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Osprey Medical 2020 – A year in review Distribution Over the last 12 months, we have reached milestones that have taken the distribution of Osprey’s DyeVert technology which addresses angiography based Acute Kidney Injury (AKI) to the next level. A standout was the GE Healthcare agreement signed in July which is a four-year strategic alliance under which GE Healthcare will exclusively distribute Osprey’s product portfolio in Europe, Russia, Middle East, Africa, Central Asia and Turkey. Following that announcement, we also have partnered with Australian-owned medical distribution company Regional Health Care Group Pty Ltd (RHCG) which will see RHCG exclusively distribute Osprey’s products across Australia and New Zealand. Our distribution in the US has also been expanding as we recently signed a strategic Independent Sales Agency agreement with BioCore Inc., an independent sales group that specialises in selling Cardiac Surgery, Electrophysiology and Cath Lab products. While we have a strong presence and continue to grow sales in the regions where our direct sales force operates, our partnership with BioCore will help strengthen our market presence in 8 new states in the US in which we did not have a presence.

Recognition In early 2020, we announced that the National Institute of Health and Care Excellence (NICE) in the UK issued a MedTech Innovation Briefing (MIB) on DyeVert for reducing contrast media in coronary and peripheral angiography. Alongside this, a peer-reviewed publication to accompany the MIB on the cost-utility of DyeVert was published in The Pharmacoeconomics & Health Economics Journal. In October the DyeVert was selected by NICE for Guidance consideration which could lead by mid-2021 to a recommendation by NICE for the use of DyeVert to reduce AKI. DyeVert was also featured at the SCAI 2020 Scientific Session with two abstracts on Procedure-Based Strategies to reduce Contrast-Induced Acute Kidney Injury. Both studies reported on the use of Osprey’s DyeVert System to reduce AKI in patients undergoing coronary angiography. An important peer-reviewed manuscript was published in April on AKI reduction in acute coronary syndrome (heart attack) patients was published by Professor Briguori earlier this year. In this controlled retrospective two-arm study the DyeVert system was shown to reduce AKI in heart attack patient by 58%. Earlier this year we were also pleased to receive CE Marking for our DyeVert Power XT 2nd generation device with the added benefits of displaying the contrast saved throughout the procedure allowing real-time contrast monitoring. The DyeVert Power XT device is expected to be the core product in the DyeVert portfolio that is being commercialised by GE Healthcare. We were also very pleased in 2020 to receive a Supplier Horizon Award from Premier Inc. We were one of just nine suppliers to win the prestigious award, and we were the only cardiovascular supplier to receive the award this year. The award recognizes suppliers who have made a positive impact to patient care and who lower healthcare costs.

Performance With 2020 and the issues COVID brought, Osprey had many challenges to overcome and we had to pivot and change the way we operate. Some of these changes brought new opportunities and in particular, the efforts we made to decrease our operating expenses by over 35% which paved the way for some new cost-saving measures that we are now implementing as part of our long-term strategy. These efforts resulted in us exploring alternative sales agreements and in particular, our new agreement with BioCore Inc., an independent sales group compliments our cost-efficient sales expansion strategy. We are positive about the future as these challenging times has shown us how resilient we are in finding new opportunities for growth and reducing costs. Alongside our performance as a company, we have also received many testimonials from medical professionals on the performance of our DyeVert technology which was been positively received. Recently, Dr Keith Ellis, Director of Cardiovascular Services at Houston Methodist Sugarland Hospital was interviewed by Diagnostic & Interventional Cardiology (DAIC) on how to reduce COVID exposure, speed up exam times and cut readmissions in cardiology departments and the role of DyeVert in this process. Dr Paul Tucker, a Cardiologist in Texas, and Dr Barry D. Bertolet an Interventional Cardiologist in Tupelo, have also publicly discussed the efficacy of the DyeVert system to reduce AKI events.

Outlook As a part of our efforts to reflect on the year, we commissioned MST to carry out an independent report on Osprey Medical. MST analysts looked at how Osprey has functioned by carrying out pre-market equity research and providing consulting services and market intelligence. As a result of this research, we hope to use the findings to support our continued growth moving into 2021. If you would like to view the findings of this independent research, you can do so in the link below.