Good morning, and welcome to the company presentation with the trading update for Observe Medical. A practical detail is that we will be collecting questions along the presentation, so if you have anything you would like us to cover, please send in your questions, and we will try to cover as many as we can at the end of the presentation. Firstly, a few disclaimers that we will encourage you to read through on a later stage. The presentation will be published just after this presentation. A snapshot of what has happened the last period since our last trading update, you will see here. We are seeing a continuous sales growth, 51% growth year- to- date compared to last year. We are also seeing that our strategy to convert the market to more value-based products are working.
We see primarily growth within our UnoMeter Safeti Plus products, so we are very happy about that. Order intake accelerating. We have seen a very nice uptake here in the last months. We have seen a little bit of hesitation over the summer because the Max has come. The customers has been considering, is it Max or is it Plus going forward? Now we are seeing it coming through. We have just seen the strongest month we have ever seen, and even to the point where we can see that we are at a different level, NOK 5.7 million in the order intake in November alone so far.
We have also seen that in a number of market where we have had the right approach, where we have tested our go-to-market model and worked very closely together with our distributor, we have seen very nice growth, up to 700% in some markets, but several markets between 100% and 700%. We do believe that we are now in a position where we can scale this further. Establishing clinical leadership. What we talked to you about last time was the fact that we had launched the UnoMeter Safeti Max, a product that had the potential of taking clinical leadership due to a number of clinical claims that would put this product into a completely new position, being the first innovation within this segment for the last 20+ years.
Two publications have now been published since we started this journey, and we are now in a position where we can again work on communicating directly with the clinical and financial decision-makers. Sippi, yes, we have taken some of the first steps to restart Sippi, you could say. We have seen into the U.S. market very recently, and also wanted to understand, is the timing right? We believe it is. It is an opportunity for us to restart that project, not least from a U.S. perspective, but also in a general perspective. A little bit coming back to the company presentation part, what we are, what our strategic vision is that we are working with two pillars. We are working with proprietary products, that means products that are under our trademark, sold under our wings directly and under our legal manufacturing umbrella.
We are also working in parallel with this on representing the Nordic ecosystem for healthcare innovation. A lot of the companies we talk to, and we talk to several continuously, are in the process of launching their products, and they want to build a solid commercial strategy, and they don't have that. We are in a situation now, we are selling our products in 47 countries. We are having strong competencies within innovation and also within manufacturing, and also not least within the regulatory side. We do see ourselves as an opportunity for some of these companies to scale and to accelerate their commercial journey and their business scale-up. This is who we are. We have now, since we started some three years ago with our commercial journey, launched a number of products.
We now have what we consider a family of products within the urological drainage area, covering all the way from sterile closed system bags all the way to the very most advanced urine meters, urine collection and measuring devices. We see our portfolio now as outstanding in the market. There is no one with the depth we are representing with our portfolio. Since we have relaunched the Convatec portfolio that we acquired some years back, we have now taken it further with the UnoMeter Safeti Max and looking into again putting UnoMeter Sippi on the market. Our platform is extremely scalable. The manufacturing setup we have is a third-party setup, which is placed in a very effective manufacturing society or environment where we do see that this is extremely scalable also within all the technologies.
In terms of product development, as we took the portfolio that has been closed down and took it back to the market. That has given us a lot of experience in both on the regulatory, but also on the product development side. Now, with the Max, we have stepped in to offer innovation at a new level, and definitely with Sippi, this is going to take us one step further. Sales and distribution, we talked about that for a number of times. We are taking steps all the time to expand, but also very much right now is to dive into and penetrate those market where we are already present. Regulatory and quality, yes, our urinometers are all under our wings from a regulatory perspective.
We are the legal manufacturer, giving us flexibility, but also ability to support and to accelerate the projects that we would like to bring forward. So, this is the journey we've been through again with a timing scale. We are right now looking into the Sippi, and also we want to dip our toes into the U.S. market and prepare ourselves for the U.S. market on the mechanical urinometers where we do see our UnoSafeCoat technology applying both within the Sippi, but also within a mechanical urinometer. So, this is how we see our journey, and so far we've delivered on both the timing and expectations we've set up, and we do see that this is time now to go one step further with our portfolio to continue putting pressure and opportunity into the market.
