Observe Medical (OBSRV) Q4 2025 earnings summary

Executive summary

• UnoMeter revenues rose 69% year-over-year in H2 2025 to NOK 7.5 million; full-year UnoMeter revenues grew 64% to NOK 18.8 million, offsetting the phased-out Nordic distribution business.

• Gross proceeds of NOK 58.5 million were raised, with NOK 50.5 million in cash from private placements and a subsequent offering.

• Total debt reduced by approximately NOK 50 million through restructuring, and all UnoMeter assets were consolidated.

• Significant impairment of Biim Ultrasound intangible assets (NOK 41.7 million full year) after a major partner halted rollout.

• Expanded product portfolio in urological drainage, with three new products targeting a NOK 1.6–1.8 billion global market.

Financial highlights

• H2 2025 operating revenue: NOK 7.5 million (up NOK 2.2 million YoY); FY 2025: NOK 18.8 million (up NOK 1.6 million YoY).

• Adjusted gross margin in H2: 31.8% (+12.3pp YoY); FY: 28.4%, stable YoY.

• Adjusted EBITDA H2: -NOK 14.8 million; FY: -NOK 25.6 million (improved from -NOK 28.2 million last year).

• Net financial income H2: NOK 29.8 million (vs. -NOK 6.4 million YoY), mainly from debt restructuring gains.

• Net result H2: -NOK 29.6 million (vs. -NOK 33.3 million YoY); FY: -NOK 48.6 million (vs. -NOK 58.7 million YoY).

• EPS FY: -0.73 (vs. -0.26 YoY).

Outlook and guidance

• Focus remains on commercial execution, revenue growth, and improved cash flow.

• Further market penetration of UnoMeter portfolio and launch preparations for UnoMeter Safeti Max in March/April 2026.

• Management expects sufficient working capital for the next 12 months, contingent on revenue growth.