Ortivus : Interim report for Ortivus January – March, 2024

Interim Report

For the period January - March 2024

CEO Statement

Ortivus continues to deliver solutions to improve the future of healthcare

The first quarter has been characterised by new contracts and marketing activities, as well as substantial efforts aimed at recovering from the cyber- attack that impacted the company's subcontractor in July 2023.

The large-scale project concerning the delivery of MobiMed ePR, electronic patient record system, to Estonia's ambulance fleet is advancing and will soon transition to the next phase, which is a system acceptance test. The delivery is conducted in close collaboration with the Estonian Health Insurance Fund, Tervisekassa, and the company's strategic partner, Telia Estii. Anticipated for completion by 2025, this project aims to equip all of the country's approximately 100 ambulances with MobiMed, ensuring enhanced healthcare capabili- ties. The estimated value of the delivery stands at 26 MSEK, with a contract duration of 5 years and the possibility of extending it by another 5 years. This extension is also projected to have a similar order value of approximately 26 MSEK.

The delivery of MobiMed ePR and enRoute to Region Jönköpings län, as well as the delivery of MobiMed Life defibrillators to Region Kronoberg, has also commenced and is now being managed by Ortivus and the regions' project teams.

During the quarter, Region Norrbotten decided to award Ortivus a contract for supplying MobiMed ePR to the region's ambulance organisation. Having utilised MobiMed Monitor for patient monitoring for a long time, Region Norrbotten now enhances its prehospital care with a more comprehensive system through this contract. The contract duration

is five years with the possibility of annual extension for an additional five years. The estimated order value is 6.0 MSEK for the initial period, with an additional 4.5 MSEK upon contract extension.

Ortivus' big delivery project to Estonia is soon to enter the next phase, which involves an acceptance test. The project is expected to be completed by 2025, by which time all of the country's vehicles are

to be equipped with MobiMed ePR.

In the beginning of the period, contracts were signed with Region Sörmland for the delivery of MobiMed Monitor and MobiMed Life, allowing the project to kick off in March with a scheduled rollout slated for the autumn of 2024. The estimated value of the delivery stands at 10.0 MSEK, with a contract duration of 2 years and the potential for a 1+1 year extension.

The revenue for the quarter amounted to 22.1 (28.0) MSEK with a net loss of -2.2 (0.2) MSEK. The 24.3% decrease in revenue compared to the corresponding period 2023, is attributed to fewer large installation projects compared to last year. The gross margin at 41% (48%), is lower than the previous year due to increased purchase prices and the downtime related to the cyberattack. Consequently, the operating profit is pressured down to -2.2 (0.5) MSEK.

1

Following Ortivus' progress in the Swedish primary care sector, the company is now actively involved in the Danish home healthcare initiative, Acucare. This expansive partnership includes key stakeholders like Själlands University Hospital, Falck, and Ortivus. Acucare's primary objective is to, by leveraging cutting-edge technology, deliver personalised care remotely and to monitor the vital signs of acute and cardiac patients within the comfort of their own homes. MobiMed Monitor and MobiMed ePR are successfully utilised in the project that stands as one of the pioneering efforts aimed at relieving pressure on emergency healthcare services and enable advanced home healthcare.

Ortivus is part of the Danish Acucare, a large-scale collaboration project aimed at enhancing home care and enabling remote patient monitoring using innovative equipment.

Despite all systems being operational again, Or- tivus' liquidity situation during the first quarter was significantly impacted by the criminal cyberattack directed at the company's subcontractor in July 2023.

The company is actively working on recovery efforts. To strengthen liquidity, Ortivus has decided to enter into an agreement for a bridge loan of 5.0 MSEK with the company's main owner, Ponderus Invest. Simultaneously, a legal process is underway to compensate for lost revenue and accrued costs incurred in connection with the cyberattack. The bridge loan will also cover the costs associated with the restructuring currently underway within the company.

The need for innovation in healthcare is substan- tial, and there's a high demand for our solutions. By maintaining close collaboration with our custo- mers, we're able to develop systems that meet the evolving needs of the future. We're witnessing a growing interest in our new products, MobiMed FleetCtrl and MobiMed enRoute, across various markets and Ortivus continues to expand its international presence through strategic partnerships. We take great pride in addressing healthcare chal- lenges, contributing to safer and more effective prehospital care.

