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So with this, I welcome you to Medistem's Q2 and first half twenty twenty one presentation. I am Karin Pirovstad, CEO at Meliskin and together with Thomas CFO, we're going to go through the results. And speaking to our established table of contents here, I will start with the highlights. And I'm very happy and proud to be able to present the best quarterly results ever for revenue and for EBIT. And starting with the sales revenues, this is a record quarter sales revenue up 26.6 percent, CHF 2,000,000 not CHF 104.5 million.
And in this stage development, we are very to see that the imaging portfolio is coming strongly back after a couple of quarters with negative developments due to the COVID pandemic. This quarter, we're back with 71% growth. So this is really, really encouraging. But also the flow portfolio is strongly up NOK 23,600,000 in the Norwegian currency. And this is for sure together with the development that we're also seeking the cardiac portfolio going up 31.8%.
This is clear indications that we are getting the activity levels back to normal and even a little bit better than that since the pandemic. We're also seeing that the vascular sales is up this quarter. We have had a couple the quarters with the negative developments also for vascular, but this time we're seeing we are back to growth with 6.1%. When looking at these sales revenues and adjusting for currency, which we can see is quite negative compared to the same period last year. We're seeing that the currency neutral growth in total was 36.7 and actually as high as SEK 40.2 per own product.
Again, a very, very important indicator for how the medicine business is doing. And on top of this, we are seeing good growth contributions from all the geographies both U. S. A. Up EUR 56.9 million, Europe up EUR 31 point For Asia, up 83% and it's only the small sales region rest of the world that is down this quarter, so very strong.
On top of this sales revenue, also this quarter, we are booking an extraordinary revenue of SEK 5 point SEK 3,000,000. This is coming from a COVID related paycheck protection program, which has been granted to Medistin by the U. S. Federal government. The condition for actually being able to receive this support was to maintain all our employees in the U.
S. Organization during the pandemic, which we have done. So this then takes the total revenue this quarter to SEK 109,800,000 in total and that is 33.1% before we adjust for current. Also the 3rd party product is contributing very nicely this quarter with 22.7% growth. Taking a quick look at the volume development with the number of units sold or out placed in the U.
S. A. We see very good development for most items here. And draw the attention to the number of flow growth that we are selling outside of the U. S.
A, which is a good indicator for the activity level out there in the hospitals growing at 34.5 percent and also the number of procedures in the U. S. A. Is showing the same tendency almost 50% up this quarter. So very strong signs of recovery after the pandemic.
So all of this leads to very good EBIT results also the best quarterly EBIT result we have ever presented. And this will be a record quarter for EBIT also excluding this extraordinary revenue of 5 point So margin is going up from SEK 33,600,000,000 to SEK 38,900,000,000. This quarter, we are also launching the paper procedure business model of feature. We've added that to the MiRiQ system generation for the USA. And I'll get back to that and some further comments on that later in the presentation.
Okay. Then Taking a look at where we stand after the first half year. This really strong catch up in the second quarter takes us to a best first half ever for both revenue and EBIT. And again, just looking at sales revenues, it's a record first half, up 11.6% to SEK 207,100,000. As I mentioned, imaging came strongly back in 2nd quarter, not as strong the Q1.
But year over year first half, we are up in imaging at 14%, which we very much like to see. The flow portfolio is up almost 10%. Vascular sales Still EBITDA after the accumulated numbers of the first half year, but that we saw in the second quarter we came back bracket growth. So we have good belief that we are going to be back on track in vascular also going forward. The Cardex portfolio is up 12.8% half year.
And then again adjusting for currency, which is still negative after the first half, we see that the most important thing, currency neutral growth of our own products is 20.2%. And again, good contributions from all the major geographies U. S. A, Europe and Asia. We had to add this extraordinary revenue also for the first half numbers and that will take the total revenue to the SEK 212,800,000 and a 14.4% growth.
The 3rd party portfolio performed well not only in the 2nd quarter, but also in the first and is at 21.6% growth mid year. So this is the best for parts of EBIT and our margin is now up from 28.3% to 33 0.8. As you will remember, in the Q1, we reported that Iva Nova has been appointed our new distributor in India And we have also previously reported that we have paid out the dividend of NOK 3 per share. So that's the highlights and I will leave the stage to Thomas.
