ScandiDos AB (SDOS) AI Stock Analysis

• Market Cap: kr55.98M
• Dividend Yield: N/A
• Average Volume (3M): 69.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.39
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): <0.01
• Shares Outstanding: 57,011,086
• 10 Day Avg. Volume: 66,689
• 30 Day Avg. Volume: 69,692
• PEG Ratio: 0.00
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 0.95
• P/FCF Ratio: -21.18
• 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: 50 Neutral
• Price Target: kr0.98 ▼(-14.61% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held back primarily by weak financial performance: recurring losses and negative, worsening free cash flow despite stable revenue. Support comes from a low-debt balance sheet that reduces financial distress risk and moderately improving near-term technical momentum, but valuation remains challenged due to loss-making results.

Positive Factors

Conservative balance sheet with essentially no debt

A near-zero debt position reduces solvency and refinancing risk and provides financial flexibility. Over a multi-month horizon this conservatism preserves runway while the company addresses profitability, supports capital allocation choices, and lowers the probability of distress-driven asset sales or forced dilution.

Healthy gross margin (~55%)

A high gross margin indicates strong unit economics in the core QA product and software business. This durable product-level profitability can convert to operating profits if fixed costs and overhead are controlled, enabling margin recovery and scalable profitability as revenue stabilizes or grows.

Recurring revenue from service, support and software

Service and software contracts tied to an installed base create predictable, recurring cash streams and customer stickiness. Over 2-6 months this installed-base revenue can steady cash generation, support margin improvement, and provide a platform for cross-sell and upgrades that enhance long-term revenue visibility.

Negative Factors

Negative and deteriorating free cash flow

Sustained negative and worsening free cash flow indicates ongoing cash burn and limited internal funding capacity. Over months this restricts the company's ability to invest in R&D, commercialization, and service scaling without external financing, increasing dilution or financing risk and constraining strategic options.

Weak, volatile profitability and flat-to-down revenue

Persistent losses and volatile earnings reduce predictability for investors and management planning. Over 2-6 months this undermines the firm's ability to scale operations, attract investment on favorable terms, and convert strong product margins into sustainable net profits without demonstrable and consistent top-line recovery.

Small operating scale and recent revenue decline

A small team and slight negative revenue growth point to limited commercial scale relative to hospital procurement cycles. Over the medium term this constrains market coverage, slows sales adoption, and leaves the company vulnerable to losing key customers or slower installation cadence versus larger competitors with deeper sales and clinical infrastructure.

ScandiDos AB Business Overview & Revenue Model

Company Description

ScandiDos AB (publ) provides measurement systems and software designed for the QA and validation requirements of the new treatments implemented in clinics worldwide. The company offers Delta4 Family solution for pre treatment and at treatment dose verification covering various treatment technologies, such as VMAT, IMRT, SBRT, 4D-RT, and TomoTherapy; Delta4 Discover, a transmission detector that provides confidence and patient safety based on real time measurements; and Delta4 Phantom+, a system that offers accurate and verification of IMRT, VMAT, and TomoTherapy plans. It also provides HexaMotion, a motion management solution; Delta4DVH Anatomy, a software that verifies and analyzes the dose delivered in the patient anatomy; and Delta4 Machine QA, a software to perform QA with respect to rotation, start-up behavior, and dynamic beam modulation. The company was founded in 2005 and is headquartered in Uppsala, Sweden.

How the Company Makes Money

ScandiDos AB Financial Statement Overview

Summary

Income statement performance is weak (flat-to-down revenue, negative EBIT and net loss), and cash flow is negative with deteriorating free cash flow, indicating ongoing cash burn. The main offset is a conservative balance sheet with essentially no debt, which lowers solvency risk but does not fix the underlying profitability issue.

Income Statement

TTM (Trailing-Twelve-Months) revenue is roughly flat to slightly down (about -2.5%), and profitability remains weak with a small net loss and negative EBIT, despite a healthy gross margin (~55%). The longer-term record shows volatile results: near break-even in 2021, then deeply negative profitability in 2022–2025 annual periods (large negative net margins), suggesting execution and cost-structure challenges even though gross profit margins were strong in prior annual reports.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt in recent periods (0 debt-to-equity in the latest reports), which reduces financial risk and provides flexibility. However, shareholder returns are negative (negative return on equity across periods), reflecting that the equity base is not currently generating profits; assets and equity have also moved around year-to-year, consistent with an uneven earnings profile.

Cash Flow

Cash generation is inconsistent. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are negative, and free cash flow deteriorated sharply versus the prior period, indicating higher cash burn. While some years showed positive operating cash flow (and even positive free cash flow in 2021), other years were meaningfully negative (notably 2023), highlighting volatility and limited self-funding capacity at the current profitability level.

Breakdown	TTM	Apr 2024	Apr 2023	Apr 2023	Apr 2021	Apr 2021
Income Statement
Total Revenue	59.49M	60.43M	60.43M	61.55M	57.68M	59.99M
Gross Profit	32.52M	47.55M	47.55M	52.95M	47.92M	49.73M
EBITDA	571.00K	-5.79M	-13.36M	-8.26M	-7.11M	-1.58M
Net Income	-1.38M	-14.65M	-14.65M	-9.12M	-7.34M	-1.40M
Balance Sheet
Total Assets	68.29M	73.38M	81.47M	72.42M	66.19M	77.16M
Cash, Cash Equivalents and Short-Term Investments	5.70M	10.06M	1.53M	3.55M	6.24M	9.00M
Total Debt	0.00	0.00	0.00	0.00	0.00	83.00K
Total Liabilities	25.09M	28.40M	37.19M	30.77M	28.99M	31.98M
Stockholders Equity	43.19M	44.98M	44.29M	41.65M	37.20M	45.18M
Cash Flow
Free Cash Flow	-1.72M	-2.71M	-1.46M	-16.31M	-2.31M	4.08M
Operating Cash Flow	-1.10M	230.00K	1.49M	-11.90M	2.39M	8.64M
Investing Cash Flow	-1.72M	-2.94M	-2.94M	-4.37M	-4.77M	-4.63M
Financing Cash Flow	0.00	0.00	0.00	12.33M	-83.00K	-1.66M

ScandiDos 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	kr55.98M	-40.58	―	―	―	―