SIGNIFICANT EVENTS DURING THE SECOND QUARTER 2025 (APR – JUN)

• Mentice announced a strategic workforce realignment aimed at optimizing its organizational structure and aligning resources with long-term business priorities.
• Mentice announced the intent to use its board mandate to make a rights issue of up to 10% of the share capital as stated in press announcement.
• Mentice announced an order of 6.2 MSEK from a top 20 global Med Tech company, a long-standing and valued customer.
• Mentice announced the FDA 510(k) clearance of the updated product Ankyras®, its neurovascular clinical decision-support platform for patient-specific flow diverter planning. During the period Ankyras® also received successful clearance from ANVISA, Brazil’s National Health Surveillance Agency.

SECOND QUARTER 2025 (APR– JUN)

• Order intake amounted to 57.5 (71) MSEK, a decrease of 19%, whereof -13.9% organic and -5.1% currency effect
• Net sales amounted to 63.4 (101) MSEK, a decrease of 37%, whereof -32.6% organic and -4.4% currency effect.
• Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to -8.1 (24.5) MSEK.
• Reorganization expenses have affected EBITDA with -7.5 MSEK and Net income with -8.7 MSEK. EBITDA adjusted for these costs amounted to -0.6 (24.5) MSEK.
• Net income for the period amounted to -17.6 (17.2) MSEK.
• Earnings per share (EPS) were -0.69 (0.67) SEK.
• Cash flow from operating activities amounted to -7.3 (5.3) MSEK.

SIX MONTHS 2025 (JAN - JUN)

• Order intake amounted to 101 (109) MSEK, a decrease of 7%, whereof -6% organic and -1% currency effect.
• The order book by the end of the period was 112 (114) MSEK, a decrease of 1,1%, whereof +4.3% organic and -5.4% currency effect.
• Net sales amounted to 118 (146) MSEK, a decrease of 20%, whereof -17.7% organic and -2.3% currency effect.
• Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to -27.3 (6.1) MSEK.
• Reorganization expenses have affected EBITDA with -7.5 MSEK and Net income with -8.7 MSEK. EBITDA adjusted for these costs amounted to -19.9 (6.1) MSEK.
• Net income for the period amounted to -45.1 (-7.4) MSEK.
• Earnings per share (EPS) were -1.76 (-0.29) SEK.
• Cash flow from operating activities amounted to -10.6 (7.2) MSEK.

 
CEO Frans Venker comments:
During this second quarter, we took important steps to ensure sustainable future profitability by announcing and implementing organizational changes through a strategic workforce realignment. The changes focused on right-sizing the team and realigning resources and capability for growth.

We also announced the consolidation of the R&D and manufacturing operations for the physical simulation portfolio to the new facility in Denver, Colorado. This consolidation strengthens the integration of the Vascular Simulations and Biomodex acquisitions, creating a more focused operational model and helping mitigate potential tariff impacts going forward.

Mentice’s strategic direction remains clear: to leverage our unique position in the Image Guided Interventional Therapy simulation market while focusing on investing in clinical growth areas. We remain focused on strengthening our offerings in core therapy areas, including neurovascular interventions and the growth of our recurring software revenue. Recent regulatory milestones for Ankyras® demonstrate our progress in this direction.

Despite a more cautious market, Mentice maintains a strong strategic position, with proven technology, trusted relationships, and a growing relevance in clinical care. Mentice enters the second half of 2025 with a clear strategic focus, a right-sized organization, and an improved financial foundation after the completion of the rights issue.

Webcast presentation of the interim report
The Q2 Interim Report for the period of April - June 2025 will be presented by CEO Frans Venker and CFO Ulrika Drotz on July 24, 2025, at 10:00 CEST. The live broadcast is followed by a Q&A moderated by Carnegie’s analyst Rikard Engberg.

For more information on how to register, please visit https://investor.mentice.com/.

The presentation will be held in English. Participants are advised to register at least a few minutes in advance.