Second quarter in brief
- Net sales amounted to 14.0 MSEK (12.4), which means an increase in sales of 13 percent.
- Operating profit amounted to -6.5 MSEK (-8.6).
- Net profit for the period amounted to -6.1 MSEK (-10.4).
- Earnings per share before dilution amounted to -0.06 SEK (-0.16).
- Cash flow from operating activities amounted to -2.6 MSEK (0.5). Cash and cash equivalents amounted at the end of the period to 28.3 MSEK (19.4).
First six months in brief
- Net sales for the first half year amounted to 27.1 MSEK (26.6), which means an increase in sales of 2 percent.
- Operating profit amounted to 12.7 MSEK (-18.9).
- Profit for the period amounted to -12.3 MSEK (-23.7).
- Earnings per share before dilution amounted to -0.14 SEK (-0.48).
- Cash flow from operating activities amounted to -6.2 MSEK (2.1). Cash and cash equivalents amounted at the end of the period to 28.3 MSEK (19.4).
Significant events during the second quarter
In April, cMRI ARIA received regulatory approval in the UK and Switzerland.
Significant events during the first six months
9th of January, an extraordinary general meeting was held at which the Rights Issue was approved.
4th February, the outcome of the rights issue was announced, which was subscribed to 98.6% with and without subscription rights, and the remaining 1.4% through a guarantee commitment.
In April, cMRI ARIA received regulatory approval in the UK and Switzerland.
Significant events after the end of the quarter
Nothing to report.
CEO comments
As I now approach one year as CEO of SyntheticMR, I have gained an increasingly clear understanding of the strength of our products and the value they create. This is based primarily on feedback from our customers, as reflected in high NPS scores, and on our strong base of experienced clinical users at leading academic hospitals. Our solutions are used in both clinical practice and research, providing us with an important foundation for continued growth.
The scientific evidence further reinforces this picture. In a recent independent, peer-reviewed study of seven solutions for amyloid PET, Combinostics’ cPET solution demonstrated the highest or joint-highest stability and reliability in repeated measurements. This provides further validation of the quality of our offering.[1]
We actively leverage our strong clinical foundation in our marketing. Through webinars, leading clinical experts, including Professor Tobias Granberg from Karolinska Institutet, Professor Brendel from LMU Munich, and PD Dr. Schmidbauer from AKH Vienna, share their experiences of our solutions. This peer-to-peer perspective builds credibility and helps us reach new clinical users and prospective customers. The webinars are publicly available through our website and YouTube.
The US is one of our most important markets, but I am not satisfied with our performance there. We are therefore making a change in the leadership of our US organization. I am personally stepping in to work closely with the team to increase the pace and drive the business forward, while we simultaneously recruit a new leader with the right profile for our broad cNeuro and SyMRI offering. We have also recruited an experienced global CCO to strengthen our strategic sales and marketing efforts and generate more qualified business opportunities in our priority markets.
During the quarter, the regulatory review of cMRI ARIA in the U.S. continued as part of the FDA’s standard review process. The dialogue with the agency is ongoing, and the Company is awaiting further feedback from the FDA.
In the second quarter, sales amounted to SEK 14.0 million (12.4), an increase of 13 percent. cNeuro continued to perform strongly, with sales of SEK 4.0 million (2.5), corresponding to growth of 63 percent, while ARR increased by 5 percent to SEK 11.7 million (11.3). In the US, total sales decreased to SEK 4.8 million (6.1), mainly due to weaker OEM business, while cNeuro continued to develop positively. In Europe, sales amounted to SEK 3.3 million (4.7), with performance continuing to be affected by low OEM sales. Asia performed strongly, with sales of SEK 5.9 million (1.6), primarily driven by the OEM business and India.
This development demonstrates the value of our hybrid business model, combining direct sales with OEM and strategic partnerships. Today, our collaborations with our OEM partners are more extensive and strategic than before, creating better conditions for joint growth and broader market reach.
One example of a partnership outside our OEM collaborations is TeraRecon, which has established a presence in an additional region within the US Veterans Affairs (VA) healthcare system. This expands our access to the VA and creates new sales opportunities together with their resellers.
In parallel, we continue to develop ways of combining our technologies. SyMRI Neuro+ is a clear example, packaging SyMRI 3D together with cMRI from Combinostics to combine quantitative information on tissue properties with regional and lesion-based segmentation.
Approximately ten customers currently use SyMRI Neuro+, and our ambition is to integrate the technologies more closely over time. This is a central part of the rationale behind the acquisition of Combinostics: by combining our technologies and expertise, SyMRI can be applied across a broader range of clinical areas, strengthening its potential to become a standard of care over time. At the same time, the combination creates a unique position in neuroimaging and a clear foundation for increased clinical value, continued differentiation, and long-term growth.
The rights issue completed in early 2026 enables us to execute on our priorities with the objective of achieving profitability. The capital is being deployed in a focused manner to strengthen sales in our key markets, increase our market presence, and develop strategic partnerships.
Our path to profitability is based on increased sales combined with cost control. Our ambition is for our existing capital to be sufficient, and disciplined cost management is an important part of strengthening cash flow. The focus now is on execution – translating the strength of our offering into sustainable growth and profitability.
Lena Åredal
CEO SyntheticMR AB (publ)
[1] Bollack A. et al., Comparability of Centiloid values from [18F]flutemetamol scans using seven commercial and research software, NeuroImage: Reports, 2026;6(2):100343. DOI: 10.1016/j.ynirp.2026.100343.
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 25-08-2026 08:33 CET.
For additional information, please contact Lena Åredal, CEO, SyntheticMR AB, +46 76 770 99 08, lena.aredal@syntheticmr.com
SyntheticMR AB (publ) develops and markets medical device imaging solutions* designed to enhance efficiency and diagnostic precision in neuroimaging. The company offers a comprehensive product portfolio, including the SyMRI® solution, which measures absolute brain tissue properties and, from a single fast scan, generates multiple contrast-weighted images, performs automated biomarker segmentation, and provides quantitative data, as well as the AI-powered cNeuro® product suite, which supports clinicians in the assessment and management of neurological disorders.
The company is listed on the Spotlight Stock Market in Stockholm and is headquartered in Linköping, Sweden, with an additional office in Tampere, Finland. For more information, visit syntheticmr.com and combinostics.com.
*Regulatory clearances may vary by product and version, and indications for use may differ between countries/regions.