Ongoing growth and improved results in the first quarter of the year

First quarter (May 1 - July 31, 2026)

The number of S1 surgeries was 48 (41)
Net sales increased by 27.0% to SEK 30.2 million (23.8)
The Gross margin was 102% * (80%)
EBITDA was SEK 3.8 million (-10.7)
Operating profit was SEK 1.3 million (-12.4)
Operating cash flow was SEK -2.2 million (-9.5)

Stage 1 (S1)

Surgeries

Net sales

30.2

MSEK

EBITDA

3.8

MSEK

Operating cash flow

-2.2

MSEK

Quarter Highlights

Higher S1 volumes in both market regions
48 S1 procedures (41) were performed during the quarter, up 17%. The U.S. accounted for 32 (27) and EMEA for 16 (14).
Revenue growth across both market regions
Net sales increased 27% to SEK 30.2 million (23.8). The U.S. grew 22% to SEK 23.5 million (19.3) and EMEA 51% to SEK 6.7 million (4.4).
Higher margins and lower cost levels
Excluding SEK 6.2 million in customs duty refunds, gross margin was 82% (80). Lower external and personnel expenses contributed to EBITDA of SEK 3.8 million (-10.7), or SEK -2.4 million excluding the refunds.

"We will reach more patients, improve conversion and drive more S1 surgeries."

Martin Hillsten / CEO

* Gross margin exceeded 100% in the quarter due to a SEK 6,2 million refund of previously paid U.S. customs duties recognized in cost of goods sold. Adjusted for this item, the gross margin was 82%.