Surgical Science Sweden AB (SE:SUS)
:SUS
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Surgical Science Sweden AB
(SUS)
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Rating:67Neutral
Price Target:
kr40.00
▼(-52.66% Downside)
Action:ReiteratedDate:02/20/26
The score is supported primarily by strong financial resilience (very low leverage) and continued profitability, but capped by weakened earnings/cash-flow consistency and a mixed-to-weak technical setup. Earnings-call outlook is balanced: progress in licensing, pricing and cost actions is offset by meaningful 2026 revenue uncertainty from the Intuitive MoU cancellation. Valuation appears reasonable but not clearly compelling at ~21x earnings without dividend support.
Positive Factors
Balance-sheet strength
An equity-heavy capital structure and very low leverage materially reduce refinancing and solvency risk, providing durable financial flexibility. This supports multi-year investments, M&A optionality, and the ability to absorb revenue volatility without stressing liquidity or forcing short-term cost cuts.
Negative Factors
Intuitive MoU cancellation
Loss of a large anticipated robotics partner creates a meaningful, multi-figure revenue hole and reduces visibility for 2026. This structural customer setback slows planned license growth, increases dependency on other OEMs, and raises execution risk for hitting multi-year sales targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
An equity-heavy capital structure and very low leverage materially reduce refinancing and solvency risk, providing durable financial flexibility. This supports multi-year investments, M&A optionality, and the ability to absorb revenue volatility without stressing liquidity or forcing short-term cost cuts.
Read all positive factors
Surgical Science Sweden AB (SUS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.69B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)12.5
Beta (1Y)0.48
Revenue Growth12.25%
EPS Growth-49.24%
CountrySE
Employees274
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)1.31
Shares Outstanding51,026,237
10 Day Avg. Volume583,608
30 Day Avg. Volume1,614,194
Financial Highlights & Ratios
PEG Ratio-0.50
Price to Book (P/B)0.39
Price to Sales (P/S)1.67
P/FCF Ratio24.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.98
Revenue Forecast (FY)kr995.58M
Surgical Science Sweden AB Business Overview & Revenue Model
Company Description
Surgical Science Sweden AB (publ) develops and markets virtual reality (VR) simulators for evidence-based laparoscopic and endoscopic training. It offers LapSim training system comprising LapSim ST develops to train surgical technologists and surg...
How the Company Makes Money
Surgical Science generates revenue primarily by selling simulation systems and related software used for medical training and skills development. Its revenue model typically includes (1) system sales (hardware simulators and associated platforms),...
Surgical Science Sweden AB Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The call presented a mix of clear operational and commercial progress (record license revenue, FX-adjusted sales growth, strong Americas rebound, price increases, larger development pipeline, healthy cash position and Q4 profitability in line with targets) alongside material near-term headwinds (the Intuitive dV5 MOU cancellation with an estimated SEK 60–90m 2026 revenue impact, full-year margin decline vs prior year, IU integration losses and significant declines in certain simulator sales, and notable FX pressure). The company emphasized strategy execution, pipeline strength and cost actions, but the Intuitive-related revenue uncertainty and full-year profitability erosion are sizable concerns for 2026.Positive Updates
Quarterly Sales Growth (FX-adjusted)
Q4 sales of SEK 269 million, up 15% in local currencies (7% reported). Full-year sales SEK 992 million, up 12% reported (19% in local currencies).
Negative Updates
Cancellation of Intuitive MOU — Major 2026 Headwind
Intuitive cancelled the memorandum of understanding on dV5 installations; company estimates a negative impact on 2026 license revenues of SEK 60–90 million and has low visibility on future attach rates, creating significant near-term revenue uncertainty.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Sales Growth (FX-adjusted)
Q4 sales of SEK 269 million, up 15% in local currencies (7% reported). Full-year sales SEK 992 million, up 12% reported (19% in local currencies).
