty, so we would like to highlight that. Again, we feel it is right to share our positive view on our future here. With that as a final statement, I guess we will open up for questions.

Kari Krogstad: We have invested in broadening the sales force, and we are prepared to continue to expand our direct sales forces and continuing also to work on the effectiveness part of this. Together with the upcoming launches, as I just mentioned, MiraQ Ultimate, MiraQ Vascular, coming now in Q2, sometime next year. Also in this period, we will see the report out of large important trials such as the patent for peripheral bypass and SMARTFLOW, the randomized clinical trial for CABG. Of course, all long-term predictions are subject to uncertainty, so we would like to highlight that. Again, we feel it is right to share our positive view on our future here. With that as a final statement, I guess we will open up for questions.

Speaker #2: Together with the upcoming launches, as I just mentioned—Miracle Ultimate, Miracle Vascular—coming now in TUI sometime next year, and also in this period we will see the report out of large, important trials such as the PATENT for peripheral bypass and SMART FLOW, the randomized clinical trial for CABG.

Speaker #2: Of course, all long-term predictions are subject to uncertainty, so we would like to highlight that. But again, we feel it's right to share our positive view on our future here.

Speaker #2: So with that, as a final statement, I guess we will open up for questions.

Speaker #1: Yeah. And we have quite a few questions today. The Americas region is again showing impressive growth. As the capital sale is quite similar to previous quarters, a lot of the growth comes from procedure sales and price increases.

[Company Representative] (Medistim): Yeah, and we have quite a few questions today. The Americas region is again showing impressive growth. As the capital sale is quite similar to previous quarters, a lot of the growth come from procedure sale and price increases. How do you think this will develop in the future?

Speaker #1: How do you think this will develop in the future?

Speaker #3: First of all, the capital sales and the comparable from last year are very strong. So, in a sense, it's encouraging that we are at least at the same level.

Thomas Jakobsen: First of all, the capital sales and the comparable from last year is very strong. In a sense, it's encouraging that we're at least at the same level. However, I think going forward, we will continue to see that the growth and the growth driver in the US will still be on the capital side and not on the procedure side. We've seen that over the past five, six, seven quarters that the main driver for the growth is increased capital sales of flow and imaging systems and what follows with probes and imaging probes. Going forward, I would still say that I would expect higher growth on capital than on procedures.

Speaker #3: However, I think, going forward, we will continue to see that the growth, and the growth driver in the US, will still be on the capital side and not on the procedure side.

Speaker #3: So, and we've seen that over the past five, six, seven quarters that, you know, the main driver for the growth is increased capital sales—so flow and imaging systems and what follows with probes and imaging probes.

Speaker #3: So, going forward, I would still say that, you know, I would expect higher growth on capital than on procedures.

Speaker #1: Another one on the US market here—pricing. Can you quantify this—is this on one-offs? Can you quantify the amount of one-off costs you took in the quarter, for example, and what is the underlying EBIT?

[Company Representative] (Medistim): Another one on the US market here. Pricing. Can you quantify the, this is on one-offs. Can you quantify the amount of one-off costs you took in the quarter, for example, and what is the underlying EBIT?

Speaker #3: Well, one cost is related to what I mentioned with the IT project—taking our systems to the cloud. That was around $3 million for the second quarter.

Thomas Jakobsen: Well, one more cost is related to what I mentioned with the IT project, taking our systems to the cloud. That was around NOK 3 million for Q2, and we are expecting to go live in Q4 this year. We also have the patent expense. That is to what extent one-off the patent study will still be ongoing, but it's not part of our ordinary operational expenses as such. Even though it will continue going forward, it will be an end to it in 2027, 2028. So that is, in that sense, a one-off. When it comes to the operating expenses related to Japan, that will definitely continue to be ongoing going forward.

Speaker #3: And we are expecting to go live in the fourth quarter this year. We also have the patent expense. That is, to some extent, one-off. The patent study will still be ongoing, but it's not part of our ordinary operational expenses as such.

Speaker #3: So even though it will continue going forward, there will be an end to it in '27, '28. So that is, in that sense, a one-off.

