CEO comments

Vision

We enter 2026 with our vision clearly in focus: "We empower clinicians with efficiency and confidence to improve patient outcomes." This is at the core of everything we do. Through our solutions, cNeuro and SyMRI, we enable rapid and quantitative analysis of MR images - providing clinicians with better decision support, more efficient workflows, and ultimately improved patient outcomes, particularly in neurological conditions such as dementia and multiple sclerosis.

We see strong market relevance for our solutions. Our product portfolio addresses clear clinical needs, and we have a strong product-market fit with high customer satisfaction. To achieve the desired results, our ability to commercialize opportunities must increase significantly, thereby strengthening our position as a leading diagnostic partner within the neuro segment.

Our Focus Areas

During the year, we are guided by a clear strategic direction focused on three key areas.

First, we are strengthening our commercial capabilities through a more structured sales process, a healthy pipeline, active pricing management, and increased focus on digital marketing, including inbound activities and webinars.

Second, we continue to develop our OEM collaborations and ensure that we capitalize on the existing market momentum. We are actively investing in our partnerships with leading players such as Philips, GE healthcare, Siemens Healthineers and Canon Medical Systems to ensure compatibility for SyMRI 3D and to create effective distribution channels.

Third, we are continuing the integration of the company with the ambition of operating fully as one company - with shared processes, ways of working, and a clear focus on realizing synergies and eliminating duplicate work. Our combined product portfolio is a strong asset, and we are focused on further strengthening our sales efforts.

In parallel, we are advancing three strategic development projects together with our OEM partners, with planned launches in 2027/28. The projects include both SyMRI and cNeuro in prioritized markets.

Sales and Cost Development

Net sales amounted to 13.1 MSEK, corresponding to a decrease of 8 percent compared with the previous year. The decline is primarily explained by lower OEM sales in Europe and North America. In APAC, developments in Japan have been negatively affected by the current economic environment, which has led to increased caution in investments.

At the same time, we continue to strengthen our operational efficiency. Our costs decreased by 16.5 percent compared with the corresponding period last year, mainly because of the cost-saving measures implemented at the beginning of 2025, combined with continued strong cost discipline across the organization.

During the period, we invoiced 5 MSEK related to contract assets and report a positive change in working capital of 0.5 MSEK. In addition, a further 8 MSEK related to contract assets is expected to be invoiced over the coming twelve months.

Within neurology, development continues in the right direction. Revenue from cNeuro increased to 4.0 MSEK (2.9) during the quarter, demonstrating growing adoption of our solutions and a strengthened base of recurring revenue. ARR amounted to 11.3 MSEK (9.4) at the end of the quarter.

Market and Development

During the quarter, we continued to deliver on our regulatory objectives, with the approval of cMRI ARIA in Switzerland and the United Kingdom representing important milestones. We also look forward to receiving the final feedback from the FDA regarding cMRI ARIA.

Developments in India have been positive during the beginning of the year, where demand is driven by clear clinical needs, including those related to myelin quantification. During the period, six OEM orders were received. At the same time, cNeuro continues to develop well in North America. However, we believe that the U.S. market holds significantly greater potential for our full offering across both SyMRI and cNeuro than current sales reflect, which we are actively working to address and further develop.

As part of these efforts, we have taken important steps in our strategic partnerships in the United States related to cNeuro. The collaboration with 3DR Labs, a company specialized in advanced 3D processing of medical imaging, strengthens our market presence and integrates our technology into established clinical workflows.

At the same time, the partnership with Terarecon, which provides software and AI platforms for medical image analysis to major healthcare systems such as the VA (Veterans Affairs hospitals), gives us access to an established sales infrastructure and enables a more scalable commercial model.

Summary and Next Steps

Overall, we are seeing a clear transformation in how the company is managed - from a more fragmented structure to an organization with shared direction, clear accountability, and a strong focus on execution. This provides us with better conditions to manage long sales cycles while simultaneously building a more scalable and sustainable business.

We remain firmly committed to delivering on our clear objective of returning to profitability.

We will achieve this by driving sales efforts focused on recurring revenue and strengthening our strategic partnerships, combined with continued strong cost control. With the structure and focus we now have in place, we see strong opportunities to continue developing in the right direction.

Finally, I would like to extend my sincere thanks to our employees, customers, and partners. It is through your commitment and our joint efforts that we continue to take important steps forward.

Lena Åredal 
CEO SyntheticMR AB (publ)

This is a translation of the Swedish version of the report. When in doubt, the Swedish wording prevails.