CORPORATE
ANNUAL
REPORT
2024

Contents
1. MEDISTIM IN BRIEF 4
3. KEY FIGURES 6
4. LETTER FROM THE CEO 8
5. BOARD OF DIRECTORS REPORT 9
5.1 Operational review 10
5.2 Regional development 11
5.3 Organization, HSEQ and sustainability 15
5.4 Financial review 15
5.5 Parent company financial review 17
5.6 Corporate governance 17
5.7 Main risk factors 17
5.8 Events after the balance sheet date 18
5.9 Outlook 18
5.10 Shareholder information 19
6. EXECUTIVE MANAGEMENT & BOARD OF DIRECTORS 21
6.1 Management team 21
6.2 Board of Directors 24
7. COMPANY DESCRIPTION 26
7.1 Vision, mission, values 26
7.2 Medistim’s solutions 27
7.3 Strategy 28
7.4 Technology and products 28
7.5 Research and development 30
7.6 Clinical application areas and target markets 33
7.7 Market for cardiac procedures 33
7.8 Market for Vascular surgeries 35
7.9 Geographical target markets 36
8. CORPORATE GOVERNANCE REPORT 38
8.1 Implementation and reporting on corporate governance 38
8.2 Business activity 38
8.3 Equity and dividend 38
8.4 Equal treatment of shareholders and transactions with
closely related parties 39
8.5 Shares and negotiability 39
8.6 The general meeting 40
8.7 Nomination committee 40
8.8 Board of Directors, composition and independence 41
8.9 The work of the Board of Directors 41
8.10 Risk management and internal control 42

8.11 Remuneration of the Board of Directors 42
8.12 Remuneration of executive personnel 43
8.13 Information and communications 43
8.14 Takeovers 44
8.15 Auditor 44
9. SUSTAINABILITY REPORT 45
9.1 Strengthening human health through improved surgery 45
9.2 Product stewardship 48
9.3 Responsible business 50
9.4 People 51
10. GROUP CONSOLIDATED FINANCIAL STATEMENTS 56
10.1 Consolidated income statement and other comprehensive income 56
10.2 Consolidated statement of financial position 57
10.3 Consolidated cash flow statement 58
10.4 Consolidated statement of change in equity 59
10.5 Basis for preparation of financial statements 60
10.6 Use of estimates and judgement 60
10.7 New and amended standards effective from 2024 60
10.8 New and amended standards not yet effective 60
10.9 Notes to the accounts 61
11. PARENT COMPANY FINANCIAL STATEMENTS 98
11.1 Income statement Medistim ASA 98
11.2 Balance sheet Medistim ASA 99
11.3 Cash flow statement 100
11.4 Accounting principles 101
11.5 Notes to the accounts 102

. MEDISTIM IN BRIEF
Cardiac and vascular diseases continue
to be the most common cause of death
in the western world. Globally, more than
700 000 patients undergo coronary artery
bypass surgery annually while more than
1 300 000 patients have vascular surgery
procedures performed. Over the past four
decades, Medistim’s mission has been to
serve patients, surgeons and health care
providers with innovative and cost-effective
medical devices that measure blood flow
and visualize atherosclerosis, and thereby
help improve the quality and outcome of
cardiac and vascular surgery.
One million beating hearts later, Medistim
has set the standard in the field.
Today, Medistim’s proprietary products are
regarded to be standard-of-care in most
European countries and Japan, while market
adoption is growing in the USA, Asia and
the Middle East. In addition, Medistim’s
third party business represents about 100
different medical technology companies as a
distributor of their products in Scandinavia.
Medistim is a market leader within intra-
operative transit time flow measurement
(TTFM) and ultrasound imaging, providing
the MiraQ™ system to the global market.
These systems enable medical professionals
to reduce risk and enhance quality of
cardiac, vascular and transplant surgery.
They provide clinically relevant information
that empowers surgeons to make better-
informed decisions in the operating room.
The company’s devices are developed by
working closely together with surgeons, who
in turn have produced a growing amount of
clinical data and studies that point to their
efficacy and cost-effectiveness. Medistim
is committed to continuing to serve the
cardiac and vascular surgeons by investing
in new product development.
Medistim has wholly owned subsidiaries
with marketing and sales organizations in
the USA, Germany, China, Spain, Canada,
the United Kingdom, Denmark, Sweden and
Norway. In addition, a global distributor
network is representing the company in
more than 60 countries in Asia, Europe,
Latin America and Africa. Medistim ASA is
listed on the Oslo Stock Exchange and has
its global head office in Oslo, Norway.
Medistim Annual Report - Fiscal year 2024 | page 4

Medi-Stim
AS Found-
ed
1999
MiraQ™
launched
in Europe
2014
Butterfly™
launched
in Europe
1997
CardioMed™
launched in
Europe
1994
MiraQ
Cardiac
INTUI
Software
launch
2024
VeriQ™
launched
in Europe
2003
MiraQ™
launched
in the USA
2016
Acquisition
of Kir-Op AS
- a Norwegian
distribuor of
medical devices
2006
Manufacturing
established in
Horten, Norway
1998
Direct
offices est.
in China,
Sweden &
Canada
2023
Listing on
the Oslo
Stock Ex-
change
2004
Awarded In-
novation Nor-
way’s Interna-
tionalization
Award
2008
FDA clearance
for the Butter-
fly™ in the USA
2009
VeriQ C™
launched
in Europe
2010
European
Guidelines
recommend
routine use
of TTFM in
CABG
Final re-
sults from
REQUEST
study
2018
REQUEST study published in JTCVS*
-CIDAC study published in EJVES**
2020
Updated ESVS***
Guidelines for Carotid
Endarterectomy (CEA)
20222019
Clearance for
sale of MiraQ™
in Canada and
Japan
Expert con-
sensus paper
published in
the journal
Circulation
with strong
advocacy for
the routine
use TTFM
2021
*The Journal of Thoracic and Cardiovascular Surgery
**The European Journal of Vascular and Endovascular Surgery
***European Society of Vascular Surgery
UK’s NICE
endorses
routine
use of
TTFM in
CABG
2011
2. MEDISTIM MILESTONES 1984-2024
1984
40-year
Anniversary!
Medistim Annual Report - Fiscal year 2024 | page 5

(343M people)
200 000 procedures
> 35 % Medistim share
~ 40 % penetrated
(84M people)
44 000 procedures
> 80 % Medistim share
USA
(1.4B people)
79 000 procedures
60-70 % Medistim share
China
(69M people)
14 000 procedures
~ 20 % Medistim share
(211M people)
40 000 procedures
< 5 % Medistim share
Brazil
(1.4B people)
100 000 procedures
< 1 % market share
India
Germany
(124M people)
17 000 procedures
> 90 % market share
Japan
Competition share
Medistim share
Open market (finger palpation)
8 %
37 %
55 %
TTFM adoption in CABG
Adoption of TTFM varies significantly across
countries, with Japan, China, and Central and
Northern Europe leading the market, while the U.S.
continues to show steady growth. Large markets
like India and Brazil present promising opportunities
for future expansion. Overall, TTFM is increasingly
becoming the standard of care, yet substantial
growth potential remains in several key markets for
Medistim.
>700 000
procedures
. KEY FIGURES
UK
Medistim Annual Report - Fiscal year 2024 | page 6

(124M people)
17 000 procedures
> 90 % market share
0
50
100
150
200
250
300
350
400
450
500
550
600
Sales pr year
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
500000
550000
600000
2011201020092008200720062005
DIVIDEND IN NOK PER SHARE AND PAYOUT RATIO
0
50
100
150
200
250
300
350
400
202420232022202120202019
Recurring %
64%
65%
66%
67%
68%
69%
70%
71%
72%
73%
Capital SalesRecurring Sales
CAPITAL SALES AND RECURRING SALES OF OWN
PRODUCTS IN MNOK
SALES IN MNOK
0
20152014201320122011201020092008200720062005
20
40
60
80
100
120
140
160
EBIT per year EBIT %
Lorem ipsum
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
0%
5%
10%
15%
20%
25%
30%
35%
EBIT IN MNOK AND EBIT %
Medistim Annual Report - Fiscal year 2024 | page 7

. LETTER FROM THE CEO
After a macroeconomically challenging 2023
that negatively impacted new healthcare
technology investments, we anticipated a
gradual acceleration in sales revenue growth
as the economy recovered throughout
2024. I’m pleased to report that this
expectation has been met, and a strong end
to 2024 took the sales revenue to all time
high of MNOK 562.6, an increase of 6.9%
in NOK and 5.4% on a currency-neutral
basis.
Our key growth driver, AMERICAS,
demonstrated continuous improvement
throughout the year, ending at MNOK
237.2. In 2023 and the first half of 2024,
we experienced a decline in unit sales of
our higher-priced Flow-and-Imaging device
and a decreased preference for the capital
sales model, both of which negatively
impacted our revenue in the USA. However,
in the second half of 2024, we saw a
strong rebound in capital sales, with over
50% involving the Flow-and-Imaging model.
By year-end, AMERICAS emerged as our
fastest-growing region, with an annual
growth rate of 13.5% in NOK and 11.6%
currency neutral.
EMEA continues to be a solid growth
contributor, delivering currency-neutral
growth of 8.0% for the full year. Notably,
the regions where we have established our
own teams are performing exceptionally well.
Spain, Germany, and our newly direct market
in Sweden are leading the way, driving
robust regional growth.
Throughout the year, the APAC region
faced challenges due to the transition from
distributor sales to direct operations in
China, as well as under-performance from
our distributor in Japan. We are actively
collaborating with our distributor to better
understand market dynamics and are carefully
evaluating strategies to optimize our business
in Japan.
Although total sales revenues have
strengthened throughout the year, the EBIT
margin remains impacted by continued
investments in the business. After years
of gradual increase in R&D and product
innovation investments, we launched the
new MiraQ INTUI software platform for
cardiac surgery in December. The product
was prominently featured at the International
Coronary Conference exhibition, presented
at a dedicated launch symposium, and
highlighted at a Capital Markets Day.
These efforts were in addition to ongoing
investments in expanding production capacity,
and the establishment of direct sales
organizations in new markets.
Our vision is to make intraoperative blood
flow assessment and high-frequency
ultrasound imaging essential tools for
improving patient outcomes and enhancing
surgical precision worldwide. We are
dedicated to continuing our decades-long
collaboration with leaders in cardiovascular
surgery, striving to establish Medistim’s
solutions as the global standard of care.
-Kari E. Krogstad
President & CEO
“
Medistim Annual Report - Fiscal year 2024 | page 8

. BOARD OF DIRECTORS REPORT
The global market is facing macro-economic
turmoil, with energy crisis, inflation pressure,
increasing interest rates, increased cost
levels and threat of higher import tariffs and
uncertainty related to the Palestinian and
Ukrainian war. In this situation the company has
been able to deliver solid profit and cash flow,
and the need for Medistim’s products has not
changed. The long-term consequences of the
growing geopolitical uncertainty are unclear
but might lead to continuing challenges in
the global flow of goods. Medistim is taking
mitigating actions to ensure access to key
components to secure production and maintain
growth and profitability also for the future.
Further, the company is financially solid to face
future challenges, with no interest-bearing
liabilities and an equity ratio of 75.9 %.
With these uncertainties, the need for
Medistim’s products has been confirmed
through the last two years’ growth
development. The company’s solutions
continue to have an increasing demand
among cardiac and vascular surgeons.
The Medistim Group’s core business is within
developing, producing, servicing, leasing
and distributing medical devices. The Group
is headquartered in Oslo, with production
facilities in Horten, Norway. Medistim sells its
products through 60 distributors world-wide,
including Medistim’s own sales offices in USA,
UK, Germany, China, Spain, Canada, Denmark,
Sweden and Norway. At the end of 2024,
Medistim’s equipment was in use in more than
60 countries 3 700 systems had been installed
all over the world.
The business is focused on ensuring
quality within cardiac and vascular surgery.
Cardiovascular diseases are the most
common cause of death in the western world
and on the rise in Asian and Latin American
countries adopting western lifestyles. The
Group’s products contribute to improved
quality of surgery, which in turn reduces risk
to the patients and contributes to a more
efficient health economy. Worldwide, over
700 000 CABG (Coronary artery bypass
Graft procedures) and 1 300 000 vascular
procedures are performed each year. On a
global scale Medistim has a leading position
within quality control of CABG.
Medistim is also a distributor of other
medical devices through its subsidiaries
Medistim Norge AS, Medistim Denmark Aps
and Medistim Sweden AB. The products
distributed are medical devices within all
types of surgery.
On top of this, Medistim launched a new
multicenter trial in peripheral bypass
surgery, to support our commercial
efforts in the Vascular surgery space.
Consequently, EBIT totaled MNOK 131.1
compared to MNOK 131.4 in 2023,
reflecting an EBIT margin of 23.4%
versus 25.0% last year.
It is our ambition to deliver sales growth
and EBIT margins at our historically
higher levels, hence continued,
accelerated growth is necessary as we
continue to invest in clinical marketing
and more. While AMERICAS and EMEA
have delivered well in 2024, and APAC
has the potential to come back strongly
in 2025, we have taken actions to grow
product volume sales from growing the
number of new customers and increased
utilization at current accounts. The INTUI
software launch for cardiac surgery,
the PATENT study in vascular surgery
and a new Commercial Operations
organization under the leadership of
a new Chief Commercial Officer role,
established in the first quarter of 2025,
will be enablers to achieve this ambition.
April 8
th
, 2025
Kari E. Krogstad
President and CEO
Medistim Annual Report - Fiscal year 2024 | page 9

5.1 Operational review
Medistim increased its coverage of
cardiovascular surgery procedures in 2024.
This was driven by increased direct presence
through the newly established subsidiaries in
China, Canada and Sweden, but also through
increased physical meetings and exhibition
participation in 2024. Medistim experiences
that close customer contact, exchange
of information and influence is positive for
business development. Cost related to travel
and physical meetings went up in 2024, but
the improved customer contact contributed to a
sales growth of 7 % in NOK and a solid pipeline
of leads entering 2025. In AMERICAS there is
a growth in capital sales with 28 % increase in
units sold after a weak 2023.
However, in total Medistim experienced weaker
capital sales in 2024 compared to 2023, mainly
due to weak capital sales in APAC related to the
new Chinese setup and a weak year in Japan.
As a consequence, operating profit (EBIT)
ended at MNOK 131.1 with an EBIT margin of
23.3 % compared to last year EBIT of MNOK
131.4 or 25 %.
Adjusted for currency effects, sales revenue
increased 5.4 %. Sale of own products
increased 3.9 % while sale of third-party
products was up 13.1 % from 2023.
Despite weaker capital sales, the consumable
sales were maintained in the major markets like
AMERICAS and EMEA. The reduction in APAC
is explained by the Chinese transition and
Japan. The weak year for Japan was related to
random variation.
During 2024, Medistim sold 182 new systems
(240), and at year-end total installed Medistim
systems was 3 700 units (3 500). Probes
and other consumables related to use of the
medical systems represent a significant share
of total sales for Medistim, depending on
number of systems installed and utilization.
Increased market penetration and surgical
activity positively impacted Medistim’s sales of
consumables for the year. Consumable sales
increased from 69 % in 2023 to 73.7 % in
2024 of sales of own products.
Medistim continues to strengthen its position
within both cardiac and vascular segments.
Sales revenue from the cardiac segment ended
in 2024 at MNOK 379.1 (MNOK 365.6), a 3.7
% growth. Sales revenue from the vascular
segment ended at MNOK 93.7 (MNOK 81.3),
a 15.3 % growth. Sales of imaging products
decreased with MNOK 6.7 % but showed a
positive trend throughout the year as macro-
economic situation improved especially in USA.
Medistim’s strategic progress relies on strong
clinical documentation by leading medical
centers to create support from Key Opinion
Leaders (KOLs) within cardiac surgery and
vascular surgery. It is a strategic priority to
support this by increasing the focus on blood
flow measurements, ultrasound imaging,
surgical guidance, and quality assurance in
relevant forums and channels. Clinical studies
are described in more detailed under chapter 7.
For some time and in parallel with cardiac
surgery, it is Medistim’s goal to develop a strong
position for the transit time flow measurement
(TTFM) and high-frequency ultrasound
(HFUS) imaging devices within the Vascular
market. The international PATENT study,
that was announced in late 2024, proves
the company’s commitment to the Vascular
market. The PATENT study seeks to evaluate
the immediate intraoperative clinical benefits
of using TTFM and HFUS during peripheral
bypass surgery in patients with CLTI (Critical
Limb Threatening Ischemia). Additionally, the
study aims to assess the prognostic value of
TTFM and HFUS in predicting one-year clinical
outcomes, helping to distinguish patients at
high risk of graft failure from those at low
risk. Also, the recommendation of ultrasound
imaging as an alternative to the current gold-
standard angiography marks another milestone
for Medistim in the efforts to establish HFUS
technology for completion control in Carotid
Endarterectomy (CEA). In the CIDAC study,
which was part of the Knappich meta-analysis,
Medistim’s MiraQ Vascular device was used,
and it demonstrated the benefits of using
HFUS compared to angiography. In 2024 the
vascular product portfolio revenues have grown
15.3 %, and with the support of these revised
Guidelines, Medistim is in a great position to
continue this growth path.
Medistim Annual Report - Fiscal year 2024 | page 10

Medistim’s success is explained by the
company’s focus on customer, market, product
development and people skills. This requires
a strong and competent management and
Medistim has strengthened its commercial
capacity in 2024. In general, Medistim has
an experienced management team. Medistim
has strengthened its commercial operations
with the appointment of Mr. Mike Karim as
Chief Commercial Officer (CCO), reporting to
the President and CEO. Mr. Karim brings deep
industry expertise, strategic insight, and a
proven track record from leadership roles at
companies such as Boston Scientific, Lombard
Medical, HeartWare, and Oxford Endovascular,
with a focus on the cardiac and vascular fields.
With a strong foundation in sales, he has led
Sales, Marketing, and General Management
functions, successfully driving growth in
international markets.
A key to succeeding with winning in both
Cardiac (CABG) and Vascular markets is
continued innovation and product development.
Customers expect to see improved
performance from both the Flow and Imaging
core technologies, as well as new features that
will advance the clinical value and make the
products even more user-friendly and attractive
to build into their workflows.
Launch of the MiraQ INTUI software
Medistim has expanded the Innovation and
Product Development teams with additional
headcount, as an important investment for
the future. Not only does this increase the
capacity to drive innovation initiatives, but it
also brings in new competencies, experience,
and ideas. A product of these efforts was the
launch of the new INTUI software for cardiac
surgery in December 2024. INTUI sets a new
standard for Medistim’s MiraQ™ technology.
Its redesigned user interface is engineered
to enhance procedural efficiency in surgery,
offering simplified navigation, quicker access to
critical data, and improved data interpretation—
ultimately streamlining workflow and optimizing
performance.
5.2 Regional development
MNOK 2024 2023
Change
in %
AMERICAS 237.2 209.0 13.5 %
APAC 65.3 83.0 -21.3 %
EMEA 170.3 154.9 9.9 %
THIRD-PARTY 89.8 79.4 13.1 %
TOTAL 562.6 526.4 6.9 %
AMERICAS
USA is the largest market within the region
and is the largest market in the world for the
Medistim’s products, representing 33 % of global
CABG procedures. Total US sales amounted to
MNOK 216.3 (197.1) in 2024 and represented 91
% of sales for the region. Adjusted for currency
effects, sales were up 7.8 %.
Although sales development for the USA is
positive comparing 2024 with 2023, 2023
was a weak year compared to 2022 and 2021
with less capital sales in general, but especially
the combined flow and imaging system. We
attribute these repercussions to the prevailing
macroeconomic landscape characterized by
high inflation and escalating interest rates,
corresponding also to what we experienced
during the financial crisis around 2009 and
during Covid in 2020. In addition to the
macroeconomy, burnout among nurses post-
Covid may be adding to the hospitals’ expenses
as well as challenging their ability to uphold
surgical procedure volumes.
However, the total number of flow procedures
sold in 2024 is at the same level as last
year. The US economy gradually improved
throughout 2024 with an uptake of capital
sales in the second half. After a decline in sales
the first half of the year, sales increased by
26 % in the second half. These are signs of an
improved economic outlook in 2025, that will
fuel our US growth engine.
On the positive side for 2024, the number
of capital systems sold increased. This is
reflected in the increased sale of flow probes
to capital customers.
The largest uncertainty related to future
development in the US is potential tariff
barriers and how this will affect foreign
medical device companies.
Medistim Annual Report - Fiscal year 2024 | page 11

Number of
procedures from: 2024 2023 Change in %
PPP or lease flow 23 535 26 058 -9.7 %
Flow probes to capital
customers 46 147 43 706 5.6 %
Total flow procedures 69 682 69 764 -0.1 %
PPP or lease imaging 7 475 8 042 -7.1 %
Imaging probes to
capital customers 5 300 5 500 -3.6 %
Total imaging procedures 12 775 13 542 -5.7 %
Total flow and imaging
procedures 82 457 83 306 -1.0 %
Flow procedure sales in the USA
During the year, 82 457 procedures were sold, (83 306) of which
69 682 were flow procedures (69 764) and 12 775 were imaging
(13 542). Capital sales were 33 units, compared with 33 units in
2023. In 2024, 84 % of sales was within the cardiac segment,
hence the vascular segment is a large untapped opportunity for
Medistim in USA.
About 60 % of all bypass surgeries in the U.S. are performed by
surgeons using their fingertips to check for a pulse as the only
quality assurance. This is a clinically proven unreliable method,
highlighting the need and potential for Medistim’s products and
the Group has high market ambitions. Medistim’s current market
penetration is 35 % of the total market of approximately 200 000
bypass surgery procedures performed annually. In comparable
markets like Germany, Scandinavia, and Japan, Medistim has
achieved TTFM market penetration exceeding 80 %. The Group
expects that market penetration in USA will develop in the same
manner over time.
To strengthen its market outreach, Medistim offers several business
models in the USA. In addition to traditional capital investments and
purchase of consumables, hospitals can choose to either pay per
procedure or enter leasing agreements. In 2024, procedural sales
amounted to 77 % of the total sales, ending at MNOK 167.6 (MNOK
151.6). This is up 11 % from 2023 (8.0 % currency adjusted).
Leadership of Medistim’s AMERICAS sales region was changed
by the end of 2024. The new sales leader, Tony Winter, brings
extensive commercial leadership experience across the cardiac,
vascular, interventional, and surgical sectors. With more than a
decade at Medtronic, contributions to Synovis Life Technologies,
and most recently, leadership of the U.S. sales organization at
ACIST Medical Systems, he is well-positioned to drive Medistim’s
continued expansion in the region.
Medistim Annual Report - Fiscal year 2024 | page 12

Total capital sales in systems and probes as consumable in number
of units for the AMERICAS region is shown in the following table.
AMERICAS 2024 2023 Change in %
Flow systems 25 16 56.3 %
Flow and Imaging systems 25 23 8.7 %
Flow probes 2 208 1 806 22.3 %
Imaging probes 57 58 -1.7 %
Medistim had its first full year with direct sales operation in
Canada in 2024. Medistim has a strong position in Canada with
presence in 22 of Canada’s 38 cardiac centers. About 18 000
coronary bypass surgeries are performed in Canada per year,
and about 50 % are supported with Medistim’s technology. The
company is well positioned to continue the growth with local sales
representatives who will focus on attracting new customers as
well as driving the conversion from devices with Transit Time Flow
Measurement (TTFM) technology only, to devices combining TTFM
and High Frequency Ultrasound (HFUS). In addition, the market
within Vascular surgery provides further opportunities for growth.
The Canadian team is supported by the US management in the daily
operations. Sales to Canada ended at MNOK 13.9 in 2024 (MNOK
6.7), which represent 207 % growth. In Latin America Medistim is
represented through local distributors and sales ended at MNOK 6.9
(MNOK 5.1).
Sales in APAC and EMEA
In these markets, the systems are owned by the hospitals and
revenues are split between capital sales and sale of consumables.
In 2024, sales of flow and imaging measurement probes amounted
to 71 % of total sales (64 %), ending at MNOK 168, compared with
MNOK 152 in 2023. Total sales ended at MNOK 235.6 (MNOK
237.9). Currency neutral sales was a decline of 2.6 %, where EMEA
had an 8 % increase and APAC 23 % decline year-over-year. The
increased market penetration within both the cardiac segment and
Vascular segment contributes to increase sale of consumables.
Sales of consumables are expected to increase as continued
system sales expand the installed base of customers regularly using
Medistim equipment.
EMEA
More than 95 % of the revenue from the EMEA region is from
Europe either through direct representation or through distributors.
Medistim has developed a strong market position in Europe with
about 1 150 systems installed, representing a solid base for future
recurring revenues. Total European sales of own products in
2024 ended at MNOK 162.6, up 13 % from MNOK 143.6 in 2023.
Currency neutral sales were up 8 %. 67 % of sales from Europe
was through direct channel and 33 % of the sales was through
distributors. Direct sales channel had a 19.6 % currency neutral
increase while distributor sales had an 8.0 % currency neutral
decrease in sales.
Sales in MEA are all through distributors and sales ended at MNOK
7.9, down 16.6 % compared to 2023.
Total capital sales in systems and probes as consumable in number
of units for the region is shown in the following table.
EMEA 2024 2023 Change in %
Flow systems 47 58 -19.0 %
Flow and Imaging systems 29 37 -21.6 %
Flow probes 5 084 4 737 7.3 %
Imaging probes 42 50 -16.0 %
Medistim Annual Report - Fiscal year 2024 | page 13

