Scandinavian Real Heart AB (HEART) AI Stock Analysis

Scandinavian Real Heart AB

(Nasdaq OMX AB:HEART)

Select Model

Rating:47Neutral

Price Target:SEK 16.00▼(-3.03% Downside)

Action:reiterated

Date:09/23/26

The overall score is driven primarily by very weak financial performance, with persistent losses, no revenue, and worsening cash burn despite a remaining equity buffer and low leverage. Technicals contribute a moderate, neutral influence as the share trades around key moving averages with low volatility and mildly negative momentum. Valuation further weighs on the score because the negative P/E and lack of dividends leave the stock highly dependent on uncertain future success, resulting in a speculative risk profile.

Positive Factors

Modest LeverageLow leverage provides some financial flexibility because relatively limited debt reduces fixed repayment pressure and interest-related strain. This may help the company direct available funding toward development and regulatory work, although continued losses could still weaken that flexibility over time.

Negative Factors

Pre-Revenue ProfileThe company has not yet demonstrated a stable commercial revenue stream, leaving its business model dependent on future product approval, adoption, and commercialization. Until that transition occurs, operating performance cannot be supported by recurring sales or established customer demand.

Scandinavian Real Heart AB (HEART) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 142.76M
Dividend Yield: ―
Average Volume (3M): 3,767
Price to Earnings (P/E): -2.4
Beta (1Y): 0.16
Revenue Growth: ―
EPS Growth: ―
Country: Sweden
Employees: 18
Sector: Healthcare
Sector Strength: 51
Industry: Medical - Devices

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 to...

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 not a...

Scandinavian Real Heart AB Financial Statement Overview

Summary

Financial performance is weak, with no revenue from 2020-2025, deepening net losses, and accelerating negative operating and free cash flow, partially offset by a still-positive equity base and low debt levels.

Income Statement

12Very Negative

Balance Sheet

45Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0	0	0	0	10.00K	0
Gross Profit	28.33M	-245.60K	-164.70K	-50.22M	12.29M	7.20M
EBITDA	-14.03M	-15.10M	-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

Technical Analysis SentimentNegative

Last Price16.50

Price Trends

50DMA17.76Negative

100DMA19.07Negative

200DMA17.34Negative

Market Momentum

MACD-0.36Positive

RSI45.83Neutral

STOCH44.00Neutral

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 16.50 is below the 20-day moving average (MA) of 17.29, below the 50-day MA of 17.76, and below the 200-day MA of 17.34, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 45.83 is Neutral, neither overbought nor oversold. The STOCH value of 44.00 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

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

SE:HEART against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:GETI.B	67Neutral	SEK 75.64B	26.73	9.13%	1.71%	-3.90%	37.73%
SE:XVIVO	64Neutral	SEK 6.46B	50.12	5.89%	―	17.83%	330.94%
SE:MNTC	58Neutral	SEK 435.95M	-90.48	-3.61%	―	15.87%	92.43%
SE:BRAIN	53Neutral	SEK 410.67M	-8.95	-22.23%	―	6.49%	25.03%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SE:HEART	47Neutral	SEK 142.76M	-2.37	-54.68%	―	―	―
SE:ACARIX	40Underperform	SEK 223.04M	-5.29	-100.09%	―	65.82%	41.28%

* Healthcare Sector Average

Performance Comparison

SE:HEART and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:HEART	Scandinavian Real Heart AB	16.80	1.90	12.78%
SE:GETI.B	Getinge AB (UK)	277.70	61.51	28.45%
SE:XVIVO	Xvivo Perfusion AB	205.00	27.80	15.69%
SE:ACARIX	Acarix AB	0.18	-0.09	-32.96%
SE:BRAIN	BrainCool AB	1.04	0.49	88.07%
SE:MNTC	Mentice AB	15.50	6.10	64.89%

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.

Date of analysis: Sep 23, 2026

Scandinavian Real Heart AB AI Stock Analysis