Danderyd, May 8, 2024

Gustaf Nordenhök

Chief Executive Officer

2

Highlights

Region Norrbotten chooses to award the company a contract worth 10 MSEK for MobiMed ePR. Ortivus is participating in a large Danish collaboration project called Acucare, where MobiMed Monitor and ePR are central to enabling advanced home healthcare and relieving emergency healthcare services. The company is actively working towards financial recovery following a previous cyber- attack, and legal proceedings are underway to compensate for revenue losses and accrued costs incurred during the incident. Meanwhile, the company has been focusing on significant ongoing delivery projects.

Significant events for the period January - March 2024

• Ortivus signs a contract with Region Sörmland for the delivery of MobiMed Monitor for patient moni- toring and MobiMed Life, external defibrillators, to all of the region's ambulance vehicles. The value of the delivery is estimated to be 10.0 MSEK, and the contract duration is two years with the possibility of annual extension for an additional two years.
• The earlier credit line from the third quarter amounting to 8.0 MSEK has had its maturity date extended to 2025-01-31, following an agreement with the company's main owner, Ponderus Invest.
• Ortivus is awarded a contract for the delivery of MobiMed ePR to Region Norrbotten. The contract duration is five years with the possibility of annual extension for an additional five years. The estimated order value is 6.0 MSEK for the initial period, with an additional 4.5 MSEK upon contract extension.
• Magnus Mårtensson resigns from his position as Ortivus Product Manager as well as from the management team.

Significant events after end of the period

• Jörgen Petersen resigns from his position as Ortivus Service and Support Manager as well as from the management team.
• Viveka Hiort af Ornäs resigns from her position as Ortivus Chief Financial Officer as well as from the management team.
• A contract is signed between Ortivus and the company's main owner, Ponderus Invest, regard- ing a bridge loan of 5.0 MSEK. The background for the loan is to strengthen the company's liquidity situation, which has been significantly impacted by a previous cyberattack.

January - March 2024

• Net sales amounted to 22.1 (28.0) MSEK.
• The gross margin amounted to 41% (48%).
• The net income after tax amounted to -2.2 (0.5) MSEK.
• Earnings after tax per share before and after dilution amounted to -0.05 (0.01) SEK.
• Operating cash flow before changes in working capital amounted to -0.6 (1.5) MSEK.

3

The Group in summary

		Jan-MarJan-MarJan-Dec
	2024	2023	2023
Net sales (MSEK)		22.1		28.0		84.7
Gross margin (%)		41%		48%		37%
Operating profit (MSEK)		-2.0		0.5		-17.6
Operating margin (%)		-9%		2%		-21%
EBITDA (MSEK)		-1.0		1.5		-11.9

Table 1. The Group in summary.

Tabell 2. Intäkter per segment

4

Financial Overview, January - March 2024

The Group

Net sales

Net sales amounted to 22.1 (28.0) MSEK.

Revenues per country / region and segment are shown in the table below.

Jan-Mar	Nordics		Rest of Europe	RoW		Total
Amount in MSEK	2024	2023	2024	2023	2024	2023	2024	2023
Prehospital care	7 975	15	651	8 654	8 914	657	0	17 286	24 565
Advanced monitoring and other	4 768	3	385	0	39	0	0	4 768	3 424
Total	12 743	19	036	8 654	8 953	657	0	22 054	27 989

Table 2. Revenues per country / region and segment

Results

• Gross profit amounted to 9.41 (13.5) MSEK and the gross margin amounted to 41% (48%) as a result of the decreased sales compared to the previous year.
• Operating expenses (sales, administration and research and development expenses) amounted to 11.0 (12.5) MSEK, Where primarily previous cost-saving measures account for the decreased costs com- pared to the previous year.
• Other operating costs consist of realised and unrealised exchange rate effects of 0.2 (-0.5) MSEK.
• Operating profit amounted to -2.0 (0.5) MSEK.
• EBITDA amounted to -0.7 (1.5) MSEK.
• Earnings after tax amounted to -2.2 (0.0) MSEK, which corresponds to earnings per share before and after dilution of -0.05 (0.01) SEK.

5

Financial position

Intangible assets consist partly of previously capitalised development costs for MobiMed ePR but also of costs for further development of both MobiMed ePR and Monitor. See further under the section "Important estimates and assessments".

Investments in intangible fixed assets during the quarter amounted to 0.8 (3.4) MSEK. Amortisation of intangible fixed assets amounted to 0.7 (0.4) MSEK during the quarter.

