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Interim report April – June 2022

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Second quarter in brief

  • Net sales amounted to 18.7 million SEK (11.8), which means a sales growth of 59 percent.
  • Operating profit amounted to 4.4 million SEK (0.1).
  • Net profit for the period amounted to 5.1 million SEK (-0.2).
  • Earnings per share amounted to 0.13 SEK (-0.01).

First half year in brief

  • Net sales for the first half year amounted to 28.6 million SEK (26.5), which means a sales growth of 8 percent.

  • Operating profit amounted to 0.8 million SEK (2.6).

  • Profit for the period amounted to 1.7 million SEK (2.5).
  • Earnings per share amounted to 0.04 SEK (0.06).

Significant events during the second quarter

During the period, the directed share issue which was carried out in March 2022, was booked to an amount of SEK 60 million.

A collaboration with Mahajan Imaging in New Delhi, India, has been initiated to gather reference values for the Indian population.

Significant events during the first half year

During the period, a directed new issue of shares was carried out for an amount corresponding to SEK 60 million before transaction costs. The transaction was booked during quarter 2 2022.

SyntheticMR US Inc has partnered with Hyland Healthcare.

A sales and support representative, based in Beijing, China, was established.

Significant events after the second quarter

A subsidiary of SyntheticMR has been established in India.

SyMRI NEURO is now compatible with Philips SmartSpeed, an AI-based acceleration technology for imaging.

Dr. Jeff Miller, Phoenix Children's is a new member of the SyntheticMR Advisory Board.

CEO comments

 

 

Strong recovery during the period

During the second quarter of the year, we achieved the highest quarterly sales in SyntheticMR's history. This is very satisfactory, not least considering the weak development at the beginning of the year. It is also gratifying that the causes that negatively affected the first quarter were significantly reduced during the period.

Sales from April to June amounted to SEK 18.7m (11.8), which corresponds to organic growth of 59 percent compared to last year’s quarter. Operating profit amounted to SEK 4.4m (0.1), which corresponds to a margin of 23 percent (1). The improved result compared to the same period last year is explained by increased sales.

Deepened partnerships

SyntheticMR has collaborations with MR manufacturers which together represent more than 95% of the global market. Continuing to deepen our partnerships with these established players is of course very important. Among other things, it provides stability to our business. It also testifies to the value of our current offering as well as the plan for product development. Through recent global license and distribution agreements, they market, sell and distribute SyMRI as part of their customer offering. Together with our own direct sales, we have strong resources to market and sell SyMRI, broaden the available market and thereby strengthen the possibilities for increased sales. During the second quarter, up to two-thirds of total sales are attributed to our partners.

An example of partner collaboration that has developed significantly recently is with Philips Healthcare. We have informed that SyMRI NEURO is now compatible with Philips SmartSpeed, an ​​AI-based acceleration technology for imaging. The combination of SyMRI NEURO and Philips SmartSpeed ​​allows customers to get more diagnostic information in a very short time.

Another development of collaboration we communicated is that SyMRI MSK is now available on Siemens Healthineer's platform syngo.via Open Apps. This means that more customers get access to the product and thus contributes to our endeavor to support a faster workflow and the provision of objective decision support to healthcare.

We also continue to deepen our partnerships around product development. High priority is next-generation SyMRI in 3D. The previously mentioned project with Canon Medical Systems, which started in mid-2021, is proceeding according to plan. Collaboration in the area is ongoing with other partners as well and we are enthusiastic about the increased rate of development. The collaborations will further establish and strengthen SyMRI on the global market in line with our ambition to become the standard of care.

The way forward

SyntheticMR is well positioned to successfully continue to establish SyMRI as the standard in healthcare. Again, we meet clients, partners and other important contacts in person and the value of this cannot be overstated. The response from the market to our offer is unabatedly strong. But I humbly note from experience that unforeseen disturbances in the outside world can affect the business going forward, even if I don't see anything on the horizon at the moment. However, good examples from the past convince me that we are well equipped to handle the time ahead with its opportunities and challenges. We continue to build a strong foundation, and with undiminished force while maintaining cost control 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 23-08-2022 08:11 CET.

For additional information, please contact Ulrik Harrysson, CEO, SyntheticMR AB, +46 70 529 29 87 ulrik.harrysson@syntheticmr.com or Johanna Norén, CFO and Head of Investor Relations, SyntheticMR AB, +46 70 619 21 00 johanna.noren@syntheticmr.com.

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 6-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 MSK provides multiple contrast images and quantitative data for MSK anatomies. SyMRI NEURO is CE-marked and FDA 510(k) cleared and SyMRI KNEE and SyMRI SPINE are CE-marked. SyMRI is a registered trademark in Europe and the USA. SyntheticMR is listed on the Spotlight Stock Market Exchange in Stockholm, Sweden. For more information, visit www.syntheticmr.com.

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