Speaker #3: And when it comes to the operating expenses related to Japan, you know, that will definitely continue to be ongoing going forward. Although we had some additional expenses when we were establishing ourselves, I would say maybe around half a million in additional expenses, and that is in one way a one-off.

Thomas Jakobsen: Although we had some additional expenses when we are establishing ourselves, I would say maybe around half a million NOK there is additional expenses that is in one way a one-off. We will still continue to build the Japanese organization. To say exact what other operating expenses will be there is a bit hard to predict going forward. I think that is my answer to that.

Speaker #3: But, you know, we will still continue to build the Japanese organizations at the same exact level. What other operating expenses will be there is a bit hard to predict.

Speaker #3: Going forward, I think that is my answer to that.

Speaker #1: Thank you. Another one on the US here. The US is showing very strong momentum for you. Is there anything temporary that we should be mindful of when looking at the pipeline, and what is your US team communicating back to you?

[Company Representative] (Medistim): Thank you. Another one on the US here. The US is showing very strong momentum for you. Is it anything temporary that we should be mindful of when looking at the pipeline, and what is your US team communicating back to you? How would you describe the outlook? I think you touched on it.

Speaker #1: How would you describe the outlook? I think you touched on it, but...

Kari Eian Krogstad: Well, if you are just looking back at 2025 and so far in 2026, there has been consistent, very positive, strong performance from our US team. Also historically, we shouldn't forget that, going back, USA has been the growth driver for Medistim in many years. Then things goes a little bit up and down, but definitely come back very strongly in 2025 and so far in 2026. As mentioned before, we have made changes to the organization in the US, and we have made changes to compensations plans. We have set other and stricter expectations when it comes to field time and face time with customers. We have also invested in much higher quality training programs for our sales force, so we are definitely supporting them in a better way than before. I think there is logical explanations as to why we are seeing increased performance.

Kari Krogstad: Well, if you are just looking back at 2025 and so far in 2026, there has been consistent, very positive, strong performance from our US team. Also historically, we shouldn't forget that, going back, USA has been the growth driver for Medistim in many years. Then things goes a little bit up and down, but definitely come back very strongly in 2025 and so far in 2026. As mentioned before, we have made changes to the organization in the US, and we have made changes to compensations plans. We have set other and stricter expectations when it comes to field time and face time with customers. We have also invested in much higher quality training programs for our sales force, so we are definitely supporting them in a better way than before.

Speaker #2: Yeah. So, I mean, if you're just looking back at the whole of '25 and so far in '26, there has been consistent, very positive, strong performance from our US team.

Speaker #2: And also, historically, we shouldn't forget that, you know, going back, USA has been the growth driver for Medistim in many years. And then things go a little bit up and down, but it's definitely come back very strongly in '25 and so far in '26.

Speaker #2: As mentioned before, we have made changes to the organization in the US, and we have made changes to compensation plans. We have set stricter expectations when it comes to field time and face time with customers.

Speaker #2: We have also invested in much higher-quality training programs for our sales force, so we are definitely supporting them in a better way than before.

Speaker #2: So, I think there are logical explanations as to why we are seeing increased performance. Of course, pricing—and, you know, I would say having the courage to actually work actively with pricing—is also a positive contributor here.

Kari Krogstad: I think there is logical explanations as to why we are seeing increased performance. Of course, pricing and, I would say, having the courage to actually work actively with pricing is also a positive contributor here. Going forward, we are not guiding, but our pipelines are looking good when it comes to the deal pipeline.

Kari Eian Krogstad: Of course, pricing and, I would say, having the courage to actually work actively with pricing is also a positive contributor here. Going forward, we are not guiding, but our pipelines are looking good when it comes to the deal pipeline.

Speaker #2: And going forward, you know, we're not guiding, but our pipelines are looking good when it comes to the deal pipeline.

Speaker #1: Yeah. And one on pricing: can you quantify the effect of the price increases for the flow and imaging products?

[Company Representative] (Medistim): Yeah. On pricing, can you quantify the effect of the price increases for the flow and imaging products?

