Medistim (MEDI) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record NOK 210m, up 25.9% reported and 31.5% currency-neutral; own-product sales rose 34.6% currency-neutral.

• YTD revenue reached a record NOK 613.7m, up 18.6% reported and 23.6% currency-neutral; own-product sales grew 30.1% currency-neutral.

• Q3 EBIT rose 55.7% to NOK 63.1m; YTD EBIT increased 20.6% to NOK 185.5m.

Financial highlights

• Q3 gross margin improved to 84.5% from 81.5%; strong sales and favorable mix supported the increase, alongside a NOK 2.7m net tariff expense.

• Q3 EBITDA was NOK 70.6m; profit after tax was NOK 47.8m versus NOK 34.7m, and EPS was NOK 2.61 versus NOK 1.90.

• YTD EBITDA reached NOK 205.2m versus NOK 171.7m; profit after tax was NOK 140.3m versus NOK 121.1m, and EPS was NOK 7.67 versus NOK 6.63.

• Q3 operating cash flow was NOK 91.5m; YTD operating cash flow was NOK 146.5m, with working capital weighing on the YTD figure.

Segment performance

• AMERICAS Q3 revenue was NOK 116.9m, up 51.7% currency-neutral, driven by Flow-and-Imaging systems and imaging probes; the U.S. generated ~95% of regional revenue.

• APAC Q3 revenue was NOK 33.6m, up 44.6% currency-neutral; China and Japan grew, while distributor sales can vary by quarter.

• EMEA Q3 revenue was NOK 36.9m, up 5.5% currency-neutral; direct markets grew while distributor sales declined 17.5%.

• Q3 Cardiac sales rose 35.0% to NOK 161.6m; Vascular sales were NOK 25.9m, essentially flat. Imaging sales grew 57.9% to NOK 72.7m and Flow sales rose 15.4% to NOK 114.9m.

• Flow-and-Imaging system unit sales increased 27%; Flow-only system units rose 22%, Flow probe units grew 8.7%, and imaging probe units rose 30% in AMERICAS.