companyName

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_3adRh7
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveResearchExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    websiteUrl
    logoUrl
    squareLogoUrl
    defaultInstrument {
      isin
      symbol
      marketplace {
        name
      }
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_3adRh7 on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_36E2lH
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_36E2lH on Query {
  company(companySlug: $companyName) {
    extensiveResearch(researchId: $researchId) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        companies {
          name
          id
        }
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      publishedAt
      pdfUrl
      content {
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

websiteUrl

logoUrl

squareLogoUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveResearchExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensiveResearch

slug

feedContent

Medistim

MEDI: Major shareholder disclosure in Medistim ASA

MEDI: Ex dividend NOK 8.00 today

MEDI: First quarter financial results 2026 for Medistim ASA

MEDI: Protocol from the General Meeting in Medistim ASA where a dividend of NOK 8.00 per share was decided

Dividend proposal for 2025 Medistim ASA - Key information - correction

MEDI: First quarter results and financials for 2026 for Medistim ASA

Dividend proposal for 2025 Medistim ASA - Key information

MEDI: CEO share program- Correction

MEDI: CEO share program

MEDI: Notice of Annual General Meeting in Medistim ASA

MEDI: Board approval of the 2025 Financial statements for Medistim ASA

MEDI: Financial calendar

MEDI: Intertrade Shipping AS purchases Medistim shares

MEDI: Fourth quarter results and preliminary financials for 2025 for Medistim ASA

MEDI: Medistim sponsors RCT trial comparing the use of TTFM with non-use in CABG

MEDI: Medistim is opening a direct sales office in Japan

MEDI: Management in Medistim ASA purchases shares

MEDI: Financial results for the third quarter and YTD September 2025 for Medistim ASA

MEDI: Third quarter and year-to-date September results and financials for 2025 for Medistim ASA

MEDI: Major shareholder disclosure

Oslo Børs

Medistim is active in ultrasound technology. The company develops and commercializes medical equipment for use in cardiovascular and transplant surgery. The company strives to reduce risks and improve quality by using transit time flow measurement and high-frequency ultrasound imaging. Medistim has subsidiaries and distributors in markets around the world. Its customers are public and private hospitals and the company is headquartered in Norway.

Opening a thread and discussion about an interesting health technology company on the Oslo Stock Exchange. Are there any Medistim investors on the forum? Medistim ASA is a Norwegian listed company that develops, manufactures, and distributes medical devices primarily for cardiovascular surgery needs. Medistim’s own products are considered the standard of care in most European countries and Japan, while market entry is only just beginning and growing in the United States, Asia, and the Middle East. Medistim is a market leader in intraoperative transit time flow measurement (TTFM) and ultrasound imaging. These systems allow medical professionals to reduce the risk of intraoperative complications during cardiac, vascular, and transplant surgeries. They provide clinically relevant information that enables surgeons to make better decisions in the operating room. The company’s devices are developed in close cooperation with surgeons.  The small company is on a strong growth path. 2021 figures:  Revenue 427 MNOK, Growth 17.7% (currency adjusted 24.6%) Operating profit 90.9 MNOK EBIT, Growth 21.8%  Sales of own products grew by 26%, of which sales of imaging portfolio products grew by 29% and vascular portfolio by 21%.  Share valuation on 4.4.2022 at a price of 285NOK PE: 57 with realized 2021 results The company has room to grow globally. The company’s products are standard and market leaders in several European countries, but there is plenty of room for growth in, for example, the United States and emerging markets. For example, in India, the company holds an estimated only 1% market share. In the United States, the market share is approximately 28% and sales grew by 28% in USD terms in 2021. Source: www.medistim.com Excerpts from the 2021 annual report: Revenue and operating profit:     The company’s goal is to maximize shareholder value creation. Dividends are paid when consistent with the growth strategy and financial objectives. In practice, the dividend has grown strongly:   Market shares:     Share price:   Ownership base:

