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

• Market Cap: kr148.98M
• Dividend Yield: N/A
• Average Volume (3M): 333.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.45
• 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: kr4.50 ▼(-33.73% 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 preserves optionality for the company to fund commercialization, R&D or absorb setbacks without immediate refinancing. This structural strength supports multi-month execution of strategic plans and limits insolvency risk.

Recurring revenue potential from consumables and services

The business model includes recurring procedure-driven consumables and service/maintenance revenue tied to installed systems. As installations grow, these annuity-like streams can improve margin stability and predictability over time and create durable revenue tailwinds once clinical adoption expands.

Improving losses / reduced cash burn

A reduction in losses and cash burn versus the prior year signals early operational improvements or better cost control. If sustained, this trend lowers near-term financing needs and indicates management can begin extending runway while focusing on commercialization and margin recovery over ensuing months.

Negative Factors

Deep negative margins and profitability

Severely negative gross and net margins indicate the core business is not yet covering direct or operating costs. Structural unprofitability threatens equity value over time, forces management to prioritize cash preservation over growth, and makes consistent reinvestment and scaling difficult without a clear path to sustainable margins.

Persistent negative operating and free cash flow

Continued negative operating and free cash flow necessitate external financing or depleting reserves, which can dilute shareholders or constrain investment. Persistent cash burn limits the company's ability to scale sales, conduct trials, and support hospital customers, making medium-term execution riskier.

Very small scale and limited commercial footprint

A tiny workforce and small revenue base constrain commercial reach, clinical support capacity, and speed of geographic expansion. Limited scale increases reliance on partners for market access and slows attached consumable/service revenue growth, making durable adoption and reimbursement traction harder over months.

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 generates revenue primarily by selling (or otherwise providing under commercial agreements) its laserthermia ablation platform and related procedure components to healthcare providers and partners. Key revenue streams are expected to include: (1) system-related revenue tied to the core laserthermia/thermal therapy hardware and associated accessories used in hospitals; (2) recurring procedure-driven revenue from single-use or limited-use consumables and disposables required for treatments (e.g., treatment delivery components used per procedure), which typically scales with procedure volumes once sites are installed; and (3) service, support, and potential maintenance revenue connected to installed systems (installation, training, and technical support). In addition, CLS has pursued collaborations and partnerships aimed at clinical validation and market access; however, specific counterparties, deal structures, and the materiality of partnership income are null.

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 above the 20-day moving average (MA) of 5.52, below the 50-day MA of 6.85, and above the 200-day MA of 6.70, indicating a bearish trend. The MACD of -0.51 indicates Positive momentum. The RSI at 32.91 is Neutral, neither overbought nor oversold. The STOCH value of 29.23 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	kr124.20M	20.88	―	―	―	―
NOSA	54 Neutral	kr138.67M	-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	kr148.98M	-4.28	-61.62%	―	14.18%	72.73%
LXB	44 Neutral	kr47.24M	-2.89	-60.56%	―	163.12%	30.50%
SPEC	43 Neutral	kr48.50M	-1.14	-50.21%	―	―	-108.64%
HEART	43 Neutral	kr131.47M	-1.96	―	―	―	―