Q4 Sales and Installations
Reported Q4 sales of SEK 28.3 million and 416 new TetraGraph systems installed during the quarter, demonstrating continued commercial traction across markets.
Strong Adoption of Next‑Generation Platform
Customers upgrading to the NextGen TetraGraph experienced significant usage increases—over a 50% uptick in utilization among upgrade accounts—supporting the product's clinical acceptance and revenue upside from disposables.
Geographic Expansion and Regulatory Progress
Notable uptake in Asia and Europe in Q4. PMDA approval in Japan received in December 2025 enabling first shipments to Japan; South Korea showing rapid adoption (described as 'double‑digit conversion') with full regulatory approval expected mid‑ to late‑2026.
New 'TetraGraph as a Service' Business Model
Introduced a U.S. placement/service model that reduces the sales cycle by ~50% and commands premium pricing for sensors; already signed two important U.S. deals early in the year, expected to drive faster deployments and higher long‑term gross margins.
Balance Sheet / Liquidity Support
Secured a SEK 50 million credit facility to manage working capital peaks and inventory needs; facility described as fair market terms without dilutive covenants, reducing need for equity raises in the near term.
IP and R&D Momentum
Strong intellectual property position with 107 approved patents and 8 new patents filed in 2025; continued investment in software/features and adjacent product development (including RMI ExSpiron work) to drive long‑term value.
Manufacturing Capacity and Localization
Monitors produced in‑house in Uppsala with capacity to meet the next five years of the business plan; disposables produced with partners and a strategic shift of sub‑supplies from Asia to Europe/Scandinavia to localize production.
Profitability and Cost Outlook
Company reiterates expectation to become cash‑flow positive in Q4 2026 and anticipates flat to reduced operating expenses in 2026 (Q4 one‑off costs not expected to recur).