Speaker #3: Well, see, in the second quarter, the increase in revenue—since we had the same level of number of units sold—that, in itself, is related to price increases.

Thomas Jakobsen: Well, we see in Q2 the increase in revenue since we had the same level of number of units sold, that in itself is related to price increases. If you look at the underlying growth, the way we look at it, the total growth in the US for the quarter currency neutral was 46%. Around 9% of that is volume growth and the rest is pricing. So the pricing is quite impactful.

Speaker #3: If you look at the underlying growth, the way we look at it, the total growth in the US for the quarter, currency neutral, was 46%.

Speaker #3: Around 9% of that is volume growth, and the rest is pricing. So the pricing is quite impactful.

Speaker #1: Good. Then there is a question on Japan. How has the direct operation in Japan developed so far?

[Company Representative] (Medistim): Good. Then is a question on Japan. How has the direct operation in Japan developed so far?

Speaker #2: Well, I think the priority for our team has, you know, been to build the team and to adjust the team, and making sure that we have the right people in the various roles.

Kari Eian Krogstad: Well, I think the priority for our team has to build the team and to adjust the team and making sure that we have the right people in the various roles. Their priority then has been, of course, to present themselves to the market and the customers and really start building direct relationships with the users. As we know, we have more than 90% penetration in the Japanese market for CABG and the flow technology. So there is a lot of customers there is a lot of hospitals, there is a lot of connections to be made, and that has been our priority so far. I think I mentioned that the model sale we saw in Q2, that is based on probe sales to current customers.

Kari Krogstad: Well, I think the priority for our team has to build the team and to adjust the team and making sure that we have the right people in the various roles. Their priority then has been, of course, to present themselves to the market and the customers and really start building direct relationships with the users. As we know, we have more than 90% penetration in the Japanese market for CABG and the flow technology. So there is a lot of customers there is a lot of hospitals, there is a lot of connections to be made, and that has been our priority so far. I think I mentioned that the model sale we saw in Q2, that is based on probe sales to current customers.

Speaker #2: And their priority then has been, of course, to present themselves to the market and the customers, and really start building direct relationships with the users.

Speaker #2: As we know, we have more than 90% penetration in the Japanese market for CABG and the flow technology, so there's a lot of customers there.

Speaker #2: There are a lot of hospitals. There are a lot of connections to be made, and that has been our priority so far. I think I mentioned that the model sales we saw in the second quarter were based on probe sales to current customers.

Speaker #2: But we are also, of course, building the pipeline for replacement sales of systems, and also we're working to establish a business in the vascular sector, which has not really been entertained at all so far by our former distributor.

Kari Eian Krogstad: But we are also, of course, building the pipeline for replacement sales of systems. Also, we are working to establish a business in the vascular, which has not been really entertained at all so far by our former distributor. We are then expecting to see a more positive, of course, development from a sales perspective in the H2. What else? I think I can report that from the users and the customer side, the feedback we are receiving is that we feel very welcome by the surgical community that Medistim, as a manufacturer and owner of the technologies, are present in the market. So that has certainly been a very positive effect. Then I guess I should mention that we are not expecting to see any problems similar to what we saw in China when we went direct in China.

Kari Krogstad: But we are also, of course, building the pipeline for replacement sales of systems. Also, we are working to establish a business in the vascular, which has not been really entertained at all so far by our former distributor. We are then expecting to see a more positive, of course, development from a sales perspective in the H2. What else? I think I can report that from the users and the customer side, the feedback we are receiving is that we feel very welcome by the surgical community that Medistim, as a manufacturer and owner of the technologies, are present in the market. So that has certainly been a very positive effect.

Speaker #2: And we're then expecting to see a more positive, of course, development from a sales perspective in the second half. What else? I think I can report that, from the users and the customer side, the feedback we're receiving is that we feel very welcome by the surgical community, and that Medistim, as a manufacturer and owner of the technologies, is present in the market.

Speaker #2: So that has certainly been a very positive effect. And then I guess I should mention that we are not expecting to see any problems similar to what we saw in China when we went direct in China.

