S2Medical AB Class B (S2M) AI Stock Analysis

• Market Cap: kr8.89M
• Dividend Yield: N/A
• Average Volume (3M): 2.90M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 17
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.01
• Shares Outstanding: 898,657,040
• 10 Day Avg. Volume: 1,954,268
• 30 Day Avg. Volume: 2,901,877
• PEG Ratio: <0.01
• Price to Book (P/B): 0.93
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 0.00
• 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): kr60.00M

• Rating: 51 Neutral
• Price Target: kr0.01 ▲(10.00% Upside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is held back primarily by weak and unstable financial performance, including the sharp 2025 reversal into significant losses and uneven cash flow durability, despite a low-debt balance sheet. Technical indicators provide partial support with improving near-term momentum, while valuation cannot be meaningfully assessed due to missing P/E and dividend data.

Positive Factors

Low leverage / conservative balance sheet

Minimal debt provides durable financial flexibility for a small medical-instruments company. Low leverage reduces refinancing and interest-risk, enabling management to prioritize product development, regulatory compliance and selective investment during downturns without immediate external funding needs.

Improving operating cash flow trajectory

Transitioning from multi-year operating cash burn to positive OCF signals structural improvement in core business economics. Even if 2025 OCF weakened versus 2024, sustained positive operational cash generation supports working capital, reduces dependency on financing, and underpins longer-term viability.

Demonstrated ability to scale revenue and margins

A materially profitable 2024 shows the company can achieve product-market fit and margin expansion when conditions align. This operational proof point indicates the business model can scale and generate returns if revenue recovery and cost control are sustained, guiding long-term strategy.

Negative Factors

Highly volatile profitability and margin swings

Large, rapid swings in revenue and margins indicate the company lacks stable, diversified revenue streams or consistent pricing power. Persistent volatility undermines planning, erodes equity in downturns, and makes sustaining R&D, regulatory and commercial investments risky over the next several quarters.

Weak free cash flow and inconsistent cash conversion

Near-zero FCF despite positive OCF constrains the firm’s ability to fund capex, product launches, or absorb shocks without external capital. Inconsistent cash conversion reduces runway and increases dependence on financing or equity raises, creating structural execution risk over a 2–6 month horizon.

Fluctuating equity and modest asset base

Meaningful swings in shareholders’ equity point to an unstable capital base that can be rapidly eroded by losses. For a small medical-instruments firm with modest assets, this volatility limits strategic optionality, weakens bargaining with suppliers/customers, and raises the probability of future dilution or capital raises.

S2Medical AB Class B Business Overview & Revenue Model

Company Description

S2Medical AB (publ) develops, produces, and sells wound healing products for burns and chronic wounds. It offers INSTAQRETT, a sterile single use mechanical debridement tool; EPIPROTECT SafeStop for blood stilling; Instagraft, a single-use medical device for the treatment of chronic and complicated wounds; EPIPROTECT tissue substitutes; and washable, waterproof, and self-adhesive bandages under the INSTABIND brand name. The company also distributes Silverlon dressings that deliver silver ions into the wound. In addition, it operates wound healing center under the S2Clinic name. The company was founded in 2013 and is headquartered in Linköping, Sweden.

How the Company Makes Money

S2Medical AB generates revenue primarily through the sale of its advanced wound care products to hospitals, clinics, and other healthcare providers. The company's revenue model is based on direct sales, as well as partnerships and distribution agreements with medical distributors and healthcare organizations across various regions. Significant factors contributing to its earnings include the efficacy of its patented technologies, ongoing research and development efforts, and strategic collaborations with healthcare providers to expand product reach and adoption in different markets.

S2Medical AB Class B Financial Statement Overview

Summary

Overall fundamentals are weak due to highly volatile results: a strong 2024 was followed by a sharp 2025 downturn with revenue contraction and a large net loss, including negative gross profit. The balance sheet is a strength with essentially no debt, but cash flow consistency remains a concern as 2025 operating cash flow and free cash flow weakened versus 2024.

Income Statement

Profitability has been highly volatile. After a strong 2024 (revenue ~14.9m with healthy gross and net profitability), 2025 deteriorated sharply: revenue fell ~22% and the company swung to a large net loss (~-10.1m) with negative gross profit. Longer-term, results show repeated deep losses (2020–2023) with only a brief return to profitability in 2024, which raises concerns about the durability of the earnings model despite periods of strong revenue growth.

Balance Sheet

The balance sheet is conservatively financed with essentially no debt (debt-to-equity at or near 0 across recent years), limiting financial risk. However, equity has fluctuated meaningfully over time (very low in 2023 vs. higher levels in other years), consistent with an earnings profile that can rapidly build—or erode—shareholders’ capital. Asset base remains moderate relative to revenue, but profitability swings are the key balance-sheet risk driver rather than leverage.

Cash Flow

Cash generation has improved from heavy cash burn in 2020–2023 (materially negative operating cash flow each year) to positive operating cash flow in 2024 (~3.1m) and 2025 (~0.7m). That said, cash flow quality weakened in 2025 versus 2024, and free cash flow in 2025 is reported at ~0 with a steep decline versus the prior year. Overall, the trajectory is better than the earlier years, but consistency and conversion into sustained free cash flow remain concerns.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.46M	14.36M	14.91M	6.97M	4.67M	7.70M
Gross Profit	16.72M	-2.68M	14.14M	5.04M	5.17M	7.10M
EBITDA	-3.71M	-1.41M	6.82M	-13.53M	-26.37M	-18.73M
Net Income	-3.62M	-10.09M	5.77M	-22.71M	-29.46M	-20.08M
Balance Sheet
Total Assets	25.96M	16.78M	18.09M	21.41M	25.29M	29.68M
Cash, Cash Equivalents and Short-Term Investments	1.29M	907.00K	1.00M	1.52M	3.72M	9.48M
Total Debt	0.00	0.00	0.00	0.00	0.00	207.69K
Total Liabilities	7.08M	6.90M	6.29M	19.75M	18.22M	15.00M
Stockholders Equity	18.88M	9.88M	11.80M	1.66M	7.07M	14.68M
Cash Flow
Free Cash Flow	5.85M	0.00	2.49M	-17.67M	-30.03M	-22.76M
Operating Cash Flow	6.85M	675.00K	3.12M	-16.52M	-28.13M	-19.67M
Investing Cash Flow	-1.09M	-2.02M	-634.00K	-1.15M	-1.76M	-3.02M
Financing Cash Flow	-5.71M	1.25M	-5.54M	15.47M	24.14M	6.85M

S2Medical AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.01
• 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:S2M, the sentiment is Negative. The current price of 0.01 is below the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.01, and below the 200-day MA of 0.01, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.62 is Neutral, neither overbought nor oversold. The STOCH value of 26.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:S2M.

S2Medical AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXTCL	52 Neutral	kr157.06M	-3.19	-52.45%	―	2.56%	52.76%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
S2M	51 Neutral	kr8.89M	-0.86	―	―	―	―
SPEC	43 Neutral	kr70.78M	-0.48	-50.21%	―	―	-108.64%
LARK	43 Neutral	kr43.56M	-3.59	―	8.47%	-94.12%	-25.83%