Medistim (MEDI) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of NOK/MNOK 181.5 million, up 35.7% year-over-year, with broad-based growth across all regions and product lines.

• EBIT reached NOK/MNOK 59.2 million, up 84.5% year-over-year, with a 32.6% margin, reflecting high-margin product mix and operational leverage.

• Dividend of NOK 6 per share (NOK/MNOK 109.6 million total) approved, to be paid in May, highlighting strong cash generation and shareholder returns.

• Strong cash position at quarter end (NOK/MNOK 183.4), with no interest-bearing debt and equity ratio over 75%.

• Strategic investments in commercial operations and product innovation, including launch of INTUI software platform and new executive appointments.

Financial highlights

• Revenue up 35.7% year-over-year to NOK/MNOK 181.5; currency-adjusted sales up 31.8%.

• EBIT of NOK/MNOK 59.2, up 84.5% year-over-year; EBIT margin 32.6%.

• Net profit after tax at NOK/MNOK 43.4, up 78% year-over-year; EPS NOK 2.37 (from NOK 1.33).

• Gross margin improved to 83.2% (from 81.3%); EBITDA margin rose to 35.7%.

• Cash equivalents at NOK/MNOK 183.4 at quarter end.

Outlook and guidance

• Launch of INTUI software platform and strategic focus on Vascular segment expected to drive further growth, with first sales to be booked in Q2.

• Management expects continued strong performance, but notes Q1 was exceptional and future quarters may normalize; quarterly variations expected in APAC.

• Tariffs in the U.S. expected to be offset by planned price increases; main risk is macroeconomic impact on hospital financing.

• Strategic focus on converting high-penetration flow-only markets to flow-and-imaging and expanding direct market coverage.

• Sustained demand anticipated in both Cardiac and Vascular segments, with significant opportunities in emerging markets.