Kari Krogstad: Then I guess I should mention that we are not expecting to see any problems similar to what we saw in China when we went direct in China. As you will remember, we had some stalling effects in China due to the former distributor then selling a lot of products into the local distribution chain, so through the local distributors in China. This is not happening in Japan. They had a much shorter transition period, and there has not been any such end-of-life type of build-up. So that is a positive aspect that we should also keep in mind.

Speaker #2: As you will remember, we had some stalling effects in China due to the former distributor, who then sold a lot of products into the local distribution chain.

Kari Eian Krogstad: As you will remember, we had some stalling effects in China due to the former distributor then selling a lot of products into the local distribution chain, so through the local distributors in China. This is not happening in Japan. They had a much shorter transition period, and there has not been any such end-of-life type of build-up. So that is a positive aspect that we should also keep in mind.

Speaker #2: So, through the local distributors in China, this is not happening in Japan. We had a much shorter transition period, and there has not been any such sort of end-of-life type of buildup.

Speaker #2: So, that's a positive aspect that we should also keep in mind.

Speaker #1: Thank you. What is the rationale for changing to quarterly dividend distributions?

[Company Representative] (Medistim): Thank you. What is the rationale for changing to quarterly dividend distributions?

Speaker #3: Well, we have, over several quarters now, shown solid results and also very good cash flow. So I guess this is kind of a gesture to our shareholders that instead of paying it annually, we will look at a quarterly payout.

Thomas Jakobsen: Well, we have over several quarters now shown solid results and also very good cash flow. So I guess this is a gesture to our shareholders that instead of paying it annually, we will look at a quarterly payout. Also, what is the reasoning behind it is that instead of Medistim collecting cash at bank interest, we would rather distribute that excess cash that the company is generating to the shareholders, and then they can reinvest or however they want to utilize that excess cash to the best for themselves, rather than Medistim have it sitting in a bank account.

Speaker #3: And also, the reasoning behind it is that instead of Medistim collecting cash at the bank and earning interest, we would rather distribute that excess cash that the company is generating to the shareholders. Then they can reinvest or, you know, utilize that excess cash in the way that is best for themselves, rather than Medistim having it sit in a bank account.

Speaker #1: Thank you. Could you please elaborate on what's driving the relative increase in accounts receivable?

[Company Representative] (Medistim): Thank you. Could you please elaborate on what is driving the relative increase in accounts receivables?

Speaker #3: Very easily. The increase in sales that we see over the quarters—and there is also somewhat of timing from quarter to quarter, when you have a quarter end and how customers are paying, and so forth.

Thomas Jakobsen: Very easily, the increase in sales that we see over the quarters, there is also somewhat timing from quarter to quarter when you have a quarter end and how customers are paying and so forth. The general thing is that, when we increase sales as much as we have done with more than NOK 50 million for the H1, it is natural that the accounts receivable are also increasing. We are very much focused on it. We have a goal of having a day sales outstanding around 45 days, which previously was at 60 days. Now with what we have seen, we are closer to 60 days. We will definitely put focus on trying to get that down to 45 days.

Speaker #3: But the general thing is that, you know, when we increase sales as much as we have done with, you know, more than 50 million for the first half, it's natural that the accounts receivable are also increasing.

Speaker #3: We are very much focused on it. We have a goal of having days sales outstanding around 45 days, whereas previously it was at 60 days.

Speaker #3: Now, with what we've seen, we are closer to 60 days. So we will definitely put focus on trying to get that down to 45 days.

Speaker #1: Thank you. Then, it's a question on vascular. I didn't fully catch the effect you explained in the vascular segment and the Ultimate machine. Can you please repeat?

[Company Representative] (Medistim): Thank you. Then it is a question on Vascular. I did not fully catch the effect you explained in the Vascular segment and the Ultimate machine. Can you please repeat?

Speaker #2: Yes, it is a bit complicated, but we have three modalities, or three versions, of our system. You can buy it as a cardiac-specific application system.

