Scandinavian Real Heart AB (HEART) AI Stock Analysis

• Market Cap: kr135.96M
• Dividend Yield: N/A
• Average Volume (3M): 7.92K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.13
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 9,997,408
• 10 Day Avg. Volume: 3,221
• 30 Day Avg. Volume: 7,918
• PEG Ratio: 0.03
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.20
• 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): kr42.00M

• Rating: 43 Neutral
• Price Target: kr13.50 ▼(-47.67% Downside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is primarily weighed down by weak financial performance (minimal revenue, sustained losses, and ongoing cash burn). Technical indicators are mixed/neutral and do not provide strong support, while valuation inputs are limited and skew negative due to unprofitability and no dividend yield data.

Positive Factors

Clear product focus

The company is singularly focused on a total artificial heart for severe heart failure, a durable strategic position. If clinical and regulatory milestones succeed, the device targets a persistent, high-need patient population with long product lifetimes and recurring service opportunities, supporting multi-year commercial potential and strategic partnerships.

Low financial leverage

Modest debt levels provide structural financial flexibility during the lengthy medtech development cycle. Low leverage reduces near-term default risk and leaves capacity to fund clinical programs via equity, partnerships, or targeted debt, which is important for a pre-revenue device developer that will need capital before commercial cash flows appear.

Established R&D and regulatory pathway

Active R&D and explicit regulatory preparation signal the company is progressing toward commercialization, a durable value driver in medtech. Successful navigation of approvals would create high barriers to entry and a long product lifecycle, supporting sustainable revenue and follow-on consumables or service revenues.

Negative Factors

Persistent cash burn

The company has recurring negative operating and free cash flow, indicating it cannot self-fund development. Over a multi-month horizon this necessitates external financing, increasing dilution risk, potentially delaying trials or commercialization if capital markets tighten, and placing pressure on strategic execution.

Pre-revenue operations

Lack of meaningful product revenue means there's no demonstrated market uptake or validated unit economics. This structural gap increases execution risk over the next several months as commercialization depends on successful clinical outcomes, regulatory approvals, and subsequent scaling of manufacturing and distribution.

Eroding equity base

Declining shareholders' equity over multiple years reflects cumulative losses and likely prior funding dilution. Continued erosion constrains financial flexibility, raises the likelihood of further equity raises on unfavorable terms, and can impair the company’s ability to negotiate partnerships or raise capital without significant dilution.

Scandinavian Real Heart AB Business Overview & Revenue Model

Company Description

Scandinavian Real Heart AB (Publ) designs and develops an artificial heart. It engages in developing Realheart TAH to treat advanced stage heart failure. It also develops RealVAD, PulsePump, and Sternal Prosthesis products. The company was incorporated in 2007 and is based in Västerås, Sweden.

How the Company Makes Money

Scandinavian Real Heart AB primarily generates revenue through the development and commercialization of its Total Artificial Heart technology. This involves securing partnerships with healthcare institutions and medical device distributors who facilitate the adoption and implementation of their products in clinical settings. Additionally, the company may receive funding through grants, research collaborations, and strategic alliances with larger medical technology firms. As the product progresses through clinical trials and regulatory approvals, sales and licensing agreements are expected to become significant revenue streams.

Scandinavian Real Heart AB Financial Statement Overview

Summary

Income statement and cash flow quality are weak: the business is effectively pre-revenue with persistently large losses and consistently negative operating/free cash flow, implying ongoing external funding needs. The balance sheet is a partial offset with modest leverage, but equity has been declining, increasing dilution risk if losses continue.

Income Statement

The company is still effectively pre-revenue (revenue is 0 in most years; only 2022 shows a very small revenue base), and profitability remains deeply negative. Losses have been volatile—net loss widened sharply in 2023, improved in 2024, and remained heavy in 2025—suggesting ongoing R&D/operating spend without a stable commercial ramp. Gross profit is also negative in several years, reinforcing that the business has not yet reached a consistent scale where unit economics and operating leverage can take hold.

Balance Sheet

Leverage is modest, with total debt remaining low relative to equity across the period (debt-to-equity around ~0.09–0.10 in 2023–2024), which provides some financial flexibility. However, the equity base has been trending down (from ~111.3M in 2021 to ~62.5M in 2025) alongside persistent losses, and returns on equity are materially negative, highlighting ongoing value dilution risk if losses continue. Total assets have also declined over time, consistent with cash burn and/or asset drawdown.

Cash Flow

Cash generation remains weak, with operating cash flow negative every year shown, indicating the company is not self-funding operations. Free cash flow is also consistently negative, and 2025 shows a meaningful deterioration versus 2024 (free cash flow down with a reported negative growth rate), pointing to continued funding needs. While the magnitude of cash burn has fluctuated year-to-year, the overall pattern is sustained cash outflows without a clear, durable improving trend.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	10.00K	0.00
Gross Profit	28.33M	-20.40M	-164.70K	-50.22M	12.29M	7.20M
EBITDA	-14.02M	-15.09M	-33.54M	-67.25M	-13.73M	-10.09M
Net Income	-38.87M	-35.50M	-34.35M	-67.98M	-13.99M	-10.48M
Balance Sheet
Total Assets	87.94M	72.69M	83.28M	102.64M	119.82M	117.82M
Cash, Cash Equivalents and Short-Term Investments	27.94M	16.57M	23.72M	43.30M	11.26M	42.67M
Total Debt	5.40M	4.46M	6.35M	8.25M	2.17M	2.80M
Total Liabilities	13.59M	10.20M	15.94M	20.60M	22.17M	6.53M
Stockholders Equity	74.35M	62.49M	67.34M	82.04M	97.65M	111.29M
Cash Flow
Free Cash Flow	-39.30M	-16.53M	-38.25M	-26.82M	-31.14M	-29.24M
Operating Cash Flow	-12.62M	-15.66M	-12.99M	-25.05M	-7.38M	-9.65M
Investing Cash Flow	-25.71M	-26.11M	-24.28M	-1.77M	-23.76M	-19.59M
Financing Cash Flow	43.44M	34.62M	17.69M	58.87M	-276.28K	49.46M

Scandinavian Real Heart AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 25.80
• 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:HEART, the sentiment is Negative. The current price of 25.8 is above the 20-day moving average (MA) of 13.91, above the 50-day MA of 13.99, and above the 200-day MA of 15.98, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 40.27 is Neutral, neither overbought nor oversold. The STOCH value of 58.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HEART.

Scandinavian Real Heart AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SDOS	50 Neutral	kr55.98M	-40.58	―	―	―	―
QLIFE	44 Neutral	kr62.40M	-0.88	―	―	376.81%	97.95%
LXB	44 Neutral	kr47.76M	-2.23	-60.20%	―	163.12%	30.50%
HEART	43 Neutral	kr135.96M	-0.82	―	―	―	―
SPEC	43 Neutral	kr52.07M	-0.45	-50.21%	―	―	-108.64%
CMH	41 Neutral	kr431.94K	-0.01	―	―	―	―