Interim report July – September 2023

Third quarter in brief

• Net sales amounted to 21.7 million SEK (19.0), which means a sales growth of 14 percent.
   
• Operating profit amounted to 4.5 million SEK (4.4).
   
• Net profit for the period amounted to 4.1 million SEK (4.1).
   
• Earnings per share amounted to 0.10 SEK (0.11).

First nine months in brief

• Net sales for the first nine months amounted to 59.1 million SEK (47.6), which means a sales growth of 24 percent.
   
• Operating profit amounted to 5.3 million SEK (5.1).
   
• Profit for the period amounted to 5.4 million SEK (5.4).
   
• Earnings per share amounted to 0.13 SEK (0.14).

Significant events during the third quarter

The Central Government Health Scheme in India recommends SyMRI to be evaluated being included as standard in examination protocols across the country.

Significant events during the first nine months

During the first quarter SyMRI received regulatory approvals in Singapore, UK and Canada. After the approvals, we have received our first orders in Canada and Singapore. During the second quarter SyMRI received regulatory approval in South Korea. After the approval, we have received several orders.

Significant events after the third quarter

Nothing to report.

CEO comments

 

Continued sales growth

The third quarter is another quarter that shows that we are on the right track. Sales amounted to SEK 21.7 million kronor (19.0), half a million kronor higher than the sales record last threemonth period. This corresponds to organic growth of 14 percent compared to the strong third quarter of last year. Operating profit amounted to SEK 4.5 million kronor (4.4). The margin of 21 percent is for certain slightly lower than last year's 23 percent, but since we now have the resources we need to reach expected sales volumes, I am not concerned. We have the conditions to continue growing sales with increasing margins. I am also satisfied with our control of costs and capital fomation. The cash balance will continue to grow until the end of the year. After three quarters, we are in line with our plan to achieve our goals for the full year.

SyMRI in clinical practice

SyMRI is increasingly being established as a standard in the healthcare. The development is most evident in the markets in which we have previously prioritized resources. There are many customers who have been provided with our solution and thus a faster workflow and access to objective decision support. It is pleasing that we already have good experiences also in the markets where SyMRI was approved for clinical use relatively recently. An example comes from a world-leading hospital in Canada and a clinical neuroradiologist with an interest in neonatal imaging and pediatric multiple sclerosis. Here they highlight the great value of quantifying brain volumes. Especially the important biomarker myelin that is uniquely provided by SyMRI. The customer's experience is summed up in the fact that the product is so easy to use and adds enormous value to the operations in the hospital. Another example comes from a very reputable hospital in Brazil. The Albert Einstein Hospital has used SyMRI in several thousand examinations in the past six months. Great value with SyMRI is seen, among other things, in the efficient workflow and access to quantitative volumes of myelin in the brain. Recently we informed about a very positive news from India. The Central Government Health Scheme recommends SyMRI to be evaluated being included as standard in examination protocols across the country. More specifically, potentially it means that the quantification of myelin in the brain is used as a biomarker for patients suffering from, for example, multiple sclerosis, traumatic brain injury and neurodegenerative diseases. By estimating the pattern of myelin loss through quantitative values, our software aids in diagnosis and treatment. A positive outcome of the evaluation will likely significantly increase the number of tenders where SyMRI is included as a mandatory requirement.

Next step in the development

The positive response in the market and the use of SyMRI in healthcare is clearly growing in scope. In the near future, we will also offer next-generation SyMRI in 3D. The clinical value increases and we will change the pricing in relation to that. The launch also strengthens us in our endeavor to support a faster workflow and provide objective decision support to healthcare. We continuously increase the efficiency of our sales organization. I am also satisfied with the effectiveness of our investments in research and development. Together with our partners, we optimize total resources to market and sell SyMRI globally of both current and next generation. We continuously improve the conditions to establish SyMRI as a standard in healthcare and with undiminished energy we continue to implement our growth plan.

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 10-11-2023 08:11 CET.