Mentice AB (MNTC) AI Stock Analysis

• Market Cap: kr431.73M
• Dividend Yield: N/A
• Average Volume (3M): 19.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: -0.02%
• EPS Growth: -85.98%
• Country: SE
• Employees: 131
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.46
• Shares Outstanding: 28,125,734
• 10 Day Avg. Volume: 26,429
• 30 Day Avg. Volume: 19,315
• PEG Ratio: -0.19
• Price to Book (P/B): 2.71
• Price to Sales (P/S): 1.34
• P/FCF Ratio: -14.76
• 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): 0.09
• Revenue Forecast (FY): kr308.01M

• Rating: 56 Neutral
• Price Target: kr16.00 ▲(19.40% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held back primarily by weak financial performance—persistent losses, margin volatility, and a return to cash burn in 2025—despite a relatively serviceable balance sheet. Technicals are a meaningful offset with a bullish trend (price above key moving averages and positive MACD). Valuation remains constrained because earnings are negative and no dividend yield is provided.

Positive Factors

Recurring & diversified revenue streams

Mentice’s business model includes hardware sales plus software licenses, subscriptions, maintenance and add-on modules, creating multiple recurring revenue levers. This diversification and installed-base monetization support more predictable long-term cash flows and upgrade cycles for 2–6 months and beyond.

Niche specialization in endovascular simulation

The company’s focused product set for endovascular and image-guided minimally invasive procedures gives it a specialized position with high technical barriers, making it attractive to hospitals and device makers. This specialization supports durable demand for training and procedural planning solutions.

Serviceable balance sheet with equity buffer

Despite profit weakness, historical modest leverage and sizeable equity provide financial flexibility and a capital buffer to support operations or refinancing. This structural balance sheet strength helps the company withstand cyclical pressures while pursuing commercialization or product development.

Negative Factors

Persistent losses and margin volatility

Ongoing net losses and volatile margins—culminating in negative gross profit in 2025—reflect structural profitability issues. This undermines internal reinvestment capacity, weakens returns on capital, and makes it harder to demonstrate sustainable unit economics to customers and partners.

Inconsistent cash generation; renewed cash burn

The swing to materially negative operating and free cash flow in 2025 signals renewed cash burn and poor predictability. Persistent negative cash generation forces reliance on external financing, limiting strategic options and increasing execution risk for product rollouts and commercial expansion.

Rising debt and negative returns on equity

An increase in debt alongside consistently negative ROE reduces financial flexibility and raises interest and refinancing risks. Higher leverage plus weak profitability can constrain investment, raise funding costs, and amplify downside in a stressed operating environment.

Mentice AB Business Overview & Revenue Model

Company Description

Mentice AB (publ) provides endovascular simulation solutions to teaching entities, healthcare systems, and medical device manufacturers. The company operates through Medical Device Industry, Healthcare Systems, and Strategic Alliances segments. It provides software modules in the areas of acute ischemic stroke intervention, atrial septal defect and patent foramen ovale occlusion, aortic valve implantation, endovascular aortic repair, below-the-knee intervention, carotid intervention, patient-specific simulation, coronary advanced and essentials, coronary intermediate, left atrial appendage occlusion, neurovascular coiling and thrombectomy, peripheral angiography, prostatic artery embolization, radiation safety, renal denervation, renal intervention, thoracic endovascular aortic repair, transarterial chemoembolization, transseptal puncture, uterine artery embolization, peripheral angiography, and vascular trauma and cardiac rhythm management, as well as supports interventionalists to transition from transfemoral to transradial access. The company also offers medical simulators for endovascular therapies, and simulator accessories and extensions for endovascular therapies; silicone vasculature for endovascular simulation; cardiac and vascular flow systems; neurovascular flow systems; mentice right heart cath app, a mobile solution for an interactive real-time exploration into the right heart catheterization procedure; mentice live learning center, a remote learning with its VIST G endovascular simulation platform. Its products are used to educate, train, and enhance the practitioners in skills. The company operates in Europe, the Middle East, and Africa; Asia Pacific region; and the Americas. The company was incorporated in 1998 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Mentice AB generates revenue through multiple streams, primarily by selling its advanced simulation systems and software licenses to hospitals, medical institutions, and training centers. The company also offers maintenance and support services, which provide a recurring revenue model as clients require ongoing updates and technical assistance. Additionally, Mentice engages in partnerships with medical device manufacturers and educational institutions, enhancing their product offerings and expanding market reach. These collaborations often lead to co-development opportunities and joint marketing efforts, further contributing to the company's earnings.

