Strong Q4 Revenue Growth
Q4 revenue SEK 677 million, up 31% year-on-year adjusted for currency; organic growth 27% and acquisitions contributed 3%. Reported growth was 16% due to ~15% negative currency impact.
Robust Full-Year Revenue Momentum
Full-year 2025 revenue SEK 2,467 million, reported growth 25% and 34% growth excluding currency effects. Organic growth for the year was ~32% with acquisitions contributing ~2%.
Profitability and EPS Improvement (Adjusted)
Q4 EBIT SEK 103 million (EBIT margin 15.2%) including SEK 17 million of nonrecurring costs; adjusted for one-offs, Q4 EBIT margin implied near ~18%. Basic EPS Q4 SEK 0.72 vs SEK 0.51 prior year (up ~41%). Full-year EBIT reportedly grew ~11% and EPS grew ~13%.
High Gross Margins
Gross margin remained strong: Q4 at 69% (down 1.1 percentage points) and full-year at 68% (down 0.34 percentage points), supported by sales growth and expansion into direct markets.
Strategic Investments in Scalability
Launched a new ERP in North America (effective July 1) and consolidated product & development into a central Stockholm hub to build a more scalable, digital backbone and development footprint.
Expansion of Direct Presence and M&A Activity
Completed acquisitions of Cenomy (France) and RehaMedia (Germany) in 2025; signed agreement to acquire Italian reseller SR Labs Healthcare (2024 revenue ~EUR 3m; purchase price EUR 4.2m) and continue expanding direct-market coverage.
Operational Progress and New U.S. Hub
Opened a new North American headquarters and logistics hub in Pittsburgh to serve the U.S. market (~75% of revenue), improving operational infrastructure.
Healthy Cash Flow and Manageable Leverage
Q4 cash flow after continuous investment positive SEK 46 million; cash on hand SEK 195 million; net debt SEK 909 million with unused credit SEK 300 million; net debt / LTM EBITDA 1.7x.
Demand Trends and Product Adoption
Sustained demand across geographies and product lines: increased adoption among younger users (touch-control devices for autism) and continued traction in eye-gaze solutions for more complex needs.