Surgical Science Sweden AB (publ) SUS
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Full analysis: 6 Apr 2026
Latest news check: 2 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Wait for the Q1 report; consider a small add (up to ~10%) only after confirmed stabilization in license revenue/margins.
Strong balance sheet and structural growth outweigh uncertainty around 2026 revenue and margins until the Q2 report provides clarity.
Market sentiment
7/10
↑
Trend: Improving
Sentiment has strengthened further after Berenberg’s upgrade and Cervantes’ entry, with attention on undervaluation and downside protection.
Price context
At 34.58 SEK the share shows a 12.1 % weekly bounce driven by the analyst upgrade and activist involvement. The level still reflects uncertainty around license revenue but indicates the market is beginning to view downside as priced in.
Risk assessment
7/10
Dilution:
Low
Large net cash, no clear funding need
Jurisdiction:
Low
Sweden and Western markets dominate
Execution:
High
Must replace OEM loss and lift margins
Cash flow:
24 mo
Recent changes
- The company reported revenue of 235.5 MSEK and adjusted EBIT of 28.3 MSEK, with strong operating cash flow of +65.3 MSEK and cash of 667.7 MSEK.
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Show all changes (2) — follow the company freeAbout the company
Surgical Science Sweden AB develops VR-based simulators and software for surgical training, including robotic surgery, endoscopy and ultrasound. It sells to both education customers (hospitals/universities) and industry customers via OEM/license agreements. 2026 carries elevated uncertainty after an Intuitive-related arrangement ended, expected to reduce license revenue.
Sector:
MedTech – VR surgical training simulators
Type:
Other
Next report
19 Aug 2026
Q2
Catalysts
19 Aug 2026
Q2 2026 report
High
19 Aug 2026
Q2 2026: transition and synergies
Medium
Dec 2026
Visible Intuitive impact in full-year 2026
High
Horizon:
Bull case
Oversold share with strong net cash provides downside protection and room for margin improvement through cost control.
Bear case
License revenue risks falling 60–90 MSEK in 2026 once the Intuitive impact fully materializes.
Signal rationale (informational)
Strong balance sheet and structural growth outweigh uncertainty around 2026 revenue and margins until the Q2 report provides clarity.
Recent news
- Berenberg upgraded its recommendation to buy with a 45 SEK target on 24 July. Activist fund Cervantes Capital has taken a stake in the company. The share has risen 12.1 % in a week to 34.58 SEK.
Key figures
Revenue
Q1 2026
SEK 236M
Net income
Q1 2026
SEK 18.6M
Cash
Q1 2026
SEK 668M
Gross margin
Q1 2026
66.0%
Price & valuation
Last close
SEK 38.52
1 week
+9.7 %
3 months
+18.4 %
Exchange
First North
Sector
MedTech – VR surgical training simulators
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.