DMS Group Under Pressure: Q1 Revenue Down 8% Despite Record Q4
DMS Group, a French specialist in medical imaging, recorded a revenue of EUR 10.0 million in the first quarter of 2026, down 8% compared to the same period in 2025 (EUR 10.9 million). This quarterly contraction follows a record fourth quarter in 2025 and reflects, according to the group, a cyclical slowdown in its international markets. However, the management anticipates a recovery starting in the second quarter and reaffirms its annual growth target for 2026.
Radiology Division Performance
The Radiology division generated a revenue of EUR 8.1 million in the first quarter of 2026, down from EUR 8.6 million a year earlier, a decline of 5%. This decrease is due to a slowdown in deliveries of the !M1 Adam system: only one delivery was made this quarter, compared to three in the fourth quarter of 2025. By the end of March 2026, six batches had been delivered out of the ten planned under the EUR 11 million contract signed in March 2025. Conversely, own-brand sales increased, accounting for 50% of the quarterly activity (compared to 32% the previous year), particularly due to a significant order of Platinum radiology tables in South America. White-label activity through OEM agreements (Canon Medical Systems, Fujifilm Healthcare, and Carestream Health) contracted to 50% of revenue, down from 68% a year earlier. In Osteodensitometry, the contraction was more pronounced with a decline of 20%: EUR 1.9 million compared to EUR 2.3 million in the first quarter of 2025 (a decrease of EUR 0.4 million). DMS Group, the only European manufacturer of osteodensitometry equipment, considers this result insignificant in volume, especially as the quarter is structurally weak in the annual calendar and follows a strong growth of 36% in the fourth quarter of 2025.
Geographic Performance
In North America, there was a decline of EUR 0.6 million, representing 16% of the activity compared to 20% the previous year. This decrease resulted from a temporary contraction in white-label activity with Carestream Health and Fujifilm Healthcare Americas, despite new deliveries of the !M1 system through the partnership with Medlink Imaging. This region, which had shown strong growth of 71% in 2025 (EUR 6.9 million), thus weighs less this year. However, the delivery of an order worth EUR 0.6 million for Platinum tables in South America stabilized the Americas region at an unchanged overall level in the first quarter. Europe saw a more pronounced decline of 18%, falling to 54% of the activity compared to 60% a year earlier. This decrease is mainly localized in Italy, while sales in France showed slight growth. The Middle East saw its revenue decrease by EUR 0.1 million (3% of the activity), impacted by the conflict in the Persian Gulf. Conversely, DMS Group claims to have leveraged its international coverage by capturing growing markets: Africa, South America, Oceania, and CIS.
Strategic Outlook and New Developments
DMS Group maintains its goal to outperform the medical imaging market in 2026 by achieving another year of growth, with international operations expected to remain the main contributor. The second quarter of 2026 is anticipated to show growth, both in Radiology and Osteodensitometry, provided there is no worsening of the geopolitical situation. The group is also working on increasing its margins and optimizing costs to continue improving its operational performance. A key development awaits investors: DMS Group expects to receive market authorization for its new ONYX mobile radiology unit in the coming weeks. This unit is equipped with a carbon nanotube-based X-ray tube and a gravity-free arm, with initial sales expected as early as the third quarter of 2026. This new element could be a growth accelerator in the second half of the year.
