Medistim (MEDI) Q2 2025 earnings summary

Executive summary

• Achieved record first half of 2025 for sales and EBIT, with Q2 being the second-best quarter ever; Q2 revenue up 16.7% and EBIT up 31.2% year-over-year.

• Strongest growth in the AMERICAS and APAC regions, offsetting a slight decline in EMEA.

• Launched INTUI software platform for the cardiac segment, supporting higher unit prices and margin improvement.

• Paid a dividend of NOK 6.00 per share, totaling NOK 109.6 million in Q2.

Financial highlights

• Q2 2025 revenue: NOK 169.1 million (+16.7% YoY); EBIT: NOK 54.1 million (+31.2% YoY); EBIT margin: 32%.

• H1 2025 revenue: NOK 350.6 million (+25.8% YoY); EBIT: NOK 113.3 million (+54.5% YoY); EBIT margin: 32.3%.

• Gross margin improved to 81.9% in Q2 and 82.5% in H1, driven by favorable product mix.

• Net profit after tax for Q2 was NOK 43.0 million; for H1, NOK 86.4 million, both significantly higher year-over-year.

• Earnings per share for H1 2025: NOK 4.73 (H1 2024: NOK 3.23).

Outlook and guidance

• Positive margin trend expected to persist, supported by strong sales, new product launches, and price increases.

• Inventory levels expected to decrease as supply chain issues subside and sales draw down existing stock.

• Ongoing PATENT clinical trial to increase costs in coming quarters (total estimated NOK 25 million over three years).

• Continued focus on expanding direct market coverage and strengthening commercial operations with new leadership.