Read all positive updates
Company Guidance
Management reiterated its new financial targets of annual sales growth of 10–15% and profitability >15% and said Q4 was “in line” with these goals (Q4 sales SEK 269m, +7% reported / +15% in local currencies; license revenue a record SEK 92m, +21% YoY; license share 34% vs 30% a year ago). They warned of a SEK 60–90m negative impact on 2026 license revenue from Intuitive’s cancellation of the dV5 MoU, but expect continued robotics momentum (20 robotics customers overall, ~5 transacting in Q4) and a growing robotics pipeline (RobotiX Express with 14 exercises launched). Management also expects further pricing benefits after a ~9% average price increase in Q4 versus Q4 2024, product launches from the Surgical Science–Intelligent Ultrasound platform in Q1, and improved profitability from realized cost savings (IU-related savings GBP 2.5m realized vs target GBP 1.5–2m). Key financial context: full-year sales SEK 992m (+12% / +19% LC), adjusted EBIT Q4 SEK 46m (adjusted EBIT margin ~18%), Q4 operating profit SEK 40m (15% margin), gross margin 66% (vs 68%; FX ~−2.3pp; FY FX effect −SEK 38m), Q4 operating cash flow SEK 73m and year-end cash SEK 616m, with management expecting cash flow to broadly follow profits and no major structural capex (Q4 capex ~SEK 3m).Surgical Science Sweden AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 992.34M | 884.09M | 882.85M | 802.54M | 366.78M |
| Gross Profit | 576.90M | 597.90M | 612.88M | 531.52M | 265.94M |
| EBITDA | 192.34M | 224.29M | 324.53M | 271.30M | 115.05M |
| Net Income | 66.82M | 131.65M | 233.97M | 187.97M | 86.25M |
Balance Sheet | |||||
| Total Assets | 4.69B | 5.48B | 4.70B | 4.65B | 3.98B |
| Cash, Cash Equivalents and Short-Term Investments | 616.42M | 968.15M | 634.37M | 433.73M | 316.68M |
| Total Debt | 1.63M | 292.35M | 40.02M | 14.68M | 12.07M |
| Total Liabilities | 418.31M | 651.03M | 357.46M | 413.11M | 393.06M |
| Stockholders Equity | 4.27B | 4.83B | 4.35B | 4.24B | 3.59B |
Cash Flow | |||||
| Free Cash Flow | 68.12M | 89.69M | 194.16M | 94.94M | 24.71M |
| Operating Cash Flow | 79.80M | 137.22M | 238.29M | 129.49M | 39.08M |
| Investing Cash Flow | -134.25M | -47.53M | -44.13M | -34.55M | -2.73B |
| Financing Cash Flow | -259.68M | 227.65M | 15.85M | 17.09M | 2.92B |
Surgical Science Sweden AB Technical Analysis
Neutral
84.50
Price Trends
30.47
Positive
32.82
Positive
69.59
Negative
Market Momentum
1.19
Negative
73.21
Negative
92.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SUS, the sentiment is Neutral. The current price of 84.5 is above the 20-day moving average (MA) of 31.95, above the 50-day MA of 30.47, and above the 200-day MA of 69.59, indicating a neutral trend. The MACD of 1.19 indicates Negative momentum. The RSI at 73.21 is Negative, neither overbought nor oversold. The STOCH value of 92.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SUS.
Surgical Science Sweden AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr9.01B | 49.68 | 1.20% | ― | -2.39% | -46.09% | |
67 Neutral | kr1.69B | 12.47 | ― | ― | 12.25% | -49.24% | |
64 Neutral | kr1.14B | 19.50 | 6.93% | ― | -8.92% | -8.33% | |
59 Neutral | kr1.90B | -17.55 | 167.77% | ― | 29.80% | 25.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr637.80M | -25.75 | -2.52% | ― | -10.66% | 73.69% | |
48 Neutral | kr727.12M | -7.33 | -36.55% | ― | 48.53% | 17.86% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.