Achieved record sales of NOK 182.3 million in Q4 2025 (up 20.6% YoY) and full-year revenue of NOK 699.8 million (up 24.4%), driven by strong own product sales and growth in Americas and APAC, with EMEA showing moderate growth.
EBIT reached NOK 42.3 million in Q4 (up 63.8–64.0% YoY) and NOK 196.2 million for the year (up nearly 50%), with EBIT margins at 23.2% in Q4 and 28% for the year.
Board proposes a dividend of NOK 8.00 per share, totaling NOK 146.2 million.
Launched new INTUI software for MiraQ Cardiac system and advanced key clinical studies, including the SMARTFLOW RCT and PATENT study.
Opened direct sales office in Tokyo, Japan, effective March 2026, to capture distributor margin and drive growth.
Gross margin improved to 80.2% in Q4 and up to 81.7% for the year, driven by direct sales and product mix.
Profit after tax for Q4 was NOK 38.1 million (up 78–79% YoY); full-year profit after tax was NOK 159.2 million (up 53.3%).
Earnings per share for 2025 was NOK 8.71 (diluted), up from NOK 5.67 in 2024.
Cash position at year-end was NOK 212.1 million, with positive net cash flow and no interest-bearing bank debt.
EBITDA margin for the year increased to 31.6% (from 27.7%).
Targeting NOK 1 billion in sales within a few years, focusing on direct market expansion, product innovation, and converting flow-only markets to flow-and-imaging.
Anticipates continued growth in CABG and vascular markets, with margin improvements from automation and product upgrades.
Direct sales office in Japan expected to drive growth and positive EBIT margin after transition.
Inventory levels expected to decrease in 2026 as major component purchases are deferred to 2027.
Growth in Americas expected to moderate from 2025’s high levels but remain strong, especially in vascular segment.
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