In terms of the market we are reaching out to, we started out launching the CombiTech portfolio. That had a market potential that we saw to be around NOK 670 million. With the introduction of both the closed system bags, but also front-mounted solutions and other variants, we saw the market growing into our current stage where we are at NOK 2.6 billion as a market potential. We do see now that, and as in line with what we've seen before, the value of the total market where we have seen a conversion to Sippi is on the good side of 5 billion, including the closed systems bag. But that's a full conversion of Sippi.
Of course, that's going to take some while, but it means that our position as the market leader, both on a clinical level, on a portfolio level, in terms of depth within the urinometer, will be complete with the Sippi launch, and that's why we are starting to prepare that journey. Trading update, some more numbers than we've seen already. What we have seen here is a number of markets where we have spent the most of our time. We are selling in 47 countries, but obviously, with the size of organization we have, we do have focused customers and less focused customers, let's put it like that.
What you see here on the screen, Netherlands, Switzerland, Spain, Thailand, and Italy, those are the markets where we see full alignment between our ambitions and the distributors' ambitions, and also full rollout of the potential of our portfolio, but also the go-to-market model that we have been developing over the last three years and has taken a new step with Max. We've seen the focus and the alignment that we have created has given us results that are in line with what we actually wanted to have and expected to have. So you will see Netherlands growing with almost 700%, but generally, these five countries representing a solid market potential is growing more than 100%, all of them, all up to 700%.
The model that we have developed in order to work with these guys, and also to work with the clinical and financial decision-makers in the market, is what we are now looking at expanding into other geographies, and we have added a new capacity to our team with a Sales Director recently who will scale this into other markets. We feel we have the model, now we want to scale this. So we're working on that, and we're also working on different models on how to communicate and make sure that our distributors has the right knowledge and the right competencies to deliver the model that we believe is the right one. We have developed what we call a partnership program. We call it Nexus. If you go to our current website, you will see an access point to the Nexus.
Only distributors with a password will be allowed in, but the content of that is the concentrated version of our go-to-market model and the materials that supports that. UnoMeter Safeti Max was only launched here in June, a few months back, so obviously we are still having a very large unexploited potential for that one, both in terms of penetration, but definitely also in terms of improved profits. Summarized, we are looking at a growth year to date, as already mentioned, of 51.2% in euro numbers. We've seen UnoMeter Safeti Plus do what we wanted it to do, penetrate market, take market share, and drive the growth that we have been looking for.
What we are facing with is obviously almost a hospital for hospital conversion journey, where we go out and position our products and deliver the value that the hospitals are looking for, both in terms of workflow efficiency, but also in terms of infection control. This is working. We are seeing the growth, as already said. We do also see, I mean, the only tool we see our distributors, sorry, our competitors having is the pricing tool, and this is something we work on continuously to position ourself. We are not going in that way. We are definitely still going to be competitive. We have the UnoMeter Safeti Plus and the Max, but we also have 500 that is placed in a more price-aggressive position, so we can exploit the full market span in terms of price expectations. When we talk about order intake, we are at 49%.
We've added a couple of new markets. One of them, you've already seen both of them being published, but Philippines is not a small market, has also been an interesting market in the past under the Convatec wings. Definitely, India is one that we have extreme high expectations to. What we've seen is that India has already placed seven orders with a total value of exceeding NOK 2 million. This is very supportive. They are very supportive in terms of our strategy to position as the best product. India, as you all know, huge market, but obviously not all residents in India has access to the level of the care that we are offering with our products. Even a small portion of that is a market size that is significant. We've been working quite intensively in France.
Some of you will remember that we have been working on tenders for some time within the French territory. We've just this Friday seen the first tender win. We are very proud that together with our distributor have been able to gain access to the very competitive French market. It's a huge market. It's also extremely competitive. It has very consolidated tender structures, which means the price pressure is quite high. So in order to win, you need to communicate a strong offering, and we believe we've come a very long way there. This is hopefully and expectedly first step in that journey. We've seen orders that, as you may remember, 28 countries has already placed orders for Safeti Max. We communicated that last time. We are now starting to see some of these market having a nice progress going from the test phase into the implementation phase.