Kari Eian Krogstad: Yes, it is a bit complicated, but we have three modalities or three versions of our system. You can buy it as a cardiac-specific application system, so with the software that has really been adapted to the cardiac procedures. Or you can buy it as a Vascular system, and again, software is adapted to the Vascular procedures, including transplant. Or you can buy it as an Ultimate, and then both these software versions are included in the Ultimates. That can be a very good solution if you are planning to maybe you are starting with the cardiac procedures, but you have a vision of taking that into the Vascular space later on. Of course, this also can make sense in finding the financing at the hospital that you are buying something that can provide value to the broader surgical departments.

Kari Krogstad: Yes, it is a bit complicated, but we have three modalities or three versions of our system. You can buy it as a cardiac-specific application system, so with the software that has really been adapted to the cardiac procedures. Or you can buy it as a Vascular system, and again, software is adapted to the Vascular procedures, including transplant. Or you can buy it as an Ultimate, and then both these software versions are included in the Ultimates. That can be a very good solution if you are planning to maybe you are starting with the cardiac procedures, but you have a vision of taking that into the Vascular space later on. Of course, this also can make sense in finding the financing at the hospital that you are buying something that can provide value to the broader surgical departments.

Speaker #2: So, with the software that has really been adapted to the cardiac procedures, or you can buy it as a vascular system, and again, the software is adapted to the vascular procedures including transplant.

Speaker #2: Or you can buy it as an Ultimate, and then both these software versions are included in the Ultimates. That can be a very good solution if you are planning to—maybe you're starting with the cardiac procedures, but you have an idea of taking that into the vascular space later on.

Speaker #2: Of course, this also can make sense in finding the financing at the hospital, that you have, you're buying something that can provide value, you know, to the broader sort of surgical departments.

Speaker #2: In the current position, if you are if a customer is in that position, so they want to buy a new system, they are primarily or in the beginning only going to use it for cardiac.

Kari Eian Krogstad: In the current position, if a customer is in that position, they want to buy a new system, they are primarily or in the beginning only going to use it for cardiac. They know that we have a cardiac system with the new INTUI software, which we have of course promoted quite heavily, and they are very interested in getting hold of this new software. Well, then there is a chance that they will, in this situation, then opt for the cardiac version. If they do so, that is a lower priced version than the MiraQ Ultimate, naturally, because you only get access to the cardiac application support and not the Vascular application support. When we are selling an Ultimate, then this higher price, 50% of that is recorded as cardiac revenue, 50% is recorded as Vascular revenue.

Kari Krogstad: In the current position, if a customer is in that position, they want to buy a new system, they are primarily or in the beginning only going to use it for cardiac. They know that we have a cardiac system with the new INTUI software, which we have of course promoted quite heavily, and they are very interested in getting hold of this new software. Well, then there is a chance that they will, in this situation, then opt for the cardiac version. If they do so, that is a lower priced version than the MiraQ Ultimate, naturally, because you only get access to the cardiac application support and not the Vascular application support. When we are selling an Ultimate, then this higher price, 50% of that is recorded as cardiac revenue, 50% is recorded as Vascular revenue.

Speaker #2: And they know that we have a cardiac system with the new Intuitive software, which we have, of course, promoted quite heavily, and they are very interested in getting hold of this new software.

Speaker #2: Well, then there is a chance that they will, in this situation, opt for the cardiac version. And if they do so, that's a lower-priced version than the access to the cardiac application support, and not the vascular application support.

Speaker #3: When we are selling an Ultimate, then the higher price—50% of that is recorded as cardiac revenue, 50% is recorded as vascular revenue. So a lower number of Ultimates will hurt the vascular revenue recognition, as we’re seeing in the reports.

Kari Eian Krogstad: A lower number of Ultimates, that will hurt the Vascular revenue recognition as we are seeing it in the reports. This is a more technical product mix issue at this point in time. It will go away as soon as we have the INTUI also available for the Vascular systems and for the Ultimate systems.

Kari Krogstad: A lower number of Ultimates, that will hurt the Vascular revenue recognition as we are seeing it in the reports. This is a more technical product mix issue at this point in time. It will go away as soon as we have the INTUI also available for the Vascular systems and for the Ultimate systems.