Medistim’s direct representation in Europe is in Norway, Denmark,
UK, Spain, Germany and Sweden. Both Spain and Germany are
mature markets within cardiac but have large opportunities within
the vascular segment and converting cardiac customers to the
combined flow and imaging solution. Norway and Denmark are
well penetrated in both segments, while in the UK there is growth
potential within both segments. In Sweden, Medistim had its
first full year with a direct sales office in 2024. The company is
well positioned to continue its growth by further developing the
conversion from devices with Transit Time Flow Measurement
(TTFM) technology only, to devices combining TTFM and High-
Frequency Ultrasound (HFUS).
APAC
Sale to Asian markets were MNOK 65.4 for the year, down from
MNOK 83 in 2023. Currency neutral sales was a 22.7 % decline.
Sales in the region is driven by sales to China. Sales to China ended
at MNOK 34.6, down 18.8 % compared to 2023.
Currency neutral decline was 20.2 %. In China, the number of CABG
procedures increases with 5 to 10 % per year and is a strategic market
for Medistim. Medistim covers about 70 % of the 79 000 procedures
performed in China. In 2023, Medistim leveraged this emerging
opportunity by establishing direct sales operations in China.
Medistim’s equipment is today installed in all the nation’s top
10 cardiac surgical centers. The company is well positioned to
continue its growth by further expanding the local distributor
network and building on the ongoing conversion from devices
with Transit Time Flow Measurement (TTFM) technology only, to
devices combining TTFM and High-Frequency Ultrasound (HFUS).
In addition, a large market within Vascular and Transplant surgery
provides opportunities for further growth.
The second largest market in the region is Japan and sales ended
at MNOK 12.0, 50 % of sales in 2023. Total capital sales in systems
and probes as consumable in number of units for the region is
shown in the following table.
APAC 2024 2023 Change in %
Flow systems 44 70 -37.1 %
Flow and Imaging systems 12 33 -63.6 %
Flow probes 2 280 2 573 -11.4 %
Imaging probes 33 60 -45.0 %
The volume reduction is explained by the transition period with
the former Chinese distributor completed projects and filled local
Chinese distributors inventory before Medistim established direct
presence in the second half of 2023. The sales to the distributor
in Japan was weak for the year. Medistim is working to understand
the market dynamics and is evaluating strategies to optimize the
business in Japan. The strike in the health sector in South Korea
also impacted sales in 2024. Both China and Japan are expected to
improve entering 2025.
Third party products
With the newly established Swedish subsidiary, Medistim has a
direct presence in all of Scandinavia. This has positioned Medistim
to build a broader, Scandinavian distribution business for third party
products. Sale of third-party products ended at MNOK 89.8, which
represent a 13.1 % growth in sales.
Medistim Annual Report - Fiscal year 2024 | page 14

5.3 Organization, HSEQ and
sustainability
Medistim has sales representation in its main
markets and production and main office
functions in Norway. At year-end 2024,
Medistim had 154 employees, compared to
152 in 2023. The working environment and
culture in Medistim are considered strong,
and there is continuous focus on initiatives
for improvement. In 2024, absence due
to sickness was 2.9 % or 1 095 days. This
compares to 4.0 % or 1 598 days in 2023.
Medistim strives to be an attractive
workplace that offers challenging and
motivating jobs and equal development
opportunities for all. There is no
discrimination due to gender, nationality,
culture or religion with respect to
remuneration, promotion or recruitment. The
Company is committed to recognize diversity
and ensure equal opportunities, including fair
employment conditions. Medistim supports
the United Nations Universal Declaration of
Human Rights and the standards advised by
the International Labor Organization (ILO).
For more information, please see “9.
Sustainability Report” in this Annual Report.
5.4 Financial review
Going concern
The Board of Directors confirms that the
financial statement has been prepared based
on the assumption of a going concern.
Profit & Loss
The Medistim Group’s sales for the full year
2024 ended at MNOK 562.6 (MNOK 526.4).
Currency neutral, sales increased 5.4 %.
Sales in AMERICAS and EMEA increased
13.5 % and 9.9 % respectively, while sales
in APAC decreased 21.3 %. Sales of third-
party product in Scandinavia through
the subsidiaries in Norway, Denmark and
Sweden rose 13.1 %.
Total sales of own products in 2024,
amounted to MNOK 472.8 (MNOK 446.9),
while sales of third-party products were
MNOK 89.8 (MNOK 79.4). Currency
adjusted, sales of own products, increased
3.9 % during the year, while sale of third-
party products increased 13.1 %. The
development in the markets are described
under 6.2 regional development. Average
NOK exchange rates towards USD and EUR
in 2024 were 10.74 and 11.62 respectively,
while equivalent rates in 2023 were 10.56
for USD and 11.42 for EUR.
Cost of material amounted to MNOK 113.7
(MNOK 112.3), representing 20.2 % of sales
(21.3 %). Stronger sales through direct
operation more than compensate growth
in sale of third-party products, and explain
why cost of material in percent has improved
compared to 2023. In recent years, cost of
material in percent of sales has declined,
since sales of Medistim own products has
grown at a higher phase than third party
products.
Salary and social expenses were MNOK
185.1 (MNOK 162.6), while other operating
expenses were MNOK 108.2 (MNOK 96.4).
The main reason for higher salary and social
expenses is related to the full-year effect of
new employees. The organization has been
strengthened primarily within Innovation and
Product development (R&D), but also within
business development, sales, service, and
administration. The increase is also related
to the establishing direct presence in China,
Canada and Sweden and the introduction of
double shift in production.
The activity level in marketing and sales were
higher this year, explaining the increased
other operating expenses in addition to the
establishment of direct operations described
above. In total for salaries and other
operating expenses, there is a negative
impact of MNOK 2.3 because of foreign
exchange rates differences.
Medistim Annual Report - Fiscal year 2024 | page 15

Medistim continuously invests in existing
and new products to cover the surgical
requirements for quality verification. The
company invests between 4 % and 10 % of
annual sales in research and development
(R&D). In 2024, total R&D investments
amounted to MNOK 35.0 (MNOK 29.0),
corresponding to 7.4 % (6.5 %) of sales of
own products. Of this, MNOK 18.6 (MNOK
13.3) was capitalized in the balance sheet.
Operating profit before depreciation and
amortization expenses (EBITDA) ended at
MNOK 155.6 (MNOK 155.1). Depreciation for
the year amounted to MNOK 24.5 (MNOK
23.6). The operating profit (EBIT) ended at
MNOK 131.1 (MNOK 131.4), corresponding to
an EBIT-margin of 23.3 % (25.0 %).
The Group recorded net financials of MNOK
3.2 (MNOK 3.8), of which MNOK 11.5 of
financial expenses (MNOK 13.3) and MNOK
8.3 of financial income (MNOK 17.1). Net
finance was mainly related to realized
and unrealized gains or losses related
to currency, cash in USD and EUR and
customer receivables.
Profit before tax was MNOK 134.2 (MNOK
135.2). Tax amounted to MNOK 30.4 (MNOK
31.4) and the net profit for the year was
MNOK 103.8 (MNOK 103.8), corresponding
to earnings per share for the full year of NOK
5.67 (NOK 5.67).
Average number of shares outstanding during
the year were 18 314 219 (18 267 157) by the
end of December 2024.
Cash Flow Statement
Net cash flow from operating activities
amounted to MNOK 143.1 (MNOK 119.2).
Working capital increased MNOK 13.6 during
the year, driven by a MNOK 15.1 increase in
inventories and a net decrease of receivables
and payables with MNOK 1.5.
Net cash flow from investing activities
was negative MNOK 24.7 (MNOK 29.7)
where MNOK 6.1 as related to investments
in assets and MNOK 18.6 was related to
product development.
Net cash flow from financing activities was
negative MNOK 91.5 (MNOK -90.9), of which
MNOK 82.4 (MNOK 82.2) was payment of
dividends. Leases amounted to MNOK 9.1
(MNOK 8.7).
At 31 December 2024, total cash and cash
equivalents amounted to MNOK 179.2
(MNOK 153.9).
Financial position
At 31 December 2024, Medistim’s working
capital totaled MNOK 202.4, compared with
MNOK 188.8 the year before. During the
year, inventory increased by MNOK 15.1. Even
with increased sales, account receivables
decreased MNOK 5.3 during the year. Account
payables ended MNOK 3.8 lower compared
last year. By year end the group had MNOK
34.4 in interest bearing liability related to lease
contracts. MNOK 25.1 of this was long term
liability and MNOK 9.3 was current liability.
Total non-current liability of MNOK 30.9 was
related to MNOK 25.1 lease contracts and
MNOK 5.9 was related to deferred revenue.
The total balance sheet amounted to MNOK
574.9 (MNOK 505.7). Total equity was
MNOK 436.6 (MNOK 397.9), corresponding
to an equity ratio of 75.9 % (79 %). Book
value of properties, plants and equipment
amounted to MNOK 71.8 (MNOK 57.3).
Intangible assets were MNOK 60.7 (MNOK
45.4), of which product development and
goodwill represented MNOK 47.6 and MNOK
14.1 respectively. The group has a deferred
tax asset of MNOK 9.0 (MNOK 5.1) related
to temporary differences between carrying
amount and tax values. The year-end cash
position was MNOK 179.2 (MNOK 153.9).
The Medistim Group’s financial position, cash
flow and ability to finance its activities is
considered satisfactory.
Share capital and number of shareholders
At 31 December 2024 the share capital
of the Medistim ASA parent company was
NOK 4 584 334 distributed on 18 337 336
shares outstanding at par value of NOK 0.25
Medistim Annual Report - Fiscal year 2024 | page 16

per share. The share is freely traded on the
Oslo Stock Exchange. The company had
over 1000 shareholders and owned 23 117
treasury shares at year-end.
5.5 Parent company financial review
The parent company Medistim ASA had 2024
sales of MNOK 354.0 (MNOK 341.0). Operating
profit was MNOK 110.3 (MNOK 108.0) and
profit before tax amounted to MNOK 126.6
(MNOK 124.7). Medistim received a dividend
from its subsidiary in Norway and Germany of
MNOK 20.3 in 2024 (MNOK 11.0). No group
contribution was received in 2023 or 2024.
Profit after tax for the parent company was
MNOK 103.3 for the full year (MNOK 99.5).
At 31 December 2024, the parent company’s
total assets amounted to MNOK 466.4
compared to MNOK 402.2 as of 31 December
2023. Equity in the company was NOK 209.2
(MNOK 214.8), corresponding to an equity ratio
of 45.0 % (53.4 %).
At year-end 2024, the parent company had
MNOK 126.9 in cash. The company’s financial
position and ability to finance future activities
and investments was considered satisfactory.
Allocation of profit
The Board of Directors suggests that MNOK
109.9 of the 2024 net profit is allocated to
ordinary shareholder dividend, equal to NOK
6.00 per share (NOK 4.50 for 2023). MNOK 6.6
is allocated from other equity to dividend.
The Board of Directors will propose the
dividend to the general meeting. The
proposed dividend equals a pay ratio of
105.8 % (79.2 %). The dividend reflects
the Board’s positive expectations of
future earnings. Over the past 10 years,
the company has paid MNOK 590 in
accumulated dividends to shareholders.
5.6 Corporate governance
Medistim depends upon good relations
with its stakeholders to succeed. Good
corporate governance is important to
build and maintain trust and confidence
in the company and ensure long-term
value creation in the best interest of the
company’s shareholders. The company’s
corporate governance structure is based on
Norwegian legislation and the Norwegian
Code of Practice for Corporate Governance,
last revised October 2021. Medistim
complies with the Code of Practice, with
certain deviations, as outlined and explained
in the Corporate Governance Report in this
annual report.
5.7 Main risk factors
Market/operational risk
Competition: Medistim has one single direct
competitor for TTFM technology. Medistim
today has about 82 % of the penetrated
market. Medistim is not aware of new
competitors or technologies that could change
the competitive landscape significantly.
Risks related to device malfunction
Medistim has established comprehensive
procedures as part of its Quality Management
System in compliance with ISO 13485:2016 to
ensure the safety of its products. There were
no reportable events in 2024.
FINANCIAL RISK
Foreign exchange risk
Medistim is exposed to changes in exchange
rates with most of the company’s revenues
generated in USD and EUR. The company
enters hedging contracts to reduce exposure
to changes to foreign exchange rates and the
potential impact on financial performance.
Liquidity risk
Medistim prioritizes managing liquidity risk
to ensure the company meets its obligations
in time and maintains its financial flexibility.
Cash generated from operations is Medistim’s
main source of liquidity. The group has over
the past five years utilized strong revenue and
profit development to build a cash reserve to
meet increased working capital requirements
as company grows.
Medistim Annual Report - Fiscal year 2024 | page 17

Interest rate risk
The company is exposed to changes in
interest rate levels through its non-current
lease contracts.
Macroeconomic risk, international conflicts
and pandemics
The global market is facing macro-economic
turmoil, with energy crisis, inflation pressure,
increasing interest rates, increased cost levels
and threat of higher import tariffs. How the
geopolitical uncertainty will affect the company
are unclear but might lead to challenges in
the global flow of goods. Medistim is taking
mitigating actions to ensure access to key
components to secure production and maintain
growth and profitability also for the future.
Further, the company is financially solid to face
future challenges, with no interest-bearing
liabilities and an equity ratio of 75.9 %.
The global economic situation will affect
the company since Medistim is a supplier
to the health care sector in many countries.
Management closely monitors the associated
financial risks.
Credit risk
Medistim considers the risk that customers
are unable to fulfill economic obligations as
low, which is confirmed by the level of historic
losses on receivables. The customers are
mainly public hospitals with secure financing.
OTHER RISK FACTORS
Regulatory risk
Medistim depends upon regulatory approvals
from health authorities for permission to sell
its products. The company is audited on a
regular basis to verify that approvals can
be maintained. There is a latent risk that
changes in regulatory conditions can result
in a loss-off-approval to sell products in a
given market.
Health care priorities
In general, health care institutions have many
priorities and limited resources. For this reason,
it is imperative for Medistim that the company’s
solutions have clinical acceptance in order for
health care systems and institutions to invest in
Medistim’s products.
The Russia/Ukraine and Israel/Palestine
conflicts
The Russia/Ukraine and Israel/Palestine
conflicts are expected to have minor impact
on Medistim sales, since sales revenues from
these countries were less than 2 % of total
sales in 2024.
Insurance and transparency act
The company has director and officer’s
liability insurance. The insurance covers the
board of directors’ and management officers’
legal personal liability for pure property
damage related to the duties performed as
directors and officers.
The latest transparency act report from
Medistim is available on the Medistim
website www.medistim.com.
5.8 Events after the balance sheet
date
The Board of Directors has no knowledge about
events after 2024 that will affect the annual
report and financial statement for 2024.
5.9 Outlook
Medistim’s ambition is making blood flow
measurements and intraoperative ultrasound
imaging standard-of-care in clinical practice
for CABG procedures and vascular surgery
and making its technology available for
all patients and surgeons regardless of
economy or geography.
Medistim is already the global leading
provider of flow and imaging systems,
with dominant market positions in most
developed markets, continuously expanding
its footprint and have installed about 3 700
systems in more than 60 countries.
However, market penetration varies from
above 80 % in selected European and
Asian markets, to 35 % in USA, the world’s
largest market for CABG procedures. This
represents a significant market opportunity
for Medistim.
Medistim Annual Report - Fiscal year 2024 | page 18

Through continued strengthening of its
sales organization, introduction of alternative
business models and convincing clinical
documentation and support from KOLs,
Medistim aims to develop this large under-
penetrated market. The company has also
extensive growth ambitions in developing
economies.
Medistim has delivered solid profit and cash
flow despite the impact from conflicts and
macro-economic turmoil in 2024. The need
for Medistim’s products has not changed.
Medistim will also continue its technology and
product development to improve its offering
and combined with recurring revenues from
its already installed base of 3 700 systems,
the company is well positioned to continue its
journey of profitable growth.
5.10 Shareholder information
Share price development
Medistim ASA has one class of shares. There
were 18 337 336 shares issued at the end
of 2024, each with a nominal value of NOK
0.25, unchanged from end of 2023. During
the year, the shares traded between NOK
133 and NOK 282 per share, and 3.28
million shares were traded in total. The share
price at 31 December 2024 was NOK 149.5.
Major shareholders and voting rights
Medistim had 1 061 registered shareholders in
the Norwegian Central Securities Depository
(VPS) at 31 December 2024, whereof the
20 largest shareholders owned 74.8 %. The
percentage of issued shares held by foreign
shareholders was 53 %. All the shares registered
by name carry equal voting rights. The shares
are freely negotiable. 20 largest shareholders is
shown in “Note 20 Financial Risk”.
An overview of the 20 largest shareholders
is available on Medistim’s website, updated
every week.
Dividends and dividend policy
Medistim’s shareholder policy is to maximize
shareholder value. This will be achieved
through sound business development and
an aggressive growth strategy. Medistim will
seek to provide annual dividends, depending
upon the company’s financial capacity and
financing needs to ensure future growth.
The company will at all times ensure that
it has the financial capacity and equity to
achieve future plans for growth.
Based on the 2024 results, the Board of
Directors will propose to pay a dividend of 6.00
for 2024 corresponding to a pay-out ratio of
105.8 %. For 2023, Medistim paid a dividend
of NOK 4.50 per share corresponding to and a
pay-out ratio of 79 %. Over the last ten years,
Medistim has paid MNOK 590 in accumulated
dividend to shareholders.
Analyst coverage
DNB, Danske Bank and Sparebank1 had
active coverage of Medistim ASA in 2024.
For contact details, please see the company
website medistim.com.
General Meetings and Board authorisations
The 2024 AGM granted the Board of
Directors the following authorizations:
1. Authorization to increase the share
capital by up to NOK 458 433.
2. Authorization to acquire treasury shares
in Medistim ASA for up to a maximum
nominal value of NOK 458 433.
Further information can be found in the
minutes from the Annual General Meeting,
available from the company’s website www.
medistim.com and www.newsweb.no
Corporate actions 2025
2024 Financial statements
approved by the Board 28.02.25
Annual report 2024 disclosed 08.04.25
Annual General Meeting 08.05.25
Resolution to distribute
dividend of NOK 6.00 per
share 08.05.25
Ex dividend NOK 6.00 09.05.25
Medistim Annual Report - Fiscal year 2024 | page 19

Oslo, April 8
th
, 2025
Board of Directors and CEO of Medistim ASA
Øyvin A. Brøymer
Chair
Sign.
Anna Ahlberg
Board member
Sign.
Ole J. Dahlberg
Board member
Sign.
Gry Dahle
Board member
Sign.
Jon H. Hoem
Board member
Sign.
Tove Raanes
Board member
Sign.
Peder Strand
Board member
Sign.
Kari Eian Krogstad
President & CEO
Sign.
Medistim Annual Report - Fiscal year 2024 | page 20

. EXECUTIVE MANAGEMENT & BOARD OF DIRECTORS
6.1 Management team
Kari Eian Krogstad
President and CEO, Medistim ASA
Kari E. Krogstad joined Medistim as CEO in September 2009. She has
more than 30 years of experience from the biomedical industry, from
commercial leadership roles within the international pharma, biotech and
medtech sectors. Before joining Medistim, she spent 11 years at Dynal
and held the position as General Manager of Invitrogen Dynal after the
acquisition from U.S. based Invitrogen in 2005. Krogstad holds a Cand.
Scient. degree in Molecular Biology from the University of Oslo as well
as a Business degree from IHM Business School.
Thomas Jakobsen
CFO (Chief Financial Officer), Medistim ASA
Thomas Jakobsen joined Medistim as VP Finance in 2001. Previous
experience includes Controller and Finance Manager at Sysdeco
(1993-1998), and Finance Director of Microtronica Nordic (1998-
2001), where he was responsible for building the finance team
and converting to a new MIS system. Jakobsen holds a B.Sc. in
Management from the Norwegian Business School (BI).
Mike Karim
CCO (Chief Commercial Operations), Medistim ASA
Mike Karim joined Medistim as CCO in January 2025. Karim brings deep
industry expertise, strategic insight, and a proven track record from
leadership roles at esteemed companies such as Boston Scientific,
Lombard Medical, HeartWare, and Oxford Endovascular, with a focus
on the cardiac and vascular fields. With a strong foundation in sales,
he has led Sales, Marketing, and General Management functions,
successfully driving growth in international markets.
Ole Arne Eiksund
CBDO (Chief Business Development Officer), Medistim ASA
Ole Arne Eiksund joined Medistim as CBDO in April 2022. He has
more than 25 years of experience from the biomedical industry, with
commercial leadership roles within the pharma and biotech sectors.
Former positions include Commercial Director at GSK Pharma, VP
Global Sales at Hofseth BioCare and before joining Medistim he
was the CEO of Arctic Bioscience. Eiksund holds a M.Sc. degree in
Computational Science from the University of Manchester (UMIST)
and an Executive MBA from Hult International Business School,
London.
Håkon Grøthe
CIO (Chief Innovation Officer), Medistim ASA
Håkon Grøthe joined Medistim as CIO in April 2019. He is an experienced
leader with a passion for increasing customer value through digital
innovation. Grøthe has put disruptive technologies such as AI, VR and
Machine learning into work in his leadership roles from IT technology
companies such as Impact Reality and Inspera. He also brings
methodology experience relevant for agile processes, such as Google
Sprint, Design Thinking and Kanban. Grøthe holds an M.Sc. degree in
Industrial Economics/Computer Science from the Norwegian University
of Science and Technology (NTNU).
Medistim Annual Report - Fiscal year 2024 | page 21

Erik Swensen
VP R&D, Medistim ASA
Erik Swensen joined Medistim as VP Research & Development
in 2002. Previous experience includes Development Engineer
at ABB, Norway, where he participated in the development of
advanced process control systems and developing ABB’s new
control system for safety critical applications. Swensen holds a
M.Sc. degree in Engineering Cybernetics from the Norwegian
University of Science and Technology (NTNU).
Helge Børslid
VP Manufacturing, Medistim ASA
Helge Børslid joined Medistim as Vice President Manufacturing in
January 2017. Before joining Medistim, he was production manager
at Halliburton, a company that offers products to the oil and gas
industry. Previous experience ranges from test engineer to quality
engineer at Norautron, Infineon Technologies, Kongsberg Maritime,
and Sensor Development. Børslid holds a B.Sc. in Electronics
Engineering from Vestfold University in Norway and a Master’s
degree in Management from the Norwegian Business School (BI).
Tone Veiteberg
VP Regulatory Affairs & Quality Assurance, Medistim ASA
Tone Veiteberg joined Medistim as VP Quality Assurance & Regulatory
Affairs in 2013. She has more than 35 years of experience in Medical
and Regulatory Affairs from the pharmaceutical and medical device
industry, including Clavis Pharma, the Norwegian Association of
Pharmaceutical Manufacturers, Leo Pharmaceuticals, and Glaxo/
GlaxoWellcome (now GlaxoSmithKline). Veiteberg holds a M.Sc. in
Pharmacy from the University of Oslo.
Medistim Annual Report - Fiscal year 2024 | page 22

Stephanie d’Avout Stenhagen
VP Sales EMEA, Medistim ASA
Stephanie d’Avout Stenhagen joined Medistim in 2017 as Sales
Manager Europe. With over two decades of experience in the
medical device industry, she brings a wealth of expertise and
strategic vision to drive Medistim’s sales efforts across the EMEA
region. Prior to joining Medistim she held various leadership roles in
strategic marketing and business expansion at Medtronic Inc. and
served in a Global Marketing capacity for Nobel Biocare. Stenhagen
holds an MBA in Marketing from the Fox School of Business at
Temple University.
Tony Winter
VP Sales AMERICAS
Tony Winter joined Medistim USA as Vice President in December
2024. Prior to joining Medistim, he held commercial leadership
roles within the cardiac, vascular, interventional and surgical
fields. He has over ten years experience at Medtronic in various
commercial functions and two years leading global pricing at
Synovis Life Technologies. For the past five years, he led the U.S.
sales organization at ACIST Medical Systems. Winter holds a BA in
Economics from the University of Minnesota.
Hæge J.K. Wetterhus
VP Marketing, Medistim ASA
Hæge J.K. Wetterhus joined Medistim as VP Marketing in 2010. She has
more than 25 years of experience working with diagnostic, analytical
and biotech device companies. Before joining Medistim, she worked for
Invitrogen Dynal where she held a variety of leadership roles in strategic
marketing, product development and business development in the
area of life science and biotechnology – always with an international
focus. Wetterhus is a business economist from BI Norwegian School
of Management, a chemical engineer from the Technical University of
Bergen and holds a B.Sc. Honour in molecular biology from the University
of Glasgow, United Kingdom.
Anne Waaler
VP Medical Department, Medistim ASA
Anne Waaler joined Medistim as VP Medical Department in 2016. She
has more than 25 years of experience from the pharma and medtech
industry, including roles within medical, marketing and strategy with
Nycomed and GE Healthcare. Waaler holds a M.Sc. in Pharmacy
from the University of Oslo, an MBA from the BI Norwegian School of
Management in Oslo, and an ESCP-EAP in Paris.
Roger Morberg
VP Sales APAC, Medistim ASA
Roger Morberg joined Medistim as VP Sales in June 2010. He has
extensive experience from the healthcare industry and is a trained
medical professional. Before joining Medistim he worked for Siemens
Medical as Country Manager for Ultrasound. Morberg has previously
held various roles within sales and senior management positions in
Marquette Electronics, GE Healthcare and Hewlett Packard.
Medistim Annual Report - Fiscal year 2024 | page 23

6.2 Board of Directors
Øyvin Brøymer
Chair
Øyvin Brøymer has served as Chair of Medistim since 2000. He
works as an investor through his own company Intertrade Shipping
AS and Fløtemarken AS, holds the position as Chair in Vistin Pharma
ASA. Previous experience includes executive positions in The Aker
Group, Hafslund Nycomed ASA and Leif Höegh & Co ASA, as well as
broad board room experience from many other companies. He holds
a degree within economics and business from Norwegian School of
Management and an MBA from the University of Wisconsin. He is
also Chair of the remuneration committee. His term expires in 2025.
Anna Ahlberg
Board Member
Anna Ahlberg is the CFO at the Swedish medical simulation
company Surgical Science. Her previous career includes executive
positions at several listed Swedish companies, such as med-
tech companies Q-Med and Vitrolife. Ms. Ahlberg holds a MSc in
Business Administration and Economics from the School of Business,
Economics and Law, University of Gothenburg. She is a member of
the audit committee. Her term expires in 2025.
Ole J. Dahlberg
Board member
Ole Dahlberg is former VPGM at Thermo Fisher Scientific and working
Founding Partner at Rubicon Healthcare Partners and Chairman of
the Board at Curida and Nadeno Nanoscience. He has been co-
founder in three start-up companie, and held leadership roles in
Qiagen and Life Technologies before relocating to US and working
for Thermo Fisher. He holds a MSc in Genetics and Marine Biology
from the University of Oslo. His term expires in 2025.
Gry Dahle
Board Member
Gry Dahle is a cardiothoracic surgeon and consultant at the
Department of Cardiothoracic Surgery at Oslo University Hospital.
Her main interests are minimal invasive surgery, catheter treatment
of valvular disease, heart failure, and new innovations. Dr. Dahle
holds a PhD on Implementing TAVI in Rikshospitalet. She is the head
of REK KULMU (ethical committee for medical devices) and deputy
chairman of the Norwegian Medical Association Professional Board.
She has a broad network in the international cardiothoracic society
and is a member of several committees within EACTS, ESC, and ICI.
She is the Vice President of ISMICS. Her term expires in 2026.
Medistim Annual Report - Fiscal year 2024 | page 24