Medistim reported Q4 results yesterday, Friday, and the results clearly exceeded market expectations.   Revenue grew by over 20% and EBIT improved by as much as 64% YoY.    Growth was driven especially by sales in the Americas, where the company had a difficult couple of years. APAC was a small disappointment, but this is likely explained by timing. The equipment delivered is expensive, so the recording of orders across different quarters can cause fluctuations in the results. It is also good to keep in mind that this quarter’s strong result should not be taken as a definite indication that growth will necessarily continue as strongly, but it is a good signal of the company’s performance nonetheless.   Equipment sales were strong in Q4, which caused the share of recurring revenue in total sales to dip. This is a desired development, as equipment sales drive future recurring sales. During the year, the company launched new software sold as an add-on alongside the equipment. This is intended to increase the margin per device. The company also raised prices to offset costs caused by tariffs.   The company’s return on capital has turned into a strong upward trend, as NOPAT improved by nearly 50% from last year. NOPAT stagnated for a couple of years, but 2025 was a clear leap in earnings. The company calculates ROIC excluding cash and cash equivalents. It was also pleasing to note that growth occurred in both imaging and flow products. Devices are often sold modularly, where a customer might first buy “flow” and later add a more expensive imaging module.   Another important thing is to monitor how Cardiac/Vascular sells. Medistim is the market leader on the Cardiac side, but Vascular is a large potential market. Therefore, success in Vascular would be very important for future growth. Overall, a very successful quarter. It would be desirable for the development to continue as strongly, but this naturally requires continuous investment in products and the strengthening of the sales team. The company also announced during the previous quarter that it is opening a direct sales channel in Japan.

Medistim published its Q3 results yesterday. There was a bit of excitement on my part, as the company had promised to raise prices with new product features and to mitigate the impact of tariffs. I wondered what effects this would have on demand and if the company’s pricing power was as strong as I had believed.                  medistim.com              Financial Reports & Presentations: Medistim's Investment Insights    Access Medistim's  financial reports and presentations to explore our financial health, strategic growth, and investment potential. Stay updated with our progress.                             Revenue grew by over 25% and EBIT grew by 27%. EBIT margin 24.3%. The EBIT margin did, of course, drop from the Q1-Q2 peak margins, which was primarily due to performance-based bonuses and commissions paid by the company. These were questioned quite a lot in the earnings call, and management commented that the increased costs are also a sign that targets have been met. Recurring revenue decreased slightly below 70%, which I still consider a good sign, as it indicates that more devices are being delivered, which will bring recurring revenue in the future.   As we can see, in 2024, recurring revenue strongly increased its relative share when equipment sales were softer.  Revenue growth was distributed such that EMEA was soft and contracted, whereas Americas grew by approximately 35% and APAC by as much as 193%. Regarding Asian sales, it’s good to note that sales in the comparative period were weak, as there were no sales in Japan at all and a distributor was changed in China, hence the large percentage change. On the other hand, if APAC continues even moderate growth, its importance to Medistim will be greater than EMEA in the coming years.  The strong growth in USA + rest of Americas sales was a pleasant surprise. Could it also indicate good news for other medtech companies dependent on USA sales? However, management commented that quarterly fluctuations are significant and orders can shift between quarters, so it’s certainly better to follow the bigger picture. On the product side, it was pleasing to see that sales of imaging devices, in particular, have grown significantly. These are higher-priced products and, as I understand it, are purchased modularly, so a customer might first buy a flow module and later purchase an imaging device.  A minor flaw in the report was that growth primarily came from the Cardiac segment, where the company has an almost monopolistic position. Vascular is a future growth driver from which the company seeks future growth, but competition is tougher. Earlier in the year, Vascular grew very strongly, but Q3 was softer. In the conference call, it was stated that this is normal quarterly fluctuation, but this remains to be seen.   All in all, a pretty good quarter; it remains to be seen how EMEA and Vascular sales develop in future quarters and if topline growth remains as strong.