The first significant order we would like to mention here is Thailand that has just placed a significant order for the Safeti Max. They are converting the market from a low-priced, low-spec product to the best product in the market. That is the way you can do it. Otherwise, you are caught in a price-sensitive segment. Customers are asking for these solutions because we can solve some of the major problems they have. Now we see that progress coming, and you will actually see a little later on, we have now tests going on in 20 + university hospitals across the world on Safeti Max. I mentioned in the beginning, we have seen some hesitation on the order intake, not because our distributors do not see us and our portfolio as a growth driver.
It is only related to the fact that they have been a little bit uncertain whether they should place orders for UnoMeter Safeti Plus or UnoMeter Safeti Max. Can they convert the customers fast enough in order for them to also have to place orders for us for Max? It is a natural conversion phase, but it has given us some hesitation on the order intake. But as you saw in the beginning, NOK 5.7 million of order intake in November alone so far is a very strong indication that we are seeing that full support from our distributors.
Diving into a little bit more qualitative indications on our journey. This is the Safeti Max. We have seen across the line, across the board, very nice, very positive receivable from our distributors. They do see that in order to be in this product category, they need added value to the product. Otherwise, they are caught in a low-priced, low-spec product portfolio. It is not where you want to go. That is a journey towards zero. We do not want to be there, and our distributors do not want to be there.
So they have been looking for handles on how to develop this going forward. As I mentioned in the beginning, the model on how to work with our distributors and again to the next level, how to reach out to the clinical and financial decision makers at hospital levels is a journey we have had to work with our distributors. They have not been doing that, many of them. Some have in other product categories.
But the journey of going out and delivering and communicating and setting up processes that actually proves and supports the health and economic elements, but also the infection elements, is not as easy a job as it is to sell Safeti Plus or the 500. They are returning to market. This is new to market. We want a higher price. We can ask for a higher price because we deliver more. But of course, the journey is also a little bit tougher. You need to do more to convert and convince the decision-makers at hospital level to actually invest in this product. So learning is going on. We do feel now that the model, the go-to-market model that we are working on has come a long way. We have had very good support from some of the clinical decision-makers we have worked with.
As you may remember, we have published now two documents. The Professor and the PhD that has helped us with that or done that, they have also helped us communicate and build the package to communicate the value of Safeti Max. Last time, we talked about how we have been working on positioning the Safeti Max as a clinical leader. Fundamentally, on the journey of doing that, you need to have data that supports the offerings that you are able to give. As a part of the industry, we can do our own data. It has limited value seen from the outside, as they are, of course, biased or expected to be biased. That is why we have been on a journey together with Jan van der Linden and Martin Slettengren to build the data that is supporting of the values that Safeti Max is delivering.
The work they have done has so far delivered an abstract that has been published in the International Continence Society on their platform. We were there presenting that together with Martin Slettengren. Had a nice receival of that. Everyone has not seen anything communicated within our category for a long time, so it is a very interesting area. Everybody out there we see understands fully that the infection levels that is out there on CAUTI, on catheter-associated urinary tract infection, is a problem. As it is problem, it is one of the hospital-acquired infections, top three or four, this is an opportunity to deal with that. Another article has, since the abstract was published, also been published now in the Infection Prevention in Practice platform. This is now an article, meaning that it has more depth than the abstract. That is the way that structure is.
Both of them has been peer-reviewed, meaning that the authors from Karolinska have made the content, but other professionals, peers, have looked at the data and conclusions they have made and verified that the conclusions and the data published is according to the standards that we would require within our industry. We are right now working on publishing a health economic article. We see very solid data that supports why you would spend a little bit more on the product side in order to gain both workflow effectiveness, sustainability elements of saving a lot of waste material, but not least also having just another level of patient outcome through infection control. That we would like to translate into financial numbers, because that is the way hospitals work. They want to see if they invest that they also can get their money back.
