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Scandinavian Real Heart AB
(HEART)
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Rating:42Neutral
Price Target:
kr18.00
▼(-30.23% Downside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by weak financial performance: the company is effectively pre-revenue with persistent losses and sustained negative operating/free cash flow, indicating ongoing funding dependence; low leverage helps but declining equity raises dilution risk. Technicals are also soft (below key short- and mid-term moving averages with negative MACD), while valuation is constrained by negative earnings and no indicated dividend yield.
Positive Factors
Unmet medical need
The product addresses a severe condition with limited treatment options. If validated and approved, an artificial heart could serve patients who cannot receive a transplant or need an alternative to existing mechanical support.
Negative Factors
Pre-revenue business model
The company has not yet demonstrated a durable commercial ramp or repeatable customer demand. Until regulatory and commercialization milestones are reached, the investment case depends mainly on future execution rather than established operating revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Unmet medical need
The product addresses a severe condition with limited treatment options. If validated and approved, an artificial heart could serve patients who cannot receive a transplant or need an alternative to existing mechanical support.
Read all positive factors
Scandinavian Real Heart AB (HEART) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr155.08M
Dividend YieldN/A
Average Volume (3M)2.81K
Price to Earnings (P/E)―
Beta (1Y)-0.03
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees18
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-16.57
Shares Outstanding8,497,797
10 Day Avg. Volume3,529
30 Day Avg. Volume2,815
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.11
Price to Sales (P/S)0.00
P/FCF Ratio-4.20
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)N/A
Revenue Forecast (FY)kr42.00M
Scandinavian Real Heart AB Business Overview & Revenue Model
Company Description
Scandinavian Real Heart AB (Publ), a Swedish enterprise established in 2007, specializes in the innovation and production of artificial heart devices. The company's core focus is the Realheart TAH, a total artificial heart engineered specifically ...
How the Company Makes Money
Scandinavian Real Heart AB’s primary monetization path is the future commercialization of its artificial heart system (Realheart TAH) and associated components and services; however, specific, public, product-level revenue stream breakdowns are no...
Scandinavian Real Heart AB Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
56
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 10.00K | 0.00 |
| Gross Profit | 28.33M | -245.60K | -164.70K | -50.22M | 12.29M | 7.20M |
| EBITDA | -14.02M | -15.09M | -33.54M | -67.25M | -13.73M | -10.09M |
| Net Income | -38.87M | -35.50M | -34.35M | -67.98M | -13.99M | -10.48M |
Balance Sheet | ||||||
| Total Assets | 87.94M | 72.69M | 83.28M | 102.64M | 119.82M | 117.82M |
| Cash, Cash Equivalents and Short-Term Investments | 27.94M | 16.57M | 23.72M | 43.30M | 11.26M | 42.67M |
| Total Debt | 5.40M | 4.46M | 6.35M | 8.25M | 2.17M | 2.80M |
| Total Liabilities | 13.59M | 10.20M | 15.94M | 20.60M | 22.17M | 6.53M |
| Stockholders Equity | 74.35M | 62.49M | 67.34M | 82.04M | 97.65M | 111.29M |
Cash Flow | ||||||
| Free Cash Flow | -39.30M | -16.53M | -38.25M | -26.82M | -31.14M | -29.24M |
| Operating Cash Flow | -12.62M | -15.66M | -12.99M | -25.05M | -7.38M | -9.65M |
| Investing Cash Flow | -25.71M | -26.11M | -24.28M | -1.77M | -23.76M | -19.59M |
| Financing Cash Flow | 43.44M | 34.62M | 17.69M | 58.87M | -276.28K | 49.46M |
Scandinavian Real Heart AB Technical Analysis
Negative
25.80
Price Trends
19.53
Negative
19.36
Negative
16.63
Positive
Market Momentum
-0.40
Positive
41.54
Neutral
35.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HEART, the sentiment is Negative. The current price of 25.8 is above the 20-day moving average (MA) of 18.81, above the 50-day MA of 19.53, and above the 200-day MA of 16.63, indicating a neutral trend. The MACD of -0.40 indicates Positive momentum. The RSI at 41.54 is Neutral, neither overbought nor oversold. The STOCH value of 35.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HEART.
Scandinavian Real Heart AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr65.86B | 24.60 | 8.88% | 1.96% | -3.56% | 79.60% | |
71 Outperform | kr8.18B | 92.46 | 4.13% | ― | 8.79% | -20.48% | |
60 Neutral | kr386.73M | -80.27 | -3.61% | ― | 15.87% | 92.43% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | kr356.97M | -7.78 | -22.23% | ― | 6.49% | 25.03% | |
43 Neutral | kr263.98M | -6.91 | -100.09% | ― | 65.82% | 41.28% | |
42 Neutral | kr155.08M | -2.77 | -28.65% | ― | ― | ― |
* Healthcare Sector Average
SE:HEART
Scandinavian Real Heart AB
18.25
-0.83
-4.36%
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-3.62%
SE:MNTC
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13.75
1.00
7.84%
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.