The Group
The Group's income statement for the period January – September 2026 includes results from the parent company Medclair AB and the subsidiary Medclair Sweden AB. The comparative period is January – September 2025.
THIRD QUARTER IN BRIEF, 1 JULY – 30 SEPTEMBER 2026
THE REPORTING PERIOD IN BRIEF, 1 JANUARY – 30 SEPTEMBER 2026
SIGNIFICANT EVENTS DURING THE THIRD QUARTER
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
CEO STATEMENT
700 installations – a growing asset with significant earning potential
Medclair continues to grow. During the third quarter, order intake increased by 40 percent and net sales by 28 percent. The result remained positive and amounted to 0.7 MSEK (1.8), despite the significant investments currently being made to enable continued expansion. But behind the quarter's figures lies something that I consider at least as important for understanding the company's long-term potential: our growing installed base.
At the end of the quarter, Medclair had approximately 700 installations of varying size and complexity across 250 customers in 20 countries. This is the result of several years of international expansion and a strategic asset whose significance extends far beyond the initial sale.
An installation is not the end of a deal. It is the beginning of the next one.
Each installation creates opportunities for revenue from service, repairs, consumables, and supplementary equipment. A customer who starts with one installation can, over time, become a significantly larger customer. Furthermore, with a growing product range, the opportunities to develop each customer relationship increase.
This is where a vital part of our future earning capacity lies.
We are scaling up earnings from our installed base
During the third quarter, we conducted a review of our business model, with a particular focus on how we design our offerings and charge for service, repairs, and warranties.
We have now begun implementing a more structured commercial model. Already during the first quarter of this work, we have signed new agreements corresponding to approximately SEK 900,000 in annual recurring revenue.
The total revenue base of a recurring nature thus amounts to approximately SEK 3.6 million on an annual basis. These are revenues that contribute to the continuity of the business and create a foundation for further growth. In addition, we estimate that a further approximately SEK 1 million in annual revenue can be activated from already installed equipment.
The important thing is that the SEK 3.6 million we generate today only represents a fraction of the earning opportunities in our installed base. By gradually increasing the proportion of customers with service and maintenance agreements, developing the sale of consumables, and offering supplementary solutions, we can increase the revenue per installation over time.
Our ambition is clear: each new installation should not only contribute to this year's sales, but also strengthen future years' revenues.
New technology creates new opportunities for value growth
At the same time, we are facing a significant technology shift. Our new photocatalytic technology makes it possible to develop smaller, more flexible, and scalable products.
This means more than a technical advancement. By reducing the size of the products and increasing flexibility, we can reach areas of application where today's solutions have limitations. This creates the conditions for new customer groups and a broader market within Healthcare, Dental, and Industry.
For Medclair, the technology shift entails two opportunities for value creation: reaching more customers and increasing earnings from the ones we already have.
A broader product offering gives us the opportunity to sell more solutions to existing customers, while the scalability of the technology could eventually open up new business and revenue models.
During the second half of 2027, we expect to introduce the first commercial products based on the new technology, with Dental as the first segment. Moreover, already during 2027, we will supplement our existing offering with new products.
We have previously estimated the total addressable market for our technology at approximately SEK 17 billion. The technology shift gives us the conditions to gradually reach a larger part of this potential through more areas of application and a broader commercial offering.
Today's business builds tomorrow's earning capacity
Our strong order intake is an important part of this development. Every new deal contributes not only to upcoming sales. When new equipment is delivered and installed, the base that can generate service revenue, sales of consumables, and cross-selling for many years to come also grows. Upgrades and supplementary deliveries simultaneously contribute to developing the value of our existing customer relationships.
During the third quarter, order intake increased by 40 percent to SEK 20.9 million and net sales by 28 percent to SEK 13.5 million. During the first nine months of the year, order intake amounted to SEK 62.1 million, an increase of 25 percent.
With a book-to-bill ratio of 1.55, order intake exceeded the quarter's net sales by a good margin. To clarify how today's business creates conditions for future sales, we are now also introducing the order backlog as a key performance indicator. At the end of the quarter, it amounted to SEK 26.4 million. As the orders are delivered, they will generate revenue and, where they relate to new installations, further strengthen our installed base.
We continue to grow across all three business areas. During the quarter, we have strengthened our position within the industrial segment in the UK and France. Meanwhile, within Healthcare, expansion continues in Germany, where the collaboration with Nippon Gases is driving a growing presence in maternity care.
The strong order intake has also continued during the beginning of the fourth quarter. We therefore reiterate our previous assessment that net sales for the full year 2026 will exceed the 2025 level by a good margin.
With a growing order backlog, a strengthened international market position, and an expanding installed base, we enter 2027 with significantly better conditions for continued growth. Our assessment is that the positive revenue development will continue in the coming years, supported by both increased sales volumes and a gradually growing share of recurring revenue.
My ambition is clear: we will translate these opportunities into a significantly larger business, with growing revenues, an increasingly strong recurring revenue base, and long-term increased profitability.
Jonas Lundh
CEO, Medclair AB
OUTLOOK FOR THE GROUP
Medclair sees significant long-term growth opportunities within Healthcare, Dental, and Industry. The total addressable market for the company's technology has been estimated at approximately SEK 17 billion. Demand is driven by increased requirements for the working environment, reduced climate impact, and safe nitrous oxide management. Medclair's current market presence encompasses only a limited part of this potential.
With proven technology, an established international presence, and strategic partnerships, Medclair is well-positioned to gradually increase its market penetration. Continued geographical expansion and a broader product offering are expected to create the conditions for a significantly larger customer base and increased sales volumes.
The new photocatalytic technology is expected to further strengthen growth opportunities through smaller, more flexible, and scalable solutions that open up new areas of application, customer groups, and business models. The first commercial products are planned to be introduced during the second half of 2027, with Dental as the first segment.
At the same time, the growing installed base creates opportunities for increased recurring revenues and cross-selling. The combination of more customers, a broader offering, and increased earnings per customer is expected to gradually strengthen the scalability and profitability of the business.
Overall, Medclair assesses that the company's market position, technological development, and commercial strategy create the conditions for a significantly larger international business with sustained growth, strengthened profitability, and improved cash generation.