Thank you, Karin. I will then go through the P and L for the Q2 and for the first half. And since Kari will go through Speak of revenue in terms of geography and the number of units later on. I will not go into details related to that. I just want to comment that the currency neutral sales, if we have the same exchange rates in the Q2 2020 and that would be the same rates in 2021.
Sales will have ended at SEK 180,800,000. So that really shows the underlying growth we've been able to deliver for this quarter. And that also means the SEK 5,300,000 pay Check Protection Program, but even though taking that out, it's a very strong quarter and of course a record in the domestic history. And then go to cost of goods sold, which has increased in percentage of product sales for the quarter. There are a couple of reasons for that.
One is product mix and also the fact that we have very strong sales through our distribution channel and therefore we have a lower margin based upon that. In addition, we also had an inventory write down of obsolete components of SEK 600,000 even in the second quarter, therefore a higher cost of goods sold in percentage versus sales. Salary and social expenses increases from SEK 23,400,000 to SEK 35,200,000 and that is based upon the fact that we are delivering Strong sales and therefore, a higher level of bonuses and commissions to our sales reps and other employees will not have bonuses tied up to sales and profits. Other operating expenses is also higher than compared to Q2 last year. That means that the activity level this quarter is Somewhat higher.
There are still restrictions related to traveling and less participation in exhibitions and so forth. But there is a higher level of activity this quarter compared to Q2 last year where there was a complete shutdown and actually no traveling and no exhibition whatsoever. This leaves us with a total operating expense of SEK61.5 million versus SEK 49.2 million last year And then EBITDA of SEK 48,300,000 up from SEK 33,300,000 and EBITDA margin increasing from 40 point percent to 44%, so very strong EBIT margin, EBITDA margin. Depreciation, same level as last year and that gives us an operating Result or EBIT of SEK 42,700,000 which is up 54% compared to last year and this was an EBIT margin of 38 9%. Net finance is slightly positive.
This is related to foreign currency exchange related either realized or only realized gains and losses. And we have a slight net profit for this quarter meaning that the Norwegian kroner has slightly weakened itself towards U. S. Dollars and euros. Pre tax profit ends at SEK 42,800,000 and profit after tax ends at SEK 34,200,000 which is up 68% compared to the same period last year, so a very slow Look at the numbers for the first half.
Again, Also a record in terms of sales for the first half and currency neutral sales would have ended at €229,600,000 if you have the comparable rates for the first half of twenty twenty. So that means that the underlying growth is strong. Also when it comes to cost of goods sold, this is higher compared to the same period last year. And The main reason for that is the discontinuation of solar cube products. We have the inventory write down related to that of SEK 2,500,000 and on top of that we have the 600,000 components write down which I mentioned for the Q2.
Salary and social expenses are also up from SEK 55,000,000 to SEK57,600,000 and the reason is for that is already explained by the good results in the second quarter. When it comes to other operating expenses, this is slightly down compared to last year and the reason for that is that there are still restrictions related to the pandemic. So the level especially related to traveling and exhibitions has been lower. And keep in mind that the Q1 in 2020, we have very high activity, a lot of travel before the shutdown related to the pandemic cost effect in late March. So total operating expenses increases from SEK 122,000,000 to SEK 129,200,000 and gives us an EBITDA of SEK 83,200,000, an EBITDA percentage of 39.2 percent, up from 34.3 percent last year.
Depreciation remained basically the same level as last year. The increase is related to lease obligations that has increased somewhat during in the first half of twenty twenty one. And the operating results or EBIT ends at SEK71,700,000 and an EBIT margin of 33.3 percent, which is up from last year's SEK28.3 Net finance is negative and that means that the Norwegian krone has actually strengthened itself from the beginning in the beginning of the year up until now. And the region, Congress has strengthened itself towards especially U. S.
Dollars and euros, which affects men's skin. Pre tax profits ends at SEK 70,700,000 and profit after tax ends at 55,500,000 which is almost up 50,000,000 compared to the same period last year. So This is the best top line and bottom line medicine has ever delivered. Turning to the balance sheet. We if we look at, I think, tangible and fixed assets that has been reduced from beginning of the year until now and that means that we've been depreciating more higher level than we've actually invested.
Inventory level is still high and that is to be expected. We are securing end of life components and also critical components and making sure that we can deliver products. Cash position is at 53% and that is also after a dividend of NOK 3 per share has been paid and the total payment was NOK 44,600,000. So The cash position is recovering quite nicely after the dividend payments. Equity and liabilities, we have a strong balance sheet.
