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Interim report April – June 2024

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Second quarter in brief

  • Net sales amounted to 11.9 million SEK (21.2), which means a decrease in sales of 44 percent.
     
  • Operating profit amounted to -8.2 million SEK (2.8), corresponding to an operating margin of -69 percent (13).
     
  • Net profit for the period amounted to -7.4 million SEK (3.6).
     
  • Earnings per share amounted to -0.18 SEK (0.09).

First half year in brief

  • Net sales for the first half year amounted to 29.7 million SEK (37.4), which means a decrease in sales of 21 percent.
     
  • Operating profit amounted to -5.5 million SEK (0.8), implying to an operating margin of -19 percent (2).
     
  • Profit for the period amounted to -3.9 million SEK (1.3).
     
  • Earnings per share amounted to -0.10 SEK (0.03).

Significant events during the second quarter

In February 2024, the extraordinary general meeting decided to establish a long-term incentive program. This was booked during the second quarter of 2024.

SyntheticMR's version 15 of SyMRI has received CE marking.

Significant events during the first half year

In February 2024, the extraordinary general meeting decided to establish a long-term incentive program. This was booked during the second quarter of 2024.

SyntheticMR has received FDA 510K approval for SyMRI 3D.

Significant events after the second quarter

On July 9th, a press release was sent regarding estimated net sales for the second quarter of 2024.

SyMRI has received regulatory approval in Taiwan.

CEO comments

Weak sales in North America

Given the high ambitions SyntheticMR has, the outcome in the quarter is a big disappointment. Sales in the period amounted to SEK 11.9 million (21.2). Parting ways with employees as well as private reasons that affected key personnel in the North America organization negatively impacted sales processes. The situation has been isolated to the subsidiary in the USA and is now handled. A new manager is now in office and two new salespeople started at the end of the second quarter. After changes have been made in the organization, the now full-fledged team gradually increases the efficiency. Time is reasonably needed to reach full efficiency, but momentum is now clearly increasing.

It is positive that the other priority regions continue to develop well. After the first six months of the year, they are showing growth and performing in line with our expectations. It is also pleasing that the costs for the entire first half of the year are on par with the same period last year. The outcome is the result of good cost control and efficiencies in operations globally. We expect this to have a positive impact on the whole of 2024 and beyond.

Outlook

After four straight quarters of record sales, we have been negatively affected by unforeseen events in the organization. With constant focus on our goals, the situation is now managed, and the entire global team continues to push in the same direction. The response from all our markets to our offer is undiminished strong.

Through the launch of SyMRI in 3D, a crucial milestone is reached on our way towards establishing a new standard in healthcare. The application 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 in diseases including dementia, multiple sclerosis, various pediatric conditions and the growing field of oncology. Technically, the solution also provides opportunities for the development of applications in other areas, for example liver and spine. With great confidence, we continue to implement our growth plan with unabated vigour.

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 27-08-2024 08:49 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 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 MSK provides multiple contrast images and quantitative data for knee and spine anatomies. SyMRI NEURO is CE-marked and FDA 510(k) cleared and SyMRI MSK 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. For more information, visit www.syntheticmr.com.

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