DMS Group Reports Revenue of 50 Million Euros in 2025
The French medical imaging systems specialist released its annual results on Monday, showing an organic growth of 9% for the fiscal year 2025. This performance is particularly attributed to the development of sales in North America and equipment deliveries in Ukraine.
Annual Financial Performance
DMS Group recorded a consolidated revenue of 15.4 million euros in the fourth quarter of 2025, up 17% compared to the same period in 2024, according to the press release. For the full year, revenues reached 50 million euros, up from 46.1 million euros a year earlier. The group experienced an acceleration in the second half of the year, with growth of 14% compared to only 3% in the first half, in a market context described as cautious in France and Europe. Both divisions of the group contributed to this performance: radiology progressed by 9% to reach 39.1 million euros, while bone densitometry saw an increase of 8% to 10.9 million euros. According to the company, this development occurred despite a cyclical decline in the global radiology market and supply tensions on certain components necessary for the manufacture of bone densitometers until autumn 2025.
Geographical Growth Areas
According to the group, North America was the main geographical area of growth in 2025, with revenues of 6.9 million euros compared to 4 million euros in 2024, an increase of 71%. This momentum is explained by the development of white-label activities with Carestream Health and Fujifilm Healthcare Americas, as well as the initial deliveries of the !M1 mobile radiology system through the partnership with Medlink Imaging. The Middle East also showed strong growth of 85% with revenues of 3.8 million euros, notably thanks to the partnership with Fujifilm Healthcare EMEA. Conversely, sales in Europe declined by 8%, mainly in France and Italy, although the ramp-up of OEM sales with Canon Medical Systems Europe partially offset this decline. The distribution of sales channels remained balanced, with 51% of sales made under its own brand through distributors and 49% as white-label through OEM agreements.
Outlook for 2026
For the fiscal year 2026, DMS Group anticipates that international markets will remain the main contributors to growth, according to the press release. The group plans new deliveries of mobile radiology units in Ukraine during the first and second quarters as part of the contract signed in March 2025 for 120 units, of which five out of ten batches had been delivered by the end of 2025. The company also counts on the continued commercial momentum in North America, driven by white-label agreements and the acceleration of sales of the !M1 mobile through partnerships with Medlink Imaging and JPI Healthcare Solutions. The latter obtained FDA approval at the end of the year to market the product under the name TrueMobile Apex, with initial sales expected in the first half of 2026. The group also awaits certification of its new Onyx solution, with market launch now anticipated in the second quarter of 2026. According to the company, the goal for 2026 is to achieve another year of dynamic growth and continue to outperform the medical imaging market.
