Good morning everyone, and welcome to Medistim's fourth quarter and preliminary financial results for 2025 presentation. My name is Kari Krogstad, and I'm joined with the CFO, Thomas Jacobsen.

We will go through this usual agenda starting with the highlights. I'm very pleased to being able to report a new record for sales in the quarter reaching 182.3 million NOK in Q4.

This means that we are continuing the high growth all through the year that we've seen in the first three quarters, ending with 20.6% growth in this fourth quarter. We can see that there is quite a small currency effect when we are comparing to the currency in the same quarter last year, but still adjusting for that, the total sales will be could be 21.7%.

We're seeing that our own products are doing really well, and the sales is up 25%. It is Americas region that is really leading the way with 44.3% currency-neutral growth.

We also see that EMEA, Europe, Middle East and Africa, has a very strong quarter, this fourth quarter, being up 24.4%. Our Asia-Pacific region is down by 24.2%, and as we have consistently reported all through the year, we have to expect quarterly variations from Asia-Pacific, but we also expect it to see a solid year, which we will show.

The third-party products has a small 2.2% growth in the quarter, but we know that they had a tremendous start and will finish the year very strong. Also, the operating profit is very strong, 42.3 million, up 63.8% from the same quarter last year.

I just want to mention that the EBIT margin of 23.2%, although being a lot higher than the margin that we reported in the same quarter last year, is impacted by an increase in IT infrastructure expenses of 5.8 million. This obviously have a negative impact, and actually this EBIT margin would have been about 26% without it, but I will leave to my colleague, Thomas, to give a bit more background for this.

A very decent ending of the year. This is then taking us to a record year for both sales and operating profit.

Almost reaching 700 million NOK in revenues, completing the year at 24.4% growth. Slight currency effect, and adjusting for that, the total sales is up 25.8%, and we're seeing that our own product sales is as high as 28.3% growth.

Again, it is Americas that is leading the way, up 40.5%, but also Asia-Pacific, extremely strong at 40% growth, and also EMEA with a decent 7% growth for the year. We know that we have a lot of highly penetrated countries in that region.

Also, our third-party products having a record year and growing 12.7% in '25. This takes us to an operating profit record at 196.2 million, up almost 50% from last year, and also giving us the strong EBIT margins at the high 20s that we would like to see, of 28%.

This is very much driven by the strong sales of our own products through the direct sales channel. Based on this results, the board will suggest to the general assembly a dividend of 8 NOK per share, a total of 146.2 million.

This means that we are able to adding another record year to our history, and also meaning that we continue to deliver on our promise of profitable growth consistently over time. With that, I will leave the word to Thomas.

Thank you very much, Kari. I will, as usual, take us through the financials for the quarter, but also for the year.

Since Kari is going through sales revenue more in detail for geography and products, I will not go into that detail here, but I need to mention that, with record sales and especially sales through our direct markets, and especially the USA, this improves our margin going from 77.8% to 80.2%. Having said that, on the negative side, we actually have here a tariff expense of almost 4 million NOK included in the cost of goods sold related to the tariffs implemented in the US, which for Norway is 15%.

Salary and social expenses increases, as we discussed in previous quarters, we strengthen our commercial team, but also our R&D team and operations. At the same time, we also have a record year, which means that we have higher commissions and also bonuses related to the results that we are now presenting to you.

Then you would expect maybe on other operating expenses with Kari's note that 5.8 million is expensed related to IT infrastructure. When you compare that to last year, the expense is almost the same.

The reason for that is that we had also very high expense level in the fourth quarter in 2024 related to congresses and especially the launch of the IntuVue software. In addition to that, we also had recruitment expenses to our new commercial sales team.

Both fourth quarter 2024 and fourth quarter 2025 is then, relatively speaking, high when we look at these quarters. What is this IT infrastructure extraordinary expense?

We do have an ERP system, a CRM system, and a PDM system that is today on-premise, which we are lifting to the cloud to a cloud solution. If we were to lift this from one on-premise solution to another on-premise solution, this would obviously be an asset for the company.

