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Surgical Science Sweden AB
(SUS)
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Rating:71Outperform
Price Target:
kr37.00
▲(19.97% Upside)
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
Strong Balance Sheet
The company's exceptionally conservative balance sheet — near-zero debt (debt-to-equity ~0.0004) and net cash (SEK 668m) — provides durable financial flexibility. This lowers solvency risk, funds capex and R&D, and allows the firm to absorb industry or FX shocks without needing external financing, supporting longer-term strategic initiatives and operational resilience.
Negative Factors
Material FX Exposure
About 70% of revenues are USD-denominated, so currency swings exert a durable influence on reported top-line and margins. Recent USD weakness cut reported sales and trimmed gross margin by ~2.2 percentage points. Persistent FX volatility can meaningfully depress reported profitability and cash flows across multiple quarters, complicating forecasting and margin management.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balance Sheet
The company's exceptionally conservative balance sheet — near-zero debt (debt-to-equity ~0.0004) and net cash (SEK 668m) — provides durable financial flexibility. This lowers solvency risk, funds capex and R&D, and allows the firm to absorb industry or FX shocks without needing external financing, supporting longer-term strategic initiatives and operational resilience.
Read all positive factors
Surgical Science Sweden AB (SUS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.76B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)33.6
Beta (1Y)0.68
Revenue Growth3.23%
EPS Growth-63.00%
CountrySE
Employees317
SectorGeneral
Sector StrengthN/A
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 Target
kr45.00Price Target Upside45.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.92
Revenue Forecast (FY)kr986.35M
Surgical Science Sweden AB Business Overview & Revenue Model
Company Description
Surgical Science Sweden AB (publ) specializes in the creation and distribution of virtual reality (VR) simulation platforms designed for evidence-backed training in laparoscopic and endoscopic procedures. Among its key offerings is the LapSim trai...
How the Company Makes Money
Surgical Science primarily makes money by selling simulation and training solutions to customers such as hospitals, universities/teaching institutions, and medical device companies. Key revenue streams typically include: (1) Product/system sales: ...
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 | 157.16M | 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 | 78.86M | 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 Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr1.76B | 33.57 | ― | ― | 3.23% | -63.00% | |
70 Outperform | kr1.24B | 24.84 | 14.08% | 0.26% | -0.27% | 93.40% | |
69 Neutral | kr8.31B | 93.88 | 4.13% | ― | 8.79% | -20.48% | |
62 Neutral | kr1.96B | 8.95 | 38.53% | ― | 26.85% | -18.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr583.48M | -69.38 | -2.84% | ― | -13.72% | 52.47% | |
50 Neutral | kr581.70M | -5.21 | -37.43% | ― | 27.40% | 26.07% |
* General Sector Average
SE:SUS
Surgical Science Sweden AB
37.10
-62.75
-62.84%
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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.