Scandinavian Real Heart AB (HEART) AI Stock Analysis

• Market Cap: kr140.96M
• Dividend Yield: N/A
• Average Volume (3M): 7.92K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.10
• 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: >-0.01
• Price to Book (P/B): 0.36
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.64
• 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): N/A

• Rating: 43 Neutral
• Price Target: kr14.00 ▼(-45.74% Downside)

The score is primarily constrained by weak financial performance (pre-revenue, sizable losses, and negative free cash flow) and an unfavorable technical trend (below key moving averages with negative MACD). Valuation is also penalized due to a negative P/E and no dividend data to offset profitability risk.

Positive Factors

Low Leverage

Low leverage reduces insolvency risk, providing financial stability during the development phase despite ongoing losses.

R&D Investment

Significant R&D investment underscores commitment to innovation, potentially leading to breakthrough products and future revenue streams.

Industry Potential

The artificial heart market has significant potential, with increasing demand for advanced cardiovascular solutions, positioning the company for future growth.

Negative Factors

Negative Cash Flow

Persistent negative cash flow indicates high funding needs, which could strain resources and limit operational flexibility until commercialization.

Equity Erosion

Declining equity reflects ongoing financial strain, diluting shareholder value and potentially impacting future capital raising efforts.

Pre-Revenue Stage

Operating without revenue limits financial sustainability and increases reliance on external funding, posing risks until product commercialization.

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

Development-stage and effectively pre-revenue with large ongoing losses and persistently negative operating/free cash flow. Balance sheet leverage is modest, but equity/assets have declined, reflecting continued burn and dilution risk until commercialization.

Income Statement

The company remains pre-revenue (revenue is essentially zero in most years), with consistently large operating losses. Annual net loss widened sharply in 2023 (~-68.0M) versus 2022 (~-14.0M), then improved in 2024 (~-34.4M) but still reflects heavy ongoing R&D and operating spend. With limited/negative gross profit and no meaningful margin base, profitability and near-term earnings visibility are weak.

Balance Sheet

Leverage looks modest, with debt-to-equity staying low (about 0.09 in 2024), which reduces insolvency risk despite operating losses. However, equity and total assets have declined from 2021–2024 (equity down from ~111.3M to ~67.3M), indicating continued burn and balance sheet erosion. Returns on equity are deeply negative (about -51% in 2024), underscoring that losses are materially diluting shareholder value over time.

Cash Flow

Cash generation is weak: operating cash flow is persistently negative (about -13.0M in 2024), consistent with a cash-consuming development-stage profile. Free cash flow is also consistently negative and worsened in 2024 (about -38.3M vs. -26.8M in 2023), implying higher investment and/or working-capital usage. While operating cash burn improved from 2023 to 2024, the overall funding requirement remains high given the continuing negative free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	10.00K	0.00	0.00
Gross Profit	28.33M	-164.70K	-50.22M	12.29M	7.20M	332.76K
EBITDA	-14.02M	-33.54M	-67.25M	-13.73M	-10.09M	-8.37M
Net Income	-38.87M	-34.35M	-67.98M	-13.99M	-10.48M	-8.82M
Balance Sheet
Total Assets	87.94M	83.28M	102.64M	119.82M	117.82M	78.04M
Cash, Cash Equivalents and Short-Term Investments	27.94M	23.72M	43.30M	11.26M	42.67M	22.45M
Total Debt	5.40M	6.35M	8.25M	2.17M	2.80M	3.42M
Total Liabilities	13.59M	15.94M	20.60M	22.17M	6.53M	6.35M
Stockholders Equity	74.35M	67.34M	82.04M	97.65M	111.29M	71.69M
Cash Flow
Free Cash Flow	-39.30M	-38.25M	-26.82M	-31.14M	-29.24M	-24.18M
Operating Cash Flow	-12.62M	-12.99M	-25.05M	-7.38M	-9.65M	-9.41M
Investing Cash Flow	-25.71M	-24.28M	-1.77M	-23.76M	-19.59M	-14.76M
Financing Cash Flow	43.44M	17.69M	58.87M	-276.28K	49.46M	21.21M

Scandinavian Real Heart AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 25.80
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 14.12, above the 50-day MA of 14.05, and above the 200-day MA of 16.05, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.55 is Neutral, neither overbought nor oversold. The STOCH value of 52.20 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	kr59.58M	-43.18	―	―	―	―
LXB	44 Neutral	kr64.68M	-3.02	-60.20%	―	163.12%	30.50%
HEART	43 Neutral	kr140.96M	-0.85	―	―	―	―
QLIFE	42 Neutral	kr30.50M	-0.38	―	―	376.81%	97.95%
SPEC	42 Neutral	kr71.50M	-0.48	-50.21%	―	―	-108.64%
CMH	41 Neutral	kr2.27M	-0.06	―	―	―	―