Observe Medical (OBSRV) Trading update summary

Strategic vision and business model

• Focus on proprietary product sales, building a scalable Nordic MedTech platform, and becoming a preferred partner for innovative companies, including M&A opportunities to strengthen the business.

• Commercial strategy centers on expanding the portfolio, integrating regulatory requirements, and leveraging third-party manufacturing partnerships.

• Recent years marked by product launches, regulatory upgrades, and organizational rightsizing to support growth.

Product portfolio and market position

• Portfolio includes Sippi® (automated urine output measurement), UnoMeter™ family, and Biim (pocketable ultrasound), with global reach and strong distribution channels.

• Acquired Convatec’s urine output measurement portfolio, now fully launched and under own regulatory control.

• Sippi, a digital urine output system, remains strategic and is planned for launch within a year.

• Biim ultrasound device is regulatory approved but not a current priority; future depends on Fresenius Medical Care’s scaling decision.

Market opportunity and competitive landscape

• Addressable market for urine output measurement systems is estimated at NOK 4 billion globally, with significant ICU-related demand and volume growth of 20-30%.

• Short-term target market is NOK 360 million based on Convatec’s former position.

• No competitors currently match the breadth or strategic focus in urine output measurement; recent launches have unique clinical documentation and features.