Interim report January – March 2024
First quarter in brief
- Net sales amounted to 17.8 million SEK (16.1), which means a sales growth of 10 percent.
- Operating profit amounted to 2.7 million SEK (-2), corresponding to an operating margin of 15 percent (-13).
- Net profit for the period amounted to 3.4 million SEK (-2,2).
- Earnings per share amounted to 0.08 SEK (-0.05).
Significant events during the first quarter
In February 2024, the extraordinary general meeting decided to establish a long-term incentive program.
SyntheticMR has received FDA 510K approval for SyMRI 3D.
Significant events after the first quarter
Nothing to report.
CEO comments
Sales and profit development in line with our growth plan
Sales in the quarter amounted to SEK 17.8 million (16.1). The outcome is a record for a first quarter and corresponds to a growth of 10 percent compared to the strong first quarter last year. Sales development mainly consists of larger orders from several partners and increased direct sales in prioritized geographic markets. Operating profit amounted to SEK 2.7 million (-2.0). This corresponds to a margin of 15 percent (-13). In addition to sales, cost control and conversion of results to cash are of course still central focus areas. The cash balance will increase during the year. The outcome in the first quarter is in line with our plan and thus it is repeated that in 2024 we expect revenues in excess of SEK 110.0 million and an operating margin after depreciation of at least 20%.
SyMRI in 3D approved for sales in the US and Europe
It is very gratifying that in March we received FDA approval for SyMRI in 3D. With previously obtained CE marking, this means that the product is now approved for sale in both the USA and Europe. In line with that, we are very pleased and proud of our expanded partnership with Philips Healthcare to include SyMRI in 3D. The extended agreement with them means that the product will be included in the company's global price book and sold in their commercial organization. This will enable Philips Healthcare to offer SyMRI in both 2D and 3D to its customers. Together, we recently presented the product at two major customer meetings in Chicago and Vienna. We now eagerly look forward to accelerating the commercial launch of SyMRI in 3D and expect to begin shipping the product primarily in the second half of the year.
Positive outlook
Through the launch of SyMRI in 3D, we have achieved a decisive milestone on our way towards establishing a new standard in healthcare. Our stated mission to improve efficiency, elevate patient care and drive meaningful savings in healthcare affirms our commitment to revolutionizing the field. SyMRI in 3D gives the healthcare the opportunity to gain deeper insights into the structure and function of the brain, ensuring a more accurate and in-depth assessment of medical conditions. SyMRI in 3D will enable doctors to make even better and more informed decisions using quantitative imaging. This applies to, among other things, dementia, multiple sclerosis, various pediatric conditions and the growing field of oncology. The clinical value increases and we change the pricing in relation to that. With SyMRI in 2D, we have established our customer solution in healthcare. With 3D, we greatly increase the chances of becoming standard in even more clinical contexts.
Ulrik Harrysson
CEO, SyntheticMR AB (publ)
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 21-05-2024 08:08 CET.