Medistim has been in the portfolio since the beginning of the year and has been mentioned in previous portfolio reviews    What I believe makes the company very attractive is its recurring revenue. The company sells sensors that can be used 50-100 times depending on the sensor, after which they need to be replaced. Currently, recurring revenue varies between 65-75% of total revenue. Ideally, it would fall below 60%, which in a good scenario would mean that equipment sales are increasing.  It’s also good to note that revenue comes from leased devices sold on a per-operation basis, and Medistim also acts as a distributor in Scandinavia. So the breakdown is not purely equipment / sensor sales. The company also has two different types of products: flow measurement and imaging. As I understand it, the products are modular, and often a customer might start by purchasing the flow function and later add imaging. In addition, the company has introduced new software to support decision-making in the operating room, which I believe increases competitive advantage and pricing power. This way, they have also been able to tackle the high price, meaning it can be purchased in parts or a leasing agreement can be made. In Q2, an interesting point about M&A was also raised. Management sees better potential in organic growth, for example, by moving to direct sales instead of using a partner.   And there seem to be quite good plans for organic growth.     The company has a 37% market share in cardiac, but there is significant potential for growth in vascular. I am attracted by the company’s pricing power and strong market position. So far, I believe management has navigated the company well, even through a somewhat challenging period, from which there are now indications of recovery. A few good articles about the company:                   outsiderscorner.substack.com              Medistim    Norwegian Medical Equipment Leader currently growing 25%, EBIT margins of 30% and ROIC of 35%                                              substack.com              Medistim (MEDI): A Heart Surgeon’s Best Friend    As I work my way through the Nordic-listed universe, I often come across smaller, high-quality companies that meet nearly every mark — except valuation.

It would be nice to hear comments from other esteemed forum members about this company as well. How does this sound:  80% gross margins Over 30% ROIC Strong balance sheet Cash flows into the coffers Niche area of expertise Market leader in some areas  Quality company? Perhaps on the negative side, I see that the equipment to be invested in is quite expensive, meaning sales volumes are relatively small in terms of units.  EPS has been stagnant for a couple of years. But has it started to grow now?  The valuation doesn’t seem bad, although six months ago this could have been acquired at a very reasonable price.

Medistim’s stock has fallen from previous high valuation levels, which, according to the tweeter, makes the risk-reward ratio attractive. The company invests in innovations that apparently strengthen its competitive advantage. Strong cash flow, high margin, and dividend yield make it a stable long-term investment, according to the tweet. https://x.com/olensrud/status/1903321296320045322     Here are the company’s Q4 materials.

Q4 and 2022 results out                   medistim.com              Company Disclosures: Medistim's Transparency & Corporate Governance    Stay informed with Medistim's Company Disclosures page, offering transparent updates on corporate governance, financial performance, and strategic decisions. Learn more.                             "Another record quarter ending at MNOK 141.8 in sales (MNOK 112.7). Full year revenue at MNOK 491.9 (MNOK 427.3) is also a new record, up 15.1 %. Sales growth is driven by all major geographical regions. Currency neutral sales increase by 21.6 % for the quarter and 11.9 % for the year. Currency neutral sales of own products increase 24.6 % for the quarter and 14.0 % for the year. The Vascular business segment grows at 8.8 % for the quarter and 27.3 % for the year. The Imaging products grows at 33.5 % for the quarter and 44.0 % for the year. Operating profit (EBIT) for the quarter ended at MNOK 36.5 (MNOK 19.5), with an EBIT margin of 25.7 % (17.3 %). For the year, EBIT ended at MNOK 141.3 (MNOK 116.3), with an EBIT margin of 28.7 % (27.6 %). The board suggests a dividend of NOK 4.5 (NOK 3.75) per share to the General meeting, a total dividend payout of MNOK 82.1."

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