Mentice AB Financial Statement Overview

Summary

Strong revenue growth is outweighed by weak and volatile profitability (continued net losses and negative operating margins, with a sharp deterioration in 2025 including negative gross profit). The balance sheet is relatively serviceable with historically modest leverage, but rising debt in 2025 and consistently negative returns plus renewed cash burn (negative operating and free cash flow in 2025) keep overall financial quality below average.

Income Statement

Revenue has grown strongly over the period (notably 2021–2023 and an unusually high jump in 2025), but profitability is weak and volatile. After improving close to breakeven in 2023, results deteriorated again in 2024–2025 with continued net losses and negative operating margins, including a sharp setback in 2025 where gross profit turned negative. Overall, top-line momentum is a positive, but inconsistent margins and persistent losses weigh heavily on the score.

Balance Sheet

Leverage is relatively modest, with debt-to-equity generally low historically, although debt increased in 2025 and the debt-to-equity ratio rose meaningfully versus prior years. Equity remains sizeable, providing a buffer, but returns on equity are consistently negative due to ongoing losses. In short: the balance sheet looks serviceable with manageable debt levels, but profitability is not strong enough to translate that capital base into positive returns.

Cash Flow

Cash generation is inconsistent. The company produced solid operating and free cash flow in 2023, but free cash flow was near flat in 2024 and turned materially negative in 2025, with operating cash flow also negative—suggesting renewed cash burn. While free cash flow growth in 2025 is reported as positive, it is off a negative base and does not change the underlying issue of negative free cash flow. Overall cash flow quality and predictability are weak.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	279.09M	290.33M	273.61M	217.95M	185.06M
Gross Profit	-33.06M	257.25M	236.38M	188.94M	149.92M
EBITDA	-1.72M	18.30M	28.87M	266.00K	1.44M
Net Income	-32.33M	-18.42M	-2.82M	-30.66M	-29.19M
Balance Sheet
Total Assets	312.02M	323.90M	322.53M	332.98M	261.90M
Cash, Cash Equivalents and Short-Term Investments	33.38M	53.59M	59.12M	47.28M	12.70M
Total Debt	26.15M	9.14M	9.56M	16.68M	14.70M
Total Liabilities	173.65M	180.24M	163.55M	170.34M	125.02M
Stockholders Equity	138.38M	143.66M	158.97M	162.63M	136.89M
Cash Flow
Free Cash Flow	-25.43M	1.48M	29.53M	1.85M	-31.03M
Operating Cash Flow	-20.30M	17.92M	36.52M	14.91M	-5.13M
Investing Cash Flow	-15.46M	-16.44M	-16.18M	-32.28M	-25.90M
Financing Cash Flow	19.66M	-9.31M	-7.05M	48.99M	-5.78M

Mentice AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MNTC, the sentiment is Positive. The current price of 13.4 is below the 20-day moving average (MA) of 13.42, below the 50-day MA of 13.45, and below the 200-day MA of 13.62, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 68.35 is Neutral, neither overbought nor oversold. The STOCH value of 67.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MNTC.

Mentice AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNTC	56 Neutral	kr431.73M	-11.87	-32.96%	―	-0.02%	-85.98%
CRAD.B	55 Neutral	kr898.20M	86.36	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ACARIX	48 Neutral	kr319.02M	-6.65	-102.17%	―	21.88%	48.86%
BRAIN	45 Neutral	kr184.81M	-3.83	-27.22%	―	16.38%	35.71%
CLS.B	44 Neutral	kr186.69M	-3.60	-63.39%	―	14.18%	72.73%
BACTI.B	44 Neutral	kr609.76M	-78.80	-6.81%	―	-8.10%	62.08%