Surgical Science Sweden AB (SE:SUS)
:SUS
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Surgical Science Sweden AB
(SUS)
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Rating:71Outperform
Price Target:
kr37.00
▼(-56.21% Downside)
Action:Upgraded
Date:05/21/26
The score is driven primarily by low financial risk from an exceptionally strong, debt-free balance sheet and still-positive cash generation, tempered by recent margin compression and slightly declining TTM revenue. Valuation is supportive with a low P/E, while the earnings call was constructive on margin recovery but highlighted meaningful 2026 license and FX headwinds. Technically, near-term momentum has improved but the longer-term trend remains weak versus the 200-day average.
Positive Factors
Exceptionally strong, debt-free balance sheet
Near-zero leverage and a sizeable net cash position provide lasting financial flexibility. This lowers solvency risk, funds strategic investments (R&D, production facility) without external financing, and cushions the business against cyclical or FX shocks over the medium term.
Negative Factors
Material 2026 license revenue headwind from Intuitive
A predictable but sizeable contract-driven revenue reduction will erode recurring license income in 2026, pressuring reported revenue and margins. Offsetting this requires new customer wins or higher penetration with other robotics partners, a multi-quarter structural adjustment.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptionally strong, debt-free balance sheet
Near-zero leverage and a sizeable net cash position provide lasting financial flexibility. This lowers solvency risk, funds strategic investments (R&D, production facility) without external financing, and cushions the business against cyclical or FX shocks over the medium term.
Read all positive factors
Surgical Science Sweden AB (SUS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.70B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)34.4
Beta (1Y)0.64
Revenue Growth3.23%
EPS Growth-63.00%
CountrySE
Employees274
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)1.03
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)1.97
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 primarily makes money by selling and licensing simulation software and training solutions used to educate and assess surgeons and clinical staff. Key revenue streams include: (1) Sales of surgical simulation products and associate...
Surgical Science Sweden AB Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented a mixed but fundamentally constructive picture: operational performance and underlying demand appear healthy (underlying revenue +4%, strong cash generation SEK 65m, FX-adjusted adjusted EBIT ~16%), product launches and geographic momentum (notably EMEA/U.K. and ultrasound) support the growth thesis, and the robotics pipeline is expanding beyond a single customer. Main negatives are short-term and largely external: a material FX headwind (USD weakness), a known commercial reversion with Intuitive that will depress 2026 license revenues (estimated SEK 60–90m impact), and structural challenges in China and timing-related softness in Americas and some industry projects. On balance, the highlights outnumber the lowlights and management reiterated confidence in strategy and targets for 2027.Positive Updates
Underlying Revenue Growth After FX Adjustment
Reported sales were down 6% to ~SEK 235–236 million, but underlying business grew by 4% after stripping out a significant currency headwind (USD weakness).
Negative Updates
Currency Headwind Significantly Hurt Reported Results
USD weakness was a major headwind — Q1 USD rate was ~14% lower YoY — with c.70% of revenues denominated in USD. Currency effects reduced gross margin and depressed reported sales by ~6% (while underlying growth was +4%). Management estimated FX effects reduced gross margin by ~2.2 percentage points and contributed to reported gross margin of 66% (vs 69% comparable).
Read all updates
Q1-2026 Updates
Positive
Negative
Underlying Revenue Growth After FX Adjustment
Reported sales were down 6% to ~SEK 235–236 million, but underlying business grew by 4% after stripping out a significant currency headwind (USD weakness).
Read all positive updates
Company Guidance
The company reiterated near-term guidance focused on margin recovery and a SEK 60–90 million headwind to 2026 license revenues versus 2025 (driven by the Intuitive commercial reversion), while expecting to reach its financial targets in 2027; Q1 specifics underpinning that view were: reported sales down 6% to SEK 235–236m (underlying +4% ex-currency), Edu 55% / Indu 45% of sales, Edu +6% (14% in local currencies) and EMEA >80% growth, Americas -24% (-10% ex-FX) and APAC -25% (China drag); license revenue SEK 68m (vs SEK 84m LY; -8% FX-adjusted), simulator sales SEK 20m and development revenue SEK 14m; adjusted EBIT SEK 28m (12%) or SEK 42m (16%) FX-adjusted, EBIT SEK 23m (10%) or SEK 36m (14%) FX-adjusted, gross margin 66% (vs 69% comparable; ~2.2 pp FX drag), operating cash flow SEK 65m, net cash SEK 668m, net profit SEK 19m (tax SEK 3m), 317 employees, April price increase implemented and a new Tel Aviv production facility due Q2 (SEK 6m invested in Q1) to help lower unit costs.Surgical Science Sweden AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 977.13M | 992.34M | 884.09M | 882.85M | 802.54M | 366.78M |
| Gross Profit | 616.80M | 576.90M | 597.90M | 612.88M | 531.52M | 265.94M |
| EBITDA | 130.26M | 192.34M | 224.29M | 324.53M | 271.30M | 115.05M |
| Net Income | 52.21M | 66.82M | 131.65M | 233.97M | 187.97M | 86.25M |
Balance Sheet | ||||||
| Total Assets | 4.80B | 4.69B | 5.48B | 4.70B | 4.65B | 3.98B |
| Cash, Cash Equivalents and Short-Term Investments | 667.73M | 616.42M | 968.15M | 634.37M | 433.73M | 316.68M |
| Total Debt | 2.15M | 1.63M | 292.35M | 40.02M | 14.68M | 12.07M |
| Total Liabilities | 388.73M | 418.31M | 651.03M | 357.46M | 413.11M | 393.06M |
| Stockholders Equity | 4.42B | 4.27B | 4.83B | 4.35B | 4.24B | 3.59B |
Cash Flow | ||||||
| Free Cash Flow | 102.33M | 68.12M | 89.69M | 194.16M | 94.94M | 24.71M |
| Operating Cash Flow | 150.05M | 79.80M | 137.22M | 238.29M | 129.49M | 39.08M |
| Investing Cash Flow | -56.63M | -134.25M | -47.53M | -44.13M | -34.55M | -2.73B |
| Financing Cash Flow | -29.11M | -259.68M | 227.65M | 15.85M | 17.09M | 2.92B |
Surgical Science Sweden AB Technical Analysis
Positive
84.50
Price Trends
33.61
Positive
31.43
Positive
52.36
Negative
Market Momentum
0.37
Positive
52.55
Neutral
21.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SUS, the sentiment is Positive. The current price of 84.5 is above the 20-day moving average (MA) of 34.75, above the 50-day MA of 33.61, and above the 200-day MA of 52.36, indicating a neutral trend. The MACD of 0.37 indicates Positive momentum. The RSI at 52.55 is Neutral, neither overbought nor oversold. The STOCH value of 21.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | kr8.74B | 119.84 | 1.20% | ― | -2.39% | -46.09% | |
71 Outperform | kr1.70B | 34.40 | ― | ― | 3.23% | -63.00% | |
64 Neutral | kr1.15B | 39.15 | 6.93% | ― | -8.92% | -8.33% | |
62 Neutral | kr1.91B | 8.55 | 167.77% | ― | 26.85% | -18.05% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr572.97M | -63.40 | -2.52% | ― | -19.24% | 64.78% | |
47 Neutral | kr677.60M | -5.60 | -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.