Integrum AB Class B (INTEG.B) AI Stock Analysis

• Market Cap: kr202.14M
• Dividend Yield: N/A
• Average Volume (3M): 674.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: 0.62%
• EPS Growth: -82.70%
• Country: SE
• Employees: 36
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.47
• Shares Outstanding: 26,027,910
• 10 Day Avg. Volume: 474,857
• 30 Day Avg. Volume: 674,441
• PEG Ratio: 0.01
• Price to Book (P/B): 1.64
• Price to Sales (P/S): 3.20
• P/FCF Ratio: -5.76
• 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: 42 Neutral
• Price Target: kr7.50 ▼(-27.88% Downside)
• Action: Reiterated Date: 03/08/26
• Date: Action: Reiterated 03/08/26

The score is primarily held down by weak financial performance (losses and negative/deteriorating free cash flow) despite a low-debt balance sheet. Technicals add further pressure with price below key moving averages and negative MACD. Valuation provides limited support due to a negative P/E and no dividend yield data.

Positive Factors

Conservative balance sheet / low leverage

Very low debt and a solid equity base materially reduce near-term solvency risk and preserve strategic optionality. Over 2–6 months this supports funding operations, incremental commercialization or clinical rollout without immediate refinancing pressure, improving resilience while cash burn issues are addressed.

Niche, high-barrier product offering

OPRA’s focus on osseointegration and direct-skeleton prosthetic attachment represents a specialized technology with clinical adoption barriers and concentrated provider networks. That niche positioning creates durable competitive advantages: high switching costs, clinical specialization and structural demand from amputee rehabilitation needs.

Demonstrated path to profitability historically

Achieving positive EBIT/EBITDA and net income in 2024 shows the business model can scale to profitability under the right conditions. This indicates operational leverage exists and management can reach breakeven, making a sustainable recovery plausible if revenue growth or cost control improves.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow increases funding risk and limits the company’s ability to self-fund commercialization, clinical support and R&D. Over months this can force dilutive equity raises or constrained investment, delaying adoption and prolonging the path to sustainable profitability.

Flat-to-declining revenue

Revenue roughly flat to down signals limited commercial momentum and weak top-line scalability. Without durable revenue growth, operating leverage cannot be realized and fixed costs pressure margins, making it harder to convert clinical technology advantages into sustainable cash generation over the medium term.

Earnings instability and negative returns

Volatile earnings—profitability in 2024 followed by large losses in 2025 and TTM—indicate unstable execution or market adoption issues. Negative ROE shows the equity base isn't generating returns, complicating capital allocation and investor confidence and increasing the risk that structural issues persist absent clear operational fixes.

Integrum AB Class B Business Overview & Revenue Model

Company Description

Integrum AB (publ) researches, develops, and sells various systems for bone-anchored prostheses. The company provides Osseointegrated Prostheses for the Rehabilitation of Amputees (OPRA) implant systems, a bone-anchored prostheses system based on osseointegration, where the prostheses are directly attached to the bone, avoiding the use of socket. The OPRA implant system offers protection to the patient by avoiding bone fractures from accidental loads. The company also provides Neuromotus, a technology that is used for therapy to reduce phantom limb pain after an amputation. It sells its implant systems to hospitals, clinics, and orthopedists worldwide. The company was founded in 1962 and is headquartered in Mölndal, Sweden.

How the Company Makes Money

Integrum AB generates revenue primarily through the sale of its software solutions and subscription services to healthcare institutions and rehabilitation centers. The company has a recurring revenue model, with significant income derived from annual subscriptions and licensing fees for its platforms. Additionally, Integrum may benefit from partnerships with healthcare providers and institutions that integrate its solutions into their operations, further enhancing its revenue through additional service offerings, training, and support. The company's focus on innovation and customer satisfaction also helps in retaining clients and attracting new ones, contributing positively to its financial performance.

Integrum AB Class B Financial Statement Overview

Summary

Overall fundamentals are pressured by weak and unstable profitability and cash burn. Income statement trends show flat-to-down TTM revenue with sizable operating losses, and cash flow is negative with deteriorating free cash flow. Offsetting this, the balance sheet is conservatively levered with very low debt, which reduces near-term solvency risk but does not fix negative returns.

Income Statement

TTM (Trailing-Twelve-Months) revenue is roughly flat to down (about -3.6% growth), and profitability is weak with a sizable operating loss and negative net margin. The company has shown it can be profitable (2024 delivered positive EBIT/EBITDA and net income), but results reverted to large losses in 2025 and TTM, suggesting the earnings profile is not yet stable despite generally strong gross profitability.

Balance Sheet

The balance sheet looks conservatively levered with very low debt relative to equity (debt-to-equity ~0.03 in TTM (Trailing-Twelve-Months)) and a solid equity base versus total assets. The key weakness is returns: return on equity is meaningfully negative in TTM (Trailing-Twelve-Months), reflecting that the capital base is not currently generating profits.

Cash Flow

Cash generation is the main pressure point: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months), and free cash flow deteriorated further versus the prior period (negative growth). While cash outflow is not being driven by leverage, the business is currently consuming cash, which increases funding risk if losses persist.

Breakdown	TTM	Apr 2025	Apr 2024	Apr 2023	Apr 2022	Apr 2021
Income Statement
Total Revenue	93.48M	91.10M	104.12M	74.27M	55.72M	43.09M
Gross Profit	16.42M	75.38M	91.26M	60.84M	46.56M	34.89M
EBITDA	-37.56M	-35.50M	8.76M	-20.24M	2.60M	-1.59M
Net Income	-37.87M	-30.85M	4.03M	-16.18M	21.27M	-2.14M
Balance Sheet
Total Assets	206.17M	203.25M	164.86M	165.17M	180.44M	37.21M
Cash, Cash Equivalents and Short-Term Investments	30.17M	39.60M	16.90M	41.92M	75.34M	7.66M
Total Debt	3.60M	4.84M	6.42M	7.92M	580.89K	1.54M
Total Liabilities	23.65M	25.38M	22.07M	21.64M	20.70M	12.91M
Stockholders Equity	182.52M	177.88M	142.79M	143.53M	159.74M	24.29M
Cash Flow
Free Cash Flow	-43.53M	-50.59M	-24.37M	-36.50M	-49.55M	-7.47M
Operating Cash Flow	-38.46M	-37.70M	-12.74M	-25.10M	-20.28M	-5.76M
Investing Cash Flow	-12.08M	-12.89M	-11.63M	-11.40M	-29.27M	-1.71M
Financing Cash Flow	66.07M	73.29M	-648.54K	3.08M	117.23M	2.06M

Integrum AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.40
• 50DMA: Negative
• 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:INTEG.B, the sentiment is Negative. The current price of 10.4 is above the 20-day moving average (MA) of 8.22, above the 50-day MA of 9.07, and below the 200-day MA of 18.11, indicating a bearish trend. The MACD of -0.33 indicates Negative momentum. The RSI at 39.01 is Neutral, neither overbought nor oversold. The STOCH value of 54.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:INTEG.B.

Integrum AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNTC	56 Neutral	kr371.26M	-11.61	-27.25%	―	-0.02%	-85.98%
CRAD.B	55 Neutral	kr864.43M	103.06	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr687.03M	-5.78	-36.55%	―	62.24%	21.16%
ACARIX	48 Neutral	kr325.76M	-6.28	-104.38%	―	21.88%	48.86%
BACTI.B	46 Neutral	kr558.95M	13.94	-2.52%	―	-8.10%	62.08%
INTEG.B	42 Neutral	kr202.14M	-5.27	-18.55%	―	0.62%	-82.70%