Jon H. Hoem
Board member
Jon Hoem was one of the early employees at Medistim, joining
the company in 1994, and contributing to structuring Medistim’s
initial sales effort in Europe, Japan, and the United States. He
has founded multiple early-stage cardiovascular medical device
companies. Mr. Hoem He holds a MSc degree in microelectronics
and organizational development from the Norwegian Institute of
Technology (NTNU). His term expires in 2026.
Peder Strand
Board member
Peder Strand is employed as an investment director at Seatankers
Management. He serves as a board member in Mowi ASA,
ACapital Elimp Holdco, ACapital Medi Holdco, Nordic Ski and
Mountains AB, ACapital ITAB Holdco, Echo Topco, and Innsikt
Holding. Mr. Strand holds an MSc from the Norwegian University
of Science and Technology (NTNU). His term expires in 2026.
Tove Raanes
Board member
Tove Raanes has been board member in Medistim since 2014.
She works as an advisor in the investment companies Dyvi Invest
AS and Nore-Invest AS and serves as board member in Bouvet
ASA, Multiconsult ASA and Krefting AS. Her experience includes
strategy, finance and business development from investment
companies and management consulting from McKinsey &
Company. Raanes holds a MSc from the Norwegian School of
Economics (NHH). She is also Chair of the audit committee. Her
term expires in 2026.
Medistim Annual Report - Fiscal year 2024 | page 25

. COMPANY DESCRIPTION
7.1 Vision, mission, values
Values
All conduct is based on the four elements of the company’s core values:
Courage Innovation
To set challenging goals
To be open and transparent
To share knowledge and experience
To try without fearing to fail
To challenge accepted beliefs
Encourage creativity, discovery, and
innovation
Value new ideas and test them out
Problem-solving and solution-oriented
mindset
Quality People
Outstanding quality in everything we do
Commitment to Medistim QMS
High competence and unique expertise
World-class products and services
Amazing customer experience
Trustworthy, honest, and ethical
Generous and welcoming to customers
and colleagues
Value, trust and respect each other
Promote physical and emotional health
and quality of life
Medistim’s technologies and solutions increase the probability of a positive outcome of surgery for the patient and enable greater efficiency
and lower costs for health care providers by reducing additional and unnecessary surgical re-interventions.
The company’s long-term vision is stated as: Medistim is standard-of-care in the operating room.
This implies, making Medistim’s solutions the standard-of-care in clinical practice for Coronary Artery Bypass Graft (CABG) surgery procedures
and vascular surgery, ensuring that blood flow measurements and intraoperative ultrasound imaging are performed on all patients.
Medistim Annual Report - Fiscal year 2024 | page 26

Addressing serious, common and increasing
global medical problems
Cardiovascular diseases (CVDs) are the
number one cause of death, representing
approximately 1/3 of all deaths worldwide.
CVD is a general term for conditions
affecting the heart or blood vessels. It is
usually associated with a build-up of fatty
deposits inside the arteries (atherosclerosis)
and an increased risk of blood clots. It can
also be associated with damage to arteries
in organs such as the brain, heart, kidneys
and eyes.
The main risk factors for CVD are high blood
pressure, dietary risks leading to obesity,
diabetes, smoking, in addition to higher age.
Both obesity and diabetes are increasing
world-wide, reflecting economic growth
and a growing middle class in developing
economies. In parallel, the number of people
above 60 years of age is also growing
globally.
Treatment alternatives include the use of
pharmaceuticals, endovascular procedures
and open surgery.
Endovascular procedures, including
Percutaneous Coronary Intervention (PCI),
are considered less invasive by accessing
blood vessels through a surgical small
incision and using a catheter to insert and
to place a stent inside the arteries to obtain
revascularization.
A coronary artery bypass graft (CABG) is
an open chest surgery and involves taking
a blood vessel, also known as a graft from
another part of the body (usually the chest,
leg or arm) and attaching it to the coronary
artery above and below the narrowed area
or blockage.
7.2 Medistim’s solutions
Medistim’s devices are increasingly used to
support CABG and other vascular surgical
procedures. The solutions enable cardiac
imaging, blood flow measurement and
provides surgeons with immediate feed-back
on procedure outcome.
Intraoperative surgical guidance and quality
assessment with ultrasonic imaging and
blood flow measurement reduces risk of
stroke for the patient. It also provides
the surgeon with a tool to verify graft
functionality, indicate when revisions are
needed and to optimize graft strategy during
surgery.
Globally, more than 700 000 CABG procedures
are carried out on an annual basis. Although
the use of solutions for real-time blood flow
measurement and ultrasound imaging during
procedures is increasing, the vast majority
are executed by surgeons merely relying on
experience and physical finger palpation for
graft patency assessment.
Currently, only about 45 % of the
global CABG market is utilizing support
systems. Development of the overall
market, by increasing acceptance and
use of supporting technology such as
Transit Time Flow Measurement (TTFM)
and High-Frequency Ultrasound Imaging
(HFUS) represents Medistim’s main growth
opportunity.
Medistim is already the leading provider of
flow and imaging systems, with dominant
market positions in most developed markets.
The offering is two-fold; 1) medical systems for
monitoring and analysis, and 2) consumables,
including re-usable cardiac and vascular
probes and ultrasound imaging probes. Sales
of consumable correlates to the number of
procedures executed and is highly dependent
on size of in-stalled base of systems. The
company is continuously expanding its
footprint represented by a current installed
base of approximately 3 700 systems in more
than 60 countries.
Medistim develops this large under-
penetrated market through convincing
clinical documentation and support from Key
Opinion Leaders (KOLs), to make HFUS and
TTFM standard of care for CABG surgery.
Medistim will continue its technology and
product development to maintain its strong
position and strengthen its sales and
Medistim Annual Report - Fiscal year 2024 | page 27

marketing organization improving capacity
and outreach. Medistim’s ambition is that
its products and solutions shall benefit all
patients and surgeons all over the world.
Medistim assembles and manufactures
its devices and probes in Horten, Norway,
except for the imaging probes which are
produced by third parties.
7.3 Strategy
Medistim’s strategic progress relies on
strong clinical documentation, technology
and product innovation and development,
and the ability to effectively commercialize
its product portfolio worldwide.
Strong clinical studies by leading medical
centers create support from KOLs, and
it is a strategic priority to support this
by sharpening the focus on blood flow
measurements, ultrasound imaging, surgical
guidance, and quality assurance in relevant
forums and channels.
Continuous technology and product
development are required to maintain and
develop Medistim’s leading position within
cardiac as well as vascular surgery, and
the company plans to launch new products
tailored to the specialties within these fields.
The company is continuously strengthening
all parts of its organization. This includes the
sales, service, marketing and medical teams
which interact directly with customers, and
the innovation, R&D, QA & Regulatory, and
manufacturing departments.
Medistim’s strategic priorities
1. Convert Flow-only market to a Flow-and-
Imaging market by establishing surgical
guidance and quality assessment as the
new standard of care through:
a. Early adopter and KOL support
b. REQUEST study
c. Ease conversion from Flow to Imaging with
MiraQ
2. Achieve routine use of both Flow and
Imaging by fighting ignorance, indifference
and ease-of-use objections through:
a. Clinical marketing, guidelines and
educational programs
b. Product innovation for ease of use
c. Increased sales force capacity
3. Offer an entry-level solution to reach
emerging, price-sensitive, high-growth
markets
4. Build and strengthen position in vascular
surgery through:
a. Dedicated system (MiraQ Vascular) &
probes
b. Building position with societies and KOLs
5. Expand direct market coverage
7.4 Technology and products
Medistim’s medical devices are used to
improve quality of cardiovascular surgery
and are subject to high requirements and
product certifications with regards to quality
and safety, and require high competence
and excellent quality systems.
Technology
Medistim’s blood flow measurement (TTFM)
and high-frequency ultrasound imaging
(HFUS) systems measure, monitor and image
blood flow through veins or arteries with
precise accuracy during surgery.
The solution comprises two different
modalities: a quantitative measuring modality
(TTFM) and a qualitative imaging modality
(HFUS).
The sensor technology is based on
probes. The flow probes are placed on
a blood vessel, with the volumetric flow
measured and analyzed by the system
unit and displayed on-screen as blood flow
curves, values, and images. The imaging
functionality provides surgeons with real-
time guidance during surgery and enables
them to uncover possible causes of poor
blood flow, correct technical problems, and
achieve optimal clinical outcomes.
Medistim Annual Report - Fiscal year 2024 | page 28

Transit Time Flow Measurement -TTFM
With TTFM, ultrasound is used to measure
blood flow volume directly, based on the
fact that the time re-quired for ultrasound
to pass through blood is slightly longer
upstream (tu) than downstream (td).
The MiraQ offers the fastest and most
accurate flow measurements, verifying
graft patency while the patient is still in the
operating table.
High-Frequency Ultrasound Imaging –
HFUS
Ultrasound Imaging can generate images
of target areas by transmitting ultrasound
pulses and receiving different echoes
depending on density. To help locate and
understand technical imperfections during
blood vessel surgery, the high frequency
ultrasound imaging probe can image
areas of concern on a real-time basis and
reveal morphological (structural) issues for
immediate correction before closure.
Epiaortic imaging allows a sensitive, direct
diagnosis of aortic disease, which can lead
to modifications in intraoperative surgical
management.
Epicardial imaging can be used
intraoperatively to assess coronary quality,
strategize graft placement, and visualize
constructed anastomosis (connections).
Imaging of the major carotids blood vessels
in the neck after carotid endarterectomies
(CEA) can reveal technical imperfections that
may lead to thrombus formation and stroke if
left unrepaired.
Medistim also provides equipment for
Doppler measurements of blood flows.
However, this technology is increasingly
being replaced by HFUS.
Products
Medistim launched its first flowmeter based
on transit time flow measurement (TTFM)
technology in 1994, the CardioMed. Since
then, the company has developed several
generations of quality assurance equipment.
In 2009, Medistim introduced the first
ultrasound imaging probe, and the company
is currently the only supplier in the world
that offers a user-friendly integrated TTFM
and intraoperative high frequency ultrasound
(HFUS) imaging system.
Solutions for cardiac and vascular surgery
The MiraQ™ is Medistim’s most advanced
product line with configurations for both
cardiac and vascular surgery. The MiraQ
platform offers specialized configurations
for cardiac and vascular applications in the
products MiraQ Cardiac and MiraQ Vascular,
respectively. The MiraQ Vascular system
includes a specialized application menu with
a customized user interface adapted to
vascular surgeons’ requirements, and probes
tailored for vascular applications. The MiraQ
is also available with both configurations, as
the MiraQ Ultimate.
TTFM probes (cardiac and vascular family)
Flow probes utilize the reliable transit time
technology to accurately measure blood
volume flow intraoperatively in a wide range
of applications, from cardiac and vascular,
to transplant surgery. Used together with
Medistim’s systems, they provide fast,
accurate and reproducible information to
the surgeon instantaneously to provide
verification of graft patency and function.
The ultimate benefit is quality assurance
with immediate feedback that leads to
improved surgical outcomes.
Imaging probes
Medistim’s imaging probes are used to
provide intraoperative surgical guidance.
Epiaortic imaging allows a sensitive, direct
diagnosis of aortic disease, which can lead
to modifications in intraoperative surgical
management. Epicardial imaging can be used
intraoperatively to assess coronary quality,
strategize graft placement and visualize
constructed anastomosis. Medistim’s flow
probes can be used 50 times and the imaging
probe can be used 100 times and even more if
treated properly. All the electrical components
in use comply with environmental standards for
electronic waste.
Medistim Annual Report - Fiscal year 2024 | page 29

7.5 Research and development
Medistim continuously invests in existing and
new products to cover the surgical require-
ments for quality verification. The company
invests between 4 % and 10 % of annual sales
in research and development (R&D). In 2024,
the company invested 7.4 % (6,5 % in 2023) of
annual sales of own products in research and
development (R&D).
Product development for increased “ease
of use”
In order to grow technology adoption, it
is pivotal to make the products as easy
to learn and use as possible. Medistim is
therefore focusing on innovation to develop
new features and ensure “ease of use”
for the end-customer. The company’s
innovation team collaborates closely with
a network of surgeons and hospitals to
test prototypes and new ideas. The goal
is to capture the end customers’ needs
and expectations before initiation of costly
development projects which are subject to
strict regulatory regimes. The ambition is to
accelerate product innovation and reduce
development time by clarifying product
design and functionality before a formal
development process is initiated. The recent
launch of the MiraQ INTUI software platform
is an important step in this direction.
New production technology
A separate project is established to
redesign the PS probes in order to be able
to automate the production process of flow
probes. The project is expected to go on
for several years and will improve the probe
production capacity vastly.
Clinical studies support routine use of
Medistim’s technology
Medistim’s strategic progress relies on
strong clinical documentation by leading
medical centers to create support from
Key Opinion Leaders (KOLs) within cardiac
surgery and vascular surgery. It is a strategic
priority to support this by increasing
the focus on blood flow measurements,
ultrasound imaging, surgical guidance, and
quality assurance in relevant forums and
channels.
The circulation publication in 2021 and
the use of TTFM during CABG: In 2021
Medistim ‘s Transit Time Flow Measurement
(TTFM) technology received strong support
from leading experts, in a new publication in
the top journal Circulation.
Circulation – the official journal of the
American Heart Association – and one of
the highest ranked journals in cardiology
and cardiovascular medicine, published a
consensus paper by 19 of the world’s highest
renowned specialists in coronary artery bypass
surgery (CABG) on October 5
th
. The study
describes a systematic review to identify best
practice evidence for guideline development
published the last 20 years. Over 2 200
articles identified, more than 1 550 of them
screened, and 38 of them included in this
review paper. The expert consensus process
resulted in a new flowchart for decision making
guidance to cardiac surgeons on how to
utilize TTFM during surgery. The first of the 10
consensus statements and justifications states
“TTFM should be used in every CABG case”.
The panelists agree “that quality assurance in
CABG procedures should be established as a
key component to improve patient outcomes”.
This is a pivotal paper for Medistim that
clearly graces all the initiatives to position
MiraQ™ technology for routine use during
CABG surgery. Having the technology in
focus in one of the world’s most renowned
cardiovascular journals indicate that
Medistim is moving in the right direction
with its strategy. Medistim’s REQUEST
study published in 2020 was one of the
key papers that was assessed to underpin
the importance of routine use of quality
assessment. This strong advocacy will
not only exert peer influence within the
community of cardiac surgeons, but it may
pave the way for new and enhanced clinical
guide-lines worldwide.
Medistim Annual Report - Fiscal year 2024 | page 30

In 2022, Mojgan Laali et al. published
the study “Impact of transit-time flow
measurement on early postoperative
outcomes in total arterial coronary
revascularization with internal thoracic
arteries: a propensity score analysis on 910
patients”. Outcome in 430 CABG patients
where TTFM was used was compared with
outcome from 480 CABG patients where the
surgeons were unwilling to perform TTFM.
The key finding is a significant reduction
in MACE from 6.9 % to 3.3 % - a 50 %
reduction by adding 3 extra minutes on
TTFM. This result was so convincing that the
previous non-believers at the hospital have
adopted TTFM for graft evaluation. This set
of data is included in a large multi-center
study in France that Medistim believe might
ease the adaptation of TTFM in France.
In 2023 Medistim announced its
partnership with ROMA-Women, a
groundbreaking cardiac surgery trial
that is specifically focused on women.
Historically, cardiovascular research and
treatment protocols have primarily focused
on men, leaving women underrepresented
in clinical studies and potentially receiving
suboptimal care. Recognizing this disparity,
Medistim has joined forces with the trial
to champion gender-specific healthcare
advancements.
The multicenter randomized clinical trial,
ROMA-Women, will enroll about 2 000
women, studying the use of single versus
multiple arterial grafts in coronary artery
bypass (CABG) surgery. The trial is spear-
headed by renowned experts in the field
of cardiac surgery, including principal
investigators Mario Gaudino, Professor at
Weill Cornell Medicine, USA, and Stephen
Fremes, Professor at Sunnybrook Health
Sciences, Canada. More than 100 centers
across the world are expected to participate.
The trial is an extension of the ongoing
ROMA trial and has already enrolled about
700 women.
ROMA-Women aims to address the unique
cardiovascular needs and challenges faced
by women. Com-pared to men, women are
referred for CABG at an older age and have
more frequently diabetes, hyper-tension, and
dyslipidemia. From a surgical perspective, the
CABG operation is generally more complex
in women because of smaller and more
spastic coronary arteries than men. Hence,
it is believed that graft assessment may be
even more important in women, and in this
trial, graft patency will be assessed with
Medistim’s Transit Time Flow Measurement
(TTFM) and High Frequency Ultrasound
(HFUS) technologies.
Guidelines recommend intraoperative
ultrasound after Carotid Endarterectomy
(CEA) in 2022: The European Society
of Vascular Surgery (ESVS) revised their
Clinical Practice Guidelines in 2022 on the
management of atherosclerotic carotid
and vertebral artery disease by among
others, adding a recommendation of the
use of intra-operative completion control
with ultrasound imaging, to reduce risk of
perioperative stroke for patients undergoing
carotid endarterectomy.
The Guidelines are set to identify luminal
thrombus after flow restoration, diagnose
intimal flaps and diagnose residual stenoses
during surgery. The new recommendation
is based on a meta-analysis by Knappich et
al. 2021 that shows that both ultrasound
imaging and angiography are associated with a
reduced risk of death and stroke after CEA.
Professor Eckstein, University Hospital Rechts
der Isar, Munich, Germany, states that “This
new guideline recommendation clarifies
that intraoperative morphological control is
worthwhile. In my practice, ultra-sound imaging
for completion control after CEA has become
the standard of care, especially when surgery
is performed under locoregional anesthesia.
Intraoperative angiography is only needed if a
cerebral problem is suspected.”
Medistim Annual Report - Fiscal year 2024 | page 31

It is Medistim’s goal to develop a
strong position for its transit time flow
measurement (TTFM) and high-frequency
ultrasound (HFUS) imaging devices within
the Vascular market, including the CEA
segment. The recommendation of ultrasound
imaging as an alternative to the current
gold-standard angiography marks another
milestone for Medistim in the efforts
to establish the HFUS technology for
completion control in CEA. In the CIDAC
(Comparison of Intra- operative Duplex
Ultrasound and Angiography after Carotid
Endarterectomy) study, which was part of
the Knappich meta-analysis, Medistim’s
MiraQ Vascular device was used, and it
demonstrated the benefits of using HFUS
compared to angiography.
The results demonstrated that HFUS
detected significantly more high-grade
defects that needed revision compared
to angiography, and with significantly
higher interobserver reliability. The authors
conclude that given the lesser invasiveness,
HFUS could be considered as an alternative
to angiography for intra-operative completion
control in CEA, further strengthening the
support of using Medistim’s ultrasound
imaging device and probe for reducing the
risk of stroke after CEA. Based upon the
results from the study The European Society
of Vascular Surgery (ESVS) included the use
of HFUS when treating CEA patients.
Medistim launched in 2024 a clinical
study, the PATENT study, using TTFM and
HFUS in Vascular surgery.
The PATENT study is an open, prospective,
multicenter trial aimed at evaluating the
immediate clinical benefits and long-term
prognostic value of intraoperative completion
control using transit time flow measurement
(TTFM) and high-frequency ultrasound
(HFUS) imaging. The study focuses on
patients undergoing bypass surgery for
Critical Limb Threatening Ischemia (CLTI)
below the knee.
In 2010, estimates suggested that >200
million people worldwide were living with
peripheral artery disease (PAD)1. Accurate
data on the number of patients who have
CLTI is lacking but a large study from
the U.S. found that 11 % of PAD patients
developed CLTI2. The rapidly increasing
worldwide prevalence of type 2 diabetes
is likely to have a significant impact on the
future incidence and prevalence of PAD and
CLTI, as well as their morbid end points.
When PAD develops into CLTI, the patient
will need immediate revascularization to
reduce the risk of limb amputation as well
as cerebrovascular and cardiovascular
complications. Peripheral bypass surgery
is one of the treatment alternatives, in
addition to endovascular interventions.
According to recent market research, over
500 000 peripheral bypass surgeries are
performed annually. In some countries,
vascular surgeons already utilize TTFM and
ultrasound for intraoperative completion
control. Insights from the University of
Helsinki have played a key role in shaping the
design of the PATENT clinical study.
The PATENT study seeks to evaluate the
immediate intraoperative clinical benefits
of using TTFM and HFUS during peripheral
bypass surgery in patients with CLTI.
Additionally, the study aims to assess
the prognostic value of TTFM and HFUS
in predicting one-year clinical outcomes,
helping to distinguish patients at high risk of
graft failure from those at low risk.
The PATENT study will enroll approximately
450 patients across 15 sites in the USA,
Europe, and Asia, with enrollment set to
begin by the end of 2024. Recruitment is
expected to take around two years, with
each patient being followed for 12 months.
Medistim anticipates study-related costs
of approximately MNOK 25, spread over
a period of 3-4 years. The return on
investment is tied to the anticipated ability
to demonstrate improved clinical outcomes
through the use of TTFM and HFUS. This will
drive adoption and enhance competitiveness
compared to existing technologies like
Doppler ultrasound and angiography.
Medistim Annual Report - Fiscal year 2024 | page 32

Medistim’s value proposition lies in offering
a more comprehensive, reliable, and user-
friendly alternative to these traditional
methods.
The study is led by Professor Michael Conte
of the University of California, San Francisco,
USA, who is the lead author of the Global
Guidelines on the Management of CLTI.
Positive results is expected form the study.
This is based upon solid experience and
compelling data collected at the University
of Helsinki, which demonstrated a clear
correlation between graft flow values and
graft failure.
7.6 Clinical application areas and
target markets
Lifestyle diseases such as obesity and
diabetes have increased significantly in
recent decades, increasing the need for
revascularization procedures. Cardiovascular
diseases (CVDs) are the most common
cause of death in the western world and
on the rise in Asian and Latin American
countries adopting western lifestyles.
The adoption of TTFM and HFUS for surgical
guidance and quality control is increasing.
However, about 55 % of surgeons still rely
on physical palpation for graft patency
assessment, even though “feeling” the pulse
is an unreliable indicator of actual blood flow
through the vessel.
Hospitals and payers for surgery, such
as insurance companies, are increasingly
requiring documentation of performance and
quality control during any procedure, which
is expected to support the adoption of
Medistim’s solution over time.
7.7 Market for cardiac procedures
Percutaneous Coronary Intervention (PCI),
i.e. the use of stents, covers approximately
80 % of the revascularization procedures,
with CABG covering the remaining 20 %.
Clinical trials document superior results
achieved with CABG compared to PCI for
patients with multi-vessel disease.
The number of coronary artery bypass
surgeries performed has been stable over the
past several years, of more than 700 000
globally per annum.
A decrease in the number of procedures
performed in Western countries in recent years
has been compensated by an increase in the
BRICS countries (Brazil, Russia, India, China
and South Africa). Globally, Medistim expects
a stable to growing trend in coming years.
Approximately 80 % of CABG procedures
are on-pump procedures while 20 % are
off-pump. Both are equally relevant for
Medistim’s technology for Trans-it Time Flow
Measurement (TTFM) and High Frequency
Ultrasound Imaging (HFUS). The US is
the single largest market for Medistim’s
products, representing close to 30 % of the
world market, with a combined European
market of a similar size.
Large untapped market
To date, Medistim has installed about 3 700
systems in more than 65 countries, and
Medistim’s flow meters have been used on
more than two million patients worldwide.
Medistim is the clear market leader in its niche,
and its systems are currently being used
in more than 37 % of all bypass surgeries
performed worldwide. Competing providers
using the transit time measurement principle
are estimated to be used in about 8 % of the
procedures performed.
This implies that no equipment is being
used to verify blood flow in about 55 %
of the bypass surgeries. This untapped
market represents Medistim’s largest
opportunity. Medistim expects market
penetration and market share to increase
gradually, as surgical quality assurance gains
more attention and the superiority of the
Company’s solutions gain wider acceptance.
Total value of the global TTFM market for CABG
is estimated at to BNOK 1 per year.
Medistim Annual Report - Fiscal year 2024 | page 33

A unique product offering
Adding intraoperative ultrasound imaging
more than doubles Medistim’s market
potential, due to an expanded number of
applications and higher pricing compared to
traditional flow measurement technology.
The total market size within cardiac bypass
surgery is therefore estimated at around
BNOK 2 annually.
The MiraQ imaging functionality makes the
system relevant also for other types of cardiac
surgery, such as heart valve surgery. Medistim
estimates this added market potential to be
approximately BNOK 1 on an annual basis. This
market represents an add-on opportunity to
widen the use of the device beyond CABG
only and is not considered an independent
commercial strategy.
The combination of Medistim’s ultrasound
imaging technology and the MiraQ platform
represents a unique and differentiated product
offering in this market segment, which provides
Medistim with a competitive advantage.
Medistim recognizes the value of clinical
documentation and has initiated clinical studies
to support verification of the impact from its
solutions on CAGB surgery. The published
results from the REQUEST study in 2020
proved the clinical value of adding HFUS to
TTFM and the advantages of combining the
two modalities are increasingly being recognized
by the medical societies and cardiac surgeons.
This is support-ed by the study published in
the Circulation where 19 of the world’s highest
renowned specialists in coronary artery bypass
surgery (CABG) makes the statement: “TTFM
should be used in every CABG case”.
Guideline endorsements
Inclusion in the leading health organizations’
guidelines for clinical surgery is vital to
achieve «Standard of Care» status for TTFM
and HFUS in coronary bypass surgery.
Medistim engages in continuous dialogue
with a broad range of organizations to
increase awareness of and knowledge on
the company’s solutions.
Currently, TTFM during CABG procedures are
endorsed by the guidelines from the European
Society of Cardiology (ECS), the European
Association for Cardio-Thoracic surgery
(EACTS), and The British National Institute
for Health and Clinical Excellence (NICE). All
are highly respected organizations and their
recommendations are expected to influence
clinical practice also in countries outsides their
jurisdictions, including in the USA.
The health care providers and surgeons
performing CABG procedures are
conservative and it is hard to measure the
direct effect from recommendations and
studies. However, it is Medistim’s experience
that the recommendations have influenced
demand positively over time and expects
increasing recognition to continue to support
demand in the years to come.
Penalties for readmissions
Several countries are going through reforms
to make quality healthcare available to
a growing population in a financially
sustainable way. This includes demands for
higher quality procedures with less errors
and re-interventions. In the US, the Centers
for Medicare and Medicaid Services have,
for example, cut reimbursement for 30-
days readmission after CABG as a penalty
if hospitals have not been able to deliver
and document high quality surgical results.
Implementing technology that provides
intraoperative surgical guidance and quality
assessment is one way of achieving and
document improved quality and outcomes.
Installed base conversion
Medistim expects several hospitals to
upgrade current systems to the more
advanced MiraQ system. It offers a wider
range of uses and the system’s imaging
functionality provides valuable additional
information to current TTFM, increasing the
economic value for the users.
Medistim Annual Report - Fiscal year 2024 | page 34

