DMS Group: Revenue Down 28% in Third Quarter, Weighed Down by Radiology
DMS Group published on October 19, 2026 revenue of €7.9 million for the third quarter, compared to €11.0 million a year earlier. The Radiology division accounts for this decline, with sales down 44% over the period. Osteodensitometry advanced 34% during the same timeframe.
The two business lines are therefore moving in opposite directions. The group now anticipates a cyclical decline in its activity over the entire 2026 financial year. Nevertheless, it confirms targeting an improvement in its profitability this year.
Third Quarter at -28%, Following -8% and -4% in the First Two Quarters
The slowdown accelerated over the course of the financial year. First quarter revenue stood at €10.0 million (-8%), second quarter at €12.2 million (-4%), before the €7.9 million of the third quarter (-28%). Over nine months, consolidated activity reached €30.0 million, compared to €34.5 million a year earlier, representing a decline of 13%.
Radiology totaled €22.1 million over the period (-20%), compared to €27.7 million in 2025. In the third quarter alone, its decline reached 44%, at €4.9 million against €8.8 million. Osteodensitometry advanced conversely by 15% over nine months, at €7.9 million, and by 34% in the quarter, at €2.9 million.
The group attributes this trend to a cautious demand environment in Europe. This is reflected in longer decision-making timelines for customers and postponements of projects or tender calls. France and Italy account for the bulk of the quarterly decline.
The delivery schedule for the Ukrainian contract also played a role. This contract, signed in March 2025 for a total amount of €11 million, covers the supply of 120 "M1 Adam" mobile radiology units. Only one batch was delivered in the third quarter, with delivery of the final batch now scheduled for the fourth quarter of 2026.
White Label and Europe Concentrate the Decline
Within Radiology, the decline first concerns white label sales made through agreements with Canon Medical Systems, Fujifilm Healthcare and Carestream Health. These sales declined 32% over nine months and now represent only 43% of sales, according to the group. Own-brand sales advanced 10% and account for 57% of activity. They are supported by mobile units delivered to Ukraine and by radiology tables delivered to South America, Eastern Europe and North Africa.
Geographically, Europe declined 36% over nine months and now represents only 41% of activity, compared to 56% a year earlier. In Italy, the group had benefited in 2025 from a white label contract worth €2 million, which was not renewed this year. The Middle East declined 50% by end of September, mainly in white label, due to the geopolitical situation in the region.
Other zones are in growth. The Americas region advanced 16% (+€0.9 million), and North America by 5% (+€0.3 million), whereas it showed a 15% decline when the half-year results were published on September 14, 2026. Africa advanced 31%, the CIS by 57% and Oceania by 85%.
Osteodensitometry, which showed a 6% increase mid-year according to that same publication, now displays +15% over nine months. It represents 26% of the group's activity, compared to 74% for Radiology.
An EBITDA Margin of 14% Targeted in the #Imaging 2027 Plan
DMS Group indicates that 2026 should mark a pause in growth, following revenue progression from €35 million to €50 million between 2022 and 2025. The group expects a cyclical decline in activity. Prior to publication, consensus (one analyst, as of October 18, 2026) anticipated 2026 revenue of €57 million.
The group is intensifying its operational efficiency initiatives to continue improving profitability. In the first half of 2026, EBITDA had advanced 52%, to €2.6 million. EBITDA margin thus increased from 7.2% to 11.7%, and first-half net income returned to positive.
On the commercial front, the company reports signs of recovery since mid-September, in both Europe and the Middle East. It cites in support the Francophone Days of Radiology, held from October 8-11, 2026 in Paris. The new Onyx mobile obtained European MDR certification in June 2026, which allows its commercialization in Europe since the second half.
In the United States, partner JPI Healthcare Solutions markets the M1 mobile under its TrueMobile Apex brand. It is currently in the process of being referenced with one of the leading American hospital purchasing cooperatives. Annual revenue will be published on January 20, 2027.
DMS Group confirms its target of an EBITDA margin of 14% as part of its #Imaging 2027 plan.