Our equity ratio is 78.6%. So that's a very strong balance sheet and our long term debt is reduced. That's basically because we have made some down payments of our loans, but also in fact that we have this debt forgiveness related to the Paycheck Protection Program loan that we received in the U. S. And it's now forgiven and the amount was SEK 5,300,000 as current mentioned earlier.
Of the SEK 19,500,000 in long term debt, SEK 18,100,000 is related to the lease contracts and That means that basically the interest bearing debt is practically 0. So again, a strong balance sheet. And with that, I leave the word to Kari to speak a little bit more about the business update for this quarter. Thank you.
Yes. So we will first have a look at our imaging portfolio, so Phase of Imaging Probes and Systems in Unit. And we saw the 70% growth in revenues from imaging in the second quarter and This is of course the result of significantly higher sales of imaging units. We can see in the Q2 last year was a big hit on the imaging sales due to the pandemic. So we immediately saw a decline in sales revenues.
This was actually down by 24% at that quarter. And we had a decline also in the 3rd quarter with 25%, 4th quarter 12%, Q3 this year 12% and now coming back at 71% growth. So that is really great to see and it leads to a quarter on quarter growth of 133%. When it comes to the imaging growth in units, we can see that this level is now back to normal. And of course, with that weak comparable year, the growth is 66.7%.
Also when it comes to the flow probes and systems in units, when it comes to the number of units So we can see that this is a decline of 15% from the same quarter last year, but very much I would say back to a normal level. And we must remember that it's our strategy to convert the market from flow only market to flow and imaging technology market. So As long as we see rise in the imaging system sales, we are fine with seeing a somewhat lower flow system sales. And if we're adding these 2 system groups together and looking at the total sales of systems of both the flow systems and the flow and energy systems, We see a growth of 16% this quarter. And as mentioned briefly, sales of low So it's getting back to normal.
Looking at revenues divided by geographical regions. And in Europe, we know that these total numbers, we are looking at both the sales of own products and also the 3rd party products. And for the Q2, the sales of owned products increased to 24.6 percent in Norwegian currency, a bit more when we look at the currency neutral numbers. For the first half, it's also very positive, 13.5 percent in NOK and even more than currency neutral. And also as mentioned, 3rd party is contributing nicely over the year so far.
In the U. S. A, the total revenues for the quarter and first half include this extraordinary SEK 5,300,000 that we talked about. But also excluding this, the 2nd quarter has a 35 0.8% increase in Norwegian currency and currency neutral and very high 56.8% growth. And the similar tendencies we are seeing for the first half in total.
Asia also strong contribution, so a strong growth from the Q1 and also for the first half. And rest of the world, very small sales region compared to the others and we see significant quarterly variations here. So it's nothing much to point out. And just To be specific, the negative currency effect for the first half was SEK 16,300,000. So there's some gross loss there in just currency.
Looking at the same sales numbers now divided by the different product groups. And in general here, there will be a discrepancies between the development in the number of units sold compared to the safe development in Norwegian currency. It's due to the fact that we are selling both in our direct sales channel where we of course get more of the revenues and the profit ourselves and we also are selling through the distributed channels. So different contribution from these channels impact the numbers here. But also the business model in the U.
S. A, we are selling both Capital sales, which will give a very nice quick contribution to the quarter numbers, while the lease models and the PPP sales we give more revenues secured over time. And of course, the currency effect is also playing a role here. So procedure sales in the U. S.
A, we see it's very good, 28.8% in Norwegian Q1, for the quarter, also positive for the first half and again driven by the high growth in procedures increasing with almost 50% for the quarter, 28% for the first half. And this lower sales in Norwegian currency Or the lower sales in Norwegian currency is explained by the currency effect that we have talked about and also the product mix between types of procedures. Blobrobes, here we see a nice correspondence between the government in Norwegian currency and in volumes, the same for the flow systems. And the imaging systems, We are seeing 132% increase in capital units and 95.6% increase in NAK for the quarter. And for the first half, we have good correspondence between volume and NOK development.
3rd party contributing nicely as already said. Okay. So our strategy remains pretty much the same. And One of our key target is, of course, to get more traction in our what we call developing markets and here we find the U. S.
A. And we have talked about this. We are coming back very strongly in the U. S. For the Q2.
The sales revenue in U. S. Dollars increasing by almost 57% in the second quarter, 26,600,000 when we're looking at the first half. On top of that, we are getting this extraordinary revenue as well. But it's really the total number of procedures that we're always following very closely.