Investments in tangible fixed assets during the period amounted to 0.0 (0.3) MSEK. Amortisation of tangible fixed assets amounted to 0.1 (0.7) MSEK during the quarter.

Investments in financial fixed assets during the period amounted to 0.0 (4.0) MSEK.

The inventory value amounted to 13.6 (17.1) MSEK.

Accounts receivable amounted to 7.0 (25.8) MSEK.

As of March 31, 2024, the group's cash and cash equivalents amounted to 1.3 (8.2) MSEK.

Equity for the Group amounted to 15.6 (35.8) MSEK.

As of March 31, 2024, the group's long-term liabilities amounted to 11.7 (6.1) MSEK and consist of long-term liabilities regarding right-of-use assets according to IFRS16 of 1.7 (3.3) MSEK, loans attributable to the investment in EVAM of 1.5 (2.8) MSEK and prepaid revenues for licenses and guarantees of 8.5 (9.5) MSEK.

The Group's current liabilities amounted to 38.5 (37.7) MSEK and consist of, among other things, accrued expenses of prepaid income of 13.8 (15.7) MSEK, advances from customers of 3.3 (3.4) MSEK and debt relating to usufruct assets in accordance with IFRS 16 of 1.9 (2.0) MSEK.

Cash flow

Operating activities generated a cash flow of -6.4 (6.1) MSEK.

Before the change in working capital, the cash flow amounted to -0.6 (1.5) MSEK.

Cash flow from investing activities amounted to -1.1(-3.8) MSEK.

Cash flow from financing activities amounted to 7.6 (-1.8) MSEK.

The Group's total cash flow during the quarter amounted to 0.1 (0.6) MSEK.

6

The Parent Company

Results

• Net sales amounted to 4.3 (3.1) MSEK.
• Gross profit amounted to 4.3 (3.1) MSEK.
• Operating profit amounted to 0.0 (0.2) MSEK.

Financial position

Depreciation of intangible fixed assets amounted to 0.0 (0.0) MSEK for the period.

Investments in intangible fixed assets amounted to 0.0 (0.0) MSEK during the period.

Depreciation of tangible fixed assets amounted to 0.0 (0.0) MSEK for the period.

Investments in tangible fixed assets amounted to 0.0 (0.0) MSEK during the period.

As of March 31, 2024, the parent company's equity amounted to 81.7 (81.4) MSEK.

7

Assurance

The Board of Directors and the CEO ensure that the interim report provides a true and fair overview of the parent company's and the Group's operations, position, and earnings, and that it describes significant risks and uncertainties faced by the same.

Danderyd, 8h of May 2024

Ortivus AB (publ)

Anders Paulsson	Peter Edvall	Anna Klevby Dalgaard
Chairman of the Board	Board member	Board member

Anna-Carin Strandberg	Ulf Järnberg	Gustaf Nordenhök
Board member	Board member	Chief Executive Officer

Ortivus publishes this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication at 08:30 a.m. on May 8, 2024.

8

Financial Statement

Statement of comprehensive income

Amounts in 1000 SEK	Jan-MarJan-MarJan-Dec
2024	2023	2023
Net sales	22 054	27 989	84 678
Cost of sales	-12 939	-14 510	-53 240
Gross profit	9 115	13 479	31 438
Gross margin	41%	48%	37%
Selling expenses	-5 562	-4 453	-25 976
Administrative expenses	-2 220	-4 472	-11 724
Research and development expenses	-3 214	-3 543	-9 539
Other operating income	0	0	45
Other operating expanses	-161	-517	-1 856
Operating profit (EBIT)	-2 042	494	-17 612
EBIT margin	-9%	2%	-21%
Financial net	-58	-266	-578
Profit before tax	-2 100	228	-18 190
Tax	-52	0	-55
Profit for the period	-2 152	228	-18 245
Comprehensive income for the period
Items that may be subsequently reclassified to profit or loss
Gains/losses arising on translation of the
statements of foreign operations	479	143	115

Comprehensive income for the period

Profit for the period attributable to: Owners of the Parent Company

Comprehensive income for the period attributable to:

Owners of the Parent Company

Earnings per share:

Earnings per share before and after dilution, SEK Average number of shares

-1 673	371	-18 130
-2 152	228	-18 245
-1 673	371	-18 130
-0.05	0.01	-0.41
44 307	44 307	44 307

Table 3. Statement of comprehensive income.

9