7.8 Market for Vascular surgeries
Applications # of Procedures Clinical needs
Peripheral Bypass > 500 000 Improve long-term graft patency | Improve quality of life
CEA > 250 000
Reduce risk of death and stroke | Improve cost
effectiveness
AV Access > 500 000
Secure maturation of shunt/fistula | Reduce risk of
cardiac failure and hand ischemia
Liver Transplant
Surgery > 35 000 Increase success rate for this costly procedure
Medistim has a strong position in the vascular market in the Nordic countries and in Germany and is working
to build similar positions in other markets as well. Medistim’s focus areas within Vascular Surgery include
peripheral bypass, CEA and AV access. The addressable market includes about 1 300 000 procedures and a
market potential of BNOK 4.
Peripheral bypass surgery is primarily performed on the major arteries in the legs, whereas CEA is a
procedure where blockages in the neck arteries are surgically removed to reduce risk of stroke. AV
access surgery is performed to create a successful shunt or fistula that are used to connect a patient
in need of dialysis to a dialysis machine. The MiraQ Vascular solution supports all three types of
interventions with ultrasound imaging and blood flow measurements guiding the surgeon during the
procedure to assure the quality of the clinical outcome. The MiraQ Vascular is a “versatile tool for a
variety of applications.”
Clinical support and studies are key enablers for Medistim to increase market penetration, also in vascular
surgery, which the CIDAC study and PATENT study mentioned under “7.5 Research and development” is a
good example of.
Medistim Annual Report - Fiscal year 2024 | page 35

7.9 Geographical target markets
Medistim is the undisputed market leader
in the global CABG market with a strong
position in core geographical markets.
AMERICAS (USA, Canada & Latin America)
Representing close to 30 % of the global
CABG market, USA is the most important
market for Medistim, accounting for 48 % of
total revenue from own products in 2024. The
US subsidiary has 25 employees and sales
representatives covering all states, all of which
have extensive healthcare experience. The
company has had direct sales operations in
the US since 2007. Medistim has over 650
systems installed in the USA.
In addition to regular sales activities, the
commercial strategy includes cooperation
with influential surgeons and key opinion
leaders at leading cardiac centers. Company
representatives are in close dialogue with medical
associations like The American Association for
Thoracic Surgery (AATS) and The Society of
Thoracic Surgeons (STS), to motivate these
organizations to include Medistim’s equipment in
guidelines for standard of care for CABG.
The US CABG-market is underdeveloped, with
less than 45 % of surgeries performed with
support from medical systems ensuring proper
blood flow. Medistim has a market share
of approximately 35 % of a total market of
approximately 200 000 annual bypass surgery
procedures and sees a substantial market
potential due to the still low penetration of
CABG surgery support systems.
To strengthen its offering, Medistim has
introduced a flexible business model for the
US market. In addition to traditional capital
investments and purchase of consumables,
hospitals can choose to either pay per
procedure or enter leasing agreements. Under
these agreements the systems are placed at
the hospitals free of charge, with the customer
purchasing a “per’ surgery” smartcard or
paying a monthly lease.
In 2023, Medistim established a direct sales
operation in Canada. Medistim already has a
strong position in Canada with presence in
22 of Canada’s 38 cardiac centers. About 18
000 coronary bypass surgeries are performed
in Canada per year, and about 50 % are
supported with Medistim’s technology. The
company is well positioned to continue the
growth with local sales representatives who
will focus on attracting new customers as well
as driving the conversion from devices with
TTFM technology only, to devices combining
TTFM and High Frequency Ultrasound (HFUS).
In addition, the market within Vascular surgery
provides further opportunities for growth.
In Latin America, Medistim is represented
through a distributor network.
EMEA
EMEA and Europe in particular represents
Medistim’s second largest market. The main
European markets are served through direct
in-country operations, while remaining markets
are covered by distributor agreements.
Nordic countries
Medistim has a strong position with all
cardiac centers in Norway, Sweden, Finland
and Denmark, with directs sales in Norway,
Denmark and from late 2023, Sweden.
Several vascular centers also have Medistim
systems that are being used on a regular
basis. The market share of CABG procedures
is above 70 %. All markets are mature,
with revenues mainly generated from sale
of consumables and irregular replacement
of old systems. In Norway, Denmark
and Sweden, Medistim also operates as
distributor for other surgical products.
Germany
Germany is the largest market in Europe,
with about 44 000 CABG procedures
performed per year and Medistim has had
direct representation there since 2002.
Medistim has a high penetration within
coronary surgery in Germany with a market
share of more than 80 % but still have
opportunities for growth by converting
customers to become both flow and imaging
customers. The vascular market represents
an opportunity for growth in the future.
Medistim Annual Report - Fiscal year 2024 | page 36

United Kingdom
In the UK, Medistim has had direct
representation since 2012. Some 14 000
CABG procedures are performed in the UK
every year, and Medistim’s equipment is
currently used in about 20 % of these.
Market penetration in the UK has taken
longer than anticipated, and sales are still
modest compared to the perceived potential.
Medistim expects increased adoption of
TTFM and HFUS following the 2022 up-
date to the NICE recommendation for use
of Medistim’s solutions. The company has
also established a solid reference center
in Oxford through the REQUEST study,
further supporting marketing of Medistim
medical solutions. Based on the US model,
pay-per-procedure or leasing agreements is
introduced to UK customers.
Spain
Medistim established direct representation in
Spain in 2017. Around 7 000 coronary artery
bypass surgery (CABG) procedures and 8 000
vascular procedures are performed per year.
Medistim has an installed base of 80 systems,
most of them on the VeriQ platform and older
versions. These versions only include TTFM
and do not support imaging modality.
Medistim sees great potential in upgrading
of the installed base to the MiraQ platform,
which provides the combination of
ultrasound imaging and TTFM in one system.
Medistim’s technology is used in 80 % of
all coronary surgical procedures as the
installed base is primarily in cardiac centers.
This indicates an untapped potential in the
vascular market, which represent only a
small number of Medistim’s installed base.
European distributor markets
Elsewhere in Europe, Medistim is represented
through distributors. This includes countries
such as Russia, Poland, Italy and France
which are considered as promising long-term
growth markets.
APAC
China
In order to expand the market coverage in
China, Medistim opened a direct sales office
in Guangzhou in 2023. This move was part
of the company’s ongoing commitment to
providing exceptional service to customers
as well as fulfilling the company’s global
growth strategy. About 79 000 coronary
bypass procedures are performed in China
annually and the number is expected to
continue to grow high single digit in the
years to come. Today, about 70 % of these
procedures are supported by Medistim’s
equipment, which is installed in all the
nation’s top 10 cardiac surgical centers.
Japan
With over 90 % of all CABG procedures
using Medistim technology for blood flow
measurement systems and ultrasound imaging,
Japan is one of the most developed markets
for Medistim’s solutions. The Japanese market
counts some 17 000 procedures annually.
India
Approximately 100 000 CABG procedures
are performed annually. Medistim’s market
share is below 5 %. This is an interesting
target market for Medistim and with the new
distributor partnership with LivaNova, it is
expected that the Indian market will become
a future driver for growth.
Other markets
Medistim has established distributor
partnerships with LivaNova in Australia and
India, and Pacific Medical Systems in Asia
and is experiencing positive development
in these markets. The company has a high
market share in the Middle East.
Medistim Annual Report - Fiscal year 2024 | page 37

. CORPORATE GOVERNANCE REPORT
Medistim depends upon good relations
with its stakeholders to succeed. Good
corporate governance is important to
build and maintain trust and confidence
in the company and ensure long-term
value creation in the best interest of the
company’s shareholders.
8.1 Implementation and reporting
on corporate governance
Medistim is a Norwegian public limited
company listed on Oslo Stock Exchange and
bases its corporate governance structure
on Norwegian legislation and recommended
guidelines. The corporate governance policy
is subject for an annual review by the Board
of Directors.
The company observes the Norwegian Code
of Practice (“Code” or “Code of Practice”)
for Corporate Governance, last revised 14
October 2021, issued by the Norwegian
Corporate Governance Board.
This report discusses Medistim’s main
corporate governance policies and practices
and how Medistim has complied with the
Code of Practice in the preceding year.
Application of the Code is based on the
“comply or explain” principle, and deviations
from the Code is explained under each item.
8.2 Business activity
Medistim’s mission is to develop cost-
effective solutions to health-care providers,
patients and payers in the global surgical
market. Its Ultrasonic Surgical Guidance &
Quality Assessment systems are built for
intuitive imaging of vascular morphology
and instant assessment of blood flow. With
its tools, Medistim help surgeons improve
surgical quality to reduce adverse events
and re- interventions, and ultimately improve
the patients’ quality of life.
The company’s business scope is clearly
described in section 3 in the articles
of association: “to conduct research,
development, production, distribution and
sale of medical equipment through its own
business or through participation in other
companies, as well related activities”.
Medistim was founded in 1984 and develops
innovative technology and devices which
increase the probability of a positive
outcome of surgery for patients and enable
greater efficiency and lower costs for
healthcare providers by reducing additional
and unnecessary surgical reinterventions.
The company’s long-term objective is to
make its solutions “standard-of-care” in the
operating room.
The board has developed a clear strategy to
effectively commercialize its existing product
portfolio worldwide. Risk management and
internal control systems are in place to
manage operational and financial risks. A
description of the key risk factors and risk
management can be found in the board of
director’s report in the annual report.
The company has prepared a code of conduct
including principles for ethical behavior,
trade and anti-corruption that applies for all
employees. A separate report on how these
guidelines and procedures are integrated with
the company’s activities and how they relate to
value creation for the company’s stakeholders
can be found in “9. Sustainability Report” of
this Annual Report for 2024.
The company’s objectives, strategies and risk
profile are subject to annual review by the Board.
Deviations from the Code of Practice: None
8.3 Equity and dividend
At 31 December 2024, the company’s
equity was MNOK 436.6, which is equivalent
to 75.9 % of total assets. The board
continuously evaluates the company’s
capital requirements to ensure that the
company has a suitable capital structure
considering its objectives, strategy and risk
profile.
Medistim Annual Report - Fiscal year 2024 | page 38

Medistim’s shareholder policy is to maximize
shareholder value. This will be achieved
through sound business development and
an aggressive growth strategy. Medistim will
seek to provide annual dividends, depending
upon the company’s financial capacity and
financing needs to ensure future growth.
The company will at all times ensure that
it has the financial capacity and equity to
achieve future plans for growth.
The Board of Directors proposes to pay a
dividend for 2025 of NOK 6.00 per share
corresponding to MNOK 109.9 based on the
financial results for the year. For 2024, the
company paid a dividend of NOK 4.50 per
share, corresponding to MNOK 82.4. Over
the past ten years, Medistim has paid a total
of MNOK 590 in dividend to shareholders,
corresponding to an average payout ratio of
79 %.
At the annual general meeting on 24
April 2024, the board was granted two
authorizations:
1. Authorization to increase the share capital
up to NOK 458 433 by issuing 1 833 733
new shares at par value of NOK 0.25. The
authorization covers both cash and non-
cash considerations, including mergers. As
of 31 December 2024, the authorization
had not been used.
2. Authorization to purchase own shares for
up to NOK 458 433 equal to 1 833 733
new shares at par value NOK 0.25. The
authorization can be used for financing
purposes, acquisitions or other commitments
related to strategic or industrial partners. As
of 31 December 2024, the authorization had
not been used.
Both authorizations are valid until the next
annual general meeting. There was a separate
vote on each of the two authorizations. For
supplementary information, see the minutes of
the annual general meeting available at www.
medistim.com.
Deviations from the Code: None
8.4 Equal treatment of
shareholders and transactions
with closely related parties
Medistim has one class of shares. Each
share carries equal voting rights, including
the right to participate in general meetings.
All shareholders shall be treated on an equal
basis, unless there is just cause for treating
them differently.
In the event of a capital increase based on
an authorization from the annual general
meeting, where the preemptive rights of
shareholders are set aside, the company
shall provide reasons for the action in the
stock exchange release in which the capital
increase is announced. There were no such
events during 2024.
Any transactions in own shares, i.e. a
share buy-back program, will be carried
out either through Oslo Stock Exchange or
at otherwise at stock exchange prevailing
prices. If there is limited liquidity in the
company’s shares, the company will consider
other ways to ensure equal treatment of
all shareholders. There were no purchases
of own shares during 2024. Previously
purchased own shares has been used to
fore fill option grants and share program to
management.
When there are major transactions between
the company, its shareholders, subsidiaries,
members of the board, leading employees
or other close related parties, an evaluation
will be performed by an independent third
party. The general meeting will treat the
matter according to law and jurisdiction for
Norwegian public companies. There were no
such transactions in 2024.
Deviations from the Code: None
8.5 Shares and negotiability
The shares of Medistim are freely negotiable.
There are no restrictions on owning, trading
or voting for shares in the company’s articles
of association.
Deviations from the Code: None
Medistim Annual Report - Fiscal year 2024 | page 39

8.6 The general meeting
The general meeting is the company’s highest
decision-making body. The general meeting
is open to all shareholders, and Medistim
encourages shareholders to participate
and exercise their rights at the company’s
general meetings. The board, or shareholders
representing at least five percent of the
shares, may call for an extraordinary general
meeting when deemed necessary. Notice will
be sent to shareholders minimum 21 days
before the meeting as required by law. The
agenda, related documents and information
about the issues to be considered will be
included in the notice.
To participate, shareholders will have to
register at the latest one day before the
meeting. Shareholders unable to attend, may
vote by proxy. Guidelines for proxy voting
is given in the notice documents, with the
opportunity for separate voting instructions.
The board of directors is represented
at the meeting. The chairperson of the
board normally chairs the general meeting.
The company’s auditor and nomination
committee will participate at the meeting.
In 2024, Medistim held its annual general
meeting on 24
th
of April with 75.87 % of
the shares represented. There were no
extraordinary general meetings during the year.
Deviations from the Code: None.
8.7 Nomination committee
Medistim has established a nomination committee, as regulated in the articles of association section 7. The committee consists of three
members elected by the general meeting for a term of two years.
Name Role
Independent of
main shareholder &
management
Representing a
specific shareholder
Served
since Term expires
Participation in
nomination committee
meetings in 2024
Bjørn Henrik Rasmussen Chair Yes Follum Capital 2009 AGM 2025 100 %
Jonathan Schönbäck Member Yes Odin Forvaltning 2022 AGM 2026 100 %
Erik Rogstad Member Yes Acapital Medi Holdco as 2021 AGM 2026 100 %
The guidelines for the nomination committee are governed by the company’s articles of association, which stipulate that members of the nomination
committee shall be shareholders in the company or shareholder representatives when elected as committee members. The nomination committee is
responsible for suggesting candidates to the board of directors and yearly compensation to the board and board committees. Proposals for candidates
to the board must be sent to the nomination committee at latest 14 days before the notice of the general assembly is distributed. Proposals are to be
sent to the nomination committee chair by email to: Bjørn H. Rasmussen post@folluminvest.no
Remuneration of the members of the nomination committee is determined by the general meeting.
Deviations from the Code: None
Medistim Annual Report - Fiscal year 2024 | page 40

8.8 Board of Directors, composition and independence
The board of directors shall constitute of three to seven directors as regulated in the articles of association section 5. The board and the
chairperson are elected by the general meeting for a period of two years and may be re-elected. The nomination committee ensures that not
all board members are up for election at the same time. At 31 December 2024, the board consisted of the following seven directors:
Name Role
Considered
independent of
main shareholders
Representing a specific
shareholder
Served
since
Term
Expires
Participation in board
meetings in 2024
Øyvin A. Brøymer Chair No Fløtemarken AS 2000 AGM 2025 100 %
Anna Ahlberg Member Yes 2023 AGM 2025 100 %
Ole J. Dahlberg Member Yes 2023 AGM 2025 100 %
Gry Dahle Member Yes 2024 AGM 2026 100 %
Jon H. Hoem Member Yes 2023 AGM 2026 100 %
Tove Raanes Member Yes 2014 AGM 2026 100 %
Peder Strand Member No Acapital Medi Holdco AS 2024 AGM 2026 100 %
The composition of the board is based on representation of the company’s shareholders, as well as the company’s need for competence,
experience, capacity and ability to form balanced decisions. Information on each director’s expertise, background and capabilities can be
found on the company’s website www.medistim.com.
The nomination committee has evaluated all the directors to be independent of the company’s executive management and material business
contacts. Five out of seven members are regarded as independent of the company’s main shareholders. The independence of board members
is also evaluated by the board.
Deviations from the Code: None
8.9 The work of the Board of Directors
The board has the ultimate responsibility for the management of the company and for supervising management, while the CEO is responsible
for the day-to-day management
The board has adopted instructions for the board and the CEO, which are focused on determining allocation of internal responsibilities and duties. The
board normally meets six to seven times a year, while the CEO and Chair has continuous dialogue on the company’s development.
Medistim Annual Report - Fiscal year 2024 | page 41

The board has implemented procedures
to ensure that members of the board and
executive personnel make the board aware
of any material (direct or indirect) interests
that they may have in items the company
is about to enter. The board will also be
chaired by some other member of the board
if the board is to consider matters of a
material character in which the chair of the
board is, or has been, personally involved.
The board has appointed an audit committee
and a remuneration committee.
The board performs a self-assessment of its
work once per year.
Deviations from the Code: None
8.10 Risk management and internal
control
The board carries the responsibility to
ensure that the company has sound and
appropriate internal control systems and risk
management systems reflecting the extent
and nature of the company’s activities.
Sound risk management is an important tool
to create trust, ensure good environment,
health and safety standards and enhance
value creation. Internal control should
ensure effective operations and prudent
management of significant risks that
could prevent the company from attaining
its targets. The board holds at least one
meeting a year with the auditor, to review
the company’s internal control routines,
including identified weaknesses and areas
subject to improvements.
Medistim complies with all laws and
regulations that apply to the group’s
business activities. The group’s ethical
guidelines, anti-corruption policy and code
of conduct for ethical trade describes the
main principles for ethical behavior which
applies to all employees and suppliers. A
quality manual has been prepared based on
internationally recognized quality standards,
to ensure that the company delivers high
quality products and services in accordance
with product specifications, relevant acts
and regulations. The guidelines and quality
manual are subject to annual review by the
board in connection with the evaluation
of the company’s internal control and risk
management. Medistim is also subject to
strict medical rules and regulations, requiring
close monitoring and frequent audits of
medical equipment and the company’s
practices concerning health, safety and
environment (HSE).
Medistim prepares its accounts in
accordance with the International Financial
Reporting Standards (IFRS), which are
intended to give a true and fair overview of
the company’s assets, financial obligations,
financial position and operating profit.
The board receives monthly reports from
management on developments and results
related to finance and risk management,
which is compared against budget,
strategy approved by the board and last
year’s performance. In addition, quarterly
reports are prepared in accordance with
the recommendations from Oslo Stock
Exchange, which are reviewed and approved
by the board prior to disclosure.
The board has an annual meeting to review
the company’s strategy for the next three
years, risk exposure and such internal
control arrangements. A summary of the
main risks and risk management is presented
in the director’s report in the annual report.
Deviations from the Code: None
8.11 Remuneration of the Board of
Directors
The board of directors receives a fixed
yearly compensation decided by the general
assembly, based on the nomination committee’s
recommendation. The remuneration reflects
the board’s responsibilities, competence, time
involved and the complexity of the business.
The remuneration of the board members is not
performance based and the company does not
grant share options to any board members. No
loans are provided to board members.
In 2024, board member Jon Hoem was
involved in a strategic project.
Medistim Annual Report - Fiscal year 2024 | page 42

More information on remuneration to the
board can be found in “Note 21 Related party
transactions” and “Note 28 Salaries and other
benefits” to the annual accounts.
Deviations from the Code: The Code
recommends that board members should
not take on specific assignments from the
company in addition to their appointments
as board members. If they do accept such
assignments, this should be disclosed to the
full board. Remuneration for these additional
duties must be approved by the board, and
any compensation beyond the standard
director’s fee should be explicitly identified
in the annual report.
8.12 Remuneration of executive
personnel
The main principle of Medistim’s executive
remuneration policy is that the compensation
shall be competitive and provide the motivation
to attract and retain individuals with the
required competence.
The board determines remuneration
for the CEO, while the CEO determines
remuneration for the management team and
leading employees. Compensation of the
management is based on market terms and
evaluated on a yearly basis. The terms have
remained the same over several years.
Remuneration of the CEO includes a share-
based incentive plan.
The executive remuneration consists of a
fixed salary and a variable part linked to
the company’s achievement, and pension
schemes. No executives will receive additional
compensation when leaving the company.
Details on executive remuneration can
be found on “Note 21 Related party
transactions” and “Note 28 Salaries and other
benefits” of the annual accounts.
Deviations from the Code:The Code
recommends that the company’s guidelines
are included as a separate appendix to the
notice calling for the general meeting. The
guidelines should inform which aspects that
are advisory and which, if any, are binding.
The general meeting should vote separately
on each of these aspects of the guidelines.
Further, the Code recommends that the
guidelines contain information on criteria
related to performance related remuneration,
which should be subject to an absolute limit.
Medistim includes a general description of
the company’s guidelines for remuneration
in the annual report, alongside information
on remuneration to each director. Executive
remuneration is treated as one item by the
general meeting.
8.13 Information and communications
The board has adopted a shareholder
and information policy which sets the
basic principles for the company’s
communication and dialogue with capital
markets participants. The company is
committed to provide its shareholders
timely, relevant and accurate information
on the company’s developments and plans.
Communication with stakeholders shall be
based on the principles of equal treatment
and transparency in order to build trust and
stakeholder confidence. The responsibility
for the company’s investor relations activities
lies with the CEO and the CFO.
Medistim’s IR activities shall help capital
markets participants to make an informed view
on Medistim as an investment case, including
its financial situation and prospects, which
will contribute to optimize the cost of capital
and support a fair valuation of the company’s
shares. The company does not give any guiding
on future sales and results.
Medistim provides interim reports in line with
Oslo Stock Exchange’ recommendations.
Presentations are given in connection
with the disclosure of the interim results
to provide an overview of operational and
financial developments. The presentations
are open to the public and made available
through a webcast.
All information is provided in English, and is
distributed to the company’s shareholders
through Oslo Stock Exchange’ news channel
newsweb.no and on the company’s website
medistim.com.
Medistim Annual Report - Fiscal year 2024 | page 43

Deviation from the Code: The company
has not prepared any policy or guidelines
specifying who is entitled to speak on behalf
of the company or regulating communication
with shareholders outside general meetings,
as recommended by the Code. As a general
principle, the board has decided that the
company’s spokespersons are the CEO and
CFO on investor matters, while the CEO
handles media and other inquiries.
8.14 Takeovers
In a potential offer where the effect of
the transaction is a takeover, the Board
of Directors will handle the matter in a
professional manner and ensure same
information and treatment of all shareholders.
A takeover requires a general meeting
and the board of directors will give their
recommendation related to a potential offer for
the company’s shares.
Deviations from the Code: The board has not
established separate guidelines in the event
of a take-over bid as recommended by the
Code. Take-over bids are usually specific,
one-off, events which makes preparation
of guidelines challenging. In the event of
a take-over process, the Board will ensure
that the company’s shareholders are treated
equally, and that the company’s activities
are not unnecessarily interrupted. The board
will further seek to comply with the relevant
recommendations from the Code.
8.15 Auditor
BDO AS has been the company’s auditor since
2010. The auditor is considered independent of
Medistim ASA. Medistim uses the same auditor
for all companies within the group. The board
receives an annual confirmation from the auditor
that the requirements regarding independence
and objectivity have been satisfied. In 2023,
a tender process for audit services was
performed, with all major audit firms invited to
give an offer. The process was thorough, and
meetings were held with several of the main
audit firms. The outcome of the tender process
was that the company chose to continue using
BDO as the company auditor as they proved to
be competitive both in regard to competence
and pricing.
The auditor participates in the board meeting
dealing with the annual accounts. In this
meeting, the auditor gives their views on
accounting matters and principles, risk areas
and internal control. The auditor participates
in other board meetings on the request from
the board when the board wants to get the
auditors view in a specific matter. The auditor
has attended five meetings with the audit
committee during 2024.
Remuneration paid to the auditor is set by the
general meeting and described in the notes to
the annual accounts. The auditor attends the
annual general meeting.
Deviations from the Code: None
Medistim Annual Report - Fiscal year 2024 | page 44

. SUSTAINABILITY REPORT
9.1 Strengthening human health
through improved surgery
Medistim develops and sells products
contributing to improve patients’ quality
of life and supporting effective health care
systems by enhancing quality during surgical
procedures. The quality assurance improves
surgical outcomes and increases the
likelihood that the procedure is performed
in a correct manner the first time. This
benefits patients, the health care system
and reduces negative impacts and cost for
society at large.
Medistim’s mission over the past three
decades has been to serve patients,
surgeons and health care providers with
innovative and cost-effective medical
devices that measure blood flow and
visualize atherosclerosis and thereby help
improve the quality and outcome of cardiac
and vascular surgery.
Medistim’s organization and culture are key
drivers for the stakeholder value creation.
The culture is built on its four core values,
described in Chapter 7.1 which guides the
daily activities.
The Board of Directors has the overall
responsibility for aligning Medistim’s strategy
The company ESG strategy has been
refined, and Medistim will through this
collaboration demonstrate the company’s
sustainable business conduct. CSRD
requirements are the foundation of this, and
the company will work hard to fulfill all the
requirements set out by EU and OECD.
The first stage of this work has been
the value chain mapping of Medistim’s
operations. Through numerous workshops,
the value chain has been mapped out,
with upstream and downstream activities.
Business activities in own operations have
been identified, grouped in where the
activities are conducted geographically.
NACE classification of economic activities
was used throughout the value chain
mapping process to categorize business
activities and what sectors they fall under.
The purpose of this was to ensure a clear
classification of business operations that
could facilitate a better understanding of
where significant impacts occur in the
value chain. Also, it allows for comparison
with industry peers using the same NACE
classifications to assess best practices and
sustainability maturity.
and sustainability considerations, while the
day-to-day responsibility lies with the CEO,
supported by the Group management.
Medistim operates in a highly regulated
market with regards to product quality,
safety and compliance with requirements.
The company has a history of technical
innovation and financial growth. It
recognizes sustainability as an important
part of product and service development and
operations, and that it is a key contributing
factor to the long-term growth and value
creation for all stakeholders.
We believe that, over time, companies that
place environmental, social and governance
considerations at the top of their agendas
will be able to capitalize on growth
opportunities, increase returns on capital
and reduce the cost of capital.
Sustainability and ESG has been high on
the agenda for Medistim in 2024. Early in
2024, a collaboration with ESG sustainability
consultancy CEMAsys was initiated, and this
has been a good learning experience for the
company. An internal focus group has been
established, with relevant representatives
from the company management. CEMAsys
has also been invited to Board meetings to
give an update on the requirements in the
short and long term.
Medistim Annual Report - Fiscal year 2024 | page 45