All the expenses related to that work would be company property and therefore an asset. When we do this from on-premise to a cloud solution, still the coding that's Medistim-related is still an asset, but according to the international accounting rules, when you are using standard configurations and standard setups, that part of the project lifting it to the cloud is not an asset, and therefore this part of the project is expensed.

What we've seen here for the fourth quarter, 5.8 million has therefore been expensed, and that's the explanation why we have this situation. Even so, EBITDA increases from 21.4% to 27.1%, ending at 49.3 million.

Depreciation is slightly higher than last year, but even so, EBIT percentage increases from 17.1 to 23.2%, ending at 42.3 million. Net finance is currency-based, realized and unrealized gains and losses, ending positively for the quarter with 5.5 million.

All in all, profit ends at before tax ends at 47.8 million, and profit after tax increases 78% and ends at 38.1 million for the fourth quarter. Going into the total year, yes, we almost end the year at 700 million, this is definitely a record for Medistim.

When we look at margins, same explanation as for the quarter. However, the total tariff expense in 2025 is also 4 million NOK, which means that before the tariff was introduced in the US, we shipped over all the products that we were able to ship to the US to avoid the tariff on those goods, which means that we've been selling from an inventory in the second and the third quarter of 2025 on products that are not affected by the tariff.

We do now see that in the fourth quarter, we have the full effect of the tariff. Going forward in '26, we will continue to have this effect as long as this tariff of 15% is valid.

Salary and social expenses increases, and the explanation is the same as for the quarter, only larger numbers. Other operating expenses also increases, and we have been very very much pushing our sales team to be out with face time to the customers.

The increase of the expense is related to our commercial teams being out there traveling, visiting customers. We have very good experience that the more face time we have with our customers, the better results we will have on sales.

That is something that the new commercial team has been pushing. EBITDA percentage increases from 27.7% to 31.6% for the year.

EBIT margin also improves from 23.3% to 28% and ends at 196.2 million. Net finance, I can also add, in addition to currency, that we have effect of a positive effect of interest on additional cash, which amounts to about 5 million NOK.

All in all, profit before tax, first time over 200 million for Medistim, and ends at 206.8 million, and profit after tax ends at 159.2 million, up over 50% compared to last year. A record year, top line and bottom line.

Balance sheet, our intangible assets increases. Three major reasons for this: we have the two development projects ongoing, but we also have the IT infrastructure project taking our systems from on-prem to the cloud, increasing the intangible assets.

When it comes to inventory, we see that inventory level is at the same level as last year. However, our inventory level peaked by the end of the second quarter at almost 175 million.

The reason for this was related to the period when supply chain was an issue and we placed orders which we now have honored and this has been delivered. Going forward, from a lot of our critical components and some of our most expensive components, we do not expect to do purchase on these components in 2026, and we will then the orders that we are now placing is then for delivery in 2027.

This means that going forward in 2026, I would expect to see inventory levels actually decreasing. Accounts receivable increases, natural when we increase sales.

Our cash position is solid, at ends at 212.1 million. As Kari mentioned, our board, based upon the solid cash position, a very good year 2025 profit-wise and a good forward-looking situation in '26 and going forward, the board has suggested to the general meeting to pay a dividend of 8 kroner per share, which is 146.2 million NOK in cash payment in total.

Our equity and liability, we have a strong balance sheet, more than 70% equity. Also, our long-term liability is not related to bank debt, we have no interest-bearing bank debt.

This is then related to extended warranty and service contracts, which is here deferred income, 11.5 million, and we also have a total of 49.3 million in obligations related to our lease contracts, of which 37.5 million is long-term. Some key figures, we see that our earnings per share increases quite nice during the fourth quarter, ends at 2.08 NOK, kroner is the Norwegian termination for NOK.

For the year, it ends at 8.71 NOK per share, which is up, and corresponding to development in our profit, obviously. Again, a strong year.

Our cash flow is also positive. We have a strong cash flow from operations both for the quarter and for the year.

Our investments, 36 million in total for the year. We have 22 million related to product development.

We have 10 million related to our IT project, as the two major investments that we are involved in at the moment. Cash flow from financing ends at 122.7 million, and the majority of that is the dividend we paid in May of 109.5 million.

