Interim report April– June 2025
26 augusti, 08:07
Interim report April– June 2025
Second quarter in brief
- Net sales amounted to 12.4 million SEK (11.9), which means an increase in sales of 4 percent.
- Operating profit amounted to -8.6 million SEK (-8.2).
- Net profit for the period amounted to -10.4 million SEK (-7.4).
- Earnings per share before dilution amounted to -0.16 SEK (-0.18).
- Cash flow from operating activities amounted to 0.5 million SEK (4.8). Cash and cash equivalents amounted at the end of the period to 19.4 million SEK (20.1).
First six months in brief
- Net sales for the first half year amounted to 26.6 Mkr (29.7), which means a decrease in sales of 10 percent.
- Operating profit amounted to -18.9 Mkr (-5.5). Adjusted for acquisition costs of -0.3 million SEK,which are reported as an item affecting comparability, the operating profit amounts to -18.5 million SEK.
- Profit for the period amounted to -23.7 million SEK (-3.9).
- Earnings per share before dilution amounted to -0.48 SEK (-0.10).
- Cash flow from operating activities amounted to 2.1 million SEK (2.3). Cash and cash equivalents amounted at the end of the period to 19.4 million SEK (20.1).
Significant events during the second quarter
20st of May 2025 the Annual General Meeting appointed Gisli Hennermark as Chairman of the Board of SyntheticMR AB (publ).
13th of June, Lena Åredal was appointed as the new CEO of SyntheticMR. Lena will assume the position on September 1, 2025.
Significant events during the first six months
The acquisition of Combinostics Oy was completed on January 2, 2025. The rights issue was fully subscribed and closed in January.
17th of January 2025, Ulrik Harrysson resigned as CEO and Vedran Beglerbegovic was appointed as the new CEO of SyntheticMR.
21st of January 2025 Vedran Beglerbegovic resigned as CEO of SyntheticMR and Johanna Norén was appointed acting CEO.
31st of January SyMRI 15 (3D) has been regulatory approved in Japan.
20st of May 2025 the Annual General Meeting appointed Gisli Hennermark as Chairman of the Board of SyntheticMR AB (publ).
13th of June, Lena Åredal was appointed as the new CEO of SyntheticMR. Lena will assume the position on September 1, 2025.
Significant events after the end of the quarter
SyMRI in 3D has received regulatory approval in South Korea.
CEO comments
During the second quarter, SyntheticMR's sales amounted to SEK 12.4 million (11.9), a marginal increase compared to the previous year. However, the development differs clearly between markets. In the USA, sales increased to SEK 6.1 million (2.0), mainly driven by OEM business, while demand for SyMRI remains low. In Europe, sales increased to SEK 4.7 million (4.2), where the development was the opposite – OEM was weak while our direct sales of SyMRI showed very good growth. Asia was the disappointment of the quarter, where sales fell to SEK 1.6 million (5.8) due to postponed business in Japan and delayed deliveries in India.
A key obstacle for SyMRI in the US is the uncertainty surrounding research funding through the NIH. President Trump has proposed cuts of approximately 40% (equivalent to USD 18 billion) and a restructuring of the agency. However, the Senate Appropriations Committee, which consists of both Republicans and Democrats, has voted to increase the budget, including significant additional investments in Alzheimer's research. This creates significant uncertainty and many of our customers are therefore in a "wait-and-see" mode. A decision is expected in the fall.
The acquired Combinostics business in Finland continues to develop well. ARR* for the product cNeuro increased during the quarter to SEK 11.2 million, corresponding to approximately 30% since the beginning of the year. New deals are being added continuously, with some not yet included in ARR as the start date is after June 30. Customer loyalty is high and we see basically no dropouts. The product is currently only available in the US and EU, with regulatory processes underway to enable a launch in Asia as well. We are also making good progress in R&D where the development team is cross-fertilizing technologies for future product updates.
Sales from the Finnish acquired business amounted to SEK 2.5 million during the quarter. Excluding this, sales from comparable units decreased by just over 15%. This is partly explained by currency fluctuations, as the company sells in USD and EUR but reports in SEK. Despite this, the development is not satisfactory. To reverse the trend, SyMRI sales in the US must recover, cNeuro continues to grow, OEM partners must launch 3D cameras broadly and sales in Asia must stabilize so that we do not experience such large swings from quarter to quarter.
We continue to have good cost discipline and are seeing the effects of previous cost-saving measures. Operating profit amounted to SEK –8.6 million. Despite this, ongoing operations generated a positive cash flow, primarily through efficient management of working capital in general and a reduction in accounts receivable in particular. Cash decreased by SEK 3.2 million to SEK 19.4 million at the end of the quarter. Currency effects had a negative impact, primarily from the strengthened Swedish krona. We have not been affected by US tariffs and do not expect to be in the future.
