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Revenue: SEK 251 million, up 33% from the previous year.
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License Revenue: Reached an all-time high, growing 33% to SEK 84 million.
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Operating Profit: SEK 24 million, or 10% of sales; adjusted for one-off costs, SEK 50 million, or 20%.
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Gross Margin: 69%, compared to 66% in Q1 2024.
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Intelligent Ultrasound Sales: SEK 23 million, with SEK 18 million included post-acquisition.
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Industry OEM Sales: Increased by 17% for the quarter.
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Educational Products Sales Growth: 55% growth, 32% excluding Intelligent Ultrasound.
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Net Income: SEK 33 million.
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Cash Flow from Operating Activities: SEK 5 million.
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Cash at End of Quarter: SEK 613 million.
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Adjusted EBIT Margin: 23% for the quarter, excluding acquisition and restructuring costs.
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Number of Employees: 336, with 48 added from the Intelligent Ultrasound acquisition.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Sales increased by 30% in local currencies, reaching SEK 251 million, up from SEK 188 million last year.
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The acquisition of Intelligent Ultrasound positions Surgical Science Sweden AB (SUSRF) as a world leader in ultrasound simulation, with promising synergies in distribution and product development.
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The company achieved an all-time high in license revenue, growing by 33% to SEK 84 million, driven by the expanding robotic surgery market.
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The new sales organization has shown positive results in terms of sales, customer satisfaction, and efficiency.
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The strategic review initiated aims to capitalize on numerous growth opportunities, indicating a proactive approach to future expansion.
Negative Points
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One-off costs related to the acquisition and integration of Intelligent Ultrasound negatively impacted profits in Q1.
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Sales for Intelligent Ultrasound were lower than expected, particularly in the UK due to NHS budget constraints.
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There is continued pressure on purchasing budgets in key markets like the US, affecting sales of educational products.
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The company revised its sales target for 2026 from SEK 1.5 billion to SEK 1.4 billion due to global trade uncertainties and slower-than-expected regulatory approvals.
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The adjusted EBIT margin target for 2026 was revised down to 25-30% from the previously stated 40%, reflecting lower license revenues and increased investment needs.
Q & A Highlights
Q: Tom, you mentioned a cautious outlook for educational products in the US. Can you elaborate on the factors affecting this and your confidence in future procurement activities? A: The demand for educational products is strong in EMEA and Asia, and the Americas have shown improvement. However, in the US, the close rate of contracts is slower due to budget availability and competition with other hospital purchases. Despite this, we see strong underlying demand and expect these short-term effects to resolve over time. Tom Englund, CEO