Net change in cash is positive with 32.8 million, and we end the year with a cash position of 112.1 million, which is also a record, actually, going out of the year when it comes to cash. By that, I leave the word again to Kari to continue this presentation.

Thank you.

Yes. Let's take a deeper look into the various products and segments, starting with the flow and imaging systems in units.

We see that we have volume growth in all regions giving a net five more flow and imaging units sold this quarter. We are of course very happy to see this development both for the quarter, but even more so for the full year.

We see strong volume growth in Americas, which is in volume growing by 84%, and also in Asia-Pacific, up 75%. As we all know, this is really the most important product from Medistim.

It is really what separates us from competition, having these two modalities in one system, both imaging and flow, and it's the higher-value, higher-priced product. It's very important for us to see increase in sales of this particular product.

EMEA, as we can see, is down for the year by 14%, but is growing on the flow system side. When we are selling more imaging systems, we also expect to see more imaging probe sales.

This particular quarter, it is down, but we are noting that the third quarter this year was exceptionally strong, not really a big surprise. Again, for the full year, with the very strong performance in Americas of the sales of the imaging products, we also see this strong volume growth on the probe side with up a growth of 81%.

Asia-Pacific and EMEA was down in volume for imaging probes. When we're then looking at the flow-only systems, we are down for the quarter, but for the full year, flow-only system volume was down in Americas by 36%.

Of course, this is related to the high growth that we're seeing on the imaging side in Americas. We're also seeing that Asia-Pacific, also growing on imaging, is actually growing 25% on the volume side with the flow-only systems, which is very strong.

EMEA, also up 6% on the volume side here. We are seeing, after a couple of challenging years, that the imaging sales are gaining momentum again.

Flow-only units then rose 4.3% to 121 units, while the combined flow and imaging units surged at 39% to 92 units. About 43% of the total number of systems was actually including the imaging in 2025.

Also, when it comes to flow probes in units, we've had a great quarter and a great year. For the quarter, we're growing 26.5% in units, and for the full year, flow probe volume sales is up 20.7%.

This is very much driven by the strong 17% growth in capital sales of all systems. As a conclusion here, it is both the capital system sales, but also increase in use that is driving the demand for these consumable flow probes.

Looking at the regions in a little bit more detail, starting with Americas, and as we know, more than 90% of the revenues from this region actually comes from the United States. We are ending Q4 at 86.1 million, meaning 44.3% currency-neutral growth.

We're seeing that total capital system sales declined by two units, but we are selling two more imaging units, and these are really high-priced products, it really compensates for the lower number of units. We also saw strong probe sales for the quarter, flow probes up 56%, imaging probes up 15%.

Extremely good performance in the USA, and also we are seeing positive contributions from the smaller parts of this region. Our new direct market Canada has shown very positive performance all through the year, and had a growth of 56% in the fourth quarter.

Latin America is a very small region here. Closer look into the Americas, here we can see what the impact of selling more capital systems on the flow and imaging configuration.

This is really what drives the revenues from Americas, 28.6% growth in volume for the quarter, but 84% growth in volume for the full year. Also, when we're counting the number of procedures coming from sales, whether it's from the smartcards and the lease agreements that we have or directly from selling flow probes to the capital customers, we're noting that this is increasing tremendously, 72.6% from the flow probes to capital customers for the quarter and 60% for the year.

This actually ends at over 100,000 procedures, flow procedures, in Americas for the full year. This is definitely a new record.

When we are then adjusting for some of these probes being sold to vascular customers, we are now estimating that we have an adoption rate in the US not at 37% that we reported last year, but at 40%. Also, it's interesting to note that procedures from imaging probes to capital customers is growing nicely, ending at 83% growth for the year.

Looking at Asia-Pacific, so as I stated, it's a slow quarter, it's down 24%, but up 40% for the full year. Definitely a success and finally being out of the challenging period after the transition into a direct organization in China.

China is the biggest region here. Sales were down 49% for the quarter, but up 32% for the year, ending at 45.7 million NOK.

