Q2 2026 Medistim ASA Earnings Call Transcript
Key Points
- Record Q2 2026 sales of NOK202 million, up 27.5% currency-neutral, with all regions contributing growth.
- Record quarterly EBIT of NOK65.3 million, achieving a high EBIT margin of 32.3%.
- Strong first-half 2026 performance with sales surpassing NOK400 million for the first time, up 23.4% currency-neutral.
- Robust growth in recurring revenue streams, with capital probes and lease contracts driving a 70% recurring revenue mix.
- Positive long-term outlook with a revised plan targeting NOK1 billion in annual revenue within a couple of years, supported by upcoming product launches and clinical trial results.
- Negative currency effects impacted reported sales growth, with a strong Norwegian krone versus euro and dollar.
- Third-party product sales declined 7% in Q2 and 19.9% in the first half, partly due to an extraordinary prior-year sale.
- Vascular product sales fell 9.3% in Q2 due to a temporary product mix effect from the INTUI software launch, which is currently only available on cardiac systems.
- Operating expenses increased substantially due to higher commercial activity, Japan direct operations, and one-off IT migration costs.
- US tariff expenses of NOK5 million in Q2 and NOK10 million in the first half negatively impacted gross margin, though a refund of USD760,000 is expected.
Very good morning, everyone, and welcome to Medistimâs second quarter and first half 2026 financial results presentation. My name is Kari Krogstad, and together with CFO Thomas Jakobsen, we are here to go through the results. As always, we like to just remind ourselves about Medistimâs track record. And we are looking back on decades of growth, both in sales and in operating profit. And that has been our promise to our shareholders to deliver constant profitable growth also going forward.
If you look at just the recent period, from 2021 to 2025, we are looking to a 13% annualized growth in sales. So definitely, a strong track record to look back on. So with that, we are entering into the second quarter.
The second quarter last year was a strong comparable, and we are seeing that we are beating it with high margin, and also setting new records for both sales and EBIT. This is definitely strong performance. As we can see, we are delivering another record quarter, with sales reaching NOK202 million.
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