That is why we are now working on a health economic article that we hope to publish in the next three months. As part of establishing ourself as a company that drives clinical leadership, we took the decision that we want to be present where the clinical and financial decision-makers of the hospitals are present. Therefore, we participated this, the first period of the year, in two congresses. Firstly, we did the ICS, where we also published the abstract. The guy standing on the right side in the middle is Martin Slettengren presenting the abstract in front of a very interested crowd. Many questions, very interested crowd. It is the way you want to do it when you want to position yourself as a clinical decision-makers. On the left, we see actually an event that was even more important for us.
It is the ESICM, European Society of Intensive Care Medicine, in Lisbon about a month ago, where we had a very nice presence with the booth where we were communicating at a very high level from a clinical substance perspective. The feedback we have had from the guests that were there was also, it was very nice to see that the clinical performance was what was at the headline of this presentation here, and our participation there. What you see on the left page here is actually the Professor together with Dorthe, our Sales Director. Last time we talked about our ambition to now work with digital tools, digital platforms, to drive our clinical leadership agenda.
A key element to that is to drive traffic through our website, because that is where clinicians and procurement guys are picking up the data they need, the understanding of what our offering consists of. They use digital platforms. I think we all do that. That is the standard procedure, you say. Therefore, our communication on the website had to be updated, and it needs to talk to the decision-makers within our industry rather than being a little bit broad and a little bit superficial.
We have now taken a huge step into communicating directly with the clinical and economical decision-makers at hospital level. That is all it does. It is all it is supposed to do. It is launched only a couple of months ago. We see a very, very impressive uptake in terms of people wanting to collect data from that. Our distributors are using it much more often.
They are also using it to educate their clinical decision-makers. We have a journey right now, started already, to drive traffic, to drive our communication, our position that you see here, to the clinical and financial decision-makers by actually using the social media platforms to get traffic through that. That very selective approach in terms of getting the right people through our website has begun. It is picking up even more speed as we talk. We need to help our distributors and ourself, obviously, to position ourself as a clinical leader. We have, as part of the website, also developed a partnership portal. Our distributors need to have a very detailed understanding of our offering.
Only if they are all the way to their sales guys in the field are able to communicate the go-to-market model that we have developed and the claims, the values that our products deliver, there has to be an extremely well-educated sales force. That is what we have created a platform to do. Our distributors need to understand the way to do this, and they need to have the data and the materials that they can communicate the values with. That is what we have created here. This is a portal that is only available to our distributors, and it also includes all the elements that you need both to communicate to clinical and to economical decision-makers. This is also relatively new, but again, without these digital platforms, the journey would just be that much longer, and we need to accelerate that journey.
This is something we have the highest expectations for, and we do see the pickup already. All right. Looking into strategic next steps. I mentioned it initially that Sippi is part of our portfolio, as most of you will know. It has been in our portfolio for some time. It is already CE certified. Looking a little bit back, when the mechanical urimeters, the UnoMeters became available, we took a strategic decision, this is how we are going to build a distribution platform, profits, and revenue, and then on the back of that, we would start Sippi. That is where we are now. Just a short recap on what it is Sippi is able to deliver. There are a number of unmet needs that is not covered by the mechanical version, primarily the accurate reading, the wireless transfer of data into the hospital systems.
All that is elements that Sippi delivers on, and actually sort of closes the gap on one of the very last manual processes on the hospitals, ICU departments. The expectations and the request out there is at our doorstep every day, every week, when is Sippi going to be available? The expectations are there, the market is there. That is how we see it. We also see that this completes our portfolio, meaning that we will have the depth that is necessary to take full clinical and portfolio leadership. We actually do see that we have it already, but of course, this is an opportunity for other companies, other competitors to step in and take that position. We do not want to allow that to happen. We want to move, because customers are there, and strategically, we want to close that gap. It will give us access to new markets.
I will give you a little insight on that. Since the current portfolio is not designed for U.S. markets primarily, while this one here, and as confirmed very recently, is delivering on their expectations. Strategic repositioning of Observe Medical, yes. I mean, seen from the outside world, we are a disposable company delivering the best product, but still disposable products within a certain category. We want to reposition ourself both towards the distributors, we want to reposition ourself towards the clinical and economical decision makers, but also within the industry. Observe Medical is considered a real player among the big guys within our category, the guys that we met in European Society of Intensive Care Medicine. Why now? Why is it now that we want to return to the Sippi journey?