We have to remember that actually all countries in Asia-Pacific depends on distributors, and still in China, where we have our own employees and we are, of course, supporting end users as well, we still are relying on distributors and agents, and this will always give variability in the quarterly sales, as we have consistently informed. Sales to Japan were down for the quarter, but is showing a solid year, 71% growth, ending at, I would say, a normalized 20.6 million when we're looking at historical sales.

As we have announced earlier this month, Medistim will now go direct in Japan. I will get back to that in a few minutes.

Also, the other countries and other Asia-Pacific distributors are actually contributing very positively, 95% growth for the quarter and 38% growth for the year, ending at 25.8 million. Europe, Middle East and Africa, 56.2 million in sales in Q4, that is currency-neutral growth of 24.4%, really strong finish from the EMEA region.

It's particularly strong quarter for the direct markets, which we, of course, like to see. We're talking about Spain, Germany, and all the Scandinavian countries, where we see currency-neutral increase of 13.5% for the quarter.

Also, sales through distributors was up with currency-neutral increase of 34.3% for the quarter, ending at this 7%, which again, I feel is a decent result, but we have ambitions to grow this in the future. Third-party products, 2.2% for the quarter, 12.7% growth for the year.

This is a highly diversified product portfolio. Mentor and their breast implants, Icare and their ophthalmology products, and AMI with their urology and proctology products are the biggest contributors here.

We remember that it was ophthalmology products sold to new hospitals in Norway that was really driving the high growth that we saw in 2025. This took the third-party product portfolio to a new record of 101 million NOK.

This summarizes and shows that this really good performance, I would say, from all regions, but I have to highlight the contributions from Americas and the fact that we are growing 35.9% in total from a very high base of 237 million to 322 million in 2025. Taking a look at the split of cardiac versus vascular sales, we're happy to see that we see strong growth in both cardiac and vascular products, but we are continuing to see that the vascular surgery products continue to have higher growth rate than the cardiac surgery products.

We're also seeing that it's gradually taking a larger share of the total sales of own products. In '25, we ended at almost 20% of the revenues from own products coming from vascular.

This is also a positive development. If we look at the split of flow-only products versus the imaging systems and probes, we then see that after this challenging period in '23 and '24, the revenues from imaging products are back with the highest annual growth so far at 47.4%.

Now, the revenues from sale of imaging products make up 31% of sales of own products. Also, when we are checking how we're doing with our recurring revenues coming from sales of pay-per-procedure smartcards and lease revenues, and also sales of our probes, we are seeing that '25 is ending at just about 70% as the percentage of recurring revenues.

Pretty matching in consistent with what we've seen over the years. Then allow me to provide some comments also on how we're doing in implementing our strategy, reminding everyone that our vision is actually to place a Medistim system in every operating room all over the world.

That's a big task, and we are making progress, but there's still very high growth opportunities here. A couple of years ago, we launched our mid-term goal of being reaching 1 billion NOK in sales in a few years.

With the 700 million that we're delivering in 2025, we are well under way of achieving this goal. The strategy to actually get there is this combination of converting the high-penetrated flow-only CABG markets to flow and imaging.

It is to continue to grow in those markets where we are underway with flow and getting increased adoption of our flow technologies in every market. It's also to be flexible and provide entry-level solutions in price-sensitive markets.

Absolutely, to build a position in vascular surgery, which I just showed that we are also progressing on. Expanding direct market coverage is also a very critical part of our strategy.

Now on the 2nd of February, we sent out a press release to say that as of 16th of March, Medistim opens a direct sales office based in Tokyo. I can report that we already have a solid team with experienced leader in place.

Our situation in Japan is well-known. We have 90% of the approximately 17,000 CABG surgery procedures performed in the market.

As just reported, we ended 2025 with sales to our current distributor there at 20.6 million NOK. The growth opportunity is, of course, coming from our experience of getting closer to the end users is really critical to maximize the value from a market.

The first thing that will happen is that we will capture the distributor margin. Then longer term, we will have the opportunity to continue to grow with our flow product, to convert from flow-only devices to flow and imaging devices.

