olivLaw · European equity research
Observe Medical ASA OBSRV.OL
Norway · Euronext Oslo Børs · ISIN NO0013457952 · Vertical: Listed companies from Norway
Observe Medical ASA is a small Norwegian medical technology company that develops, produces and markets medical technical equipment and related connected consulting services. At year-end 2025 it had only 5 employees, consolidated equity of NOK 30.0 million and an equity ratio of 29.6%, which makes cost reduction and financing central themes for the company. If the annual sources confirm commercial progress, the company could become a case study for investors interested in small medical device makers.
At the close of 06 Nov 2026, Observe Medical ASA (OBSRV.OL) stock was 0.86 NOK (+3.13% on the day), with market capitalisation 57.2 m NOK, beta 0.52, 52-week range 0.57–1.25 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.9
- weak (30–45)
- Bollinger (20, 2)
- 0.82 – 0.95
- in the lower half of the band · %B 0.30 · band width 14.3%
- SMA 50 / 200
- 0.92 / 0.98
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.7% | −0.6% | −2.1 pp | — |
| 3 months | −12.4% | −4.2% | −8.3 pp | — |
| 6 months | −18.7% | +4.3% | −23.0 pp | — |
| Year to date | +15.9% | +7.5% | +8.4 pp | — |
| 1 year | +54.6% | +9.9% | +44.7 pp | −4.7% |
| 3 years | −90.6% | +49.8% | −140.5 pp | +12.7% |
| 5 years | −99.5% | +42.8% | −142.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 27.9 m | 17.2 m | 18.8 m |
| Revenue YoY | unavailable | −38.3% | +9.2% |
| Net income | -135.1 m | -58.7 m | -48.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.34 | -3.95 | -0.73 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -483.5% | -340.9% | -258.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.5 m NOK
- Financial debt
- 19.9 m NOK
- Net debt
- 8.4 m NOK
- Equity
- 30.0 m NOK
- Total assets
- 101.2 m NOK
- Debt / equity
- 0.66x
- Current ratio
- 0.48x
- ROE
- -190.4%
- ROA
- -39.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 27.9 m | 17.2 m | 18.8 m | esef· 21 Oct 2026verified |
| Gross profit | 9.3 m | 1.8 m | 4.7 m | esef· 21 Oct 2026verified |
| Operating income | -124.2 m | -47.1 m | -79.1 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 14.2 m | 14.4 m | 13.3 m | esef· 21 Oct 2026verified |
| EBITDA | -110.1 m ≈ | -32.7 m ≈ | -65.7 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 18.4 m | 17.3 m | 13.7 m | esef· 21 Oct 2026verified |
| Pre-tax income | -135.1 m | -58.7 m | -48.6 m | esef· 21 Oct 2026verified |
| Income tax | 17.0 k | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -135.1 m | -58.7 m | -48.6 m | esef· 21 Oct 2026verified |
| Diluted EPS | -2.34 | -3.95 | -0.73 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.7 m | 2.0 m | 11.5 m | esef· 21 Oct 2026verified |
| Inventories | 6.9 m | 5.3 m | 7.5 m | esef· 21 Oct 2026verified |
| Current assets | 27.3 m | 11.7 m | 21.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | — | 196.0 k | 59.0 k | esef· 21 Oct 2026verified |
| Goodwill | 35.2 m | 33.1 m | 35.2 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 109.2 m | 97.7 m | 44.6 m | esef· 21 Oct 2026verified |
| Total assets | 173.6 m | 142.6 m | 101.2 m | esef· 21 Oct 2026verified |
| Long-term debt | 50.8 m | 61.6 m | 19.9 m | esef· 21 Oct 2026verified |
| Current liabilities | 60.9 m | 59.9 m | 44.4 m | esef· 21 Oct 2026verified |
| Total liabilities | 132.7 m | 121.5 m | 71.2 m | esef· 21 Oct 2026verified |
| Equity | 40.9 m | 21.1 m | 30.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 57.7 m | 14.9 m | 66.6 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 57.2 m NOK
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -111.5% | 0 (vs peers) | 38% |
| Net margin · Quality | -258.6% | 8 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OBSERVE MEDICAL ASA (OBSRV.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 18.8 m NOK in 2025; YoY growth 9.2%; net margin -258.6%; ROE -190.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -111.5%
- Net margin: -258.6%
- Interest coverage: -5.8x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| OBSRV.OLObserve Medical Asa | 57.2 m | — | -190.4% | -258.6% | +9.2% | +51% / −79% |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for OBSRV.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Observe Medical ASA is a small Norwegian medical technology company that develops, produces and markets medical technical equipment and related connected consulting services. At year-end 2025 it had only 5 employees, consolidated equity of NOK 30.0 million and an equity ratio of 29.6%, which makes cost reduction and financing central themes for the company. If the annual sources confirm commercial progress, the company could become a case study for investors interested in small medical device makers.