In May, a major American study of SyMRI 3D was published in the American Journal of Neuroradiology. The study shows that synthetically generated T1- and T2-weighted MRI images are at least as high in clinical quality as conventional images. When five leading neurologists rated images from 189 patients at six hospitals in the US, our synthetic images were rated as better. Our technology therefore drastically reduces the time for MRI scans and the quality is rated by clinicians as better. This is without taking into account the advantages of the quantitative biomarkers, which are SyMRI's unique strength.
Despite delays in the launch of 3D cameras, uncertainty around NIH funding, and macroeconomic challenges, we are confident in our long-term position. SyntheticMR is a world leader in synthetic quantitative MRI – a technology that meets a growing global healthcare challenge where the shortage of radiologists is a growing bottleneck, not least in the Alzheimer's field.
On June 13, the board announced that Lena Åredal has been appointed as the new CEO, effective December 15. We are pleased to confirm that Lena will take office on September 1. I will therefore return to my role as CFO. Lena brings strong commercial experience and the ability to build high-performing teams, which will strengthen SyntheticMR's growth journey.
*Annual Recurring Revenue
Johanna Norén
Acting CEO SyntheticMR
This is a translation of the Swedish version of the report. When in doubt, the Swedish wording prevails.
This disclosure contains information that SyntheticMR AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-08-2025 08:07 CET.
About SyntheticMR: SyntheticMR AB develops and markets innovative software solutions for Magnetic Resonance Imaging (MRI). SyntheticMR AB has developed SyMRI®, delivering multiple, adjustable contrast images and quantitative data from a single 5-minute scan. The SyMRI product is available in different packages. SyMRI NEURO delivers multiple contrast images, tissue segmentations and quantitative data on the brain. SyMRI KNEE and SyMRI SPINE provide multiple contrast images and quantitative data for knee and spine anatomies. SyMRI NEURO is CE-marked and FDA 510(k) cleared and SyMRI KNEE and SyMRI SPINE is CE-marked. SyMRI is a registered trademark in Europe and the USA. SyntheticMR is listed on the Spotlight Stock Market Exchange in Stockholm, Sweden.
About Combinostics : Combinostics’ AI-powered cNeuro suite of products helps clinicians make a difference in the lives of patients with neurological disorders. By quantifying brain images and integrating patient data from multiple sources with insights from previous patients, the company’s unique software tools provide radiologists and clinicians the support they need for confident, evidence-based diagnostic and management decisions. The company was founded in 2014 and is headquartered in Tampere, Finland and was acquired by SyntheticMR AB in January 2025. For more information, please visit www.combinostics.com
For additional information, please contact Johanna Noren, Acting CEO, SyntheticMR AB, +46 70 619 21 00
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Interim report April– June 2025
26 augusti, 08:07
Interim report April– June 2025
Second quarter in brief
- Net sales amounted to 12.4 million SEK (11.9), which means an increase in sales of 4 percent.
- Operating profit amounted to -8.6 million SEK (-8.2).
- Net profit for the period amounted to -10.4 million SEK (-7.4).
- Earnings per share before dilution amounted to -0.16 SEK (-0.18).
- Cash flow from operating activities amounted to 0.5 million SEK (4.8). Cash and cash equivalents amounted at the end of the period to 19.4 million SEK (20.1).
First six months in brief
- Net sales for the first half year amounted to 26.6 Mkr (29.7), which means a decrease in sales of 10 percent.
- Operating profit amounted to -18.9 Mkr (-5.5). Adjusted for acquisition costs of -0.3 million SEK,which are reported as an item affecting comparability, the operating profit amounts to -18.5 million SEK.
- Profit for the period amounted to -23.7 million SEK (-3.9).
- Earnings per share before dilution amounted to -0.48 SEK (-0.10).
- Cash flow from operating activities amounted to 2.1 million SEK (2.3). Cash and cash equivalents amounted at the end of the period to 19.4 million SEK (20.1).
Significant events during the second quarter
20st of May 2025 the Annual General Meeting appointed Gisli Hennermark as Chairman of the Board of SyntheticMR AB (publ).
13th of June, Lena Åredal was appointed as the new CEO of SyntheticMR. Lena will assume the position on September 1, 2025.
Significant events during the first six months
The acquisition of Combinostics Oy was completed on January 2, 2025. The rights issue was fully subscribed and closed in January.
17th of January 2025, Ulrik Harrysson resigned as CEO and Vedran Beglerbegovic was appointed as the new CEO of SyntheticMR.
21st of January 2025 Vedran Beglerbegovic resigned as CEO of SyntheticMR and Johanna Norén was appointed acting CEO.
31st of January SyMRI 15 (3D) has been regulatory approved in Japan.
20st of May 2025 the Annual General Meeting appointed Gisli Hennermark as Chairman of the Board of SyntheticMR AB (publ).
13th of June, Lena Åredal was appointed as the new CEO of SyntheticMR. Lena will assume the position on September 1, 2025.
Significant events after the end of the quarter
SyMRI in 3D has received regulatory approval in South Korea.
