Observe Medical (OBSRV) Trading update summary

Trading performance

• YTD sales to 10 Nov 2026 were estimated at €2.1m (NOK 23.1m), up 51.2% in EUR and 43% in NOK YoY, and exceeded FY2025 sales; figures include scheduled deliveries.

• YTD order intake to 10 Nov was €2.4m (NOK 26.0m), up 48.8% in EUR and 40% in NOK YoY; November intake reached NOK 5.7m.

• UnoMeter Safeti Plus market penetration and share gains primarily drove sales growth; continuous reordering was reported across a broad distributor base.

Commercial execution and markets

• Revenue growth in EUR: Netherlands +658%, Switzerland +393%, Spain +165%, Thailand +136% and Italy +115%; hospital conversions lifted Netherlands and Switzerland sales 5–8x.

• Sales reached 47 countries, including the Philippines; the distributor network was established across 46 countries.

• Wins included tenders in Spain, Thailand and France, a new Portugal distributor, and entry into India and the Philippines; India placed seven orders worth more than NOK 2m, and Thailand placed a significant repeat order.

• Distributors in 28 countries ordered Safeti Max; some delayed conversions while assessing the product. Aggressive pricing increased competition in some markets.

• Increased sales capacity and distributor competencies support scaling; a Sales Director was added, and the Nexus portal provides training and sales materials for clinical and financial decision-makers.

Product and clinical progress

• Safeti Max, launched in June, is positioned as a higher-value product to accelerate market penetration and improve profitability; presentations were planned at 20 key hospitals in November.

• Safeti Max research appeared in Infection Prevention in Practice and as an abstract at ICS 2026; a health-economic article is the next evidence step, targeted within three months.

• Website and distributor-portal uptake is increasing, with digital outreach intended to educate hospital decision-makers and support value-based procurement.