This article first appeared on GuruFocus .
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Revenue:SEK236 million, down 6% in SEK, but up 4% in local currencies.
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Cash Flow from Operations:SEK65 million, significantly better than the same quarter last year.
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Adjusted EBIT:SEK28 million or 12%, 16% when adjusted for currencies.
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Educational Products Growth:6% growth, 14% in local currencies.
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EMEA Revenue Growth:Over 80% increase, driven by strong deals in Eastern Europe.
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Americas Revenue Decline:Down 10% in local currency.
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China Sales Decline:Sales declined due to government support for local companies.
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Robotics License Revenue:SEK68 million, down from SEK84 million last year.
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Medical Device Revenue:Development revenue at SEK14 million, simulated sales of SEK20 million.
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Gross Margin:66%, affected by currency impacts and sales mix.
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Cash Position:SEK668 million, with no debt.
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Employee Count:317, down 19 from the previous year.
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Release Date: May 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Despite a reported sales decline of 6%, the underlying business grew by 4% when adjusted for currency effects.
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Cash flow from operations was strong at SEK65 million, significantly better than the same quarter last year.
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Educational products saw a growth of 6% or 14% in local currencies, with EMEA revenue up over 80%.
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The UK posted one of its best quarters ever, with sales in pounds sterling exceeding the total for all of 2025.
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Ultrasound had a strong quarter, with increasing adoption across clinical settings, particularly in women's health.
Negative Points
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Reported sales were down 6% to SEK236 million, primarily due to currency headwinds.
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The Americas experienced a 10% decline in local currency sales, with purchasing decisions taking longer due to market hesitation.
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Chinese sales declined due to government support for locally operated companies, creating a headwind for the Simulator business.
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Robotics industry revenues were down 17%, with license revenue decreasing to SEK68 million from SEK84 million in the previous year.
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The memorandum of understanding with Intuitive did not result in a signed agreement, impacting license revenues negatively.
Q & A Highlights
Q: Can you provide details on the composition of the license revenue in Q1 and whether SEK67 million is a floor for future license revenue? A: Thomas Eklund, Independent Director, explained that the license revenue trend is positive, with multiple players entering the market, increasing the potential for simulation. While specific customer details aren't disclosed, simulation remains crucial for Intuitive's digital offerings. The long-term opportunity is promising, though quarterly volatility is expected.
Q: Are there plans to move manufacturing or assembly operations to China to address market challenges? A: Thomas Eklund stated that the company aims to be "glocal," maintaining a strong local presence in China to be perceived as a significant player. This involves increasing local presence, not just in production, to be seen as an attractive player from a Chinese perspective.
Q: How should we view the Education segment's performance and future growth potential? A: Thomas Eklund noted that while specific targets for the EDU segment aren't set, it remains underpenetrated with growth potential. Growth will be driven by sales and marketing efforts to increase awareness and new product introductions, which typically add to existing business rather than replace it.
Q: Can you provide more information on the SEK60 million to SEK90 million impact from Intuitive's license revenue changes? A: Thomas Eklund emphasized the difficulty in providing quarterly guidance due to many moving parts. The long-term opportunity in the license business is strong, with increased competition driving the need for training and simulation. The SEK60 million to SEK90 million impact remains the best estimate for the year.
Q: Has Intelligent Ultrasound contributed positively to EBIT in Q1? A: Thomas Eklund confirmed that Intelligent Ultrasound contributed positively to EBIT due to increased sales and cost reductions from integration. Improved funding from the NHS and a direct sales team in the UK have positively impacted sales, with further growth expected.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