Speaker #3: So this is a more technical, you know, product mix issue at this point in time. It will go away as soon as we have the Intuitive also available for the Vascular Systems and for the Ultimate Systems.

Speaker #1: Thank you. Many questions coming in here. Have you seen any impact on U.S. sales from the removal of the COVID subsidies to the Affordable Care Act?

[Company Representative] (Medistim): Thank you. There are many questions coming in here. Have you seen any impact on US sales from the removal of the COVID subsidies to the Affordable Care Act? Some US hospital systems have reported weaker patient numbers, especially on elective procedures, as US patients have lost their healthcare insurance.

Speaker #1: Some US hospital systems have reported weaker patient numbers, especially for elective procedures, as US patients have lost their healthcare insurance.

Speaker #2: Yeah, I can't say that we have seen any effects of that.

Kari Eian Krogstad: Yeah. I cannot say that we have seen any effects of that.

Kari Krogstad: Yeah. I cannot say that we have seen any effects of that.

Speaker #1: Thank you. What is your current view on share buybacks?

[Company Representative] (Medistim): Thank you. What is your current view on share buybacks?

Thomas Jakobsen: Well, over the years, we have done that occasionally, but I think our board is a little bit reluctant to do a buyback of shares. We have done so relatively recently to support the share program for management and key personnel. But in general, our board would rather pay out a dividend than do a buyback of shares. That is also reflected in what we reported yesterday, that they will seek the authorization to actually make a dividend on a quarterly basis.

Speaker #3: Well, over the years we have done that occasionally. But I think our board is a little bit reluctant to do a buyback of shares.

Speaker #3: We have done so relatively recently to support the share program for management and key personnel. But, in general, our board would rather pay out a dividend than do a buyback of shares.

Speaker #3: And that is also reflected in what we reported here today, that they will seek the authorization to actually make dividend payments on a quarterly basis.

Speaker #1: Thank you. Thanks for the hard work for us shareholders. You mentioned the Board has tuned up the growth plan for the next years. Can you give some insight into where the outlook has improved?

[Company Representative] (Medistim): Thank you. Thanks for the hard work for us shareholders. You mentioned the board has tuned up the growth plan for the next years. Can you give some insights into where the outlook has improved? Is it the US, vascular, imaging? Thank you.

Speaker #1: Is it the U.S., vascular imaging? Thank you.

Speaker #2: I would say that also for contributors. All of that is, you know, as I said, we have growth opportunities in the CABG market still. You know, several geographies are lower penetrated—USA is actually one of them.

Kari Eian Krogstad: I would say that all those are contributors. As I said, we have growth opportunities in the CABG market still. Several geographies are lower penetrated. USA is actually one of them. There are new markets like India and Turkey with big numbers of procedures where we are just getting started. So CABG in itself for flow is actually a growth opportunity. You have the conversion to imaging, which continues to be a big opportunity, and the traction that we are seeing in our direct markets, again, US as the leader, but over the years, very strong performance in Germany, in Spain, in the Nordics, and in China, not the least, very strong results after we got normalized the situation over there. Again, expecting to see more traction also from Japan when we are taking control there.

Kari Krogstad: I would say that all those are contributors. As I said, we have growth opportunities in the CABG market still. Several geographies are lower penetrated. USA is actually one of them. There are new markets like India and Turkey with big numbers of procedures where we are just getting started. So CABG in itself for flow is actually a growth opportunity. You have the conversion to imaging, which continues to be a big opportunity, and the traction that we are seeing in our direct markets, again, US as the leader, but over the years, very strong performance in Germany, in Spain, in the Nordics, and in China, not the least, very strong results after we got normalized the situation over there. Again, expecting to see more traction also from Japan when we are taking control there.

Speaker #2: And there are, you know, new markets like India and Turkey, with big numbers of procedures, where we are just getting started.

Speaker #2: So, CABG in itself for flow is actually a growth opportunity. Then you have the conversion to imaging, which continues to be a big opportunity.

Speaker #2: And the traction that we're seeing in our direct markets—again, the US as the leader—but over the years, very strong performance in Germany and Spain.

