Underlying Revenue Growth After FX Adjustment
Reported sales were down 6% to ~SEK 235–236 million, but underlying business grew by 4% after stripping out a significant currency headwind (USD weakness).
Strong Cash Generation
Generated SEK 65 million from operating activities (versus -SEK 5 million in Q1 last year), leading to net positive cash flow of SEK 51 million for the quarter and SEK 668 million in cash on the balance sheet; company carries no debt.
Adjusted EBIT at Target Levels (FX-Adjusted)
Adjusted EBIT was SEK 28 million (12% reported). When restated for FX effects, adjusted EBIT was SEK 42 million or ~16%, described as 'right at our target level.'
Educational Products Momentum — Especially EMEA / U.K.
Educational Products grew 6% reported (14% in local currencies). EMEA revenue surged over 80%, driven by Eastern Europe; U.K. posted one of its best quarters ever with sterling sales exceeding total 2025 U.K. sales.
Ultrasound and Product Pipeline Progress
Strong quarter for ultrasound with accelerating adoption and product launches in endovascular simulation (pulmonary embolism) and ICE 3D; first products released on the shared technology platform following the Intelligent Ultrasound integration.
Robotics Market Opportunity and Diversification
Despite short-term license volatility, management highlighted growing license revenues from multiple robotics customers (not just Intuitive), an expanding pipeline (developing solutions for most of the top 20 robotics companies), and favorable industry approvals that increase long-term demand for training and simulation.
Operational and Margin Improvement Initiatives
Price increases (including one in April) continuing to be implemented; focus on gross-margin improvement and scaling production to reduce unit costs (new Tel Aviv production facility expected to go live in Q2).
Customer Retention and Development Business Quality
More than 70% of customers in active development projects are repeat clients, indicating strong retention and recurring demand in the Medical Device segment.