We have a decent uptake of imaging system, but it's still only maybe around 35%, there's definitely continued growth opportunity in CABG surgery. Then comes an untapped potential from vascular procedures as well.

Another part of our growth strategy is to support activities that will grow adoption in underpenetrated markets for flow. Clinical marketing is critical.

On the 24th of February, we announced that we will sponsor a new trial, SMART-FLOW, which is a randomized clinical trial in CABG surgery. We're very excited about this study.

It's going to be led by Professor Mario Gaudino, a very prominent surgeon at Weill Cornell Medicine in New York. This opinion leader is the first author on the consensus paper published in Circulation in 2021, where a group of surgeon experts made 10 expert statements, including the very famous transit-time flow measurement should be used in every CABG case.

It was an extremely positive and supportive article in a prominent paper supporting our technology. At the same time, in the conclusion in this paper, they stated that of course it is desirable to perform a large randomized clinical trial to really provide the best evidence for this claim.

That's exactly what they're now seeking to do. This is a quote from Professor Mario Gaudino.

He says that, "Most existing studies evaluating TTFM are small, observational, and methodologically heterogeneous. Although expert consensus supports its use, the lack of adequately powered randomized evidence remains a barrier to widespread adoption in clinical practice."

This is his words. He also says that, "SMART-FLOW has been designed as the first appropriately powered randomized trial to rigorously evaluate intraoperative graft assessment with TTFM in CABG."

And, "By generating high-quality randomized data on the impact of TTFM on early graft failure, and by providing a platform that can be extended to assess clinical outcomes, the SMART-FLOW program has the potential to inform future guideline recommendations and promote a more consistent, evidence-based approach to intraoperative graft assessment." This is Professor Gaudino's words.

The study design of the SMART-FLOW is that it's expertise-based. That means that the 1,242 patients that will be enrolled in the study will be randomized to either a surgeon, an expert surgeon, doing flow measurements routinely, or to a surgeon who is not doing flow measurements.

This is the concept of an expertise-based trial. The graft patency will be assessed with Medistim's MiraQ TTFM system, and the imaging modality will also be available, but it's not mandatory to use that in this study.

We're talking about 20 centers in the US, in Canada, in Europe, and in Asia that will partake in this trial. The goal is to evaluate whether TTFM reduces the incidence of graft failure within 1 to 3 months post-surgery, as assessed by coronary CT angiography.

There are plenty of studies that are already providing evidence for this, but this is going to be a higher quality, larger study, randomized, that will hopefully provide really the next level of evidence for this. Providing a positive outcome here, the study may be extended to evaluate the impact of TTFM on longer-term clinical outcomes, and that would include myocardial infarction, repeat revascularization, survival, and quality of life.

When it comes to Medistim's involvement here, of course it's a completely scientifically independent trial, we have nothing to do with the interpretation of results or anything. The study is primarily supported by philanthropic donations and federal funding, but Medistim is then serving as the only industry sponsor, and we will contribute with, I would say, a pretty modest $500,000 over the duration of the trial.

This will, of course, be a great opportunity for us to facilitate upgrades to imaging in those centers that haven't already started using imaging, and it's a great way of also getting our newest IntuVue software into the hands of this very good centers. We are also facilitating the study with our CaseCloud solution for data collection, storage, and analysis, the same as we're doing in the PATENCY study.

With a good, I would say great probably, '25 behind us, and also already moving into '26 with opening up a new market for us in Japan and also sponsoring and partaking in this exciting new trial to support our CABG surgery market, we are moving into 2026 as one team, making bolder moves with excellence accelerated. With that, I think we will open for questions.

We have a number of questions today. The first one is on Japan.

Congratulations on the opening of an office in Tokyo. How do you see the growth opportunities in Japan, and will you focus on developing the vascular market there?

I can comment on that. I think our ambition is to run a more efficient operation in Japan with our own people on the ground.

As I explained, we still have growth opportunities in CABG surgery, first and foremost from converting from the flow-only system to flow and imaging, but certainly vascular surgery is also adding growth opportunities. I might add that the general manager of our Japanese office actually is coming from a company, a medical device company, serving the vascular surgery community, he is well connected to vascular surgeons in Japan and will really be a great champion for us in our endeavor there.