This also supports CSRD and ensures
alignment with the categorization of economic
activities in the EU Taxonomy, which will be
implemented at a later stage. The exact timing
of this implementation is currently uncertain,
as there are indications that the EU Taxonomy
may be delayed. Additionally, it has been
suggested that a threshold will determine which
companies are required to report according to
the Taxonomy.
Through this work, Medistim ASA’s Tier 1
suppliers have been mapped. Additionally,
Medistim Norge AS’ tier 1 suppliers have
been identified as they differ from the rest of
the group, as Medistim Norge is a distributor
business. Medistim has focused on tier 1
due to direct contracts and the influence
over Tier 1 suppliers but much less control
over Tier 2 and beyond. Tracking complex
global supply chains is resource and time
consuming. In the coming years, Medistim
will strive to expand the scope of their
suppliers in their value chain.
In short, the value chain mapping can be
summarized in the following break-down:
1. Upstream operations – Suppliers and
input
2. Own operation – Internal operations and
processes
3. Downstream operations – Sales,
distribution, and use-phase
4. End-of-life – Disposal, recycling and
circularity
Affected stakeholders:
In order to develop an understanding of key affected stakeholders’ interests and view
on Medistim’s sustainability impacts, risks and opportunities, the stakeholder interest
assessment conducted in 2021 has been used as a foundation. The assessment in 2021
included numerous stakeholders, namely investors, distributors, employees and suppliers.
To secure the validity of this input, a new round of interview has been conducted in 2024.
Members of the Board, employees and customers have been interviewed, and the response
from the later interviews are very much in line with what we found in 2021. However, it is
worth noting that tenders weight sustainability alongside traditional criteria to a larger extent
in 2024, compared to in 2021.
Stakeholder interests (Top 10)
1 Product quality, safety, and compliance with requirements from legislative and
regulatory authorities
2 Strengthening people’s health through improved surgery
3 Employee competence development and job engagement
4 Compliance with laws and standards for the working environment
5 Business ethics, including anti-corruption
6 Energy consumption and energy mix
7 Truthful and accurate marketing practices
8 Diversity and inclusion
9 Material use in products and their impact on the environment, diversity of ecosystems,
and living organisms
10 Accessibility of healthcare services and products for all
Double materiality, Impact, Risk and Opportunity (IRO):
A long list of potential IROs were assessed and resulted in a number of IRO’s for Medistim.
The IRO’s were considered regarding impact materiality and financial materiality. ESRS’
topical standards were used as a foundation to the work, and each topical standard with
sub-topics and sub-sub-topics were considered with the value chain visible, and potential
and actual impacts were discussed and identified.
Medistim Annual Report - Fiscal year 2024 | page 46

The compiled list states where IROs are concentrated in the
business (own operations, upstream, downstream etc.) and
are categorized into sub-topics and sub-sub-topics where
applicable. In addition, time frame has been considered:
• Short-term horizon is considered 0-1 year
• Medium-term horizon is considered 2–5 years
• Long-term horizon is considered over 5 years
Based on this, scoring of both impact and financial
materiality has been conducted by Medistim with
support from CEMAsys. A threshold was identified, and a
sustainability matter is considered material if its highest-
scoring IRO exceeds the threshold and sustainability
matter is considered not material if its highest-scoring
IRO falls below the threshold.
Result of the Double Materiality Assessment:
The table, shows the outcome of the Double Materiality
Assessment for Medistim. Business conduct, customers and
end-users, pollution, climate change, circular economy and
workers in the value chain stand out as material for Medistim.
Each of those topics have sub-topics, and this is where focus
will be going forward. The company will continue the efforts
within sustainability from the strong push in 2024.
During the year, the company has also started the work on
Carbon Footprint. Data collection in Scope 1 (Direct emissions)
and scope 2 (Indirect emissions) has been initiated, and
scope 3 (Indirect emissions in the Value Chain) will be further
developed during the coming years. Already, the company
has implemented changes to the business operation to
reduce the carbon footprint. The switch to partial green fuel
on airborne goods is an example of such.
Medio 2024, the Transparency Act report was updated to reflect the changes
to the practices from the year before. Medistim strives for openness and
transparency and will continue supporting such initiatives going forward.
Stakeholder engagement and materiality
Medistim has conducted a materiality analysis following a stakeholder identification
process.. Investors, distributors, suppliers and employees were identified as key
company stakeholders and invited to participate in the materiality analysis via a
digital survey, followed up with selected in-depth interviews.
Link to European sustainability reporting standards (ESRS)
Medistim Annual Report - Fiscal year 2024 | page 47

The stakeholders were asked to grade
the importance of ESG related factors,
based on the SASB materiality map and
selected additional factors, by importance
for Medistim. A total of 46 stakeholders
participated in the survey, in addition a
number of stakeholders were interviewed
in 2024. Their answers combined
with interviews and a weighting of the
stakeholder groups provided the external
stakeholder ranking of the ESG factors.
This was contrasted with the responses
of an internal Medistim working group and
summarized in the materiality matrix.
By summarizing the factors identified
through the analysis, Medistim has defined
the following themes as material to the
company. The themes form the foundation
for this report:
• Product stewardship
• Responsible business
• People
Priorities going forward
This is the company’s fifth ESG report.
Medistim has continued to work with the
material topics identified and considered
initiatives on how the company can improve
performance for a more sustainable business
conduct. The collaboration with CEMAsys
will continue to strengthen the sustainability
focus in Medistim, and the company is in a
good position to comply with requirements
set out by EU and OECD on future
sustainability reporting.
9.2 Product stewardship
Patient safety is Medistim’s absolute priority
as a producer of medical devices. This
means focusing on quality and compliance
with applicable international and national
laws and regulations. Increasingly, in line
with stakeholders’ priorities, the company is
working to reduce the environmental impact
of Medistim’s products, manufacturing
process and distribution.
Product quality and safety
Medistim develops and produces medical
devices used to improve quality of cardiac and
vascular surgery. The products are subject
to high quality and safety requirements
and product certifications and require high
competence and excellent quality systems.
Medistim’s quality management system
(QMS) ensures that its products and
services are delivered in accordance with
relevant acts, regulations and requirements.
The company’s QMS is based on the ISO
9000:2015 and ISO 13485:2016 standards,
and complies with national and international
standards, rules and regulations for
manufacturers and suppliers of medical
devices. The QMS consists of a set of
policies, standard operation procedures,
forms and work instructions to ensure that
the products meet required quality and
safety standards.
During the last few years, Medistim has
put efforts in the preparation for MDR, the
new Medical Device Regulation (2017/745/
EU). This is the new regulation from
EU that will strengthen patient safety
through stricter demands related to quality
and safety. In October 2024, Medistim
received EU Medical Device Regulation
(MDR) certification for its MiraQ ultrasound
systems and Transit Time Flow Measurement
(TTFM) probes. After years of preparation,
Medistim has successfully obtained its
first CE certificates under the latest EU
Medical Device Regulation. All medical device
manufacturers must be compliant with the
MDR regulation within 2027 and 2028,
depending on medical device risk class.
Obtaining certification for the Imaging probe
is next up.
However, since Medistim is focusing on quality
and safety in general, substantial preparations
for the new regulation have been done the
last few years. Medistim relies on third-party
suppliers to achieve desired quality results for
products and services. All vendors of products,
raw materials and services used in the design,
development, production and servicing of
Medistim medical devices is subject to supplier
qualification. This includes consulting services
Medistim Annual Report - Fiscal year 2024 | page 48

commercial logistics providers based in the
Nordic region. Employees are encouraged
to take environmentally friendly options into
consideration, e.g., be considerate in how we
operate, do we have to fly out or can support
be offered through online meetings. Employees
are further encouraged to reduce consumption
and waste generated from their daily business
activities. Medistim has established routines
for management of chemicals and waste.
The lifetime of Medistim’s products is defined
either by the number of use or expected
time of performance after distribution to the
market. Average lifetime of the MiraQ machines
is seven years. The upgrade option with the
MiraQ platform from a flow system to a flow
and imaging system reduces electronic waste.
Flow probes can be used 50 times and the
imaging probe can be used 100 times and
even more if treated properly. All the electrical
components in use comply with environmental
standards. Hospitals and treatment centers
are responsible for safe disposal of the
equipment when it has reached end-of life.
All relevant materials used are subject to
biocompatibility testing to ensure that they
are not harmful for the patient or operator.
All equipment which is in contact with
human tissue is designed to withstand
required sterilization processes. In addition,
Medistim seeks to include in the supplier
agreements the intent to use environmentally
friendly materials and transport.
Medistim is assessing the opportunity to
provide remote servicing of its devices, which
may reduce travel activity and reduce shipping.
Product risk management
Risk management of Medistim’s products’ life
cycle is based on current standards, regulations
and national legislation related to medical
devices, clinical experience and documentation
with these and similar devices as well as state-
of-the-art technology. The company’s product
risk management procedures are governed by
the QMS.
In the making of upgrades, new products
or next generation of product, the company
strives to focus on “ease of use”. Not only
does it lower the threshold for surgeons to
take the equipment in use to improve quality
of the surgery, it also reduces the risk of
making an error during the procedure.
ESG goals for 2024 were:
• Refine ESG strategy for Medistim ASA
in order to comply with CSRD
• Continue working on KPIs for emissions
and consumption
• Reduce carbon footprint related to
transportation of goods by switching to
sustainable fuel on goods in and out of
production site in Horten
that can affect the quality management system
and product quality. The QMS also includes
procedures for selecting, assessing and
approving third-party suppliers such as supplier
audit programs and necessary documentation
to verify quality and ensure traceability.
The QMS is subject to regular reviews by the
management team. Employees are trained on
the company’s quality policies and standard
operating procedures which are continuously
evaluated and refined. All reports of adverse
events and product complaints are promptly
investigated and addressed. Adverse events
are reported to applicable health authorities
according to procedures.
Medistim had no quality incidents affecting
patient safety that led to any market actions
or need for reporting to health authorities e.g.
product recall or field corrective action in 2024.
Product life cycle and environmental footprint
Medistim has implemented an environmental
policy to increase environmental focus,
ensure sustainable operations and reduce its
environmental footprint.
The company’s direct environmental impact
relates primarily to the production facilities in
Horten, the distribution of products as well
as some traveling in connection with sales
and training activities. Medical equipment
is distributed by postal services with
Medistim Annual Report - Fiscal year 2024 | page 49

• Update the company’s Transparency
Act report from 2023
The ESG strategy for Medistim has been
refined and the ESG initiatives set out through
the last year have been closely followed-up by
the Board of Directors. The Audit Committee
has been given an extra responsibility in
safeguarding that Medistim is complying
with guidelines and regulations in the field of
sustainability and held a separate meeting in
2024 on this topic alone.
Medistim has through the year started
collecting data in the Carbon Footprint
module provided by CEMAsys. When
historical data is in place, targets and KPI’s
will be developed to monitor development
over time.
Switching from traditional fuel to a mix
consisting green fuel was implemented early
in 2024. This will have significant effect on
emissions going forward.
Medistim’s Transparency Act was updated
to reflect process changes medio 2024.
Goals for 2025:
• Continue to develop Medistims
sustainability data collection
• Continue working on targets and KPIs
for emissions and consumption in order
to reduce the carbon footprint for
Medistim
• Update the company’s Transparency
Act report from 2024
9.3 Responsible business
Ethical business conduct and compliance
with Norwegian Transparency Act
Compliance with national, regional and
international laws and regulations is mandatory
in all of Medistim’s activities, but good business
ethics goes beyond mere compliance. In order
to live up to the company’s mission and values
and achieve its strategic goals, everyone
is responsible for acting in a manner that
safeguards the interests of Medistim and its
stakeholders. This way, Medistim will continue
to build trust and credibility as a foundation for
sustainable operations over time.
Medistim’s framework for good business
conduct includes ethical guidelines and an anti-
corruption handbook that together shall ensure
compliance and sustainable operations across
the company and its supply chain.
Medistim’s ethical guidelines are built on
central UN and ILO (International Labour
Organization) conventions and principles for
human and labor rights and reflects Medistim’s
values and ethical view on good business
conduct. The guidelines clarify Medistim’s
expectations to employees’ behavior and cover
areas such as discrimination and harassment,
substance abuse, confidentiality and
protection of information, privacy protection,
conflicts of interest, communication, inside
information and whistle blowing.
Medistim is committed to a zero-tolerance policy
of corruption, which means that the company
strictly opposes all forms of corruption. The
anti-corruption handbook describes and explain
the company’s anti-corruption policy and
how employees shall act to avoid any illegal or
unethical situations in relation to existing and
potential business partners.
The ethical guidelines and anti-corruption
manual are applicable to all Medistim’s
employees, including subsidiaries and board
of directors, as well as business partners
for sales and distribution. All employees and
partners must approve in writing that the
guidelines are read and understood. This is
also followed up after revisions and updates
to the guidelines. Violation of the guidelines
may have consequences for the employment
or partner relationship. There were no
reported concerns during 2024.
The Norwegian Transparency act based on
OECD guidelines obligates companies to
conduct human rights and decent work due
diligence and follow-ups throughout their supply
chain and business relationships. Medistim has
conducted such due diligences on suppliers and
business relationships for many years and has a
well-established routine for such due diligences.
The Medistim Transparency Act Report was
presented during the first half of 2024 and
shows that Medistim is operating in line with
Transparency guidelines set by OECD. The
complete report can be found at medistim.com.
Medistim Annual Report - Fiscal year 2024 | page 50

Whistle blowing
Medistim has established routines for
reporting concerns related to illegal or
unethical conduct, including a whistle
blowing channel for discrete and confidential
handling of any potential reports. There were
no reported concerns during 2024.
Responsible selling practices
Medistim is a global leader in developing
products for quality control within of
cardiac and vascular surgery. The
company’s products are sold either directly
through subsidiaries or distributors in all
continents. A standardized sales process
has been established to ensure truthful
and responsible selling practices as well
as clearly defined requirements related to
implementation of the solutions. All customer
communication is done by trained and
authorized personnel.
Medistim has a flexible business model
in which product offerings and prices
are adapted to individual markets. Each
distributor sets the local end user-price in
their markets.
The company engages in continuous dialogue
with a broad range of organizations to increase
awareness and knowledge of its solutions.
Inclusion in leading health organizations’
guidelines for clinical surgery is vital to achieve
“Standard of Care” status.
Data security and customer privacy
As a healthcare company, Medistim may
gather and store personal data as part of its
research and development projects. At the
same time, personal data is increasingly at risk
of being misplaced, stolen or shared without
consent. Medistim recognizes its responsibility
of managing the data collected in a responsible
manner and keeping the data safe.
The company is subject to laws and
regulations that stipulate how personal data
can be collected and managed, such as
General Data Protection Regulation (GDPR).
Strict guidelines and procedures have been
implemented to ensure compliance. This
involves regular reviews and development of
the company’s internal control systems and
risk management processes to continuously
improve and address existing and emerging
data security and privacy threats. No service
is conducted on equipment before patient
data have been deleted.
To ensure a modern, secure and well-
functioning IT platform, the company
has outsourced its IT management to a
professional service provider. Any breaches
to data security and consumer privacy will
be reported and followed up immediately.
Medistim registered no data and GDPR
breaches and no wrongful sharing of
personal customer data incidents in 2024.
9.4 People
Medistim is committed to being a responsible
employer and promotes an open and strong
corporate culture. The company supports
internationally recognized human rights
and labor standards, as defined by the
International Labour Organization’s (ILO)
fundamental conventions and the UN
Declaration of Human Rights.
When assessing compensation there is a
distinction between educated and skilled
employees. The skilled group is typically
trained employees by Medistim where formal
education is not required. In total, the gender
balance is equal, but more women are in the
group of skilled employees. This explains the
difference in average salary. Comparing men
and women in the same groups the terms
are equal. The compensation includes both
fixed salary and bonuses.
Goal for 2024 was as following:
• Complete employee engagement survey
in Norway
The employee engagement survey was carried
out by the HR service provider Medvind medio
2024 and showed that people in general are
very happy at Medistim in Norway. Both at HQ
in Oslo and at the production site in Horten,
feedback was positive with high scores around
5 out of 6 on average, slightly higher at HQ
Medistim Annual Report - Fiscal year 2024 | page 51

than at production. The survey showed that
people were very satisfied with their jobs and
had a good relationship to their colleagues.
Some comments were made on lack of
feedback for work performed, this will be focus
for leaders in 2025.
Employee skills and job engagement
The ability to attract and retain a skilled
workforce is imperative for Medistim to succeed
over time. At year-end, Medistim employed 154
people (152).
The company has developed a competence
matrix which clarifies required competence
and resources needed to ensure the
right quality of the products and services
provided and to meet customers’ needs.
Individual training programs are set up for
each employee, either when onboarding
new workers or after individual evaluations.
The training is tailored to each role, tasks
and duties and includes tutoring and
participation at internal and external
courses, seminars and other relevant
arrangements.
Working environment
Medistim strives to ensure a good working
environment. All employees are entitled
to an annual performance review with its
immediate supervisor.
Sick leave for the year totaled 2,9 % or
1 095 days (4,0 % or 1 598 days). No
work-related incidents or accidents were
registered in 2024 (0).
In order to improve the working environment,
actions are taken to reduce static load for the
operators in production and reduce exposure
towards dust, gases and chemicals. Long term,
the goal is to add automation in the production
process.
A separate project is established to redesign
the PS probes through machine learning and
automation. The project is expected to go on
for several years and will improve the probe
production capacity vastly.
Furthermore, Medistim has established a
company sports team, of which taking part in
the Holmenkollen relay race was a highlight also
in 2024. Also, vegetarian lunch every Tuesday
is implemented at the Head Quarter in Oslo.
Diversity and equal opportunities
Medistim promotes a productive and inclusive
working environment, free from harassment,
discrimination, and disrespectful behavior. All
employees are offered equal opportunities with
regards to hiring, compensation, training and
promotion regardless of gender, age, ethnic
and national origin, religion, sexual orientation,
social background or other distinguishing
characteristics.
Competence is the main priority when
recruiting for new positions. Medistim has
equal gender distribution with 53 % women
and 47 % men, as the Group traditionally
has recruited from environments where
women and men are equally represented.
The company practices equal pay within the
same salary range, but on average Group
level, men are paid more due to the higher
share of higher-level positions.
Medistim offers full pay during parental leave
for both men and women, and in 2024,
1.2 % of Medistim’s female and none of male
employees took parental leave. On average,
women took 16 weeks.
Medistim is a company in growth with an
increasing number of employees, which
increase diversity and complexity. Medistim
acknowledges this and an HR function was
established 2021.
40-year Anniversary
In 2024, Medistim celebrated its 40th
anniversary—marking four decades of
empowering the surgical community with
uncompromised quality. The milestone
was commemorated with a company-wide
celebration at Oscarsborg, Norway.
Medistim Annual Report - Fiscal year 2024 | page 52

Medistim Annual Report - Fiscal year 2024 | page 53

Medistim Annual Report - Fiscal year 2024 | page 54

Summary ESG KPIs table 2024 2023
Indicators
Working environment, health and safety
Number of employees 154 152
Number/ share of part-time employees - 1
Turnover - number of employees leaving 10 14
Sickleave (%) 2,9 % 4,0 %
Number of work-related injuries - -
Gender balance, % women of group total 52,6 % 52,0 %
Gender balance, % women executive management 41,7 % 41,7 %
Gender balance, % women Board of Directors 43 % 43 %
Number of women hired during the year 8 25
Number of men hired during the year 4 9
Age distribution, employees < 30 years 6 7
Age distribution, employees 30-50 years 78 80
Age distribution, employees > 50 years 70 65
Average salary female employees in NOK 800 832 766 814
Average salary male employees in NOK 1 311 746 1 217 246
All employees incl. management level, womens share of salary
per position 1 043 019 983 140
Executive management, womens share of salary per position
(Hay Grade) 33 % 34 %
Number of weeks for maternity leave (women) 16 18
Number of weeks for paternity leave (men) - 14
Responsible operations
Employees conducted training in ethical guidelines/Code of
Conduct (%) 100 % 100 %
Reported whistleblower incidents - -
Reported incidents of corruption - -
Breaches of labour practices in the supply chain - -
Governance
Number of board members 7 7
Independent board members 5 5
Average age of board members 57 54
Meeting participation (%) 100 % 97 %
Medistim Annual Report - Fiscal year 2024 | page 55

Income statement (amount in NOK 1 000) Note 2024 2023
Operating income and expenses
Revenue 556 164 521 109
Other income 6 435 5 255
Total revenue 1, 2 562 599 526 364
Cost of materials 3 113 680 112 280
Salary and social expenses 4, 21 185 113 162 597
Other operating expenses 5, 8 108 220 96 388
Total operating expenses before depreciation and
amortization expenses 407 013 371 265
Operating profit before depreciation and
amortization expenses 155 585 155 099
Depreciation and amortisation expenses 6, 7, 12 24 510 23 657
Operating profit 131 076 131 442
Financial income and expenses
Financial income 9, 20 11 499 17 123
Financial expenses 9, 20 8 329 13 352
Net finance 3 170 3 770
Profit before tax 134 246 135 212
Tax expense 10 30 414 31 389
Profit for the year 11 103 832 103 823
Earnings per share
Basic 11 5.67 5.68
Diluted 11 5.67 5.67
Statement of other comprehensive income
Profit for the year 103 832 103 823
Exchange differences arising on translation of foreign
operations 16 184 2 597
Total comprehensive income 120 016 106 420
. GROUP CONSOLIDATED FINANCIAL STATEMENTS
10.1 Consolidated income statement and other comprehensive income
Medistim Annual Report - Fiscal year 2024 | page 56

. GROUP CONSOLIDATED FINANCIAL STATEMENTS
10.1 Consolidated income statement and other comprehensive income
10.2 Consolidated statement of financial position
Balance sheet (amount in NOK 1 000) NOTE 31.12.2024 31.12.2023
Assets
Non-current assets
Property, plant and equipment 6 73 162 57 305
Deferred tax asset 10 9 022 5 142
Intangible assets 12 59 336 45 375
Other non-current receivable 21 4 317 6 331
Total non-current assets 145 837 114 152
Current assets
Inventory 14 160 521 145 391
Accounts receivable 15 68 980 74 303
Other current receivables 15 20 421 18 000
Cash and cash equivalents 16 179 210 153 872
Total current assets 429 131 391 566
Total assets 574 968 505 718
Equity and liabilities
Equity
Share capital 17 4 585 4 585
Treasury shares 17 -6 -13
Share premium 17 41 852 41 852
Other paid in capital 17 25 804 24 743
Issued capital 17 72 235 71 167
Other reserves 17 35 578 19 394
Retained earnings 17 328 798 307 380
Retained earnings 364 376 326 774
Total equity 436 611 397 941
Non current liabilities
Lease liabilities 7, 24 25 059 9 260
Deferred revenue 24 5 931 4 234
Total non current liabilities 30 990 13 493
Current liabilities
Accounts payable 17 730 25 083
Income tax payable 10 27 375 28 404
Other current liabilities 19 50 127 31 426
Provisions 22 2 831 988
Lease liabilities 7, 18, 24 9 305 8 384
Total current liabilities 107 367 94 284
Total liabilities 138 357 107 777
Total equity and liabilities 574 968 505 718
Medistim Annual Report - Fiscal year 2024 | page 57

10.3 Consolidated cash flow statement
Cash flow statement (amount in NOK 1 000) Note 2024 2023
Cash flow from operations
Profit before tax 134 246 135 212
Income tax paid -28 404 -25 699
Depreciations and amortizations
6, 7, 12
24 510 23 657
Change in inventory
14
-15 130 -31 058
Change in accounts receivable
15
5 323 27 354
Change in accounts payable 1 951 613
Share program for management
21
1 068 6 009
Change in other accruals 19 540 -16 891
Net cash from operating activities 143 104 119 198
Investing activities
Purchase of property, plant and equipment
6
-6 068 -16 399
Product under development
12
-18 625 -13 327
Net cash from investing activities -24 693 -29 726
Financing activities
Dividend
11
-82 414 -82 180
Principle and interest paid on lease liabilities
7, 24
-9 115 -8 712
Net cash from financing activities -91 529 -90 892
Foreign currency effect on cash
-1 544 2 651
Net change in cash and cash equivalents 25 338 1 231
Cash and cash equivalents as of 01.01 153 872 152 641
Cash and cash equivalents as of 31.12
16
179 210 153 872
Available cash and cash equivalents and cash
withholding
Available cash and cash equivalents as of 31.12
16
171 272 146 082
Cash withholding for taxes
16
7 938 7 790
Cash and cash equivalents as of 31.12 179 210 153 872
Change in other accruals was related to bonus, commissions and other expenses accrued in
2024 but not paid in 2024.
Medistim Annual Report - Fiscal year 2024 | page 58

10.4 Consolidated statement of change in equity
Change in equity
(amount in NOK 1 000) Note
Share
capital
Treasury
shares
Share
premium
fund
Other
paid in
capital
Total
paid in
capital
Other
reserves
Retained
earnings
Other
equity Total Equity
Equity as of 31.12.22 4 585 -21 41 852 18 742 65 158 16 797 285 736 302 533 367 692
Total comprehensive income
for the period - - - - - 2 597 103 823 106 420 106 420
Share based payments 17, 21 - 8 - 6 001 6 009 - - - 6 009
Dividend 11 - - - - - - -82 180 -82 180 -82 180
Equity as of 31.12.23 4 585 -13 41 852 24 743 71 167 19 394 307 380 326 774 397 941
Total comprehensive income
for the period - - - - - 16 184 103 832 120 016 120 016
Share-based payments 17, 21 - 8 - 1 061 1 068 - - - 1 068
Dividend 11 - - - - - - -82 414 -82 414 -82 414
Equity as of 31.12.24 4 585 -6 41 852 25 804 72 235 35 578 328 798 364 376 436 611
Comments to other reserves:
Other reserves in the equity reconciliation are differences related to translating equity from foreign subsidiaries to NOK. The subsidiaries
present their financial statements in EUR, GBP, DKK, CAD, SEK, CNY and USD. When translated to NOK a difference occur due to the change
in the exchange between NOK and these currencies. By year end 2024 this difference was TNOK 35 587 and the change for the year was
TNOK 16 184. By year-end 2023, the equivalent was TNOK 19 394, a change of TNOK 2 597 from the year before.
Treasury shares
When treasury shares are purchased, the purchase price including directly attributable costs is recognized in equity. Treasury shares are
presented as a reduction of equity. Loss or gain on transactions of treasury shares are not recognized in the income statement.
Medistim Annual Report - Fiscal year 2024 | page 59

