Interim report January – March 2021

First quarter in brief

• Net sales amounted to 14.7 million SEK (12.5), which means a sales growth of 17 percent.

• Operating profit amounted to 2.5 million SEK (0.8).

• Net profit for the period amounted to 2.7 million SEK (0.8).

• Earnings per share amounted to 0.67 SEK (0.21).

Significant events during the first quarter

During the period, SyntheticMR reached the highest quarterly sales ever during the first quarter.

A global license agreement has been signed with United Imaging regarding marketing and sales of SyMRI NEURO.

A first order from United Imaging was received during the quarter.

SyMRI MSK has received CE mark and is now approved for clinical use in Europe.

Significant events after the first quarter

CEO comments

 Positive start to 2021

During January to March this year, we reached the highest sales ever in a first quarter. This followed the fourth quarter of 2020 in which we saw the highest sales for a single quarter in SyntheticMR's history. Considering this, I note that we have built a strong momentum, which is very valuable as we continue our growth journey. During the quarter, we reached another milestone by signing a global licensing agreement with our new partner, United Imaging. They have a strong position in China as well as a growing international presence. The collaboration with them will further strengthen and establish SyMRI in the global market and contribute to an even more favorable product mix.

Sales during the quarter amounted to SEK 14.7 million (12.5), which is an increase of 17 percent compared with the corresponding period last year. The growth consists of an increased number of licenses sold by SyMRI from our own sales resources in all priority markets. The first order from United Imaging and the sale to GE Healthcare also contributed to this increase. Operating profit amounted to SEK 2.5 million (0.8) in the first quarter, which corresponds to a margin of 17 percent (6). The increased result is mainly due to higher sales.

Optimistic outlook

Although we will probably operate under challenging conditions for some time to come, I am very optimistic. In addition to the continuously increasing performance of our own sales resources, we continue to deepen and broaden our collaborations with existing and new partners. Overall, the total resources to market and sell SyMRI are strengthened, and we continue to broaden the available market. As an example, we significantly increase sales resources in China through the agreement with United Imaging.

With the new product package, SyMRI MSK, we now offer our product solution to over two thirds of the MRI examinations that are performed in healthcare globally. Through the CE marking we received at the beginning of the year, SyMRI MSK is now approved for clinical use in Europe.

We at SyntheticMR are dedicated to developing quantitative solutions for medical imaging that is standard in the customer's clinical workflow. SyMRI is implemented as objective decision support in clinical use by a continuously increasing number of customers and top-ranked hospitals such as Mayo Clinic and MD Anderson Cancer Center. Our partners initiate and deepen collaborations with us for both sales and product development. With key words such as innovation, partnership and sustainability, we continue to focus on establishing our customer solutions in the market in line with our long-term goals. I look to the future with great confidence and to continue to develop SyntheticMR together with employees, customers, partners and other stakeholders.

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 11-05-2021 08:07 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 MSK is CE-marked and FDA 510(k) pending. 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.