Observe Medical (OBSRV) Q2 2026 earnings summary

Executive summary

• Revenue grew 27.4% year-over-year to NOK 14.4 million, driven by UnoMeter™ portfolio sales and expanded market reach.

• Order intake increased 73% compared to H2 2025, reflecting strong commercial traction and broader product offerings.

• UnoMeter™ Safeti™ Max was launched, with distributor orders in 28 countries and clinical validation supporting infection barrier efficacy.

• Addressable market expanded from NOK 670 million to NOK 2.6 billion through portfolio extension in urological drainage.

• Biim Ultrasound AS and subsidiaries were wound up, focusing resources on core growth and resulting in a non-cash gain.

Financial highlights

• Operating revenue reached NOK 14.4 million, up NOK 3.1 million (+27.4%) year-over-year.

• Adjusted gross profit was NOK 4.3 million (+43% YoY), with gross margin improving to 29.5% (+3.3pp YoY).

• Adjusted EBITDA was negative NOK 8.3 million, an improvement of NOK 2.5 million (+9.1% YoY).

• Result for the period was NOK 5.6 million, up from negative NOK 19.0 million in H1 2025, mainly due to a non-cash gain from Biim Ultrasound deconsolidation.

• Basic and diluted EPS were NOK 0.04, compared to negative NOK 0.99 in H1 2025.

Outlook and guidance

• Focus remains on converting commercial momentum into sustainable revenue growth and achieving positive operational cash flow by Q4 2026.

• Management expects continued solid growth, leveraging a scalable distribution network and proprietary product portfolio.

• SippiⓇ, the digital urimeter, is positioned as a key future growth driver as healthcare digitalizes.