Mentice (MNTC) Q1 2026 earnings summary

Executive summary

• Q1 net sales reached SEK 62.1 million, reflecting 26.4% organic growth and 14.5% year-over-year growth after FX adjustment.

• Order intake rose to SEK 59 million, up 50.2% organically (35.1% after FX), with a strong project pipeline.

• EBITDA improved to -9.2 MSEK from -19.2 MSEK year-over-year, narrowing the loss despite margin pressure and one-off OPEX.

• Third consecutive strong quarter, with positive momentum across business segments and geographies.

• Growth driven by both medical device industry and healthcare systems, with broad-based customer and geographic expansion.

Financial highlights

• Rolling 12-month net sales reached SEK 287 million, up from Q4.

• Gross margin declined to 86.7% from 92.4% due to product mix, tariffs, higher freight costs, and adverse currency effects.

• Order book at quarter end was SEK 126.6 million, with SEK 84 million expected to convert to revenue in 2026.

• EBITDA margin improved to -14.0% from -35.1% year-over-year.

• Cash flow from operating activities turned positive at 26.4 MSEK, compared to -3.3 MSEK last year.

Outlook and guidance

• Management remains optimistic, citing strong market activity, especially in EMEA and APAC, and a robust pipeline for upcoming quarters.

• The company targets 20–30% annual net sales growth and a 20% EBITDA margin within three years.

• Healthcare systems segment expected to see further improvement, with new solutions targeting staffing and onboarding.

• Growth opportunities identified in robotics and image-guided therapy, with continued investment in engineering talent.