SWOT
Strengths
- The company has a clear statutory objective in medical technology and a governance structure with independent board members.
- Transparency on governance and reporting is high, which may support trust among investors and commercial partners.
- The board has experience in investment, financing and capital markets, relevant competencies for a company in development.
Weaknesses
- The small headcount limits the company's capacity to support product development and commercial activity at the same time.
- The financial situation forced cost reductions, indicating pressure on liquidity and reliance on external financing.
- The company does not expect to pay dividends until sustainable profitability is reached, so there is no recurring shareholder remuneration.
Opportunities
- Commercial development of medical equipment and related services could generate additional revenue if products gain hospital adoption.
- Rising transparency and governance requirements could favor companies that already meet them, if the market rewards this.
- Additional financing obtained successfully could support growth investment and acquisitions, in line with stated objectives.
Threats
- Dilution of existing shareholders from private placements and share issues may reduce the value of their holdings.
- Competition from large medical equipment makers with far greater resources could limit access to markets and customers.
- Compliance and human rights due diligence obligations could raise administrative costs for a very small team.
Risks
- Dependence on external financinghigh
The company's financial situation required private placements and a subsequent offering. If financing is not available on acceptable terms, operations could be affected.
- Shareholder dilutionhigh
Share issues and outstanding options can reduce the stake of existing shareholders and may influence the development of share value.
- Limited operating capacitymedium
With a very small number of employees, the loss of key people or delays in product development could have significant effects.
- Compliance and due diligencemedium
Legal obligations on transparency and human rights require administrative resources that may be hard for a small structure to sustain.
- Lack of profitabilitymedium
The company has not yet reached sustainable profitability, and if this does not materialize, dependence on external capital would remain high.
Investment thesis
What would need to be true (bull case)
- If development of medical technology products translates into hospital sales, the company could justify a recovery in investor confidence.
- Solid governance, with an independent board and detailed reporting, could attract investors concerned with the quality of management.
- Cost reduction could lead to a more efficient operating structure if financial discipline is maintained.
What would break the thesis
- If additional financing requires new share issues, dilution could significantly reduce the value of existing holdings.
- The lack of profitability and dividends may limit interest from investors seeking recurring remuneration.
- Competition from large manufacturers could make market penetration difficult, especially for a company with limited resources.
What to watch
- Publication of the due diligence report on human rights2026
- Share capital increase mandate approved by the general meeting, valid until the 2026 annual general meeting2026
- Extent to which cost reduction shows up in operating expenses in quarterly reportsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2025 annual report, the company's objective is to develop, produce, market and sell medical technical equipment and related products, provide connected consulting services and invest in related business. The group focuses on developing and commercializing medical technology products and does not anticipate paying any cash dividend until sustainable profitability is achieved. At year-end 2025 the group had 5 employees, located in Norway, Sweden and Denmark.
The governance structure includes a board of three shareholder-elected directors, all independent of executive management, and a two-member nomination committee. The company states it has taken necessary steps to reduce costs due to its financial situation and plans to publish its due diligence report on human rights by June 30, 2026.
Recent funding relied on a private placement and a subsequent repair offering for shareholders not allocated shares in the placement, a decision justified by the need to secure funding efficiently and at lower cost than a rights issue. As a result, dilution of existing shareholders remains an important risk.
Segments
Medical devices
The company's core segment consists of developing, producing and marketing medical technical equipment and related products. The source does not break down sales by product line, so the exact composition of the portfolio remains unclear from the annual report.
Connected consulting services
The company mentions connected consulting services in its statutory objective as an activity complementary to its products. The report provides no separate data on how much this activity contributes to group revenue.
Market context
The annual report does not include a detailed analysis of the medical technology market or the company's market share. From the available data, Observe Medical operates as a medical equipment supplier and defines its customers as hospitals, healthcare professionals and patients, but the market size is not quantified in the source.
The company is constrained by limited resources, with a team of only 5 people, so commercial development across several European markets depends on the success of financing and cost reduction.