10.5 Basis for preparation of
financial statements
Accounting policies
Medistim ASA is a public company listed
at the Oslo stock exchange. Medistim ASA
is incorporated in Norway. The main office
is located in Økernveien 94, 0579 Oslo,
Norway. The Medistim group’s business is
within developing, producing, service, leasing
and distribution of medical devices.
The board of Director’s and the CEO
authorized these financial statements
for issue on April 8th 2025. The financial
statement for the group is prepared in
accordance with IFRS® Accounting
Standards as adopted by the EU and
effective as of 31.12.2024.
The consolidated accounts have been prepared
using consistent accounting policies for similar
transactions and events. The accounting
principles for the group for 2024 are the same
as for the principles used in 2023.
The group presents its financial statements
in NOK. This is also the functional currency
for the parent company. Asset and liabilities
of subsidiaries with other functional currency
than NOK, are translated to NOK using the
exchange rate at the balance sheet date. For
the income statement, the average monthly
rate in the period is used. Translation
differences arising from translation to
presentation currency, is recognized in
other comprehensive income and presented
as “other reserves” in the balance sheet.
Translation differences is recognized in profit
and loss when the investment is sold.
Exchange rate differences on monetary
assets and liabilities that in substance
is part of the net investment in a foreign
operation, is also included in translation
differences.
The consolidated accounts include Medistim
ASA and companies controlled by Medistim
ASA.This is detailed in “Note 32 Shares in
Subsidiaries” in the separate accounts of
Medistim ASA later in this report.
10.6 Use of estimates and
judgement
The preparation of the consolidated financial
statements requires management to make
judgments, estimates and assumptions that
impact the recognition and measurement of
certain assets, liabilities, revenue and cost.
The following area involves the most critical
estimates and judgments for the company:
• Research and development cost relating
to internally developed technology and
software “Note 12 Intangible assets”
• Goodwill “Note 12 Intangible assets”
• Deferred tax assets”Note 10 Income
tax”
• Inventory provision “Note 14 Inventory”
• Provision for bad debt “Note 15
Accounts receivables and other
receivables”
The global market is in macro-economic
turmoil, with energy crisis, inflation pressure,
increasing interest rates and higher cost levels.
Non-current consequences of the growing
geopolitical uncertainty are unclear but might
lead to continuing challenges in the global flow
of goods. Medistim is taking mitigating actions
to ensure access to key components to secure
production and maintain growth and profitability
also for the future.
10.7 New and amended standards
effective from 2024
There are certain changes in standards IFRS
17, IFRS 16, IAS 1, and IAS 12. These do not
impact the group’s financial statements.
10.8 New and amended standards
not yet effective
New IFRS Accounting Standards,
interpretations or amendments that are
issued buy the IASB, but not yet effective,
are not expected to cause any significant
changes for the financial reporting for
Medistim, except for the new IFRS 18
Presentation and Disclosure in Financial
Statements. IFRS 18 will replace IAS 1
Medistim Annual Report - Fiscal year 2024 | page 60

and applies for annual reporting periods
beginning on or after January 1, 2027.
IFRS 18 introduces new requirements for
presentation in the income statement,
how to group information in the financial
statements and introduce disclosure
requirements for management-defined
performance measures.
10.9 Notes to the accounts
NOTE 1 REVENUE
Medistim uses the 5-step model as a
basis for income recognition. Based on the
contract model applied and the obligations
in the contract, the price is determined and
allocated. Depending on the first 4 steps,
income recognition is initiated. The different
ways of income recognition are described in
detail below. Revenue from contracts with
customers is recognized when control of
the goods or services are transferred to the
customer at an amount that reflects the
consideration to which the group expects to
be entitled in exchange for those goods or
services.
Group revenue can be split in three different
categories that have different risk and return
on investment profile. The split is according
to the company’s internal reporting
structure.
The categories are as follows:
1. Revenue from sale of capital equipment
(MiraQ) and consumable (probes)
2. Revenue from lease of equipment
(MiraQ and probes)
3. Distribution and sales of third-party
products
Category 1 and 2 covers the same
equipment (MiraQ system) and consumables
(probes). This is the products that are
developed and produced by Medistim and
is distributed through local partners unless
Medistim has local representation.
1. Sale of capital equipment and
consumables:
The sale of equipment and the sale of
consumables are considered separate
performance obligations. Determination of
when the performance obligation is considered
fulfilled varies with shipping and delivery terms
that decide the timing of when the customer
takes control over the goods. Standard delivery
terms are either EXW or FCA. With EXW
terms control is transferred when products
are shipped from the factory. With FCA terms
customer control is transferred when products
are delivered at customer site. Revenue is for
both delivery terms recognized at point in time.
Payment terms varies from 30 to 90 days.
The group provides warranties for general
repairs of defects that existed at the time
of sale. This is considered an ordinary
assurance type warranty, and not a separate
performance obligation. A warranty provision
is recognized, see “Note 21 Related party
transactions”. In addition, service contracts /
extended warranty options can be arranged.
Revenue related to these contracts are
recognized on straight line basis over the
duration of the contract.
2. Revenue from lease of equipment and
probes:
The group has a range of contracts related
to lease of equipment and probes and can
be split in two categories:
• Payment per procedures
• Lease of equipment and sale / lease of
probes
Payment per procedure:
Under this model, the equipment and probes
are placed at the customer site free of charge.
For the customer to be able to use the
equipment a procedure (smart card) must be
purchased. One procedure equals the right
to use the equipment for one surgery. When
the customer purchases the smart card that
makes the system available for use.
Medistim Annual Report - Fiscal year 2024 | page 61

The agreement is considered a lease with
variable lease payments. Revenue is variable
and recognized based on the actual use of the
equipment and probes as this represent the
pattern that the benefit from the use of the
equipment and proves is diminished.
Flow customers purchase a flow procedure,
while flow and imaging customers purchase
both a flow procedure and an imaging
procedure. It is therefore a split of revenue
between flow procedures and imaging
procedures. Revenue is recognized as
described above. The customer is dependent
upon the smartcard to open the equipment
and probe for use. The agreements are
operational since equipment is returned when
the agreement expires.
The individual agreement contains a minimum
use clause. The duration of the agreement is
1-3 years, but divided into 12-month cycles,
so minimum usage applies for 12 months at
a time. If minimum usage is not achieved,
Medistim has the right to extract the
equipment from the customer site.
Lease of systems and sales / lease of
probes:
Under this model, the customer leases the
system and purchases probes when needed.
The system revenue is recognized on a
straight-line basis over the lease term. Probe
revenue is recognized when the probe is
delivered to the customer.
When probes are leased the expected probe
consumption according to the contract
is recognized on straight line basis but
on a regular adjusted for actual probe
consumption.
Other terms in the agreements:
If a customer with a pay per procedure
or lease agreement does not handle the
equipment properly, the customer is liable
towards Medistim to compensate for the
damage and repair. It happens that customers
after too low consumption want to keep the
equipment. In such cases, the customer may
purchase the equipment. In this case, this is
recognized as a system sale.
Split of revenue between coronary surgery
and vascular surgery:
The company has in addition to coronary
surgery a strategy and focus towards
vascular surgery. The principles for guiding
and quality assurance within vascular
surgery is similar to the need within coronary
surgery. Within coronary surgery, the
surgeons focus is to supply sufficient blood
to the heart. Within vascular surgery, the
focus is to supply blood flow in other parts
in the body or organs. The vascular market
is an opportunity with a market size even
larger than coronary surgery. It is therefore
natural to report sales split between cardiac
surgery and vascular surgery.
Geographic sales split:
Geographical sales split is monitored to
be able to follow the development in sales
in AMERICAS, APAC and EMEA. This split
is natural since each region is managed
accordingly.
3. Third-party sales:
Sale of other third-party medical equipment
is recognized when the equipment is
delivered to the customer. Payment from
customers is mainly due within 30 days.
Other revenue in the P&L includes service,
spare parts, grants and other income that is
not own products or third-party products.
Medistim Annual Report - Fiscal year 2024 | page 62

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NOTE 2 SEGMENTS
The group’s activities are divided into strategic business units that are organized and managed separately. The group is organized, for
management purpose, in two divisions dependent upon products and services. The segments are identified based upon different risk and
return on investment profile. The division is also in accordance with the group’s internal reporting structure. The main divisions are sale of
own products and sale of third-party products. Sale of own products has two business models, the capital model and the lease model. The
segment reporting is similar to the internal reports that are given to the decision makers in the company. Focus in the reporting is sales in
NOK and units for the respective segments.
Transactions between internal business units are performed at market terms. All transactions between the segments are eliminated.
Medistim Annual Report - Fiscal year 2024 | page 66

Own Products:
Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the
customer whether they want to lease the equipment or purchase the capital equipment and buy probes as consumable.
The lease model in the USA has been successful since it does not demand upfront capital to have the equipment available. However, several
customers prefer to invest in the equipment and purchase probes as consumables and Medistim promotes both solutions. Medistim has direct
representation in the USA, which makes it manageable to handle the lease model properly. Medistim only offers the lease option in direct markets. In
recent years, the lease options have also been introduced in Spain and UK. Lease revenue outside the US is at a moderate level.
Third-party products:
Distribution of third-party products:
Distribution and sale of third-party products is a separate segment. The group sells medical devices from third party manufacturers in
Norway, Sweden and Denmark. The product portfolio is carefully selected and mainly instruments and consumables within surgery.
Medistim Annual Report - Fiscal year 2024 | page 67

NOTE 3 SPLIT OF COST OF MATERIAL
The inventory change related to salary is included under “Change of inventory of finished Medistim goods”. Change in inventory provision is
included under “Raw materials and components used”. See also “Note 14 Inventory”.
NOTE 4 SPLIT OF SALARY EXPENSES
Medistim Annual Report - Fiscal year 2024 | page 68

Employees in Medistim with a pension plan are included in a contribution plan where an agreed percentage of the employee’s salary is paid to the
employee pension account. The company’s payment of contributions is expensed in the period it is incurred. For the 108 Norwegian employees there is
a contribution plan that covers 5 % of salary up to 7.1G and 8 % of salary between 7.1G and 12G. 1G is the base amount in the social security system.
The 24 employees in the US follows a pension plan, a 401 (k) match that covers 4 % of salary. The total cost for the contribution plans was in 2024
MNOK 6.59, while it was MNOK 6.26 in 2023. It is compulsory by law for the company to have a pension plan for its employees in Norway. The pension
plans in the company fulfill the obligation in the Norwegian law. Employees outside Norway and US do not have a pension plan.
NOTE 5 AUDIT FEE
Medistim Annual Report - Fiscal year 2024 | page 69

NOTE 6 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is recorded at cost less accumulated depreciations and write-downs. When an asset is sold, the carrying value of
the asset is derecognized and any gain or loss from the sale is recognized in the income statement. Items of property, plant and equipment are
depreciated straight line over the estimated useful life from the time it is available for use. Useful life is as follows:
• Machinery and equipment 3-7 years
• Other assets 3-5 years
Property, plant and equipment are tested for impairment if there are indication of impairment. If the carrying amount exceeds the assets recoverable
amount, being the higher of value in use and fair value less cost of disposal, the asset is written down to the recoverable amount. Depreciation time and
method is evaluated on a yearly basis.
The assets that are leased to customers are recognized as property, plant and equipment in the balance sheet. Direct cost related to the
leasing agreement is added to the carrying amount of the leased assets and is depreciated over the lease term.
Medistim Annual Report - Fiscal year 2024 | page 70

Right to use assets
See “Note 7 Right to use assets” for details.
Security
Equipment and other assets is pledged as security as of 31.12.2024. The security is related to bank guarantees, guarantee towards landlord
for rent and hedging credit facility. The group’s bank had the same security as of 31.12.2023.
Medistim Annual Report - Fiscal year 2024 | page 71

NOTE 7 RIGHT TO USE ASSETS
Right to use assets
The company is renting offices in Økernveien
94 in Oslo, Bromsveien 17 and Raveien 205
in Horten and in 14000 25ave. N. Suite
108 in Plymouth in Minneapolis, Minnesota,
USA. In Oslo and Raveien 205 in Horten the
rental agreement expires in 2030 and 2025
respectively. Bromsveien 17 in Horten expires
in 2027. In the USA, the rental agreement
expires year-end 2030. The rent is adjusted
yearly according to National indexes for
goods and services. The lease in Økernveien
94 expires in May 2030, the lease in
Bromsveien 17 may be prolonged with 2
years after 2027 and Raveien 205 may be
prolonged with 2 years after 2025. It is at
present uncertain whether these leases will
be prolonged.
The group also leases office equipment and
cars. The longest remaining lease term for
office equipment and cars is until December
2025 and December 2028 respectively.
Medistim have some other leases that are
minor and not included in the balance sheet
as right to use assets and liabilities.
The company recognizes a lease liability
and a right-of-use asset for leases with a
duration of more than 12 months, provided
that the underlying asset is not of low value.
The lease liability is the present value of
the lease payment over the lease term.
Lease payment includes fixed payments
and variable lease payments that depend
on an index or a rate. The lease term is the
non-cancellable period of the lease together
periods covered by an option to extend the
lease when the exercise of the option is
reasonably certain.
Right-of-use assets are depreciated over
the shortest of the lease term and useful
life. Depreciation of right-of-use assets is
presented together with other depreciation
in the income statement.
Lease payments are allocated between
installments and interest based on a
constant periodic rate of interest being the
interest used to calculate the lease liability.
The interest expense is presented as a
financial expense in the income statement.
Leased assets are recorded in the balance
sheet with a corresponding liability and the
lease expense recorded as depreciation and
interest expense. Medistim’s leased assets
with right to use and liabilities are shown in
the following table.
Medistim Annual Report - Fiscal year 2024 | page 72

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Medistim Annual Report - Fiscal year 2024 | page 74

NOTE 8 OTHER OPERATING EXPENSES
NOTE 9 FINANCIAL INCOME AND EXPENSES
As of 31.12.2024, the company had MNOK 42.7 in interest bearing liability related to lease contracts shown in “Note 7 Right to use assets”. Additional
cash in the group gave interest revenue of TNOK 4 569. Other finance income and expenses was realized or unrealized gains or losses towards foreign
currency. Financial income and expenses are shown below. See “Note 20 Financial Risk” for comment about financial risks and exposure.
Medistim Annual Report - Fiscal year 2024 | page 75

NOTE 10 INCOME TAX
The tax expense in the income statement includes both payable taxes for the period and changes
in deferred tax. Deferred tax is calculated based on temporary differences between tax values and
carrying amount of assets and liabilities. Tax payable and deferred tax is recorded against equity if
the transaction is an equity transaction.
The deferred tax asset in the balance sheet is based upon future utilization of deductible
temporary differences. There is no time limitation for utilization of the temporary differences. Tax
rates in Germany and in the US are different from Norwegian rates. The difference in tax rates
gives an average tax rate of 22.7 % in 2024. Medistim has over several years shown solid profit
and it’s the company’s assessment that it is likely that tax assets will be utilized in the future.
Medistim Annual Report - Fiscal year 2024 | page 76

NOTE 11 EARNING PER SHARE
The company has only one class of shares. Ordinary earning per share is calculated as the relation between profits for the year that is
allocated to ordinary shareholders divided with average number of shares outstanding. Treasury shares are not included and average number
of treasury shares are excluded from the calculation. In 2024, there were share options to CEO. The share option plan to CEO is described
under chapter 3 compensation to management and “Note 21 Related party transactions”. By year-end the company had 23 117 own shares.
Medistim Annual Report - Fiscal year 2024 | page 77

NOTE 12 INTANGIBLE ASSETS
Product technology and additions, goodwill
and license agreement
Intangible assets are recognized in the balance
sheet if it is probable that the future economic
benefits will flow to the company, and the cost
of the asset can be measured reliable.
Intangible asset with finite economic life
is measured at cost less accumulated
amortization and write-downs. Amortization
is done on a straight-line basis over
expected lifetime. The amortization period
and method are reviewed on a yearly basis.
Intangible assets with indefinite useful life
are not amortized but tested for impairment
at least annually.
Research and development:
Research cost is expensed as incurred. Cost
to internal development of technology or
software is capitalized as an intangible asset
when it is demonstrated that:
• it is technically feasible to complete the
asset
• the company has the recourse to
complete the project
• the product will generate future
economic benefits
• expenditure can be reliable measured.
Cost capitalized include materials, salary and
social expenses and other expenses that
can be allocated to the development of the
asset. Internally developed intangible assets
are amortized on a straight-line basis over the
expected useful life. Amortization starts when
the asset is available for use. Intangible assets
not ready for use, is tested for impairment
on a yearly basis. Capitalized development
costs are written down when a new product is
ready for sale, or an improved product is ready
for sale. Internally develop intangible asset is
tested for impairment on a regular basis by
discounting expected cash flow generated
from the asset. If the discounted value is lower
than the carrying amount the asset is written
down. Capitalized cost related to development
of own products are depreciated on a straight-
line basis over expected lifetime. Expected
lifetime varies from 3 to 8 years.
Development cost related to technology
and software has been recognized as an
intangible asset because Medistim can
demonstrate technological feasibility for
the asset to be available for sale for both
existing products and new products. The
revenue potential for the projects exceeds
the investment. The balance sheet value as
of 31.12.2024 was MNOK 2.8. The estimates
that form the basis for the intangible asset
are performed by the management of the
company, and there will always be a level of
uncertainty in relation to the assessments
that are performed on future revenue for
future products. Capitalized development
costs are depreciated over 3 to 8 years.
8 years is used if it is a new product on a
new technological platform that creates
the basis for a new generation of products.
Based upon a platform or new generation of
products there will be further developments
and improvements. These enhancements of
the products are depreciated over 3 years
because of rapid technological development.
Within 3 years, it is assumed that parts or all
of existing technology is updated.
In 2024, MNOK 18.6 of product technology
additions, was recognized in the balance
sheet related to the MiraQ products. The
MiraQ platform forms the basis for future
models from Medistim. All development
activity is performed in the parent company.
Medistim Annual Report - Fiscal year 2024 | page 78

Accumulated depreciations and write downs
Accumulated depreciations and write downs
Intangible assets are depreciated on a straight-line basis over the useful life.
Useful life for capitalized product development is 3 to 8 years.
Medistim Annual Report - Fiscal year 2024 | page 79

Product technology
Probes to vascular surgery – the PV probe:
Within vascular surgery, there is a
corresponding need to measure blood flow in
the same manner as within cardiac surgery.
Some vascular surgeons are already using
Medistim’s equipment even though the
probes are designed for cardiac surgery.
The market in vascular surgery is large and
it is performed about 1 300 000 procedures
annually. In comparison, about 700 000
procedures are performed per year within
cardiac surgery. This is a significant market
where Medistim can customize its solution
with a modest investment. Book value as of
31.12.2024 was MNOK 0.8. Expected useful
life for the PV probes are 8 years.
4th generation of systems; the MiraQ
Entering into 2024, Medistim had invested
MNOK 39.2 in the system platform that
represent Medistim’s 4th generation of
systems within flow measurement and
imaging to ensure quality and guiding
during surgery. The platform has a flexibility
that will allow customer adaption and new
applications. The technological improvements
have secured and strengthened Medistim’s
leading position. The MiraQ is the platform
for all Medistim solutions. Book value for the
MiraQ platform by year-end was MNOK 2.0.
Expected lifetime for the product is 8 years.
In the table above PV probes and MiraQ
system is shown under technology and
development cost.
Additions under development:
This is related to the development of new
cardiac flow probes. The aim is to modernize
design for the user to make it easier to
use but also develop a design that is more
efficient to have in production. Medistim has
several years of experience with in-house
production and input from customers on a
better design on the probe for the user. With
this extensive experience and knowledge, it
is likely that a new probe will be developed
with success. In 2024 MNOK 10.2 was
invested in the project and book value by
year end 2024 was MNOK 20.0.
The next generation of software within both
cardiac segment and vascular segment
was under development during 2024. The
new software has a new user interface and
tools to aid the interpretation of the results.
Medistim’s Innovation team has together
with Key Opinion Leaders tested several
prototypes to identify the preferred solution.
In 2024 MNOK 8.1 was invested in the
software project and book value by year end
2024 was MNOK 21.3.
Medistim needs to be compliant with the
new Medical Device Regulation (MDR) In
2024, MNOK 0.3 was invested in making
Medistim MDR compliant and book value at
year end 2024 was MNOK 2.5. In the table
above additions under development is shown
under product under development.
Summary product technology
In total MNOK 16.4 of the R & D expenses
was recorded in the P & L in 2024. Similar
expense was MNOK 15.7 in 2023. With
MNOK 18.6 recognized as asset a total of
MNOK 35.0 was used in R & D in 2024.
Comparable number for 2023 was MNOK
13.3 recognized as asset and total used
in R&D was MNOK 29. Medistim received
MNOK 1.4 in Skattefunn funds in 2024 and
TNOK 309 in 2023.
In the estimates used to test for impairment,
the 3-year strategy plan is used with a
discount rate of 16 %. See comment under
goodwill with regard to discount rate.
Goodwill
A yearly test of values is done for the cash
flow generating units that has a goodwill
value in the balance sheet.
Medistim Annual Report - Fiscal year 2024 | page 80

A test of values is performed by estimating
the cash flow for Medistim Norge AS. This
is estimated using the company’s budget
for 2025 and 3-year strategy plan for the
years 2026 to 2028 with the assumption
of 2 % growth in 2029 compared to 2028.
Cash flows for more than five years are
estimated by using Gordon’s growth formula
with a 2 % growth in the terminal year. The
cash flow is discounted using 16 % discount
rate. This includes an additional yield of 9.7
% compared to risk free interest. The value
of the discounted cash flow exceeded the
recorded book value in the balance sheet
and there was no need for a write down of
goodwill.
The estimates in the tests are most sensitive
to changes in the following parameters:
• Maintaining market share and product
lines
• Maintaining margins and keep
competitive prices
• Level of minimum return on investment
• Future growth
• Employee know-how
Maintaining market share and product lines:
Within the medical device industry there are
major investments done in the development
of products. Medistim Norge has certain
product lines that have a large portion
of total sales. Medistim Norge’s financial
situation will be affected if a new product
was released in the market that would
replace existing key products, and Medistim
Norge is not distributor for the new product.
The company would also be affected if a
supplier changes distributor or chooses
to go direct in the Norwegian market. For
this reason it is important for the company
to maintain know how and performance
to secure key product lines. It is equally
important that the company is able to see
trends and take in new products with a
future potential. The largest product line for
the company has 20 % of total sales. If this
product line is lost together with another line
that is 5 – 10 % of total sales, all goodwill
needs to be written down.
Maintain margins and keep competitive
prices:
Medistim Norge AS largest customers are
Norwegian hospitals. The hospitals are
continuously improving their purchasing
routines and purchasing is centralized
and professionalized. This increases the
demand for better quality and prices from
the suppliers. The company’s ability to
maintain prices by offering quality products
and services is crucial in the competition
for future contracts. The company is
well connected to its suppliers and when
the competition increases the suppliers
is contributing by lowering their prices.
However, it is not realistic to expect that
the suppliers will compensate for all of
the reduction in prices. The company’s
experience is that about 50 % of the price
change is covered by the suppliers in an
increased competitive situation. A price
reduction of 10 % without any compensation
from the suppliers is the break-even level for
write down of goodwill.
Medistim Annual Report - Fiscal year 2024 | page 81

Weighted average capital cost (WACC):
The company uses a WACC that is equal
to risk free interest with an addition of a
risk premium. This level is evaluated on a
yearly basis and a change in the WACC
could affect the evaluation of the intangible
assets. Risk-free interest rate is based
on 10-year government bond that at the
beginning of the year was 3.9 %. In addition,
a risk premium of 12.1 % is added and total
discount rate is 16 %.
Future growth:
It is projected growth in sales with a
variation from 5 % to 2 % in the budget
and strategy period, and with 2 % growth
in the terminal value. To be able to maintain
this increase it is crucial that the company
handles existing product lines in an effective
manner and that the company is able to
identify and get distribution agreements for
new product lines that create more business
than lost product lines.
Employee know-how:
Medistim Norge has over the years built
a competence within the medical device
industry and distribution. It is essential that
this know-how is updated and passed on to
new employees.
Sensitivity analysis:
With the assumption used in the impairment
test, the recoverable amount exceeds
the carrying amount with MNOK 93.5
(«headroom»), and no impairment loss is
recognized. Operating margin and growth is
based upon historic achieved margin and sales
growth. In the estimates the budget and the
projections from the 3-year strategy update is
used. The operating margin in the projections
vary between 14.9 % and 15.7 %. Sales growth
vary between 5 % and 2 %
If the operating margin is reduced from
15.0 % to 3.5 % everything else equal,
carrying amount may require an evaluation
of impairment loss. A change in the discount
rate from 16 % to 55.0 % everything else
equal, goodwill value is defended by the test.
See overview below.
Medistim Annual Report - Fiscal year 2024 | page 82

NOTE 13 SHARES IN SUBSIDIARIES
Medistim Annual Report - Fiscal year 2024 | page 83

NOTE 14 INVENTORY
Inventory is valued at the lower of cost, using the FIFO principle, and net realizable value. Production cost includes the cost for components,
cost of conversion (including direct labor cost) and other cost in bringing the inventories to their present location and condition. Net realizable
value is the estimated sales price in the ordinary course of business less cost of completion and selling cost.
It is necessary for the company to keep an additional security inventory for critical components for own developed products. Due to a strict
regulatory regime within medical device, it takes time to introduce new devices or components. At the same time the tendency is that
electronical components life circle is shorter. For this reason, inventory level is high to secure future deliveries for Medistim developed products.
Inventory is used as security for loan, see “Note 18 non-current liabilities”.
Inventory provision is continuously evaluated based upon end-of-life components, regulatory approvals and service obligations.
Medistim Annual Report - Fiscal year 2024 | page 84

NOTE 15 ACCOUNTS RECEIVABLES AND OTHER CURRENT RECEIVABLES
All receivables are due within one year. Historically the group losses have been limited. End customers are often public hospitals with
government funding and the risks for losses are low. However, days sales outstanding is high compared to other businesses, something that
the aging receivables confirm. The increase in expected credit loss is related to one specific case.
Receivables is used as security for loan, see “Note 18 non-current liabilities”. Other current receivables are shown in the following table.
Medistim Annual Report - Fiscal year 2024 | page 85

NOTE 16 CASH AND CASH EQUIVALENTS
Cash includes bank deposits. As of 31.12.2024 the restricted cash was TNOK 7 938 related to tax withheld on salaries. Restricted cash as of
31.12.2023 was TNOK 7 790 and was related to tax withheld from salaries. The holding company did not have a credit facility by year end 2024.
NOTE 17 SHAREHOLDER INFORMATION
The company had 18 337 336 shares at par value of NOK 0.25 per share and total share capital amount to NOK 4 584 334. There is only
one class of shares, and all shares are treated equally. Each share represents one vote. Change in issued share capital in 2024:
The Board of Directors received by the shareholders meeting the 24th of April 2024 permission to purchase up to 1 833 733 Medistim ASA shares
at par value NOK 458 433. The permission is valid until the next ordinary general assembly in 2025 in the price range of NOK 0.25 to NOK 500 per
share. Further the Board of Directors got permission to increase share capital with NOK 458 433 or issue 1 833 733 new shares at par value NOK
0.25. The permission can be used if there is a decision to enter into a merger, acquire another company or to create an option program. The permission
is valid until the next ordinary shareholders meeting in 2025. See below for changes in the equity for the last year.
The company owned 23 117 Medistim shares as of 31.12.2024. Number of Medistim shares by 01.01.2024 was 55 617.
Medistim Annual Report - Fiscal year 2024 | page 86

