FEB 2024 – April 2025

MAY 2024 – APRIL 2025 

IN SHORT

●  Sales grew significantly for Q4 and outperformed the FY results of the previous year.

●  Gross margin continues to be strong.

●  During the period, Anders Månsson left as CEO

CEO Commentary

It is with great humility and renewed enthusiasm that I return to lead PHI as its CEO. Having served previously in this capacity, I rejoin the Company at a pivotal time – not only in our journey as innovators in non-invasive live cell imaging but also in our transition toward becoming a central player in the emerging field of regenerative medicine and cell-based therapies.

The fiscal year 2024/2025 has been transformative for PHI. While the year began with a heightened focus on operational streamlining and cost discipline, it evolved into one of the most strategically significant periods in our Company’s history. Central to this evolution was the successful completion of a fully subscribed rights issue, securing approximately SEK 64.3 million. The substantial increase in ownership by our long-term partner, Altium SA, underscored their continued confidence in PHI’s potential and has provided us with the financial strength necessary to implement our roadmap.

During the year, we made significant progress with our new generation product – the HoloMonitor® CellSync system. This innovative platform is currently in pre-production testing at prestigious institutions, including the Huntsman Cancer Institute and the Wake Forest Institute for Regenerative Medicine. These collaborations are not only a testament to the robustness of our technology but also a window into its future applications – particularly in quality control for advanced cell therapies.

Our dual listing on Sweden’s Spotlight Stock Market and the U.S.-based OTCQB Venture Market has also broadened our visibility and access to international capital. These initiatives are crucial as we transition from a research-oriented technology provider to a globally recognized partner in both preclinical and clinical cell research.

I have always believed in the unique value PHI delivers to life science research and its potential impact on global healthcare. Witnessing the strategic groundwork being laid – particularly around our renewed focus on clinical applications – compelled me to return. I was encouraged by the leadership team, the clarity of our vision, and the resounding support from key stakeholders, including our Board and major shareholders. It became clear to me that the journey PHI is on is one I deeply want to be a part of – and lead.

Looking ahead, PHI is strategically positioned at the intersection of imaging technology and regenerative medicine. As the life sciences sector increasingly shifts toward personalized, cell-based therapies, the need for non-invasive, real-time monitoring tools will only intensify. Our HoloMonitor® platform – built on Quantitative Phase Imaging (QPI) – addresses this exact need, offering a label-free, interference-free method for long-term cell tracking and analysis.

In the upcoming fiscal year, we will focus on four core areas:

• Clinical integration – we aim to deepen our partnerships with clinical research centres and regulatory bodies to validate and certify our systems for use in clinical settings.
• Product innovation – development of the HoloMonitor® CellSync system will continue, along with AI-driven features that improve data interpretation and automation.
• Global reach – with the groundwork laid by our dual listing and increasing global visibility, we will expand our market presence, especially in North America and Asia, where demand for regenerative medicine tools is growing rapidly.
• PHI will extend to new markets as well as take back responsibility for sales and marketing globally.

To our dedicated employees, partners, shareholders, and customers – thank you for your unwavering belief in PHI’s mission. This past year has reminded us of the resilience and ingenuity within our company. As I take the helm once again, I do so with a clear purpose: to build a sustainable, impactful, and globally respected company that transforms how scientists and clinicians interact with living cells.

Let us continue shaping the future of medicine – together.

Patrik Eschricht

CEO, Phase Holographic Imaging PHI AB