Trends
- Transparency and human rights regulationheadwind
The company complies with the Norwegian Transparency Act and is preparing a due diligence report on its supply chain by June 30, 2026. Meeting these requirements could add administrative costs for a very small team.
- Transparency-oriented governancetailwind
The board and management support high governance standards, reliable financial reporting and compliance, which may support access to capital in the equity markets.
- Financing through dilutionheadwind
Reliance on private placements and new share issues, along with options outstanding, could reduce the stake of existing shareholders if further financing is needed.
- Cost disciplinemixed
Cost reduction, adopted because of the financial situation, could improve operating efficiency but may limit the company's capacity to invest in growth.
Competitive position
The annual source does not name direct competitors. The company places itself in medical technology, where competition includes larger medical equipment makers with superior research and distribution resources.
A full view of competitive positioning requires external sources, since the annual report contains no data on market share, relative pricing or comparative technological advantages.
- Large medical equipment manufacturers
Much larger companies in the same field, referred to generically in the source through its medical equipment activity; the source names no specific entities.
- Regional medical device suppliers
Scandinavian regional companies active in the same product categories; the source does not identify them explicitly.
- Medical consulting service providers
Consulting firms that could compete for the connected consulting services mentioned in the company's objective.
- Connected medical device makers
Companies developing connected medical solutions, an adjacent segment to the company's, with no specific identification in the source.
News & filings
In the press
- Ultracold atoms simulate hard-to-observe matter-antimatter pair productionPhys.org · 31 Oct 2026 · EN
- Why Urgent Security Fixes Aren't Fixed. Observe, Prove, Act, Confirm Gets Them MovingThe Hacker News · 30 Oct 2026 · EN
- Researchers observe the arrival of El Niño in Monterey BayPhys.org · 29 Oct 2026 · EN
- BREAKING - Russia to observe Oleshky truce from 0100 GMT on October 27: army chi…Telegram — Insider Paper (EN, defense leaks) · 23 Oct 2026 · EN
- Taiwan admits paying for retired US general to observe largest annual war gamesSouth China Morning Post — China · 21 Oct 2026 · EN
- 📂 — WAR ROOM is a curated network of independent news channels, conflict observe…Telegram — Intel Slava Z (pro-RU OSINT EN) · 16 Oct 2026 · EN
- NASA satellites observe historic 2026 El NiñoPhys.org · 16 Oct 2026 · EN
- Presentation: How Eve Online Leverages Head Based Sampling to Observe "Fun"InfoQ · 13 Oct 2026 · EN
- More Canadians to observe permanent daylight saving time. Why can’t the US?The Hill · 04 Oct 2026 · EN
- Trump and Xi observe US Marine Corps Silent Drill Platoon review at White HouseSurge — GDELT DOC · 24 Sept 2026 · RO
- 📂 — WAR ROOM is a curated network of independent news channels, conflict observe…Telegram — Intel Slava Z (pro-RU OSINT EN) · 20 Sept 2026 · EN
- Scientists observe Einstein’s gravity in the quantum world for the first timeScienceDaily · 08 Sept 2026 · EN
- Scientists observe Einstein's gravity in the quantum worldHacker News · 04 Sept 2026 · EN
- Ukraine's defence forces ordered to observe temporary ceasefire on line of contact – sourcesUkrainska Pravda (UA, EN) · 04 Sept 2026 · EN
- Scientists observe Einstein's gravity in the quantum worldPhys.org · 02 Sept 2026 · EN
- Hamas calls on mediators, Board of Peace to compel Israel to observe ceasefireTASS (RU, EN) · 16 Aug 2026 · EN
- Serviciile secrete americane evaluează că Rusia ar putea încerca să testeze unitatea NATO, cel mai devreme în toamnă, prin atacuri hibride de amploare (cibernetice, sabotaje) sau chiar printr-o incursiune militară limitată într-un stat de pe flancul estic. Un raport citat de WSJ arată că scopul este să observe dacă NATO reacționează unitar și rapid sau dacă apar diviziuni politice în interiorul alianței.Biziday.ro · 07 Aug 2026 · RO
- Stargazers to observe Perseid meteor shower on Tuesday night — astronomersTASS (RU, EN) · 04 Aug 2026 · RO
- Korea to send up space probe in 2031 to observe solar activityKorea Times — Business · 04 Aug 2026 · RO
- Cum se cere, de fapt, o mărire de salariu. Greșeala pe care o faci când aștepți ca șeful să observe cât de mult munceștiAdevărul · 02 Aug 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Observe Medical ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.