Speaker #2: In the Nordics and in China, not the least, very, very strong results after we sort of normalized the situation over there. And again, expecting to see more traction also from Japan when we are taking control there.

Speaker #2: So it's both geographies that are opening or not opening, but are continuing to provide really big opportunities. And it's both sort of the historical performance, but also the near-term, you know, the recent performance that we have pointed to over the past one and a half years.

Kari Eian Krogstad: So it is both geographies that is opening, or not opening, but are continuing to provide really big opportunities. And it is both sort of historically performance, but also the near term, the recent term performance that we have pointed to over the past 1 and a half year, and the changes we have made, and also upcoming product launch, 2041. All this together gives us the confidence that we should be able to actually accelerate that growth rate and keep it at even stronger margins.

Kari Krogstad: So it is both geographies that is opening, or not opening, but are continuing to provide really big opportunities. And it is both sort of historically performance, but also the near term, the recent term performance that we have pointed to over the past 1 and a half year, and the changes we have made, and also upcoming product launch, 2041. All this together gives us the confidence that we should be able to actually accelerate that growth rate and keep it at even stronger margins.

Speaker #2: And the changes we've made, as well as upcoming product launches and so on—all this together, you know, gives us the confidence that we should be able to actually accelerate that growth rate and keep it at even stronger margins.

Speaker #1: From the procedure sale overview, we can see that probe sales are strong for all regions. Given your manual production process, will probe sale growth be a challenge going forward?

[Company Representative] (Medistim): From the procedure sale overview, we can see that the probe sales are strong for all regions. Given your manual production process, will the probe sale growth be a challenge going forward?

Speaker #2: Yes, of course, production capacity and the ability to deliver are pivotal for us. It's a great problem to have, just to say that. As we have reported previously, we have a project ongoing to establish a semi-automated production line for our high-volume flow probes.

Kari Eian Krogstad: Yes. Of course, production capacity and ability to deliver is pivotal for us. It is a great problem to have, just to say that. As we have reported previously, we have a project ongoing in order to establish a semi-automated production line of our high volume flow probes. This is technically quite complex, and then you have both verification, validation challenges, and you have, of course, the regulatory process also that will take some time. So it is not an immediate solution, but it is something that we are investing quite heavily in. So that is the longer term solution for us in order to make sure that we have the right capacity. In the nearer term, we just continue to add heads to our probe production and making sure that we are coping that way.

Kari Krogstad: Yes. Of course, production capacity and ability to deliver is pivotal for us. It is a great problem to have, just to say that. As we have reported previously, we have a project ongoing in order to establish a semi-automated production line of our high volume flow probes. This is technically quite complex, and then you have both verification, validation challenges, and you have, of course, the regulatory process also that will take some time. So it is not an immediate solution, but it is something that we are investing quite heavily in. So that is the longer term solution for us in order to make sure that we have the right capacity. In the nearer term, we just continue to add heads to our probe production and making sure that we are coping that way.

Speaker #2: This is technically quite complex, and then you have both verification and validation challenges. You have, of course, a regulatory process also that will take some time.

Speaker #2: So it's not an immediate solution, but it's something that we are investing quite heavily in. So that's the longer-term solution for us in order to make sure that we have the right capacity.

Speaker #2: In the nearer term, we just continue to add heads to our production and make sure that we are coping that way.

Speaker #1: Yeah, I think we'll round off there and hope we have replied to most of the questions. It's a lot, sitting here, and there's a bit of overlap.

[Company Representative] (Medistim): Yeah, I think we will round off there, and hope we have replied most of the questions. It is a lot sitting here and it is a bit overlapping, so I think we have touched into most of that.

Speaker #1: So I think we have touched into most of them.

Speaker #2: Okay. Then I guess we close the call and everybody for participating.

Kari Eian Krogstad: Okay, I guess we close the call and thank everybody for participating.

Kari Krogstad: Okay, I guess we close the call and thank everybody for participating.

Speaker #3: Thank you.

[Company Representative] (Medistim): Thank you.

Thomas Jakobsen: Thank you.

Operator 2: Goodbye

Operator: Goodbye

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