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1. Company Snapshot

1.a. Company Description

Surgical Science Sweden AB (publ) develops and markets virtual reality (VR) simulators for evidence-based laparoscopic and endoscopic training.It offers LapSim training system comprising LapSim ST develops to train surgical technologists and surgical assistants; and LapSim essence, a portable and ready-to-use VR simulator.The company also provides EndoSim system, an endoscopy simulator that delivers medical simulation training; TeamSim, a dynamic platform for inter-professional education development taking surgery simulation into the real world teamwork; Simball Box, which offers feedback on velocity with tutorial task videos showing a preferred approach; simbionix simulators; and robotic surgery simulators.


Surgical Science AB was founded in 1999 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on SUS

Surgical Science Sweden AB (publ) faces challenges amidst mixed European market performance. Despite dovish signals from the US Federal Reserve, which typically boosts growth stocks, the company's recent momentum is hindered. Insiders' confidence, often a positive indicator, is overshadowed by prevailing market conditions. With European growth companies under scrutiny, Surgical Science's ability to navigate these headwinds will be crucial. Recent earnings releases have not provided a significant boost, and the company's strategic direction is being closely watched by investors.

1.c. Company Highlights

2. Surgical Science's Q4 2025 Earnings: A Strong Performance Amidst Challenges

Surgical Science reported Q4 2025 sales of SEK 269 million, a 7% increase, or 15% when adjusted for currency effects. The license revenues from robotics companies reached an all-time high of SEK 92 million, a 21% increase. The adjusted EBIT was SEK 46 million or 17%. The earnings per share (EPS) came out at 0.652, beating analyst estimates of 0.5. For the full year 2025, sales were SEK 992 million, up 12% or 19% in local currencies.

Publication Date: 08:28

📋 Highlights
  • Robotics License Revenue Surge: License revenues from robotics companies hit SEK 92 million, up 21% YoY, driven by major clients like Intuitive and Medtronic.
  • Currency-Adjusted Sales Growth: Q4 2025 sales rose 7% to SEK 269 million, with adjusted growth of 15% due to favorable currency effects.
  • Restructuring Savings: U.S. operations restructuring saved GBP 2.5 million, exceeding initial targets of GBP 1.5–2 million, despite a SEK 5 million loss in Intelligent Ultrasound.
  • Ultrasound Segment Disparity: Sales increased 48% but missed growth targets due to structural issues in the direct sales force, despite three new simulation modules launched.
  • Future Risks from Intuitive MoU Termination: The termination is projected to cost SEK 60–90 million in 2026, impacting dV5 simulation integration and attach rates.

Segmental Performance

The Educational Products segment saw mixed performance, with 4% growth driven by North and South America's 43% increase, while Asia declined 21% due to China's challenging market. The Ultrasound segment experienced high activity, with sales up 48%, but didn't meet growth expectations due to structural challenges in the direct sales force. The Robotics segment had a strong quarter, with license revenue growth of 21% to SEK 92 million.

Operational Highlights

The company introduced its PartnerPath distributor program to improve cooperation and efficiency with partners. The U.S. operations were restructured in Q4, resulting in the closure of the Seattle office and termination of development personnel, with a few roles still working remotely. The restructuring led to cost reductions of GBP 2.5 million, exceeding the target of GBP 1.5-2 million.

Outlook and Valuation

The company is optimistic about the future, driven by growing demand for training, digitalization, and complex healthcare needs. Surgical Science is targeting 10-15% annual sales growth with over 15% profitability. With a current P/E Ratio of 25.87 and EV/EBITDA of 8.48, the market is pricing in a certain level of growth. The company's strong brand, effective sales channels, and extensive medical expertise position it well for future growth.

Challenges Ahead

The termination of the memorandum of understanding with Intuitive will have a negative impact of SEK 60-90 million in 2026. The company expects to see a continued rapid development in a dynamic market, with a new strategy to create a stronger, more efficient, and more profitable company. Intelligent Ultrasound (IU) losses are declining, and the company expects to continue improving profitability through sales efficiency, product development, and production improvements.

3. NewsRoom

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Surgical Science Sweden AB (SUSRF) Q4 2025 Earnings Call Highlights: Navigating Growth Amidst ...

