Medistim ASA (STU:MD1) Q4 2025 Earnings Call Highlights: Record Sales and Strategic Expansion ...

This article first appeared on GuruFocus .

Release Date: February 27, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Medistim ASA ( STU:MD1 ) reported a record sales figure of NOK182.3 million for Q4 2025, marking a 20.6% growth compared to the previous year.

• The company's own products saw a significant sales increase of 25%, with the AMERICAS region leading with a 44.3% currency-neutral growth.

• Operating profit for Q4 2025 was strong at NOK42.3 million, up 63.8% from the same quarter last year, with an EBIT margin of 23.2%.

• For the full year 2025, Medistim ASA achieved nearly NOK700 million in revenues, reflecting a 24.4% growth, with own product sales growing by 28.3%.

• The Board proposed a dividend of NOK8 per share, totaling NOK146.2 million, reflecting the company's strong financial performance and cash position.

Negative Points

• The Asia Pacific region experienced a decline of 24.2% in sales for Q4 2025, indicating regional variability and challenges.

• The company faced a tariff expense of almost NOK4 million due to US tariffs, impacting the cost of goods sold.

• Salary and social expenses increased due to strengthening of the commercial and R&D teams, as well as higher commissions and bonuses.

• IT infrastructure expenses of NOK5.8 million negatively impacted the EBIT margin, which would have been higher without these costs.

• The transition to a cloud-based IT system resulted in certain expenses being expensed rather than capitalized, affecting financial results.

Q & A Highlights

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Q: Can you elaborate on the significant growth in the AMERICAS region and what factors contributed to this performance? A: Kari Krogstad, President and CEO, explained that the AMERICAS region, particularly the USA, led the growth with a 44.3% currency-neutral increase. This was driven by strong sales of high-value imaging systems, which compensated for a decline in total capital system sales. Additionally, there was a notable increase in flow and imaging probe sales, with flow probes up 56% and imaging probes up 15%. The new direct market in Canada also contributed positively with a 56% growth in Q4.

Q: What impact did the tariffs in the US have on Medistim's financials, and how is the company managing these costs? A: Thomas Jakobsen, CFO, noted that the tariffs implemented in the US resulted in a NOK4 million expense included in the cost of goods sold. To mitigate this, Medistim shipped products to the US before the tariffs took effect, selling from inventory in the second and third quarters of 2025. However, the full tariff impact was felt in Q4, and this effect will continue as long as the 15% tariff is in place.