Medistim (MEDI) Q4 2025 earnings summary

Executive summary

• 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.

Financial highlights

• 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%).

Outlook and guidance

• 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.