Redsense Medical

October – December 2025

• Net sales amounted to kSEK 6,035 (12,687).
• Operating loss, EBIT amounted to kSEK -1,952 (5,525).
• Excl. Exchange rate differences kSEK -1,549 (3,754)
• Result after tax amounted to kSEK -1,844 (5,629).
• Earnings per share were SEK -0,11 (0,34).
• Exchange rate differences kSEK -403 (1,771).
  (Other operating income/loss)

January – December 2025

• Net sales amounted to kSEK 24,023 (28,176).
• Operating loss, EBIT amounted to kSEK -7,366 (210).
• Excl. Exchange rate differences kSEK -3,718 (-1,753)
• Result after tax amounted to kSEK -7,172 (342).
• Earnings per share were SEK -0,44 (0,02).
• Exchange rate differences kSEK -3,648 (1,963).
  (Other operating income/loss)
• Accounts receivable amounted to kSEK 6,247 (6,099), which will have a positive effect on the cash balance in January

Significant Events during the period

• On November 7, Redsense announced that the Clamp System has been granted regulatory approval in Australia.
• On November 18, Redsense announced that the company initiates a pilot study with a global leading dialysis provider in Germany.
• On November 19, Redsense releases BioStock CEO interview.

Significant Events after the period

• No significant events after the period

MESSAGE FROM THE CEO
 

A year of restructuring that changed how we operate

2025 marks the conclusion of a year focused on restructuring and operational alignment. When I took on the role as CEO in October 2024, our priority was to build a more efficient and resilient organization. Over the past year, we have shifted the company away from short-term result focus toward consistency and long-term execution — changes that are now visible in how the business operates. This has included improved systems, clearer ownership, and tighter alignment between sales planning and production.

Commercial performance and financial stability

The year was characterized by major external challenges, particularly related to logistics, currency effects, and geopolitical uncertainty. Despite these headwinds, we sold volumes broadly in line with the previous year. Importantly, sales from our U.S. distribution partners to end customers in the U.S. increased compared with last year, reflecting continued underlying demand for our solutions.

While the fourth quarter was slightly lower year-on-year, sales across the year were more evenly distributed and better aligned with actual end-customer usage. This reflects a deliberate move away from quarter-driven volatility toward a more consistent and demand-driven way of working with customers, distribution partners, and production suppliers. As a result, reported figures were more affected by external factors than by changes in underlying demand.

As the majority of our purchasing and sales are conducted in U.S. dollars, our operational exposure to currency is limited. However, as we report in SEK, fluctuations in the USD/SEK exchange rate create translation effects across revenue, inventory, and balance sheet items. These movements can impact reported figures and cash balances between quarters without reflecting changes in underlying operational performance.

Gross margin during the year was affected by currency movements and elevated logistics and customs costs. In response, and following close dialogue with our largest U.S. providers, we are implementing a revised pricing structure from 1 February 2026. This redistribution increases the device component while lowering the consumable cost per treatment, reducing the overall treatment cost for clinics and supporting broader adoption. At the same time, it strengthens our ability to recover logistics and material cost increases and improves long-term margin stability. We are also evaluating alternative freight solutions to improve reliability and cost efficiency going forward.

Through the operational adjustments made during 2025, we have established a more stable base for future growth. Our current cash position, combined with inventory built to secure supply continuity and manage lead times and cost levels, supports continued operations alongside consistent sales development. This provides a solid foundation as we move into the next phase of disciplined expansion, with the objective of strengthening cashflow and progressing toward operational self-sufficiency.

Product focus and regulatory progress

The Redsense Clamp remains a key strategic priority. While our commercial focus in recent years has been on the U.S., the Clamp enables a more complete offering that supports market entry outside the U.S., where we have progressed furthest in the UK and Germany. In these markets, testing is underway and commercial offers have been made, recognizing that purchasing cycles in this industry can be lengthy and require careful budget planning. 

In the U.S., our focus during the year has been on regulatory preparation. Additional FDA questions and mechanical testing have required further work, strengthening the submission and reducing execution risk. Achieving U.S. clearance for the Clamp remains one of our top priorities for 2026.

Priorities for 2026

Entering 2026, our priorities are clear. We will focus on disciplined growth by increasing end-customer usage in the U.S., bringing the Redsense Clamp to market, and progressing selected new markets outside the U.S., while maintaining strong attention to efficiency, cashflow, and internal resource use. The organization is now aligned around a smaller number of clear priorities.

Ultimately, our work is driven by the goal of improving patient safety for some of the most fragile patients living with chronic kidney disease.

I would like to thank our employees, partners, and shareholders for their continued trust and commitment.

Sebastien Bollue
CEO of Redsense Medical

This information is information that Redsense Medical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person specified below, on February 19, 2026, at 08:30 CET.