CEO comments
During the second quarter, SyntheticMR's sales amounted to SEK 12.4 million (11.9), a marginal increase compared to the previous year. However, the development differs clearly between markets. In the USA, sales increased to SEK 6.1 million (2.0), mainly driven by OEM business, while demand for SyMRI remains low. In Europe, sales increased to SEK 4.7 million (4.2), where the development was the opposite – OEM was weak while our direct sales of SyMRI showed very good growth. Asia was the disappointment of the quarter, where sales fell to SEK 1.6 million (5.8) due to postponed business in Japan and delayed deliveries in India.
A key obstacle for SyMRI in the US is the uncertainty surrounding research funding through the NIH. President Trump has proposed cuts of approximately 40% (equivalent to USD 18 billion) and a restructuring of the agency. However, the Senate Appropriations Committee, which consists of both Republicans and Democrats, has voted to increase the budget, including significant additional investments in Alzheimer's research. This creates significant uncertainty and many of our customers are therefore in a "wait-and-see" mode. A decision is expected in the fall.
The acquired Combinostics business in Finland continues to develop well. ARR* for the product cNeuro increased during the quarter to SEK 11.2 million, corresponding to approximately 30% since the beginning of the year. New deals are being added continuously, with some not yet included in ARR as the start date is after June 30. Customer loyalty is high and we see basically no dropouts. The product is currently only available in the US and EU, with regulatory processes underway to enable a launch in Asia as well. We are also making good progress in R&D where the development team is cross-fertilizing technologies for future product updates.
Sales from the Finnish acquired business amounted to SEK 2.5 million during the quarter. Excluding this, sales from comparable units decreased by just over 15%. This is partly explained by currency fluctuations, as the company sells in USD and EUR but reports in SEK. Despite this, the development is not satisfactory. To reverse the trend, SyMRI sales in the US must recover, cNeuro continues to grow, OEM partners must launch 3D cameras broadly and sales in Asia must stabilize so that we do not experience such large swings from quarter to quarter.
We continue to have good cost discipline and are seeing the effects of previous cost-saving measures. Operating profit amounted to SEK –8.6 million. Despite this, ongoing operations generated a positive cash flow, primarily through efficient management of working capital in general and a reduction in accounts receivable in particular. Cash decreased by SEK 3.2 million to SEK 19.4 million at the end of the quarter. Currency effects had a negative impact, primarily from the strengthened Swedish krona. We have not been affected by US tariffs and do not expect to be in the future.
In May, a major American study of SyMRI 3D was published in the American Journal of Neuroradiology. The study shows that synthetically generated T1- and T2-weighted MRI images are at least as high in clinical quality as conventional images. When five leading neurologists rated images from 189 patients at six hospitals in the US, our synthetic images were rated as better. Our technology therefore drastically reduces the time for MRI scans and the quality is rated by clinicians as better. This is without taking into account the advantages of the quantitative biomarkers, which are SyMRI's unique strength.
Despite delays in the launch of 3D cameras, uncertainty around NIH funding, and macroeconomic challenges, we are confident in our long-term position. SyntheticMR is a world leader in synthetic quantitative MRI – a technology that meets a growing global healthcare challenge where the shortage of radiologists is a growing bottleneck, not least in the Alzheimer's field.
On June 13, the board announced that Lena Åredal has been appointed as the new CEO, effective December 15. We are pleased to confirm that Lena will take office on September 1. I will therefore return to my role as CFO. Lena brings strong commercial experience and the ability to build high-performing teams, which will strengthen SyntheticMR's growth journey.
*Annual Recurring Revenue
Johanna Norén
Acting CEO SyntheticMR
This is a translation of the Swedish version of the report. When in doubt, the Swedish wording prevails.
This disclosure contains information that SyntheticMR AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-08-2025 08:07 CET.
About SyntheticMR: SyntheticMR AB develops and markets innovative software solutions for Magnetic Resonance Imaging (MRI). SyntheticMR AB has developed SyMRI®, delivering multiple, adjustable contrast images and quantitative data from a single 5-minute scan. The SyMRI product is available in different packages. SyMRI NEURO delivers multiple contrast images, tissue segmentations and quantitative data on the brain. SyMRI KNEE and SyMRI SPINE provide multiple contrast images and quantitative data for knee and spine anatomies. SyMRI NEURO is CE-marked and FDA 510(k) cleared and SyMRI KNEE and SyMRI SPINE is CE-marked. SyMRI is a registered trademark in Europe and the USA. SyntheticMR is listed on the Spotlight Stock Market Exchange in Stockholm, Sweden.
About Combinostics : Combinostics’ AI-powered cNeuro suite of products helps clinicians make a difference in the lives of patients with neurological disorders. By quantifying brain images and integrating patient data from multiple sources with insights from previous patients, the company’s unique software tools provide radiologists and clinicians the support they need for confident, evidence-based diagnostic and management decisions. The company was founded in 2014 and is headquartered in Tampere, Finland and was acquired by SyntheticMR AB in January 2025. For more information, please visit www.combinostics.com
For additional information, please contact Johanna Noren, Acting CEO, SyntheticMR AB, +46 70 619 21 00
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