DMS Group: Revenue Down 6% in H1, Annual Target Maintained
DMS Group recorded a revenue of €22.1 million in the first half of 2026, a decrease of 6% compared to the same period in 2025. This decline is primarily attributed to radiology, hindered by buyer hesitation and delivery delays in Ukraine. Nevertheless, the group maintains its annual growth target, relying on a recovery in the second half supported by the easing of geopolitical tensions and the commercial launch of its new ONYX mobile system.
A Downturn in Activity in the First Half, Driven by Declines in Radiology
In the first half of 2026, DMS Group posted a consolidated revenue of €22.1 million, down 6% compared to the first half of 2025. Behind this overall contraction, two opposing trajectories emerge. Radiology declined by 9%, reaching €17.2 million (compared to €18.9 million a year earlier), penalized by cautious demand in Europe and the escalation of conflict in Ukraine. These geopolitical tensions notably delayed the delivery of 'M1 Adam' mobile radiology units: only 8 batches were delivered out of 10 during the past quarter, with the remaining two expected in the third quarter. However, the radiology division's revenue increased by 22% in the second quarter compared to the previous quarter, showing a positive sequential dynamic despite the context.
Strong Rebound in Bone Densitometry, Own-Brand Radiology Takes Off
Meanwhile, bone densitometry showed a growth of 6% for the semester, with revenue of €5.0 million (compared to €4.7 million a year earlier). Even more notably, the activity surged by 32% in the second quarter after a sluggish start to the year, confirming a significant acceleration. In radiology, a positive element stands out: own-brand sales increased by 36%, rising from 43% of the semester's activity to 62%. This growth is due to the continued deliveries of 'M1 Adam' mobile units in Ukraine, but also due to a significant order of Platinum tables in South America and increased sales in Eastern Europe, North Africa, and Australia. The overall decline in radiology is explained by a drop in white-label sales through OEM partners (Canon Medical Systems, Fujifilm Healthcare, Carestream Health), which now only represent 38% of the activity compared to 57% a year earlier.
ONYX Launch and €4 Million Financing from the EIB to Accelerate Innovation
In June 2026, DMS Group obtained MDR (Medical Device Regulation) certification for its new ONYX mobile radiology system, paving the way for its commercialization in Europe. The system incorporates carbon nanotube technology to reduce weight, a 'zero gravity' arm, a proprietary lithium-ion battery, and artificial intelligence software aimed at improving image quality while reducing the dose to the patient. The first deliveries are expected in the third quarter of 2026. Earlier, DMS Group received a €4 million payment from the European Investment Bank in June, the first disbursement of a total financing line of €20 million granted under the InvestEU program. This financing supports a long-term innovation program aimed at developing the next generation of medical imaging solutions between 2026 and 2030, strengthening industrial capacities in France, and supporting the commercial launch of new solutions.