Thank you. It's another one on Japan.

When you went direct in China, we saw a longer period of low sales and negative margin impact. Should we expect a similar situation in Japan?

We had some learning from our Chinese experience, and one of the learnings was that we have shortened the transition period from 12 months to 3 months. With a 12 months transition period in China, the distributor had the opportunity to fulfill their pipeline to a much larger extent because of having nine additional months to fulfill that.

With shortening this period to 3 months, we have seen actually a limited possibility for our Japanese distributor to do the same thing as our Chinese distributor did. Also we have although we honor those orders that come in that is tender-related that our distributor has worked through, we have also been very restrict on typically larger probe orders if that were to come in.

Having said that, we haven't seen that as of yet, we are actually quite optimistic that this Japanese transition will be much smoother than the Chinese one. Also in addition to that, our position in Japan where we have 19% 90% coverage at least on CABG, we have a very strong recoverable revenue stream, and we do believe that in the first year of '26, we will at least have an EBIT margin or break-even situation in Japan, maybe even a slight positive contribution, but at least going forward into 2027, we are convinced that Japan will give us a positive contribution to our profits.

Thank you. The next one is on the tariffs.

The report indicates that price increases have been absorbing the tariffs in the US. How has the price increases been received in the market, and do you think the price increase is going to affect sales volumes going forward?

I don't think any customer will embrace a price increase as such, but having said that, we haven't seen any significant resistance in the US related to the price increase, either on systems or on probes, and we do see that capital sales are continuing to grow, and also probe sales. We introduced this price increase effectively end of June, and what we've seen at least on probe volumes is that flow probes have in the second half compared to the first half increased with 38% in volume, and the same for imaging probe, which has increased 50% in volume.

Far, we have not experienced that this price increase is actually decreasing volumes, it's rather the opposite. Going forward, we are quite optimistic that this price has been accepted.

We have more questions on tariffs. Does the 4 million hit due to the tariffs imply that all the products sold in the US in the fourth quarters were tariffed, or will this number continue to increase as more and more stock run out that was not tariffed?

Fourth quarter, all products were tariffed, so that is the level that, given the same sales volume in the US going forward. This actually started the last couple last days in September, actually in the third quarter, fourth quarter is a full quarter of with full effect of tariffs.

It's a follow-up on that. How high do you expect the annualized run rate for tariff expenses in the US to be once all inventory is sold?

This is more or less answered, and that this is all dependent upon the sale, level of sales in 2026. We do have a tariff of 15%, 50%, sorry, 15%, sorry, 15, and the effect of that for us when we import to the US is that we will have to increase our external pricing with 9% in order to neutralize it.

As we've seen from our report today, we more than neutralized it by actually increasing our gross margin. To say how much tariff we will pay would kind of for me today be impossible to say an exact number.

Thank you. The next one is on the number of procedures.

How come there is a such huge jump in the procedures in the US? Have there been higher demand for probes due to the announced price increases?

No, I would say that the increase in capital sales and the way that we're approaching it is also always selling a sort of a starter package with probes. I think that has also probably grown with the new approach from the new sales team.

It's really connected to getting new users started with the flow technology. Of course, some of this is then, you could say, for inventory.

It will take some time for these new customers to consume all of these probes, but and that's what we're trying also to estimate when we're saying that adoption rate has grown. With the large increase that we're seeing, part of this is definitely due to increased utilization.

Then

we have some questions from the chat. Could you comment on development in larger EU economies and whether you have plans to go direct in new markets there?

The Europe is is still very interesting for us. We have pointed to to Turkey as actually a new target market for the EMEA region.

Turkey actually have a higher CABG number of procedures, for instance, than Germany as as a of course the largest European country as such. That's that's progress we made in 2025 working with our distributors to refine our business strategy and model there.

That's definitely a new market that we will invest more deliberately in, provide more support to in '26 and onwards. Then we also have interesting I mean markets that's been worked by our distributors for a long time, and we talked about Italy and France, which are currently at around 40% adoption of flow technologies, obviously a lot to do there both to increase the use of flow, but then also to convert to imaging and of course the vascular also to follow.

