SyntheticMR (SYNT) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were SEK 12.4 million, down 7% year-over-year, with APAC as the main negative contributor and other regions showing slight growth.

• Operating profit for Q3 was -SEK 25.1 million, including a SEK 18.5 million impairment, mainly related to contract assets in India.

• Net profit for Q3 was -SEK 25.2 million, and earnings per share before dilution were -0.43 SEK.

• The acquisition of Combinostics was completed in January 2025, strengthening the product portfolio and recurring revenue base.

• Regulatory approvals for SyMRI 15 (3D) were obtained in South Korea, Japan, and India during 2025.

Financial highlights

• Q3 net sales: SEK 12.4 million (down 7% year-over-year); first nine months: SEK 39.1 million (down 9%).

• Q3 operating profit: -SEK 25.1 million; adjusted operating profit: -SEK 6.6 million (excluding impairment).

• Q3 net profit: -SEK 25.2 million; first nine months: -SEK 48.9 million.

• Cash flow from operating activities in Q3: -SEK 3.0 million; cash and cash equivalents at period end: SEK 13.3 million.

• ARR from cNeuro increased 35% year-to-date, reaching SEK 11.5 million.

Outlook and guidance

• Order intake at the start of Q4 is strong, with expectations to return to growth in Q4 2025.

• Business models are shifting toward more recurring revenue and front-loaded cash flows.

• Focus areas include expanding ARR, strengthening sales execution, and deepening OEM partnerships.

• FDA decision on Combinostics' ARIA application expected in H1 2026.