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Surgical Science Sweden AB
(SUS)
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Rating:73Outperform
Price Target:
kr54.00
▲(3.65% Upside)
Action:Reiterated
Date:08/20/26
The score is supported by solid underlying financial resilience (notably the strong, debt-free balance sheet) and a constructive earnings update showing strong growth and margin delivery at the 15% target. Offsetting this, profitability and returns have recently compressed versus earlier peaks, valuation is rich (high P/E), and technical momentum is strong but stretched, increasing pullback risk.
Positive Factors
Strong growth and recurring license momentum
Rapid license growth and rising mix support a more scalable revenue model than hardware alone. Broader adoption across robotics customers can deepen recurring content relationships and improve revenue quality over the next several quarters.
Negative Factors
Profitability and growth have cooled from prior peaks
The longer-term slowdown in growth and margin compression indicate that recent performance has not fully preserved earlier economics. Sustained recovery depends on converting operational improvements and product expansion into durable earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong growth and recurring license momentum
Rapid license growth and rising mix support a more scalable revenue model than hardware alone. Broader adoption across robotics customers can deepen recurring content relationships and improve revenue quality over the next several quarters.
Read all positive factors
Surgical Science Sweden AB (SUS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.66B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)28.1
Beta (1Y)0.68
Revenue Growth8.40%
EPS Growth0.74%
CountrySE
Employees317
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)1.83
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 Upside-13.63% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.06
Revenue Forecast (FY)kr986.87M
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:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial picture: robust top-line growth (Q2 revenues +22% reported, +25% local), strong license momentum (+44% YoY), improved gross margin (69%) and adjusted EBIT at target (15%). Management highlighted strategic investments (Tel Aviv production, Hong Kong service hub), product launches, and a broadening robotics customer base. Key risks are acknowledged: China headwinds, lumpy license and development revenues, currency-related revaluation losses, and working-capital timing effects. Management expects the Intuitive revenue impact to be smaller than previously estimated but retains caution on full-year visibility. Overall, positives significantly outweigh the negatives, while some timing and currency uncertainties remain.Positive Updates
Strong Revenue Growth
Q2 revenue SEK 255 million, up 22% reported and 25% in local currencies; first half revenues up 7% reported and 11% in local currencies.
Negative Updates
China Market Headwinds
Sales in China declined versus prior year due to structural headwinds from government support for local manufacturers; management is investing in local presence but expects this to be a multi-quarter effort.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Q2 revenue SEK 255 million, up 22% reported and 25% in local currencies; first half revenues up 7% reported and 11% in local currencies.
Read all positive updates
Company Guidance
The company reiterated its financial ambition to reach at least a 15% adjusted EBIT margin (adjusted EBIT was SEK 38m or 15% in Q2 and SEK 77m or 15% for H1), reported Q2 revenue of SEK 255m (+22% reported, +25% in local currencies) with license revenues of SEK 85m (+44% YoY, ~33% of Q2 sales), and a gross margin of 69% (vs 65% a year ago); cash was SEK 658m with no debt and operating cash flow for H1 SEK 81m (Q2 operating cash flow SEK 15m). Looking forward management guided that April price increases and operational improvements (including the new Tel Aviv production facility) should continue to lift simulator profitability and that the U.S. industry sales reorganization will show effects in H2 2026, while noting license and development revenues are lumpy and that the expected 2026 revenue loss vs. Intuitive (previously estimated at SEK 60–90m) should be below that range; they said longer‑term targets could be raised only after sustained delivery across quarters.Surgical Science Sweden AB Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
86
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.02B | 992.34M | 884.09M | 882.85M | 802.54M | 366.78M |
| Gross Profit | 636.39M | 576.90M | 597.90M | 612.88M | 531.52M | 265.94M |
| EBITDA | 244.93M | 192.34M | 224.29M | 324.53M | 271.30M | 115.05M |
| Net Income | 93.14M | 66.82M | 131.65M | 233.97M | 187.97M | 86.25M |
Balance Sheet | ||||||
| Total Assets | 4.97B | 4.69B | 5.48B | 4.70B | 4.65B | 3.98B |
| Cash, Cash Equivalents and Short-Term Investments | 658.39M | 616.42M | 968.15M | 634.37M | 433.73M | 316.68M |
| Total Debt | 2.86M | 78.86M | 292.35M | 40.02M | 14.68M | 12.07M |
| Total Liabilities | 420.02M | 418.31M | 651.03M | 357.46M | 413.11M | 393.06M |
| Stockholders Equity | 4.55B | 4.27B | 4.83B | 4.35B | 4.24B | 3.59B |
Cash Flow | ||||||
| Free Cash Flow | 106.05M | 68.12M | 89.69M | 194.16M | 94.94M | 24.71M |
| Operating Cash Flow | 149.13M | 79.80M | 137.22M | 238.29M | 129.49M | 39.08M |
| Investing Cash Flow | -65.81M | -134.25M | -47.53M | -44.13M | -34.55M | -2.73B |
| Financing Cash Flow | -28.33M | -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 |
|---|---|---|---|---|---|---|---|
73 Outperform | kr2.66B | 28.14 | ― | ― | 8.40% | 0.74% | |
69 Neutral | kr2.06B | 27.70 | ― | ― | 25.46% | 39.03% | |
68 Neutral | kr6.19B | 30.26 | 23.62% | 2.35% | 1.42% | 10.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr131.71M | -1.39 | ― | ― | -14.52% | -18.45% | |
42 Neutral | kr427.57M | -8.19 | ― | ― | -2.61% | -0.28% | |
41 Neutral | kr506.83M | -7.52 | ― | ― | ― | -23.57% |
* General 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.