CEO comments

During my first months as CEO, I have deepened my understanding of the business through an extensive customer analysis and an intensive period of international travel. I have met hundreds of customers and virtually all of our employees globally—with the exception of our Japanese organization, which I look forward to visiting in early 2026. For me, it is essential to understand the business in depth, especially from the customer’s perspective. The insights I have gained from both existing and potential customers—particularly in India and the United States—have provided a clear picture of market dynamics and how decision-making processes and budget priorities are shifting in each region. These learnings have been invaluable. They confirm SyntheticMR’s strong potential, while at the same time indicating that realization within the legacy business models for SyMRI agreements will progress more slowly than previously assessed. Against this background, we have made a provision of -SEK 18.5 million, the majority of which relates to contract assets in India. This should be viewed in relation to the approximately SEK 50 million in accrued contract assets that were in place when I took office.

The path forward is clear and promising. We are sharpening our focus on business models closely tied to our successful ARR structures and prioritizing areas with significant future potential—Combinostics as well as selected parts of SyMRI, now strengthened by technology from Combinostics. The integration of Combinostics into SyntheticMR is a key milestone. Combinostics offers an AI-driven, cloud-based platform that is independent of OEM MRI scanners. Combined with SyMRI’s OEM-integrated quantitative image generation, this creates a unique and comprehensive offering. We are already seeing the synergies strengthen our market position and progressively increase commercial traction.

As a new CEO, I have been able to view SyntheticMR with fresh eyes, and it is clear that Combinostics is one of our most strategic assets. The company has a strong position in MRI imaging related to Alzheimer’s treatment and is situated in a highly favorable regulatory environment, where MRI is playing an increasing role in treatment protocols. The FDA application for ARIA has been submitted, and we expect a decision during the first half of 2026. A positive outcome would further strengthen Combinostics’ market position. Interest among OEMs in quantitative MRI is growing, exemplified by GE Healthcare’s recent acquisition of Icometrix—a solution similar to Combinostics—which demonstrates that advanced MRI-based analysis and decision-support systems are becoming a strategic focus area globally. This underscores the value of our technology and our strong position in a rapidly expanding segment. At the same time, new opportunities are opening for SyMRI. Philips’ exclusivity for SyMRI 3D has expired, enabling us to offer our advanced 3D solution to all OEM partners. This significantly broadens our market window and strengthens our offering within next-generation quantitative MRI. 

In addition, regulatory approvals for SyMRI 15 (3D) in South Korea and India have opened two important markets. We know that solutions with clear clinical value—those that generate revenue or reduce costs for healthcare providers—have the greatest potential for scalable sales. Here, Combinostics’ cNeuro stands very strong. SyMRI, which has historically had a more research-oriented profile, is particularly well suited for OEM integrations, where the technology can be embedded within existing clinical workflows.

Net sales amounted to SEK 12.4 million (13.3), a decline of 7 percent. Performance is weaker than expected—particularly given that Combinostics is now included in the comparison—which means the underlying decrease is larger. The APAC region represents the largest negative impact, while other regions show slight but positive development. Delayed OEM launches of 3D-compatible systems and continued limited research funding in the U.S. also affected the results. Operating profit amounted to  –SEK 25.1 million (–5.3), including write-downs of –SEK 18.5 million.

Despite the challenges, several key indicators are developing positively. ARR from cNeuro has increased from SEK 8.5 million at year-end to SEK 11.5 million at the end of Q3—a rise of 35 percent. We paid SEK 49.6 million for Combinostics, equivalent to 4.3 times ARR as of Q3 2025, compared with 5.8 times at the time of acquisition. Our churn is nearly nonexistent, and Combinostics performs very well in competitive tenders. Order intake at the beginning of the fourth quarter positions us strongly for year-end, and we expect to return to growth during Q4.

Since September, my focus has been clear: SyntheticMR must deliver stronger results through increased commercial discipline, sharper priorities, and a consistent focus on execution. We are building a more customer-centric, performance-driven, and predictable organization, where accountability and execution are core drivers. Our commercial priorities are to increase the share of recurring revenue, strengthen sales execution, and improve our operational efficiency. This includes adding more sales resources in North America and deepening our collaboration with OEM partners to accelerate the rollout of our 3D solutions.

In parallel, we are advancing several important regulatory processes, including in the United States and Japan. Sales developments within the new Alzheimer’s treatments show that the growth journey in this field has only just begun—and Combinostics is well positioned to play a central role. Over the past months, I have spent significant time gaining a deeper understanding of Combinostics’ operations, and everything I have seen is impressive. My conviction in the company’s future remains strong, even after a turbulent period.

Looking ahead to 2026, I see a clear and sustainable path forward. Our business models will evolve toward more durable and recurring revenue streams, with cash flows increasingly weighted toward the beginning of contract periods. With a growing share of recurring revenue, a strengthened commercial organization, and an unwavering focus on clinical relevance, quality, and regulatory excellence, SyntheticMR is well positioned to create long-term value—for our customers, for healthcare, and ultimately for the patients we serve.

I take responsibility for how we steward our shareholders’ investment, and together we are working to create value over time.

Lena Åredal
CEO SyntheticMR

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 28-11-2025 08:00 CET.

For additional information, please contact Lena Åredal, CEO SyntheticMR AB, +46 76 770 99 08.