SciBase Holding AB (SCIB) AI Stock Analysis

• Market Cap: kr207.09M
• Dividend Yield: N/A
• Average Volume (3M): 318.73K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.18
• Revenue Growth: 36.15%
• EPS Growth: 26.67%
• Country: SE
• Employees: 32
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.04
• Shares Outstanding: 828,365,200
• 10 Day Avg. Volume: 218,776
• 30 Day Avg. Volume: 318,725
• PEG Ratio: 0.04
• Price to Book (P/B): 1.99
• Price to Sales (P/S): 2.46
• P/FCF Ratio: -1.26
• 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: 44 Neutral
• Price Target: kr0.21 ▼(-36.67% Downside)

The score is mainly held back by severe losses and substantial cash burn despite strong revenue growth and solid gross margins. Technical indicators also point to weak momentum with the stock below key moving averages. Valuation provides limited support due to negative earnings and no dividend information.

Positive Factors

Revenue Growth

Sustained top-line expansion (~36% TTM) signals successful commercial traction for Nevisense. Durable revenue growth helps scale the installed base, increases recurring consumable pull-through, and provides a structural runway to leverage fixed-costs and improve long-term profitability if sustained.

Product-Level Margins

High gross margins (~66% TTM) indicate strong unit economics for the Nevisense platform and consumables. This margin cushion is durable, allowing the company to invest in sales/clinical adoption while preserving gross profit as volumes rise, aiding a sustainable path toward operating leverage.

Low Financial Leverage

Very low debt (debt-to-equity ~0.01) lowers solvency and interest-rate risk, preserving strategic optionality. Structurally, low leverage reduces fixed financial obligations and gives management flexibility to raise capital on favorable terms or prioritize investment in commercialization without heavy near-term interest burdens.

Negative Factors

Deep Operating and Net Losses

Extremely negative operating and net margins show the cost base far exceeds revenue today. These structural losses erode equity and imply the company must materially improve margins or scale revenue quickly to reach sustainable profitability; otherwise losses will persist as a long-term drag.

Severe Cash Burn

Trailing-twelve-month operating and free cash flow around -76M indicates persistent negative cash generation. This structural cash burn makes the business dependent on external financing, increases dilution risk, and constrains the firm's ability to fund commercialization and R&D from internal cash flow.

Negative Returns and Equity Erosion

A deeply negative ROE (~-249%) signals ongoing shareholder value destruction and indicates current operations fail to generate returns on invested capital. Over months this raises the probability of dilutive capital raises and limits capacity to self-fund growth, pressuring long-term financial stability.

SciBase Holding AB Business Overview & Revenue Model

Company Description

SciBase Holding AB (SCIB) is a Swedish medical technology company that specializes in developing innovative diagnostic solutions for skin cancer detection and monitoring. The company operates primarily in the healthcare sector, focusing on non-invasive and effective diagnostic tools. Its core products leverage advanced technology, particularly electrical impedance spectroscopy, to provide dermatologists and healthcare providers with real-time information to aid in the diagnosis of skin lesions, ultimately enhancing patient outcomes.

How the Company Makes Money

SciBase generates revenue primarily through the sale of its diagnostic devices and related services. The company's key revenue streams include the direct sale of its flagship product, Nevisense, which is used for the early detection of melanoma and other skin cancers. Additionally, SciBase earns revenue from consumables associated with the use of its devices, as well as software and support services that accompany its diagnostic solutions. The company has established partnerships with healthcare institutions and dermatology clinics, which help expand its market reach and drive sales. Furthermore, ongoing research and development efforts aim to enhance product offerings and create new revenue opportunities through potential future products and applications in the dermatology space.

SciBase Holding AB Financial Statement Overview

Summary

Strong revenue momentum and solid gross margin (~66% TTM) are positives, but they are outweighed by very deep losses (TTM operating margin ~-177%, net margin ~-247%) and heavy cash burn (TTM operating/FCF about -76M). Low leverage (debt-to-equity ~0.01) helps reduce near-term balance-sheet risk, but negative returns (ROE ~-249%) and ongoing funding needs remain key concerns.

Income Statement

Revenue is scaling quickly, with TTM (Trailing-Twelve-Months) growth materially ahead of the last annual period, and gross margin remains solid (~66% TTM) indicating a viable product-level economics profile. However, profitability is deeply negative: operating losses are multiple times revenue (TTM operating margin roughly -177%), and the company continues to post large net losses (TTM net margin roughly -247%). Overall, the top-line trajectory is improving, but the current cost structure overwhelms the revenue base.

Balance Sheet

Leverage appears low, with very small debt relative to equity in TTM (debt-to-equity ~0.01) and also moderate/declining versus prior annual periods, which reduces financial risk. That said, returns remain sharply negative (TTM return on equity roughly -249%), reflecting ongoing losses and value dilution risk over time if losses persist. In short: balance sheet leverage is a strength, but profitability-driven erosion of equity is the key concern.

Cash Flow

Cash generation is weak: TTM (Trailing-Twelve-Months) operating and free cash flow are both strongly negative (about -76M), signaling continued cash burn to fund operations. While free cash flow tracks net income closely (FCF-to-net-income ~1.0), that is mainly because both are deeply negative rather than a sign of strength, and cash burn has worsened versus the last annual period. The business likely remains dependent on external financing until operating losses narrow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	36.58M	29.70M	23.25M	17.89M	11.73M	9.52M
Gross Profit	24.16M	21.08M	16.04M	11.23M	6.58M	5.00M
EBITDA	-64.01M	-57.59M	-51.83M	-39.33M	-38.58M	-32.19M
Net Income	-90.39M	-61.13M	-55.59M	-39.90M	-41.69M	-34.99M
Balance Sheet
Total Assets	53.98M	61.73M	64.33M	49.85M	85.46M	59.25M
Cash, Cash Equivalents and Short-Term Investments	24.76M	11.24M	34.12M	18.83M	65.61M	41.43M
Total Debt	326.00K	4.18M	6.80M	8.12M	2.86M	1.92M
Total Liabilities	20.50M	25.08M	21.28M	24.62M	14.66M	12.39M
Stockholders Equity	33.48M	36.65M	43.06M	25.24M	70.80M	46.86M
Cash Flow
Free Cash Flow	-76.60M	-57.81M	-52.37M	-44.85M	-40.12M	-34.16M
Operating Cash Flow	-76.30M	-57.38M	-51.98M	-44.47M	-39.50M	-33.86M
Investing Cash Flow	-210.00K	-428.00K	-383.00K	-381.00K	-526.00K	858.00K
Financing Cash Flow	76.64M	34.91M	67.68M	-2.48M	64.22M	47.90M

SciBase Holding AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.33
• 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:SCIB, the sentiment is Positive. The current price of 0.33 is above the 20-day moving average (MA) of 0.23, above the 50-day MA of 0.26, and above the 200-day MA of 0.29, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.47 is Neutral, neither overbought nor oversold. The STOCH value of 74.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SCIB.

SciBase Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	58 Neutral	kr103.88M	22.65	―	―	―	―
CLS.B	55 Neutral	kr237.80M	-4.46	-63.39%	―	14.18%	72.73%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NEOLA	45 Neutral	kr66.10M	-5.74	―	―	―	―
SCIB	44 Neutral	kr207.09M	-0.97	-253.54%	―	36.15%	26.67%
LXB	44 Neutral	kr64.68M	-3.02	-60.20%	―	163.12%	30.50%
ICO	42 Neutral	kr59.69M	-0.70	―	―	-45.59%	37.79%