The main reason for that is, when we made the decision to focus on UnoMeters, the mechanical versions, it was because we did not have a distribution network. We have that now. 47 countries, we are selling. That platform is ready, and they are asking for it. With the launch of the Safeti Max, where the technology of UnoSafeCoat, which is very much part of Sippi as well, we are building the knowledge, the capacity, the competencies at distribution level to communicate that level of value-based sales. That part we feel is getting to a point where it is going to be available for us, for Sippi. In terms of clinical documentation, yeah, we just launched or published data on UnoSafeCoat. That is the abstract and the article we referred to before. That is the content of that, basically.
That technology is very much part of UnoMeter Sippi as well, and therefore, the clinical journey that we have started is supported by these materials as well. Documentation is coming, or has already arrived to support the UnoSafeCoat and therefore also the Sippi. We do see and also have confirmation now from the U.S. when we were there, that what they see out there is increasing pressure on nursing capacity as one thing. One of the things that we deliver with this is just basically taking out the whole manual process in the hospital. What we can do with that is, of course, release nurses to work with more, let us say, intelligent value creation, patient close elements. Not even without, but at the same time adding levels of improved infection control and also data accuracy, data documentation. The platform is there. Connectivity, yeah.
Well, when Sippi was launched in the early 2020s, or during COVID, in certain cases, the biggest challenge was to create a situation where the data could be wirelessly transferred from Sippi into the hospital's PDMS systems, Patient Data Monitoring Systems. That became more the focus, more where we put all our resources, and therefore making it an IT project rather than a value-creating project on the ward. What has happened now is that some of the big players, GE and not least Philips, have delivered some service-oriented device connectivity, meaning hubs that we can connect our data to, and they will then relay this data back to the hospital system. Therefore, connectivity is a different game now. The hospitals has come a long way further to pick up wireless data and integrate that into the systems.
All in all, it means that we feel that, and also because they will take a little while before we are ready, for example, with the U.S. market, we need to start preparing, we need to start taking action now. I referred to this journey a few times. Only last week, Terje and I, the Chairman and I, had the opportunity as part of a Swedish delegation, where Business Sweden, an official platform for the Swedish government to promote Nordic medtech innovation. We were invited to participate and just being visible to these guys as being a frontrunner within innovation, but also being a representative of Nordic medtech innovation was very nice to see that recommendation, that recognition of us in that perspective.
We joined with five other companies, and one of the bigger events, there were a lot of events there, visiting several hospitals, several groups of decision makers, innovation guys, et cetera. But one of the biggest events that took place that I am referring to here is visiting Northwell Health, and they have 28 hospitals in the New York region, and with more than 105,000 employees. What we saw there was, what we experienced there, we had a very in-depth meeting and discussion with the head of the ICU and some of the leading nurses that were responsible for the infection control, et cetera. A very simple but also very direct confirmation, this is something we need. We need to be able to work more efficiently.
The data accuracy in what we pick up right now is not adequate, because we are not able to be there to perform hourly diuresis. We are too busy doing other things, so we cannot support the necessary data accuracy that is necessary to prevent and to foresee and to diagnose potential kidney issues. They needed to do that, and the idea that they needed to manually monitor all their ICU patients, and they had 140 beds, was a very tedious and very time-consuming process. Therefore, the solution of having a system that would solve one of the last, if not the last manual process and digitize it, doing alert systems, integrating that in one solution rather than having that also rather messy process of managing urine every hour, that was very, very well received.
That's what we were looking for, and we feel we got it there. All right, summary. 51% growth in euros. We took euros because that represents the growth in the markets. Is that exactly as we had hoped or expected? Well, we are still building platform in many way, building our platform in many way, both product-wise but also from a distributor perspective. So we would have liked to see, as anyone would, a higher number, but we do see now continuous reordering from a very broad part of our distributors. We are also seeing some distributors that are not aligned with what we want to do. We have found someone better, and that journey of rolling out our go-to-market model is coming along as we had hoped for.
