Lunda-based Phase Holographic Imaging (PHI) develops instrumentation for non-invasive cell analysis. The company's Quantitative Phase Imaging (QPI) technology enables cell study without damage, a critical capability for regenerative medicine and cell therapy.
Sales impacted by transition
The report for the second quarter (August – October 2025) shows net sales of 306 KSEK (2) and an EBITDA of -977 MSEK (-5,4).
The decline in sales is primarily attributed to two factors. First, the repatriation of global sales operations from the former distributor Altium back to PHI required more time and resources than initially anticipated. Second, the company notes that customers have deferred investment decisions while waiting for the next generation of the platform.
Given the limited revenue generation during this period, CEO Patrik Eschricht notes that the company's current capital resources are approaching their limits. The Board of Directors is actively working on a financial solution and remains optimistic about finalizing it shortly.
Launch of the next generation Holomonitor
PHI has officially launched its updated Holomonitor generation. Unlike the previous M4 model, which was designed as a flexible all-round system for exploratory research, the new generation is tailored for scalability and standardization.
The new platform features increased automation and AI integration, designed to meet the rigorous quality requirements of clinical environments. PHI’s immediate priority is to leverage these enhancements to accelerate adoption among existing customer segments in academic research and regenerative medicine.
Strategic expansion into veterinary IVF
A significant development during the quarter was the decision to expand into in vitro fertilisation (IVF) for livestock under the concept "HoloOocyte". PHI has identified a clear market need for objective, non-invasive assessment of embryos and oocytes in cattle and horses – a sector driven by demands for genetic improvement and disease resistance.
The company holds a patent for ova and embryo viability testing using holography, valid until 2030. By focusing on veterinary IVF first, PHI aims to generate revenue and build a robust database for AI training with reduced regulatory risk compared to human applications. The goal is to automate currently subjective steps in the IVF flow directly within the incubator. Read more here.
Q&A with CEO Patrik Eschricht
You officially launched Holomonitor Next Generation on December 17. How does this platform differ from the M4, and how will it unlock sales in the near term?
Holomonitor Next Generation is a significant leap forward. Compared to the M4, offers:
- Enhanced imaging resolution, delivers highly precise cell analysis, particularly for thin cells commonly used in advanced cell therapies—an area where previous models faced limitations.
- AI-driven analytics, which streamline workflows for researchers.
- Modular design allows easy integration and customization across different customer segments, with a particular focus on meeting the needs of clinical environments.
You are entering the veterinary IVF market with 'HoloOocyte'. For those not familiar with this initiative, can you outline your strategy of targeting the veterinary market before humans?
The veterinary IVF market is an attractive entry point because:
- Lower regulatory barriers compared to human IVF.
- High-value breeding programs in livestock and companion animals create immediate demand for embryo viability solutions. By proving our technology in this space, we build credibility, generate revenue, and refine our product before tackling the highly regulated human IVF market. It’s a strategic stepping stone toward broader reproductive health applications.
Why is the industry for animal IVF looking at Oocyte and Embryos?
– We began exploring IVF for animals as a strategic entry point into the human IVF market as I mention. To understand the landscape, we reached out to universities, companies, and trade associations. The response was immediate and overwhelmingly positive—everyone we contacted expressed interest in collaborating with PHI to some degree. This strong reaction signalled that we were onto something significant, even though we initially couldn’t fully grasp the reason behind such enthusiasm.
– What we learned is that the farming industry is undergoing a fundamental transformation. Farmers are now using advanced reproductive techniques: they retrieve eggs from genetically superior cows, fertilize them with sperm from top-quality bulls, and implant the resulting embryos into cows of lower genetic value. This approach enables farmers to dramatically improve herd genetics within a single year – something that previously took a lifetime.
– However, the current bottleneck in this industry is Oocyte and embryo viability. Only about 40% of embryos are viable, meaning farmers must bear the cost and risk associated with non-viable embryos, transportation, and veterinary services.
The report mentions a patent valid until 2030 regarding embryo viability. How important is this IP for your commercial strategy in the IVF space?
– The patent secures our unique, non-invasive method for assessing embryo viability—a critical factor in improving IVF success rates and reducing costs. Equally important, the proprietary software PHI has developed over the years creates a significant barrier for potential imitators. The complexity and sophistication of this software make the entry cost for any “copycat” extremely high, both in terms of time and financial investment.
Finally, you state that capital resources are limited. What can you say about the status of the financial solution you are working on?
– At this time, we have no new updates to share. However, as stated in our Q2 report, we will promptly communicate any developments as soon as they become available.
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