Medicortex International (MEDFIN) Q4 2025 earnings summary

Executive summary

• Revenue declined 20% year-over-year in Q4 2025 at group level, with continued negative operating results driven by costs related to a major reverse acquisition and asset write-downs.

• The company is in the final stages of acquiring up to 89.9% of Medicortex Finland Oyj, aiming to transform into a pure medtech company focused on advanced diagnostics.

• A directed share issue in October 2025 raised approximately 4.88 MSEK to strengthen liquidity ahead of the Medicortex transaction.

• Several portfolio adjustments and asset write-downs were made to present a clean balance sheet for the planned merger.

Financial highlights

• Q4 2025 group revenue: 1,149 TKR (down from 1,430 TKR in Q4 2024); full-year 2025: 4,976 TKR (down from 7,148 TKR in 2024).

• Q4 2025 group operating result: -2,850 TKR (Q4 2024: -1,348 TKR); full-year 2025: -5,865 TKR (2024: -6,918 TKR).

• Q4 2025 group net result attributable to parent shareholders: -4,218 TKR (Q4 2024: -21,610 TKR); full-year 2025: -6,296 TKR (2024: -33,137 TKR).

• Q4 2025 group cash flow from operations: -1,287 TKR (Q4 2024: -814 TKR); full-year 2025: -3,981 TKR (2024: -8,431 TKR).

• Q4 2025 EPS: -1.23 SEK (Q4 2024: -9.79 SEK); full-year 2025 EPS: -1.84 SEK (2024: -15.03 SEK).

Outlook and guidance

• The company expects to complete the Medicortex merger in Q1 2026, transforming into a medtech company with a focus on TBI diagnostics.

• Medicortex brings a strong IP portfolio, US Department of Defense funding, and access to a market projected at $3.3 billion by 2029.