In general, I can just give the answer that we have a list of countries which are of interest when it comes to being targets for the next go-direct strategy.

Thank you. Congratulations on the strong year.

Regarding the US, what has been the main trigger for the strong growth acceleration there? Is it insurance policy changes, or industry becoming more aware of the value proposition, and do you expect penetration to keep rising at a similar pace this year?

I think the fantastic results we're seeing from Americas this year is a result of numerous factors. First of all, '23, '24 was more challenging on getting the capital sales of imaging systems, as we've pointed to, and really selling imaging, high value, high price, is very important for continued high growth.

Getting back into that situation where actually the interest in our imaging technology is actually successfully converted into a sale, that has happened in 2025, and that is, of course, due to our long commitment to positioning the imaging technology, and we're seeing the result of that. We've never lost confidence that the surgeons wanted the imaging technology, but it was the economical situation in '23 and '24 that was postponing a lot of these sales processes.

That's one factor. Then, I think the change with, a strengthened commercial leadership and also intensive and significant investments in supporting our sales force in the US, but also in all our direct markets.

We've done a lot when it comes to improving our training for our sales reps this year, provided numerous events for training, both on the technical, clinical, and definitely on the sales side of the sales process. I think that also contributes very well.

Of course, the attitude, the strategy from sales leadership, which is, I would say, more forward-leaning, more ambitious, and definitely showing a very much a can-do attitude. I think it's multiple things.

Of course, pricing, we have increased prices as well, that's also contributing, but as we have shown, this is combined with the increasing volumes as well. When it comes to whether this will continue, I think it will be very hard to keep it at the current or the '25 growth levels going forward.

As I said, a lot of this is coming from the comeback of the imaging systems and probes, which were really low in '23 and '24. That growth lever will not be there in 2026.

The investments we made in the team and also increasing the confidence and yeah, in going after the vascular opportunities, will continue to provide opportunities and support for the growth in the US.

The next question is on IntuVue. IntuVue has been mentioned in your previous presentations.

How much of the growth last year was down to this new launch?

Yes, actually very little. We have to remember that we started selling the IntuVue in the second half, and that means that we're then starting to introduce the IntuVue into the new sales processes.

When it comes to quotes that were already out there based on the former configuration and former pricing, that was for the large part just kept as it is. I think we had a total of eight IntuVue sales in the second half.

Then we also have to remember that, for now, we are selling the IntuVue for the cardiac-only systems. We're not making it available yet for the ultimate systems and the vascular systems.

The ultimate is the combined solution for both cardiac and vascular. This really means that when we're going forward, more and more of our sales will be on the IntuVue.

That means that the upside from the IntuVue launch is still ahead of us, which I think is a great thing.

Thank you. You announced your support to the SMART-FLOW randomized clinical trial on TTFM reducing graft failure led by Prof.

Gaudino recently. Do you think this will affect Medistim sales going forward?

As I said, we're very excited about this study. I think it's that lacking piece of evidence that everybody has been talking about and found it very difficult to address because it would be costly to do a large trial like this, and also there are ethical aspects that we never got flow users, surgeons that are using flow, to accept not to do the flow measurements on some of their patients.

That's why they come up with this expertise-based randomization strategy. I would again also point to the fact that we have achieved a very high adoption rate in many countries.

90% in Japan, 80% in Central Europe and Nordics, and well on the way in the US with 40% right now. There's no reason to wait for the trial and think that we will not be able to grow.

We will grow year by year without the data from this trial and also without the guidelines that can come out of it, which is, of course, many years ahead. I think the value of it is really to keep attention to flow technology, and really the question of the value of using this technology versus not using it.

I think it will keep the topic relevant and interesting. It will be talked about in the conferences for the years to come, which is all positive for Medistim and for the sales of our products.

I do think it will be supportive. I don't think that we are depending on it.

Thank you. That was all the questions this time.

Thank you.

Then we say thank you for this time, and we will see each other for the first quarter report. Thank you.