Presentation

SyntheticMR is a medical technology company offering software solutions for magnetic resonance imaging. Its SyMRI technology offers clinicians objective decision support which can lead to a faster and more reliable diagnosis of their patients. The company was established in 2007 by Marcel Warntjes based on innovations developed at Centre for Medical Image Science and Visualisation (CMIV) in Linköping, Sweden, where it is also headquartered. SyMRI is available in several product packages including SyMRI IMAGE, SyMRI NEURO and MAGiC. SyntheticMR aspires to create a paradigm shift within the field of MRI and to be the leader in the development of quantitative MRI.

Recent highlights
Pandemic restrictions, mostly in Asia, have hampered the sales process and project installations. We estimate the revenue contribution from GE Healthcare increased by 20% y/y and accounted for 50% of total sales in Q2. Moreover, we estimate that the SyMRI licenses accounted for 44% of total sales. EBIT of SEK 0.1m was significantly lower than our expectations of SEK 1.6m.

Outlook
Though some projects, which we estimate to around SEK 3-4m, have been postponed to Q3, we see this as an indication of strong sales in the coming quarter. Though the EBIT came in lower than our expectations, the company showed good cost control, and we now believe the full-year 2021 opex will amount to SEK 50m, implying an EBIT margin of 22% in 2021E. The company stated in its Q2 report that its highest priority is to continue to broaden and deepen their existing partnerships, an example being to have SyMRI included in their partner’s price list.