The 20 largest shareholders in the company were as of 31.12.2024:
Medistim Annual Report - Fiscal year 2024 | page 87

Board members and management team with shares in the company:
There were no share options outstanding as of 31.12.2024 except from the share program to CEO described under chapter 8 Corporate
Governance under compensation to management and “Note 21 Related party transactions”.
NOTE 18 NON-CURRENT LIABILITIES
Loan and borrowings are initially recognized at fair value net of directly attributable transaction costs, and subsequently measuring at amortized cost.
Medistim’s non-current liabilities are related to lease contract. The lease agreements are described under “Note 7 Right to use assets”.
Medistim Annual Report - Fiscal year 2024 | page 88

NOTE 19 OTHER CURRENT LIABILITIES
NOTE 20 FINANCIAL RISK
The group’s main source of financing
is equity based from the company’s
operating profits.Financial liabilities are
leasing agreements, and accounts payable.
The financial liabilities and facilities are
instruments that contribute to the financing
of the group’s operational activities. The
group’s financial assets are accounts
receivables, and cash. From time to time the
group also enters into financial derivative
contracts to hedge currency exposure.
Hedge accounting is not applied. The risk
arising from financial instruments is market
risk, credit risk towards customers, and
liquidity risk.
Market risk:
Interest rate risk:
The group had as of 31.12.2024 no interest-
bearing liabilities. If the group needs a loan, it
is group policy to have floating interest since
this will be the lowest interest rate over time.
In general, the group considers the exposure
towards changes in interest rates as low.
Foreign exchange rates risk:
The group may use forward exchange
contracts to reduce exposure towards
USD and EUR. Financial derivatives are
recognized at fair value through profit and
loss. Change in fair value is recognized in
profit and loss and is presented as financial
income or expense. Unrealized gains or
losses are recorded in the same manner as
realized gains and losses.
Change in exchange rates involves a direct and
indirect financial risk for Medistim ASA. The
company has revenue and expenses in EUR and
USD where most revenue is in EUR and USD
and expenses mostly in NOK. The development
in NOK towards USD and EUR is continuously
monitored. The management and Board of
directors evaluate the handling of risks related
to exchange rates fluctuations continuously
together with its professional advisers. By the
end of 2024 the company had no forward
exchange contracts.
The group had a credit facility of MNOK 6.0 to
enter hedging contracts. The facility represents
10 % of the value of the contracts the group
can use and the group can enter hedging
contracts for a total of MNOK 60. Security
related to the facility is related to assets,
accounts receivable and inventory with no
limit. Book value of secured items was as of
31.12.2024 MNOK 25.3 for assets, MNOK 65.9
for accounts receivables and MNOK 122.6 for
inventory.
Medistim Annual Report - Fiscal year 2024 | page 89

Financial assets and liabilities (amount in NOK 1 000)
Effect on profit if currency changes with 5% (amount in NOK 1 000)
Credit and liquidity risk:
Other financial risk as credit risk and liquidity risk is viewed by the company as low based upon the group’s financial position as of
31.12.2024.
Medistim Annual Report - Fiscal year 2024 | page 90

Credit risk:
The group is at some extent exposed towards credit risk. The general risk is low since the majority of customers are financed by public
authorities. Still history records for payments, the size of the transaction and the other party’s credit risk is evaluated from case to case.
The level of credit given is evaluated when there is a change in market conditions. The level of risk is reduced by using bank guaranties and
prepayments in cases where the level of risk is found to be higher than normally accepted. See “Note 15 Accounts receivables and other
receivables” for a table showing the aging of accounts receivables.
Liquidity risk:
Liquidity risk is the risk that the group is not able to meet its obligations in time. Managing liquidity risk is therefore prioritized to secure
financial flexibility. Medistim main source of cash is cash generated from operations. The group has over the last 5 years experienced an
increase in profit and available cash. Therefore, the group has been able to build up a cash reserve due to strong profits to handle the
increased need for working capital as the group grows. The liquidity buffer also secures cash in situations where the incoming cash is
delayed.
Macroeconomic turmoil:
Despite challenging market conditions, the company have been able to deliver solid profit and cash flow over the years. The need for
Medistim’s products has not changed, even if the global market has been facing macro-economic turmoil, with energy crisis, inflation
pressure, increasing interest rates, higher cost levels and threat of higher tariff rates. The non-current consequences of growing geopolitical
uncertainty are unclear but might lead to continuing challenges in the global flow of goods. Medistim is taking mitigating actions to ensure
access to key components to secure production and maintain growth and profitability also for the future. Further, the company is financially
solid to face future challenges, with no interest-bearing liability and an equity ratio of 75.9 %. The following table sets out the maturity profile
of the financial liabilities based on contractual discounted payments.
Medistim Annual Report - Fiscal year 2024 | page 91

Capital Management:
Management strives to strengthen the group’s healthy financial position through profit and a high level of equity. This will secure continued
growth and will maximize shareholders values. The group will adjust capital structure to adapt to changes in the financial climate. Capital
structure can be adjusted through dividend, repayment of share capital or issue new shares. There were no changes in the financial strategy
in the group in 2023 or 2024.
Medistim Annual Report - Fiscal year 2024 | page 92

NOTE 21 RELATED PARTY TRANSACTIONS
Compensation to management
The management group consists of 12 people including CEO. Compensation and benefits to the management group in 2024:
Medistim Annual Report - Fiscal year 2024 | page 93

There is no severance pay agreements
towards any in the management team in
case of leaving the company. All members
of the management group have a two-
way arrangement of 3 months’ notice. The
exception is management in the US that
has no notice period. The management
group has the same pension plan as other
employees. For Norwegian members of the
management group, this is a contribution
plan that covers 5 % of salary up to 7.1 G
and 8 % of salary for G between 7.1 and 12.
1G equals NOK 124 028. Management in the
US has a contribution plan that covers 4 %
of salary.
Share based payments
The group has a share-based payment
scheme for its CEO. The program is settled
in shares. The fair value of the option
at the grant date, is expensed over the
vesting period. The expense is included in
“salary and social expenses” in the income
statement and a corresponding amount is
recognized as other paid-in capital.
The board decides incentives to CEO. Bonus
and incentives to the management group is
decided by the CEO. Bonus and incentives
for both management group and CEO is
based on achieved results. The table shows
the bonus paid in 2024. Some members
of the management group have loan from
the company at tax free interest rate
related to the share program offered to the
Management team in 2023.
Compensation to the board was TNOK 2 240 in
2024 and TNOK 1 800 in 2023. The chairman
received TNOK 500 as compensation in 2024
and TNOK 475 in 2023 The board members
received a total TNOK 290 each as compensation
in 2024, a total of TNOK 1 740. In 2023 they
received TNOK 265 each, a total of TNOK 1 325.
Board member, Jon Hoem, received TNOK 92
related to support in strategy evaluations.
The nomination committee leader received
a compensation of TNOK 20, while the two
other members received TNOK 15 each. In
total, the nomination committee received
TNOK 50 as compensation.
Compensation to Audit committee and
remuneration committee was TNOK 120 and
TNOK 35 respectively.
In 2024 a new agreement was entered,
replacing the prior agreement between the
company and the CEO, related to the share
program. The CEO 100 % owned company,
K2 Consulting AS, purchased the shares from
Medistim ASA with a lock in period of 1 year
for the 7 500 shares and a lock in period
of 2 years for the 8 000 shares. The lock in
period of 1 year qualified for a 14 % share price
discount and the 2 year lock in period qualified
for an 18 % discount. Average share price
in the subscription period was NOK 216 per
share. 7 500 shares were therefore purchased
at NOK 185.83 per share and 8 000 shares
were purchased at NOK 177.19 per share. To
finance the purchase, Medistim gave CEO a
loan and when the lock in period has ended,
she is given a bonus equal to the loan amount.
Future grants in the CEO share program is
on the same terms. Under the same program
another 8 000 shares was purchased at a
25 % discount in 2024 and a 3 year lock in
period. Average share price in the subscription
period was NOK 193 per share and the shares
was therefore purchased at NOK 144.56 per
share.
Even though the changes formally are
established through cancelling the old
agreements and establishing new agreements
with the CEO this is recognised as a change
in an existing plan. The change in value
of the incentive program was minor when
transitioning from the old agreement to the
new one, therefore the annual expense is
based on the original recognition.
Medistim Annual Report - Fiscal year 2024 | page 94

Transactions with related parties
There were no other transactions than the above described share program for management towards related parties in 2023 or in 2024.
NOTE 22 PROVISIONS
The group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these
assurance-type warranties are recognized when the product is sold or the service is provided to the customer. Initial recognition is based on
historical experience. The initial estimate of warranty-related costs is revised annually.
The warranty provision is based upon the company’s experience with sales and return of its own products. The estimate is based upon this
experience to cover future obligations. The company has introduced extended warranty where customers for a fee extend the warranty
period. The level of warranty contracts is in 2024 limited and there has been no expenses related to extended warranty contracts in 2024.
In 2024, there are no additional provision related to the contracts. This will be monitored an if the level of extended warranty increases a
method for estimating a provision is established.
Medistim Annual Report - Fiscal year 2024 | page 95

NOTE 23 EXCHANGE RATES FOREIGN CURRENCY
Transactions in foreign currency
Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. Financial
instruments in foreign currency are translated to Norwegian kroner at the closing rate of the balance day. Non-financial items measured at
historic cost are translated to Norwegian kroner using the exchange rate at the time of the transaction.
Foreign subsidiaries
Assets, liabilities and goodwill in foreign subsidiaries that are consolidated are translated to Norwegian kroner at the date of the balance
sheet. Revenue and expenses are translated to Norwegian kroner using the rate at the transaction date.
NOTE 24 CHANGES IN LIABILITIES ARISING FROM FINANCIAL ACTIVITIES
Medistim Annual Report - Fiscal year 2024 | page 96

NOTE 25 EVENTS AFTER 2024
Information after the reporting period that provide evidence of conditions that existed at the end of the reporting (”adjusting events”), are
reflected in the amounts recognized in the financial statement. Information after the reporting period that are indicative of conditions that
arose after the reporting period (“non-adjusting events”) are not reflected in the amounts recognized in the financial statement but are
disclosed if material.
The Board of Directors has no knowledge about other events after 2024 that will affect the annual report and financial statement for 2024.
Medistim Annual Report - Fiscal year 2024 | page 97

. PARENT COMPANY FINANCIAL STATEMENTS
11.1 Income statement Medistim ASA
Income statement Medistim ASA
(amount in NOK 1 000) Note 2024 2023
Operating income
Revenue 26 333 652 324 056
Other income 26 20 396 16 968
Total revenue 354 048 341 024
Operating expenses
Cost of material 27 63 399 66 583
Salary and social expenses 28 94 780 89 360
Other operating expenses 28, 40 72 552 64 457
Total operating expenses before depreciation
and amortization expenses 230 731 220 400
Operating profit before depreciation an
amortization expenses 123 317 120 624
Depreciation and amortization expenses
Depreciation and amortisation expenses 29 13 023 12 599
Operating profit 110 294 108 025
Financial income and expenses
Dividend from subsidiaries 32 20 273 11 006
Financial income 38 9 046 15 160
Financial Expenses 38 13 062 9 504
Net financial items 16 258 16 663
Profit before tax 126 551 124 687
Tax expense 23 240 25 233
Profit for the year 103 312 99 454
Allocations
Dividend 37 109 885 82 256
Other equity 37 6 574 17 198
Total allocation 103 312 99 454
Earnings per share
Ordinary 5.67 5.46
Dividend per share 6.00 4.50
Medistim Annual Report - Fiscal year 2024 | page 98

11.2 Balance sheet Medistim ASA
Balance Sheet Medistim ASA (amount in NOK 1 000)
Note
2024 2023
Assets
Non-current assets
Intangible assets 29,30 45 186 31 247
Deferred tax asset 31 4 395 2 592
Financial assets
Property, plant and equipment 29 26 704 30 339
Investments in associated companies (IAS 1.68) 32 38 395 38 395
Other long term receivable 12 761 13 290
Total non-current assets 127 441 115 864
Current assets
Inventory 34 122 580 114 039
Accounts receivable 33,42 42 604 51 721
Other receivables 33,42 47 224 34 734
Financial instruments 33,42 - 3 389
Cash and cash equivalents 35 126 879 82 485
Total current assets 339 287 286 368
Total assets 466 729 402 231
Equity and liabilities
Equity
Share capital 36,37 4 584 4 584
Treasury shares 36,37 -6 -13
Share premium 37 41 852 41 852
Other paid in capital 37 25 805 24 744
Issued capital 72 235 71 167
Retained earnings 136 951 143 682
Total equity 209 185 214 849
Non current liabilities
Interest bearing loans 41 79 474 40 690
Total non current liabilities 79 474 40 690
Current liabilities
Accounts payable 6 277 10 397
Income tax payable 31 25 043 25 550
Provisions 500 350
Current liabilities 39,42 36 365 28 139
Dividends 109 885 82 256
Total current liabilities 178 070 146 693
Total liabilities 257 543 187 382
Total equity and liabilities 466 729 402 231
Medistim Annual Report - Fiscal year 2024 | page 99

11.3 Cash flow statement
Cash Flow Statement (amount in NOK 1 000) Note 2024 2023
Cash flow from operations
Profit before tax 126 551 124 687
Income tax payable -23 089 -22 914
Depreciation and amortisation expenses 29 13 023 12 599
Change in inventory 34 -8 541 -29 337
Change in accounts receivable 33 9 117 21 898
Change in accounts payable -4 120 -7 627
Change in other accruals 3 056 -2 380
Net cash from operating activities 115 996 96 925
Investing activities
Purchase of property, plant and equipment 29 -6 067 -8 976
Intangible assets 29 -17 259 -13 327
Net cash from investing activities -23 326 -22 303
Financing activities
Dividend 37 -82 414 -82 180
Change in treasury shares 37 1 068 6 009
New loan 33 071 -
Net cash from financing activities -48 275 -76 172
Cash and cash equivalents
Net change in cash and cash equivalents 44 395 -1 548
Cash and cash equivalents as of 01.01 82 485 84 033
Cash and cash equivalents end of period 126 879 82 485
Available cash and cash withholding
Available cash and cash equivalents of period 35 121 232 76 833
Cash withholding for taxes 35 5 648 5 652
Cash and cash equivalents end of period 126 879 82 485
Medistim Annual Report - Fiscal year 2024 | page 100

11.4 Accounting principles
The financial statement and notes are
according to Norwegian GAAP, Norwegian
accounting law and according to best
practice within Norwegian GAAP.
Sales revenue
Sales revenue is recognized in the profit and
loss on the date of delivery and when the
major risk and ownership of the product have
been transferred to the customer. Systems
and probes are recognized as revenue when
the goods are shipped from Medistim ASA and
the risk and ownership is transferred to the
distributor or end customer. The same is the
case for sale of procedures for quality control
of cardiac surgery and other third-party
products. Services are recognized as revenue
at the time the service is performed.
Current assets and current liability
Current assets and current liability are
defined as items that are due for payment
within one year at the last day of the
accounting year, and items defined as
working capital. Current assets are
evaluated at the lowest of cost and net
sales value. (The lowest value principle).
Fixed assets and non-current liability
Fixed assets are defined as property for non-
current use. Fixed assets are valued at cost
in the balance sheet and depreciated of the
expected economic lifetime. Fixed assets are
written down to real value if the reduction in
value is expected to be permanent. Write down
is reversed if the basis for the write down no
longer exists.
Shares in subsidiaries
Shares in subsidiaries are valuated according to
cost. Shares in Medistim Norge AS, Medistim
US Inc, Medistim Denmark Aps, Medistim UK
Ltd, and Medistim Deutschland GmbH are
owned 100 %. The shares are recorded at
cost or written down to real value if real value
is assumed to be the lowest and that it is
permanent. Dividend and group contributions
are recognized as revenue in the holding
company as financial revenue in the year that it
has been accrued given that Medistim had the
ownership of the shares in this period.
Foreign currency
Balance sheet items in foreign currency are
valued at the exchange rate on the balance
sheet day. Sales revenue is recorded at the
exchange rate that was at the time of the
sale. Unrealized gains or losses on hedging
contracts are recorded in the profit and loss.
Inventory
Inventory is valued at the lowest of cost
(FIFO principle) and net sales value (lowest
value principle). For components, the lowest
of historic cost and current price is used to
value the component inventory.
Work in progress and finished goods
Cost for finished goods includes direct
cost and a portion of indirect and fixed
production cost. Basis for the allocated
cost to the products is a normal production
situation. Goods in progress are valued at
the component cost price.
Accounts receivables
Account receivables and other receivables
are recorded in the balance sheet at par
value with deduction for estimated losses.
The accrual for losses is based upon a
separate evaluation in each case. In addition,
there has been made an unspecified accrual
on receivables to cover expected losses.
The same evaluation is made for other
receivables.
Taxes
Tax cost in the income statement includes
payable tax for the current accounting year
and changes in temporary differences that
are due for payment the coming accounting
year. Temporary differences occurs using
the tax rate by the end of the accounting
year (22 %) and comparing tax increasing or
tax reducing temporary differences between
accounting values and tax values. Tax
increasing or reducing temporary differences
that can be reversed in the same period is
recorded at net value. Deferred tax asset is
recorded if it is likely that the company will
be able to utilize the tax asset.
11.3 Cash flow statement
Cash Flow Statement (amount in NOK 1 000) Note 2024 2023
Cash flow from operations
Profit before tax 126 551 124 687
Income tax payable -23 089 -22 914
Depreciation and amortisation expenses 29 13 023 12 599
Change in inventory 34 -8 541 -29 337
Change in accounts receivable 33 9 117 21 898
Change in accounts payable -4 120 -7 627
Change in other accruals 3 056 -2 380
Net cash from operating activities 115 996 96 925
Investing activities
Purchase of property, plant and equipment 29 -6 067 -8 976
Intangible assets 29 -17 259 -13 327
Net cash from investing activities -23 326 -22 303
Financing activities
Dividend 37 -82 414 -82 180
Change in treasury shares 37 1 068 6 009
New loan 33 071 -
Net cash from financing activities -48 275 -76 172
Cash and cash equivalents
Net change in cash and cash equivalents 44 395 -1 548
Cash and cash equivalents as of 01.01 82 485 84 033
Cash and cash equivalents end of period 126 879 82 485
Available cash and cash withholding
Available cash and cash equivalents of period 35 121 232 76 833
Cash withholding for taxes 35 5 648 5 652
Cash and cash equivalents end of period 126 879 82 485
Medistim Annual Report - Fiscal year 2024 | page 101

Pension liabilities
All employees have a contribution pension plan.
Share based payments
The Group has a share-based payment scheme
for its CEO, the program is measured at fair
value at grant date. The share-based payment
for the company’s top leader is a scheme by
issuing shares. For transactions that are settled
in equity instruments (arrangements by issuing
shares), recognize the value of shares granted
during the period as a compensation expense
in the income statement and a corresponding
additional paid-in capital.
Research and development
The activities in the development department
are split in 3 categories. These are maintenance,
general research and development of new
products. Maintenance and general research
is expensed in the P & L while new products
are recorded as an asset and depreciated over
expected lifetime. When recorded as an asset
it is expected that revenues from the product
will exceed capitalized amounts. An immaterial
asset that is acquired, or other immaterial
assets that are developed, are recorded as
an asset in the balance sheet if they are
identifiable and that it is likely to give future
economic benefits. The asset is amortized
over the expected economic lifetime of the
asset. The values of the assets are evaluated
yearly and if the book value exceeds future
economic benefit the asset is written down. The
evaluation is performed by the management in
the company.
11.5 Notes to the accounts
NOTE 26 GEOGRAPHIC SPLIT OF SALES
Geographic split of sales (amount in NOK 1 000) 2024 2023
USA 142 127 131 137
Asia 46 695 82 984
Europe 147 213 112 527
Rest of the World 18 013 14 376
Total revenue 354 048 341 024
For 2023, other income amounted to TNOK 16 968, where TNOK 3 264 was income related to services towards subsidiaries and TNOK 13 704 was
management fee. For 2024 other income amounted to TNOK 20 396 where TNOK 4 111 was services towards subsidiaries and TNOK 16 284 was
management fee.
Cash flow analysis
The cash flow analysis is prepared using
indirect method. Cash is defined as cash in
bank and other financial assets that are due
within 3 months after it is acquired.
Other financial assets
Shares and other financial assets are evaluated
at the lowest of cost and market value. The
company enters hedging contracts in USD and
EUR. The value of the contracts is based upon
the exchange rate at the balance sheet day and
a change in value is recorded in the P & L.
Accruals
Obligations and accruals are made if it is more
than 50 % likely that the obligation is real. Best
estimate is used to estimate the obligation.
Medistim Annual Report - Fiscal year 2024 | page 102

NOTE 27 COST OF MATERIAL
Cost of material (amount in NOK 1 000) 2024 2023
Change of inventory of finished goods Medistim products 483 -18 534
Raw materials and components used -9 025 -12 092
Purchace of raw material and components 71 940 97 209
Total cost of material 63 399 66 583
The inventory change related to salary is included under “Change of inventory of finished goods”. Similarly, change in obsoletions is included
under “Materials and components used”.
NOTE 28 SALARIES AND OTHER BENEFITS
Salaries and other benefits (amount in NOK 1 000) 2024 2023
Salary 82 599 75 400
Social taxes 13 375 13 700
Other salary and social expenses -1 194 260
Total salary expenses 94 780 89 360
The total number of employees was through the year 108. Medistim has a pension plan for all its employees. This is a contribution plan that
covers 5 % of salary up to 7.1 G and 8 % of salary for G between 7.1 and 12. 1G is the base amount (NOK 124 028) in the social security
system. The cost for the contribution plan was in 2024 TNOK 4 470, while it was TNOK 4 208 in 2023. It is compulsory by law for the
company to have a pension plan for its employees. The pension plans in the company fulfill the obligation in the law.
Medistim Annual Report - Fiscal year 2024 | page 103

COMPENSATION AND BENEFITS TO THE MANAGEMENT GROUP IN 2024
Management Position Salary Bonus Pension
Share based
compensation Other Total
Hæge Johanne Krogh
Wetterhus VP Marketing 1 532 492 178 476 116 173 - 15 532 1 842 673
Anne Waaler VP Medical 1 538 604 208 963 93 499 - 31 496 1 872 561
Roger Reino Morberg VP Sales APAC 1 926 097 - 109 719 - 40 706 2 076 523
Erik Swensen VP Development 1 552 545 110 012 105 952 - 4 480 1 772 989
Tone Ann Veiteberg VP QA\Reg 1 345 238 190 847 85 507 - 4 480 1 626 072
Stephanie d'Avout
Stenhagen VP Sales EMEA 1 432 563 140 106 104 438 - 32 724 1 709 831
Helge Børslid VP Operations 1 444 589 152 558 99 469 - 6 322 1 702 938
Ole Arne Eiksund Busines development 1 446 643 205 373 99 878 - 22 679 1 774 572
Håkon Grøthe VP Innovation 1 521 907 206 310 97 842 - 24 128 1 850 187
Kari Eian Krogstad CEO Medistim group 3 341 915 - 111 031 1 926 000 16 146 5 395 092
Thomas Jakobsen CFO Medistim Group 2 142 690 - 106 970 - 8 164 2 257 824
Total compensation and benefits 19 225 282 1 392 645 1 130 478 1 926 000 206 857 23 881 262
There are no special agreements towards any in the management team in case of leaving the company. All in the team has a two-way arrangement
of 3 months’ notice. There are no options to employees or members of the Board except for CEO. The CEO will receive up to 24 500 shares as part
of compensation if in position in 2026. Bonus paid in 2024 was based upon 2023 results.
In relation to the share program for management except CEO, following members of management participated in the share program. See
below schedule showing value of the shares, discount given and financing from the company to participate in the share program.
Under other benefits it is included an expense related to CEO share option. CEO receives shares over a time period if in position as CEO.
The share program is described in the annual report under the chapter “salary and benefits to management and leading employees”. The
expense for the share option is calculated based upon the share price at the time of the granted option. The expense is distributed in equal
rates over the vesting period. The share program is described in detail under “Note 21 Related party transactions” in the group accounts.
Medistim Annual Report - Fiscal year 2024 | page 104

Compensation to the Board of Directors 2024
(amount in NOK 1 000)
Directors
fee
Audit or remuneration
committee
Chair Øyvind Brøymer 500 20
Board member Tove Raanes 290 50
Board member Jon Helge Hoem 290 -
Board member Ole Jesper Dahlberg 290 -
Board member Anna Sofia Ahlberg 290 35
Board member Peder Strand 290 15
Board member Gry Dahle 290 -
Total compensation to the Board of Directors 2 240 120
Board member, Jon Hoem, received TNOK 92 for his contribution to strategy evaluations.
Compensation to auditor
(amount in NOK 1 000) 2024 2023
Statutory audit 1 374 1 704
Other services 92 115
Total compensation to auditor 1 466 1 819
The amounts are without VAT
Medistim Annual Report - Fiscal year 2024 | page 105

NOTE 29 ASSETS AND DEPRECIATION
Assets and depreciation
(amount in NOK 1 000)
Plant &
machinery Equipment
Total fixed
assets
Capitalized
development Total
Historic cost as of 01.01.2024 90 768 14 722 105 490 106 092 211 582
Additions 5 569 499 6 067 17 259 23 326
Historic cost as of 31.12.2024 96 337 15 221 111 557 123 351 234 908
Accumulated depreciation as of 01.01.2024 63 375 11 776 75 151 74 845 149 996
Ordinary depreciation 8 489 1 841 10 330 3 320 13 650
Reversed depreciation -627 - -627 - (627)
Accumulated depreciation as of 31.12.2024 71 237 13 617 84 854 78 165 163 019
Book value at 31.12.2024 25 100 1 603 26 704 45 186 71 889
Plant and machinery is depreciated over 3 to 7 years on a straight-line basis dependent upon expected economic lifetime. Tools and
equipment is depreciated over 3 to 5 years on a straight-line basis dependent upon expected economic lifetime.
Development cost is recorded as intangible assets when a project has reached technological feasibility and it is likely that it will result in a
new product or improved product that has revenue potential that exceeds the investment. Maintenance of existing products is expensed.
The investment is depreciated over 3 to 8 years dependent upon whether it is a new product or improvement of existing product. A new
product that represents a new technological platform has a longer expected lifetime and for Medistim products this is 8 to 10 years. Product
improvements on existing technological platform is replaced more rapid and is therefore depreciated over 3 years.
NOTE 30 RESEARCH AND DEVELOPMENT
In total MNOK 15.7 of the R&D expenses was recorded in the P&L in 2023. Similar expense was MNOK 16.4 in 2024. With MNOK 18.6
recognized as asset a total of MNOK 35 was used in R&D in 2024. Comparable number for 2023 was MNOK 29. Medistim received TNOK
309 in Skattefunn funds in 2023 and TNOK 1 381 in 2024. From Innovasjon Norge a support of TNOK 522 was received in 2023. The
capitilized expenses in 2024 were related to the coronary and vascular products on the MiraQ platform.
Medistim Annual Report - Fiscal year 2024 | page 106