Feb -19

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Surgical Science Sweden (OM:SUS): Assessing Valuation After Intuitive Withdraws Agreement and 2026 Targets Are Pulled

Nov -30

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Can Surgical Science Sweden's (OM:SUS) Rising Sales Offset Margin Pressure in Its Evolving Strategy?

Nov -27

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European Growth Companies With High Insider Ownership

Nov -20

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Looking at the Narrative for Surgical Science Sweden After Analyst Price Target Revisions

Nov -15

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Surgical Science Sweden AB (SUSRF) Q3 2025 Earnings Call Highlights: Record Sales Amidst ...

Nov -13

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European Growth Stocks With Significant Insider Stakes

Oct -22

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European Growth Companies With Insider Ownership Up To 35%

Sep -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.69%)

6. Segments

Educational Products

Expected Growth: 10.55%

Surgical Science Sweden AB's 10.55% growth in Educational Products is driven by increasing demand for simulation-based training, expansion into new markets, and strategic partnerships with medical institutions. Additionally, the company's focus on innovative product development, such as virtual reality and artificial intelligence-based solutions, is attracting new customers and increasing revenue.

Industry / OEM

Expected Growth: 10.88%

Surgical Science Sweden AB's 10.88% growth is driven by increasing demand for simulation-based training in the healthcare industry, expansion into new markets, and strategic partnerships with OEMs. The company's innovative products and services, such as laparoscopic and endoscopic simulators, are also contributing to its growth.

7. Detailed Products

Simbionix LAP Mentor

A laparoscopic simulator designed to provide a realistic and immersive training experience for surgeons, allowing them to practice and improve their laparoscopic skills in a safe and controlled environment.

Simbionix GI Mentor

An endoscopy simulator that mimics real-life procedures, enabling healthcare professionals to practice and improve their endoscopic skills in a realistic and controlled environment.

Simbionix Uro Mentor

A urology simulator that provides a realistic and immersive training experience for urologists, allowing them to practice and improve their skills in procedures such as TURP and ureteroscopy.

Simbionix Robotic Surgery Simulator

A robotic surgery simulator that provides a realistic and immersive training experience for surgeons, allowing them to practice and improve their robotic surgery skills in a safe and controlled environment.

Simbionix Endovascular Simulator

An endovascular simulator that provides a realistic and immersive training experience for interventional radiologists and cardiologists, allowing them to practice and improve their endovascular skills in a safe and controlled environment.

8. Surgical Science Sweden AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for Porter Forces of Surgical Science Sweden AB (publ) as there are some alternative products available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers is low for Porter Forces of Surgical Science Sweden AB (publ) as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Porter Forces of Surgical Science Sweden AB (publ) as the company relies on a few key suppliers, but they do not have significant bargaining power.

Threat Of New Entrants

The threat of new entrants is high for Porter Forces of Surgical Science Sweden AB (publ) as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high for Porter Forces of Surgical Science Sweden AB (publ) as the market is highly competitive and there are many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.21%
Debt Cost 3.95%
Equity Weight 98.79%
Equity Cost 8.54%
WACC 8.48%
Leverage 1.23%

11. Quality Control: Surgical Science Sweden AB (publ) passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Nexus

A-Score: 5.0/10

Value: 1.9

Growth: 7.1

Quality: 7.8

Yield: 0.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Equasens

A-Score: 4.7/10

Value: 4.0

Growth: 4.9

Quality: 7.5

Yield: 3.8

Momentum: 5.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
CompuGroup Medical

A-Score: 4.4/10

Value: 4.5

Growth: 4.3

Quality: 4.1

Yield: 0.6

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Cegedim

A-Score: 4.3/10

Value: 8.9

Growth: 3.7

Quality: 2.7

Yield: 0.0

Momentum: 3.5

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
SOPHiA GENETICS

A-Score: 3.7/10

Value: 6.8

Growth: 4.6

Quality: 4.1

Yield: 0.0

Momentum: 6.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Surgical Science Sweden

A-Score: 3.0/10

Value: 4.6

Growth: 7.7

Quality: 5.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

32.98$

Current Price

32.98$

Potential

-0.00%

Expected Cash-Flows