Clinical Laserthermia Systems AB Class B (CLS.B) AI Stock Analysis

• Market Cap: kr168.30M
• Dividend Yield: N/A
• Average Volume (3M): 333.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: 14.18%
• EPS Growth: 72.73%
• Country: SE
• Employees: 17
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.39
• Shares Outstanding: 31,163,593
• 10 Day Avg. Volume: 370,302
• 30 Day Avg. Volume: 333,294
• PEG Ratio: 0.07
• Price to Book (P/B): 2.55
• Price to Sales (P/S): 10.18
• P/FCF Ratio: -4.96
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): kr54.20M

• Rating: 44 Neutral
• Price Target: kr5.00 ▼(-26.36% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held down primarily by weak financial performance (large ongoing losses, negative margins, and continued cash burn) and bearish technicals (price below key moving averages and negative MACD). A low-debt balance sheet provides some support, while valuation is not clearly attractive given negative earnings and no dividend data.

Positive Factors

Low leverage / clean balance sheet

A near-zero debt position materially reduces financial risk and gives management flexibility to fund clinical rollouts or R&D without immediate interest burdens. Over the medium term this enhances options for non-dilutive financing, strategic partnerships, or measured capital investments to support commercialization.

Recurring consumables and service revenue model

A business model combining system sales with recurring disposables and service contracts creates a pathway to predictable, repeatable revenues once an installed base builds. Over months this can improve revenue visibility, raise marginal lifetime value per system, and support gross margin expansion as procedure volumes scale.

Clinical collaboration and integration focus

Active emphasis on clinical collaboration, system integration and procedure workflows helps overcome hospital adoption barriers. Durable clinical partnerships and workflow alignment increase likelihood of referral adoption, generate evidence for reimbursement, and shorten institutional procurement cycles over a multi-month to multi-year horizon.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow forces dependence on external financing or cash reserves, constraining the company's ability to scale commercial efforts or fund trials. Over several months this elevates dilution or refinancing risk and may limit hiring, sales footprint expansion, and long-term planning.

Small, volatile revenue base

A small and inconsistent revenue stream undermines the ability to achieve installed-base scale necessary for recurring consumable and service revenue to offset fixed costs. Without stable top-line growth, margin improvements and predictable cash generation are unlikely within a 2–6 month horizon, hampering commercialization momentum.

Deep, ongoing losses

Very large negative margins indicate the business has yet to validate unit economics at commercial scale. Persistent deep losses erode equity cushions and restrict reinvestment in sales, clinical studies, or product improvements, raising solvency and strategic flexibility concerns if improved margins are not realized over coming quarters.

Clinical Laserthermia Systems AB Class B Business Overview & Revenue Model

Company Description

Clinical Laserthermia Systems AB (publ) develops treatment tools for diseased tissue under the TRANBERG brand in Sweden. The company offers TRANBERG, a thermal therapy system designed to deliver laser energy to heat the target tissue. It also provides mobile laser unit, a controlling component with a wavelength of 1064 nanometers provides multiple options to control treatment. In addition, the company offers various gauge laser applicators, as well as provides temperature and treatment monitoring devices. Clinical Laserthermia Systems AB (publ) was incorporated in 2006 and is headquartered in Lund, Sweden.

How the Company Makes Money

CLS.B generates revenue through the sale of its laser therapy systems and related consumables to hospitals, clinics, and healthcare providers. The company also earns income through service agreements for maintenance and support of its equipment, as well as training programs for healthcare professionals to ensure effective use of their technologies. Additionally, CLS.B may engage in strategic partnerships with medical institutions and research organizations to conduct clinical trials and studies that validate the effectiveness of their products, potentially leading to increased sales and market penetration. These partnerships can also provide access to funding and resources, contributing to the company's overall financial performance.

Clinical Laserthermia Systems AB Class B Financial Statement Overview

Summary

Financial profile is weak overall: revenue is small and volatile (2025 down ~17.8% YoY), profitability is deeply negative (2025 gross margin negative; net margin about -238%), and cash flow remains meaningfully negative (2025 OCF about -33.2M; FCF about -35.9M). Offsetting factor is a low-debt balance sheet with meaningful equity, providing some flexibility, and losses/cash burn improved versus 2024.

Income Statement

Revenue remains small and volatile, with 2025 revenue down ~17.8% year over year after modest growth in prior years. Profitability is the key weakness: the company is deeply loss-making across the period, with 2025 gross margin turning negative and net losses still very large (2025 net margin about -238%). A positive is that losses improved versus 2024 (EBIT loss narrowed materially), but the business has not shown a stable path to sustainable margins yet.

Balance Sheet

The balance sheet is relatively clean from a leverage perspective: total debt is effectively zero in 2025 and debt-to-equity is minimal in 2023–2024, which reduces financial risk. Equity is sizable versus total assets in recent years, signaling decent capitalization. The main weakness is persistent heavy losses driving strongly negative returns on equity, which can pressure the equity base over time if losses continue.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow negative every year shown (2025 operating cash flow about -33.2M and free cash flow about -35.9M). There is some improvement in 2025 versus 2024 (cash burn reduced), but free cash flow growth remains negative in 2025 and the company is still funding ongoing operating losses with cash outflows, implying continued dependence on external financing or cash reserves.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.49M	18.78M	8.27M	6.27M	2.25M
Gross Profit	-29.00M	10.42M	3.00M	-2.79M	-3.63M
EBITDA	-26.41M	-44.76M	-68.41M	-57.84M	-57.05M
Net Income	-41.61M	-47.62M	-79.79M	-70.66M	-63.62M
Balance Sheet
Total Assets	76.49M	78.56M	57.73M	49.51M	66.74M
Cash, Cash Equivalents and Short-Term Investments	21.55M	22.51M	15.33M	10.59M	31.17M
Total Debt	0.00	224.00K	454.00K	30.68M	273.50K
Total Liabilities	10.00M	12.88M	14.20M	41.64M	45.55M
Stockholders Equity	69.67M	68.72M	45.77M	9.22M	21.79M
Cash Flow
Free Cash Flow	-35.91M	-58.92M	-71.95M	-71.25M	-66.73M
Operating Cash Flow	-33.20M	-56.45M	-66.45M	-70.69M	-66.17M
Investing Cash Flow	-2.80M	-7.47M	-5.50M	-886.00K	-408.00K
Financing Cash Flow	35.04M	71.10M	76.69M	61.84M	85.88M

Clinical Laserthermia Systems AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.79
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLS.B, the sentiment is Negative. The current price of 6.79 is below the 20-day moving average (MA) of 7.00, below the 50-day MA of 7.27, and above the 200-day MA of 6.55, indicating a bearish trend. The MACD of -0.58 indicates Positive momentum. The RSI at 37.66 is Neutral, neither overbought nor oversold. The STOCH value of 25.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CLS.B.

Clinical Laserthermia Systems AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	68 Neutral	kr114.75M	20.88	―	―	―	―
NOSA	54 Neutral	kr153.50M	-17.89	―	―	17.24%	35.77%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLS.B	44 Neutral	kr168.30M	-4.28	-63.39%	―	14.18%	72.73%
LXB	44 Neutral	kr47.76M	-2.89	-60.20%	―	163.12%	30.50%
SPEC	43 Neutral	kr51.39M	-1.14	-50.21%	―	―	-108.64%
HEART	43 Neutral	kr135.96M	-1.96	―	―	―	―