And we can see not only a very strong growth over the same quarter last year, It is really the highest quarter for quarterly sales in a number of procedures if ever presented. So that's very encouraging. And not surprising, it's the flow procedures that is showing the highest growth. Flow is still dominating out there and then Activity level is ticking up. It is the flow procedures and the flow process that we will foresee the effect.
But also capital sales is contributing very good this quarter. We are selling 8 units in Q2 this year and only half of that last year. And in the first half, we are looking at 17 units compared to 14 units sold last year. And maybe the most encouraging news from this whole presentation is really the strong growth in new customers in the U. S.
A. As you know, U. S. Sales contribute with about 45% closer to 50% of the total revenues from our own products in Medistep. So you have missed a lot of us.
We have about 23% market penetration today in in terms of number of procedures. So it's very important for us to continue to win new customers. And this Q2, we are actually winning 18 new customers versus comparing to a low quarter last year, but it's really amazing to have so many new sales in any quarter. And that leads us to 28 new customers in the first half compared to the 8 we made last year. So all in all, it tells us that we are succeeding in continue to take our customers through the sales process.
Of course, that has been challenging during the last 12, 18 months and they're still succeeding with closing those new customers. So we care about our U. S. Customers and that was why we have decided to add the very popular paper procedure model to the Miracu system that we have also in the same. As you will remember, we are selling our products, offering Options for product acquisition, of course, everybody in the whole world can buy our equipment, both our systems and our flow growth just buying them as capital.
We are also offering lease models in some countries, also in the U. S. A. And the U. S.
A. Has been the only country where we've also added this paper procedure model, which has been I think a key contributor to getting the traction that we have been able to create in U. S. Market over time. And the principle here is that we are outpacing the probes and that they are paid from our customers buying smart cards and paying for each operating procedure.
When we launched the Miracu system in the U. S. A, we felt that maybe it's not necessary to have PPP model because the lease model is actually a very good alternative. And with all the variants of the Miracu system, we have Miracu for cardiac, Miracu for vascular, We have Mirativ Ultimate models that can provide both cardiac and vascular and they have to be imaging and without imaging. So there's a whole lot of models and that means both the home of the cards.
But we have now rethought this And since we have well, we've seen very significant revenue from the peak model, making up close to 30% of the total use revenue And it's the fact that many of our largest customers prefer this model. We want to continue to offer this option. Okay. I hope people can hear me still. Yes.
Do I need to repeat? Little bit? Okay. Yes. So the point here is that we've had this PPP model.
We offered it on the old butterfly generation, we also remember that and also did have this for the Vericu and the Vericu C. We tried to launch the Miratoo or we did launch the Miratoo without the PPP and that worked fine. We have not had any sort of setbacks due to that, but we have found that we want to make sure that in particular our largest customers that rely on this model can also continue to use this model on the Mirafute. So therefore, we have launched the PPP solution also to this generation. Before we will open up for questions, just a comment on the situation with the pandemic now.
So what we are seeing is a gradually decreasing impact and getting back to really strong recovery this quarter and we can see that from the currency neutral sales development. We saw the effect of the COVID already in the Q2 going down 19%. This is currency neutral numbers of sales development and we can see that we have had a gradually decreasing impact over the quarters Getting back to a slow growth in the Q1, of course, compared to a very strong comparable and now with a very strong growth in the 2nd quarter. Still, we're not quite back to normal and I think everybody would agree that this situation is not completely We still are facing some travel and hospital access restrictions. And as we are all experiencing that in some countries and some states in USA, they are struggling with lower vaccination rates and there is still opportunity or possibility that elective surgeries may still have to be postponed as the potential 4th wave with the delta variant develops.
But we do believe that as these vaccination rates continue to increase, we expect to recover patients in the hospitals And that means that there will be capacity to treat patients that need cardiac and vascular surgery. So all in all, we are looking at the reminder of the year as the long term future for the company with a very clear optimism. But of course, while we are remaining alert to the further development of the pandemic. With that, we will open for questions, if any.
Ramon, it seems here, Karri, you've been very, very clear that there seems to be no questions.
Okay. We can make that interpretation. If there are questions, of course, after the presentation, you're free to take contact with us. And the will also be uploaded on the website and then the report is also available.