Very importantly for us is that we have seen growth in some markets where we have put our attention into. We are looking at 100%-700% growth. We need to scale that. We need to move that model into more distributors, and we know how to. We now also have the capacity to do that, and we will continue expanding that capacity as we see the top line developing. It's a game, how fast, how aggressive do we move, but we take one step at a time when we see that our P&L can carry an increased OpEx pressure. Order intake, 49%. I think, as I said, some hesitation over the last few months because they didn't know exactly if it was Max or Plus they wanted to order. There is no hesitation. We don't see any hesitation on the distributor side.
It is all sales up, and I think that the confirmation has come now in November with a level of 5.7 million so far, and we are only, what, one-third into the month. So very, very encouraging number we see there. As I said, scalable. We know what to do. We have the platforms, we have the website, we have the communication materials. Now we are scaling that presence also with Max. Sippi, yes, we do feel that this is time. We would like to start moving again forward on Sippi, and we are moving now from sort of the exploratory phase into a more execution phase in terms of Sippi. So that's our next steps. This is a summary of some of the key numbers that some of you may have seen before. We have now sales in 47 countries. Last time it was one less.
We have taken in Philippines since then. India has moved very nicely forward. We have now distributors covering 28 countries that has placed orders for UnoMeter Safeti Max. Several countries have placed repeat orders on Max, with Thailand as the country that actually moves fastest. We did not see that necessarily in the beginning, but it is very nice to see. We see now Max being tested and validated in 20 major hospitals, not only with the potential of these 20 hospitals, but they are the hospitals that represent large part of the countries that we are in, that will then act as a reference to the rest of the market. You have seen our portfolio expand continuously. We will continue that journey. We are growing around 50% both on order intake and net sales. We are definitely focused on accelerating that further.
We feel we have the platform and the knowledge and the model to do that. That is the presentation, and I am thinking there might be some questions coming in.
We have one question. I understand that the distributors want to avoid the low-priced products to avoid ending in a situation where their revenues deteriorate. But what is the request from the hospitals? Are they looking for more advanced solutions, or is the key to focus on the price?
The question was, just to make sure everyone heard it, the question was, the distributors, it is sort of meaningful and easy to understand that distributors are asking for products that can positioning them- and the company, but also the profits, the revenues into a market where you have improved profits and improved prices through value. Distributors, it is easy to understand that they want this. But the question was, what about hospitals? Are they requesting products that can deliver on some of the things that we see that we are offering with the Plus and the Max? And the question is, yes, they are, but they need to know what is out there and what we can deliver. Because if you look at procurement as an isolated place, their starting point will probably be as an objective to bring unit prices down.
We need to make sure to educate them so they understand that that is not the only lever that they can reach out to. We do see value-based procurement also rolling out in Europe and other markets where they will see a more, let's say, holistic perspective. Are there any other ways that we can, let's say, accelerate our journey towards being a more effective, financially more effective hospital? It is our duty, it is our ambition to educate them. That is exactly why we have built these programs, the Nexus program, but also the website and all our communication materials, that part. That is the procurement part. On the clinical side, the clinical side has two dimensions, right? They have a practical day-to-day life. They run around every hour to measure manually the urine output and enter the data into the hospital systems. They definitely do not want that.
They feel every day an increasing pressure because the number of qualified nurses is going down, the number of patients is certainly not going down, and those patients that are there are asking for more resources. They are all, and it is completely in line with the communication from Northwell in U.S., they are looking for solutions how to optimize their workflows. They see these issues. If there are solutions out there, they will be looking for it. In terms of infection control, this is top three or top four hospital-acquired infections we are reaching out to. It is all there. We just need to communicate to the people within the hospital community that are responsible for infection control. Most communities, most hospital systems, they do actually have specialized organizations looking into infection control, also in the U.S.
Yes, we believe that everyone is looking for it, but we need to educate them and position ourselves with the solution that is well-documented. I think that is all for now in terms of questions. Hope we answered and gave you an insight to how far we have come and the next steps. Please reach out directly if there are any questions or any comments. Johan and I are available always to give you further details. Thank you for now, and hope to see you in the short future. Thank you for now.