NOTE 31 INCOME TAX AND TEMPORARY DIFFERENCES
Income tax and temporary differences (amount in NOK 1 000) 2024 2023
Current income tax charge for the
Year before deferred tax asset is utilised 25 043 25 550
Change in deferred tax -1 803 -317
Income tax expense reported 23 240 25 233
Reconciling income tax expense against profit
Income tax expense for the year 23 240 25 233
22 % of profit before tax 27 841 27 431
Permanent differences -4 602 -2 198
Specification of taxable income
Profit before tax 126 551 124 687
Permanent differences -20 917 -12 704
Change in temporary differences 8 196 2 712
Taxable profit 113 790 114 695
Payable tax in balance sheet
Tax expense for the year 23 240 25 233
Change in deferred tax -1 803 -317
Total payable tax 25 043 25 550
Specification of deferred tax asset
Differences in accounting and tax values
Fixed assets -134 1 742
Current assets -19 566 -13 454
Accrual for obligations -277 -71
Total differences -19 977 -11 783
Deferred tax asset 22 % 4 395 2 592
Deferred tax asset in balance sheet 4 395 2 592
Deferred tax asset in the balance sheet increased to MNOK 4.4 in 2024 from MNOK 2.6 in 2023.
Deferred tax asset consists to temporary differences in valuation of assets. All deferred tax asset
is recorded in the balance sheet as of 31.12.2024, since it is likely that the company will have
future taxable income that will exceed temporary differences.
Medistim Annual Report - Fiscal year 2024 | page 107

NOTE 32 SHARES IN SUBSIDIARIES
Medistim ASA has investments in the following subsidiaries:
Shares in subsidiaries (amount in NOK 1 000)
Unit Country Segment Ownership
Balance sheet
value 31.12.24 Profit in 2024
Medistim USA Inc. USA
Lease and sale within bypass surgery and
vascular surgery 100 % 135 6 121
Medistim Deutschland GmbH Germany
Capital sales within bypass surgery and
vascular surgery 100 % 188 7 128
Medistim Norge AS Norway
Sale of third-party products and capital sales
within bypass surgery and vascular surgery 100 % 36 954 11 746
Medistim UK LTD UK
Capital sales within bypass surgery and
vascular surgery 100 % 1 -345
Medistim Japan KK Japan Dornmat company 100 % 86 -
Medistim Canada Inc. Canada
Capital sales within bypass surgery and
vascular surgery 100 % 1 -2 713
Medistim China Ltd China Service provider for distributors in China 100 % 1 002 -64
Medistim Spain S.L Spain
Capital sales within bypass surgery and
vascular surgery 100 % 29 3 320
Medistim Danmark Aps Denmark
Sale of third-party products and capital sales
within bypass surgery and vascular surgery 100 % - 1 428
Medistim Sweden AB Sweden
Sale of third-party products and capital sales
within bypass surgery and vascular surgery 100 % - -401
Total 38 395 26 220
Medistim Norge AS has a subsidiaries Medistim ASA owns indirectly through Medistim Norge AS in Denmark and Sweden. The company is
named Medistim Denmark Aps and Medistim Sweden AB and is within the same segment as Medistim Norge AS.
Medistim Annual Report - Fiscal year 2024 | page 108

Summary of financial information from subsidiaries all 100 % owned
(amount in NOK 1 000)
Unit Assets Liability Equity Income Profit
Medistim USA Inc. 172 221 39 632 132 589 223 167 6 121
Medistim Deutschland GmbH 17 287 5 716 11 570 60 680 7 128
Medistim Norge AS 43 425 9 969 33 456 88 523 11 746
Medistim UK LTD 3 458 13 264 -9 806 4 317 -345
Medistim Japan KK 86 - 86 - -
Medistim Canada Inc. 10 383 16 678 -6 295 13 993 -2 713
Medistim China Ltd 2 395 1 229 1 166 7 374 -64
Medistim Spain S.L 21 037 11 436 9 602 27 242 3 320
Medistim Danmark Aps 4 117 2 525 1 592 9 921 1 428
Medistim Sweden AB 2 743 3 123 -381 8 698 -401
Total 277 153 103 573 173 579 443 914 26 220
Medistim Norge AS has offices in Oslo, Norway. Medistim USA Inc has offices in Minneapolis in the USA. Medistim Deutschland GmbH has offices
in Munich in Germany, Medistim UK has offices in Nottingham in UK, Medistim Japan KK has offices in Tokyo and Medistim Denmark has offices in
Copenhagen in Denmark. Medistim Spain S.L has offices in Madrid. Medistim Canada has offices in Toronto, Canada, Medistim China has offices in
Guangzhou in China and Medistim Sweden has offices in Gothenburg, Sweden. Book value of goodwill related to the acquisition of Medistim Norge AS
was as of 31.12.2024 TNOK 14 128. Goodwill at the time of acquisition was TNOK 16 097. None of the subsidiaries are listed at a stock exchange.
Of Medistim UK’s liability of TNOK 13 264, TNOK 7 587 is a non-current liability towards Medistim ASA. The liability is part of a cash transfer to finance
and establish the company in UK. Interest has been charged on this liability. Medistim ASA received from its Norwegian subsidiary a dividend of MNOK
12 in 2024. Medistim ASA has interest bearing liability towards Medistim US Inc of MNOK 79.5.
NOTE 33 ACCOUNT RECEIVABLES, OTHER RECEIVABLES AND FINANCIAL INSTRUMENTS
Accounts receivable (amount in NOK 1 000) 2024 2023
Accounts receivable 43 503 52 620
Provision for bad debt -899 -899
Total account receivable 42 604 51 721
All receivables are due within one year. Losses in 2024 were TNOK 1 and losses in 2023 were TNOK 288. It is recorded an accrual of TNOK
899 to cover expected losses. Historically the company has small losses on receivables. Other receivables are shown in the following table.
Medistim Annual Report - Fiscal year 2024 | page 109

Other Receivables (amount in NOK 1 000) 2024 2023
Prepayments 4 112 2 174
Prepaid taxes and VAT 2 437 2 788
Accrued revenue 24 708 18 772
Dividend subsidiaries 12 000 11 000
Other current receivables 3 968 -
Total other receivables 47 224 34 734
Financial instruments
Unrealized gain hedging - 3 389
Financial instruments 0 3 389
NOTE 34 INVENTORY
Inventory (amount in NOK 1 000) 2024 2023
Components 87 302 78 278
Finished goods 44 085 43 779
Inventory accrual -8 806 -8 017
Total inventory 122 580 114 039
Finished goods are valued at production cost that includes cost for components and internal labor cost. Work in progress is valued at the
total of the component cost. Inventory accrual is related to service inventory and demonstration inventory. The sales value of the products is
assessed and found lower than historic cost. See the following table:
Specification of accrual (amount in NOK 1 000) 2024 2023
Demonstration units 2 622 2 151
Service parts 3 861 1 687
Other 2 323 4 180
Total specification of accrual 8 806 8 017
Medistim Annual Report - Fiscal year 2024 | page 110

NOTE 35 CASH IN BANK
Restricted cash amounted to TNOK 5 648 as of 31.12.2024 and was related to tax withheld on salary paid to employees. The comparable
amount as of 31.12.2023 was TNOK 5 652.
NOTE 36 SHAREHOLDER AFFAIRS
The company had 18 337 336 shares at par value of NOK 0.25 per share and total share capital amount to NOK 4 584 334 as of 31
December 2024. There is only one class of shares, and all shares are treated equally. Each share represents one vote.
Change in issued share capital in 2024 Number of shares Par value per share Share capital in NOK
Share capital 01.01.2024 18 337 336 kr 0,25 kr 4 584 334
Changes
Share capital 31.12.2024 18 337 336 kr 0,25 kr 4 584 334
The Board of Directors received by the shareholders meeting the 24th of April 2024 permission to purchase up to 1 833 733 Medistim ASA shares
at par value NOK 458 433. The permission is valid until the next ordinary general assembly in 2024 in the price range of NOK 0.25 to NOK 500 per
share. Further the Board of Directors got permission to increase share capital with NOK 458 433 or issue 1 833 733 new shares at par value NOK
0.25. The permission can be used if there is a decision to enter into a merger, acquire another company or to create an option program. The permission
is valid until the next ordinary shareholders meeting in 2024. See below for changes in the equity for the last year.
Status for the permissions as of 31.12.2024 Capital increase Medistim shares
Permission given at the shareholders meeting in 2024 18 337 336 18 337 336
Permissions used - -
Status for the permissions as of 31.12.2024 18 337 336 18 337 336
The company owned 55 617 Medistim shares as of 31.12.2023. Number of Medistim shares by 31.12.2024 was 23 117.
Medistim Annual Report - Fiscal year 2024 | page 111

Shareholder structure
20 Largest Shareholders
Shareholder Number of shares In % of total Country
ACAPITAL MEDI HOLDCO AS 1 900 219 10,36 % Norway
FLØTEMARKEN AS 1 285 000 7,01 % Norway
State Street Bank and Trust Comp 1 249 576 6,81 % United States
VERDIPAPIRFOND ODIN NORDEN 1 180 000 6,43 % Norway
FOLLUM INVEST AS 970 000 5,29 % Norway
State Street Bank and Trust Comp 890 961 4,86 % United States
Skandinaviska Enskilda Banken AB 813 801 4,44 % Sweden
VERDIPAPIRFONDET HOLBERG NORGE 684 414 3,73 % Norway
ODIN Small Cap 600 000 3,27 % Norway
State Street Bank and Trust Comp 549 946 3,00 % United States
J.P. Morgan SE 517 566 2,82 % Luxembourg
The Northern Trust Comp, London Br 440 375 2,40 % United Kingdom
SKANDINAVISKA ENSKILDA BANKEN AB 413 146 2,25 % Luxembourg
BUANES ASBJØRN JOHN 383 277 2,09 % Norway
Skandinaviska Enskilda Banken AB 355 802 1,94 % Sweden
SKANDINAVISKA ENSKILDA BANKEN AB 337 332 1,84 % Luxembourg
J.P. Morgan SE 330 000 1,80 % Luxembourg
BNP Paribas 277 535 1,51 % Luxembourg
The Bank of New York Mellon SA/NV 268 000 1,46 % Belgium
BNP Paribas 263 705 1,44 % France
Total 20 largest shareholders 13 710 655 74,77 %
Total number of shares outstanding 18 337 336
Medistim Annual Report - Fiscal year 2024 | page 112

The shareholders in the company for the management group and board member, were as of 31.12.2024:
Board members and management team with shares in the company
Shareholder Number of shares In % of Total Position
Tove Raanes via Trane AS 1 990 0.01 % Board Member
Roger Morberg 16 259 0.09 % VP Sales APAC
Erik Swensen 10 994 0.06 % VP Development
Thomas Jakobsen 30 526 0.17 % CFO
Kari Eian Krogstad 47 083 0.26 % CEO
Øyvin A. Brøymer (Fløtemarken AS) 1 285 000 7.01 % Chair
Anne Waaler 2 440 0.01 % VP Medical
Håkon Grøthe (Grøten Invest AS) 7 821 0.04 % VP Innovation
Stephanie d'Avout Stenhagen 2 784 0.02 % VP Sales EMEA
Ole Dalhberg 1 240 0.01 % Board member
Tone Veiteberg 1 990 0.01 % VP QA\Regulatory
Hæge Wetterhus 1 591 0.01 % VP Marketing
Ole Arne Eiksund 5 872 0.03 % CBDO
Anna Ahlberg 400 0,002 % Board Member
Jon Helge Hoem 125 0.001 % Board Member
There were no share options outstanding as of 31.12.2024 except from the share program to CEO described in “8.12 Remuneration of
executive personnel” and “Note 21 Related party transactions”
Medistim Annual Report - Fiscal year 2024 | page 113

NOTE 37 CHANGE IN EQUITY
Change in Equity
(amount in NOK 1 000)
Share
capital
Treasury
shares
Share
premium
Other paid in
capital
Retained
earnings Total
Equity 31.12.2023 4 584 (13) 41 852 24 744 143 683 214 849
Change in equity:
Change in treasury shares - 8 - 1 060 - 1 068
Other corrections - - - - (158) (158)
Profit for 2024 - - - - 103 312 103 312
Dividend to shareholders - - - - (109 885) (109 885)
Equity 31.12.2024 4 584 (6) 41 852 25 805 136 951 209 185
Other corrections are shares issued between year end and the general meeting that decide the dividend based upon profit for 2024.
NOTE 38 FINANCIAL RISK
Change in exchange rates involves a direct and indirect financial risk for Medistim ASA. The company has revenue and expenses in EUR and
USD where most revenue is in another currency and expenses mostly in NOK. Efforts are made to neutralize net exposure. Hedging contracts
are evaluated to reduce exposure. The development in NOK towards USD and EUR is continuously monitored.
Unrealized gain or loss related to the contracts is recorded in the balance sheet and the change of the value related to the contracts is
recorded in the profit and loss. By year end 2024 the company had zero hedging contracts in USD and in EUR. Medistim ASA had an
ongoing contract during the year by 12 hedging contract in USD and EUR. The management and Board of directors evaluate the handling of
risks related to exchange rates fluctuations continuously together with its professional advisers.
Gains and losses related to currency (amount in NOK 1 000) 2024 2023
Foreign Exchange gain 5 500 12 932
Foreign Exchange loss 11 080 8 594
Total gains and losses related to currency -5 580 4 338
Medistim Annual Report - Fiscal year 2024 | page 114

NOTE 39 SPECIFICATION OF CURRENT LIABILITIES
Specification of current liabilities (amount in NOK 1 000) 2024 2023
Employee withholding, social security taxes 17 283 16 204
Bonus and commission 2 600 2 058
Board compensation 2 488 2 236
Other 13 994 7 641
Total current liabilities 36 365 28 139
NOTE 40 OTHER OPERATING EXPENSES
Other operating expenses (amount in NOK 1 000) 2024 2023
Office rental 10 226 9 193
Travel expenses 4 103 5 147
Marketing 4 382 3 212
Consultancy fee 24 819 21 316
Insurance 2 095 1 018
Freight 1 593 1 254
Communication 20 062 18 232
Other 5 272 5 086
Total other operating expenses 72 552 64 457
Medistim Annual Report - Fiscal year 2024 | page 115

NOTE 41 NONCURRENT LIABILITY AND LOAN SECURITY
Medistim ASA have MUSD 7 as longterm liability against Medistim USA. No security or covenant related against the liability.
Medistim ASA has a credit facility of MNOK 6.0 to enter foreign currency hedging contracts. The facility represents 10 % of the total value the
company can sign up contracts for. As security for the facilities are assets, accounts receivable and inventory with MNOK 10. Book value of
secured items was as of 31.12.2024 MNOK 25.3 for assets, MNOK 65.6 for accounts receivables and MNOK 122.6 for inventory.
NOTE 42 RECEIVABLES AND LIABILITY TOWARDS SUBSIDIARIES
Receivables and liability toward subsidiaries (amount in NOK 1 000) 2024 2023
Other long term receivable 8 723 7 588
Account receivable 32 389 30 485
Other receivable 35 326 29 772
Account payable 67 67
Non-current liability 79 474 40 690
Total Receivables and liability towards subsidiaries -3 102 27 088
NOTE 43 EVENTS AFTER 2024
The Board of directors has no knowledge about events after 2024 that will affect the annual report and financial statement for 2024.
Statement pursuant to section 5-5 of the Securities Trading Act.
Medistim Annual Report - Fiscal year 2024 | page 116

Declaration from the Board of Directors
We hereby confirm that the annual accounts for the group and the company for 2024 to the best of our knowledge have been prepared in
accordance applicable accounting standards and give a true and fair view of assets, liabilities, financial position and profit and loss for the
group and the company as a whole. The director’s report give a true and fair view over development and performance of the business and
the position of the group and the company, and a description of principal risk and uncertainties facing the group.
Øyvin A. Brøymer
Chair
Sign.
Anna Ahlberg
Board member
Sign.
Ole J. Dahlberg
Board member
Sign.
Gry Dahle
Board member
Sign.
Jon H. Hoem
Board member
Sign.
Tove Raanes
Board member
Sign.
Peder Strand
Board member
Sign.
Kari Eian Krogstad
President & CEO
Sign.
Medistim Annual Report - Fiscal year 2024 | page 117

ALTERNATIVE PERFORMANCE MEASURES
Alternative performance measures, concepts and abbreviations
Alternative performance measures are used by investors, securities analysts and other interested parties. The intention with the alternative
performance measures is to provide a better overview of achieved results and development in the company. In addition, concepts and
abbreviations that are relevant for the branch Medistim operates in is explained in the following list. The company has referred to these
measures over many years and has continued to do so to be consistent.
Since Medistim develops its own products it is a point to put focus on how much is used within R & D. High values of intangible assets could
result in a one time expense if the impairment test fail, and is highlighted for this reason. The company’s exposure to foreign currency, the
regulatory regime that forces the company to secure end of life parts and international customers with longer credit time, makes it useful
to have measures for currency neutral development and changes in working capital. Below is the list of alternative performance measures,
concepts and abbreviations Medistim uses in its reporting.
Medistim Annual Report - Fiscal year 2024 | page 118

Alternative performance measures
Profit before R&D, depreciation &
impairment:
Margin after cost of goods, salary and social expenses and other operating expenses are deducted
except for R&D expenses
EBITDA: Earnings before interest, taxes, depreciation and amortization expenses. Corresponds to operating profit
before depreciations and amortization expenses.
EBIT: Earnings before interest and taxes. Corresponds to operating profit.
Currency neutral growth: Compares this years sales with previous year sale when sale in foreign currency is recalculated using the
same average currency rate in the reporting period to get a neutral comparison
Working capital: Inventory plus accounts receivable minus accounts payable
Concepts and abbreviations
VeriQ: Medistim’s 3
rd
Generation system platform
MiraQ: Medistim’s 4
th
generation system platform
TTFM: Transit time flow measurement
Vascular Surgery: Surgery involving veins and arteries in the body except on the heart
CABG: Coronary Artery Bypass Surgery
REQUEST: Registry for Quality Assessment with Ultrasound imaging and TTFM in Cardiac Bypass surgery. A study
initiated by Medistim ASA to collect data regarding the combined use of ultrasound imaging and TTFM.
HFUS: High-frequency Ultrasound
CIDAC: Comparison of intraoperative duplex ultrasound and angiography after Carotid Endarterectomy
NICE: British National Institute for Health and Clinical Excellence; an organization that recommends standard of
care within healthcare.
AATS: The American Association for Thoracic Surgery
ESC: European Society of Cardiology
STS: Society for Thoracic Surgery - an American organization focusing on thoracic surgery
EACTS: European Association for Cardio-Thoracic Surgery - a European organization focusing on Thoracic
surgery
ASCVS: Asian Society for Cardiovascular and Thoracic Surgery - an Asian organization focusing on cardiovascular
surgery
ICC: International Coronary Congress - an organization that focuses on CABG surgery
Medistim Annual Report - Fiscal year 2024 | page 119

Reconciliation of currency neutral revenue: Rates 2024 Rates 2023
USD average rate for the year 10,75 10,56
EUR average rate for the year 11,62 11,42
Split of revenue in USD, EUR and NOK
(amount in NOK 1 000) 2024
Revenue 2024
with 2023 rates
Sales in USD
Procedural revenue Imaging and flow 100 838 99 130
Capital sales flow systems 20 656 20 306
Capital sales flow and imaging systems 36 536 35 917
Flow probes 70 423 69 230
Imaging probes 8 707 8 557
Sales in EUR
Capital sales flow systems 34 563 33 967
Capital sales flow and imaging systems 32 636 32 073
Imaging probes 7 375 7 248
Flow probes 161 043 158 263
Total revenue in USD and EUR 472 777 464 691
Revenue in NOK 89 821 89 821
Total revenue 562 598 554 512
Return on invested capital (ROIC)
(amount in NOK 1 000) 2020 2021 2022 2023 2024
Numerator: Profit for the year 69 91 114 104 104
Denominator: Invested capital (avg) 214 196 230 258 292
Total assets 346 403 483 506 579
Minus: Cash -72 -129 -153 -154 -179
Minus: Non interest bearing current
liabilities -59 -78 -100 -94 -102
Equals: Invested capital 214 196 230 258 297
ROIC in % 32.4 % 46.3 % 49.5 % 40.3 % 35.8 %
Reconciliation of working capital: (amount in NOK 1 000) 31.12.2024 FY 2023
Accounts receivable in balance sheet at year end 68 980 74 303
Inventory in the balance sheet at year end 160 521 145 391
Accounts payable in balance sheet at year end (27 034) (30 871)
Working capital 202 466 188 823
Medistim Annual Report - Fiscal year 2024 | page 120

Oslo, April 8
th
, 2025
Board of Directors and CEO of Medistim ASA
Øyvin A. Brøymer
Chair
Sign.
Anna Ahlberg
Board member
Sign.
Ole J. Dahlberg
Board member
Sign.
Gry Dahle
Board member
Sign.
Jon H. Hoem
Board member
Sign.
Tove Raanes
Board member
Sign.
Peder Strand
Board member
Sign.
Kari Eian Krogstad
President & CEO
Sign.
Medistim Annual Report - Fiscal year 2024 | page 121

Bygdøy allé 2
PO Box 1704 Vika
0121 Oslo, Norway
www.bdo.no
BDO AS, a Norwegian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms
part of the international BDO network of independent member firms. The Register of Business Enterprises: NO 993 606 650 VAT. side 1 av 4
Independent Auditor's Report
To the General meeting of Medistim ASA
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Medistim ASA.
The financial statements comprise:
• The financial statements of the parent
Company, which comprise the balance
sheet as at 31 December 2024, income
statement and cash flows for the year
then ended, and notes to the financial
statements, including a summary of
significant accounting policies, and
• The financial statements of the Group,
which comprise the balance sheet as at
31 December 2024, and income
statement, statement of
comprehensive income, statement of
changes in equity and cash flows for
the year then ended, and notes to the
financial statements, including material
accounting policy information.
In our opinion:
• The financial statements comply with
applicable statutory requirements,
• The accompanying financial statements
give a true and fair view of the
financial position of the Company as at
31 December 2024, and its financial
performance and its cash flows for the
year then ended in accordance with
the Norwegian Accounting Act and
accounting standards and practices
generally accepted in Norway.
• The accompanying financial statements
give a true and fair view of the
financial position of the Group as at 31
December 2024, and its financial
performance and its cash flows for the
year then ended in accordance with
IFRS Accounting Standards as adopted
by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and
the Group as required by relevant laws and regulations in Norway and the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of Medistim ASA for 15 years from the election by the general meeting of
the shareholders on May 2009 for the accounting year 2009 (with at renewed election on the April
2023).
Penneo Dokumentnøkkel: T8A4H-PWYW1-0PCZV-5S2OL-CPMPG-VH0IA

BDO AS, a Norwegian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms
part of the international BDO network of independent member firms. The Register of Business Enterprises: NO 993 606 650 VAT. side 2 av 4
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Description of the key audit matter
How the key audit matter was addressed in
the audit
Revenue recognition:
The Group operates with three distinct sales
categories as described further in note 1 in
the annual report.
The complexity arising from these different
sales categories, particularly in assessing
potential IFRS 15 and IFRS 16 implications, has
been a key area of focus in our audit.
Timing of when the performance obligation is
considered fulfilled is not solely dependent on
the sales model but is instead driven by the
specific terms of delivery and the customer
contracts. The Group applies different
revenue recognition points depending on the
nature of the transaction, described as
followed:
1. Sale of products developed and produced
by Medistim in Asia, the USA, and most of
Europe, as well as smart cards under the
leasing model, are primarily recognized as
revenue at point in time when the goods
are shipped from the Group’s warehouses.
2. Sale of products developed and produced
by Medistim sold in Germany and third-
party products are recognized at point in
time when the goods are received at the
customer’s warehouse.
3. Leasing revenue from system leases is
recognized on a straight-line basis over
the lease term. Leasing revenue from
payments per procedure is recognized in
line with the use of the equipment and
the probes.
We have assessed the appropriateness of
management’s revenue recognition policies
and the application of these policies. Our work
included review and evaluation of procedures
and systems related to the Company and
Group revenues. We have obtained an
understanding of the relevant internal controls
and tested these controls, as well as
performed additional tests to verify that the
revenue recognition has been performed in
accordance with the policies described.
Furthermore, we have assessed the adequacy
of the description of the Group’s policies for
revenue recognition in the notes to the
financial statements.
We refer to Note 1 to the consolidated
financial statements.
Penneo Dokumentnøkkel: T8A4H-PWYW1-0PCZV-5S2OL-CPMPG-VH0IA

BDO AS, a Norwegian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms
part of the international BDO network of independent member firms. The Register of Business Enterprises: NO 993 606 650 VAT. side 3 av 4
Other information
The Board of Directors and the Managing Director (management) are responsible for the other
information. The other information comprises the Board of Directors’ report and other information
in the Annual Report, but does not include the financial statements and our auditor’s report
thereon. Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Opinion on the Board of Directors' report
Based on our knowledge obtained in the audit, in our opinion the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a
true and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the financial statements of the
Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by
the EU. Management is responsible for such internal control as management determines is necessary
to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and
the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern. The financial statements of the Company use the going concern basis of accounting insofar
as it is not likely that the enterprise will cease operations. The financial statements of the Group
use the going concern basis of accounting unless management either intends to liquidate the Group
or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Penneo Dokumentnøkkel: T8A4H-PWYW1-0PCZV-5S2OL-CPMPG-VH0IA

BDO AS, a Norwegian limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms
part of the international BDO network of independent member firms. The Register of Business Enterprises: NO 993 606 650 VAT. side 4 av 4
For further description of Auditor’s Responsibilities for the Audit of the Financial Statements
reference is made to:
https://revisorforeningen.no/revisjonsberetninger
Report on compliance with requirement on European Single Electronic Format
(ESEF)
Opinion
As part of the audit of the financial statements of Medistim ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file 5967007LIEEXZXJOX483-2024-12-31-en.zip, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation
(EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant
to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the
preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial
statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Auditor’s responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the
ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger
BDO AS
Erik H. Lie
State Authorised Public Accountant
(This document is signed electronically)
Penneo Dokumentnøkkel: T8A4H-PWYW1-0PCZV-5S2OL-CPMPG-VH0IA

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2025-04-08 13:00:08 UTC
Penneo Dokumentnøkkel: T8A4H-PWYW1-0PCZV-5S2OL-CPMPG-VH0IA