Rankings Pharma & medtech Surgical Science

Surgical Science

Pharma & medtech · SwedenRank 164 of 829Prices 3 Nov 2026Model 1.4

15070100

A strong score: the model found few serious problems, but analysts see limited upside from here.

Biggest deductions

Customer concentration (Intuitive)−9
Capital allocation and ROIC−6
Moat in the licensing business−5

Strengths

Net cash+3
License income better than feared+2

How the score is built

From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

77Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 59.65 SEK
Median analyst target: 70.00 SEK
Upside to median: +17.4%
Analysts: 5
Target range: 60.00 – 85.00 SEK
52-week change: −30%
P/E (trailing): 32.8
Forward P/E: 18.8
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−18 of −30

Margin
Operating margin has fallen from 21-23% in 2021-2023 to 13% in 2025 and 15% TTM; gross margin is stable at 66-69%. H1 2026 showed a clear improvement (EBIT SEK 55.6m vs 1.5m).
stockanalysis.com
−3
Capital allocation and ROIC
The acquisition of Simbionix in 2021 for approx. SEK 2.7bn (financed with an issue of 3bn) has produced goodwill of 3.2bn and an ROIC of only 2–5% since; revenue has only gone from 803m (2022) to SEK 992m (2025), incl. a new acquisition for 85m in 2025.
stockanalysis.com
−6
Quality of growth
Growth was 0% in 2024, 12% in 2025 (partly acquired) and 7% in H1 2026 (11% in local currency); Q2 2026 was +22%, but against a weak Q2 2025 with large currency effects.
placera.se
−4
Moat in the licensing business
Intuitive has chosen to build its own basic simulation package into all da Vinci 5 systems and give Surgical Sciences content only for a minority of customers, i.e. the largest customer is becoming a competitor.
inderes.se
−5

Price

Today's multiples against the company's own history and its peers. · 1 finding−2 of −35

Multiples vs own history
EV/EBITDA is about 9 vs 41-45 in 2022-2024 and EV/Sales about 1.9 vs 8-10; trailing P/E is 28 and forward P/E about 19 vs 40-60 historically. The stock is cheap vs its own history, but part of the discount reflects the lower growth and the Intuitive risk.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−14 of −35

Customer concentration (Intuitive)
In November 2025 Intuitive terminated the MoU on simulation in all dV5 systems; the company estimated a loss of license income of SEK 60–90m in 2026 and withdrew its financial targets for 2026. The stock fell approx. 60% on the day, and license income still makes up approx. one third of sales.
biostock.se
−9
Lumpy orders in Educational Products
Educational Products (about half of sales) depends on public tenders and single orders (e.g. SEK 52m from a defence ministry in Southeast Asia), and weak quarters like Q2 2025 weigh on the result together with currency effects.
mfn.se
−3
Geopolitics and currency
A large part of development is in Tel Aviv (Simbionix), and sales are primarily in USD and other foreign currencies; Q2 2025 was hit hard by currency effects.
mfn.se
−2

Plus

Only documented strengths. · 2 findings+5 of +15

Net cash
Net cash of SEK 655m (approx. 25% of the market cap) and practically no debt; operating cash flow was SEK 80.6m in H1 2026.
placera.se
+3
License income better than feared
License income rose to SEK 84.8m in Q2 2026 (58.9) and 152.4m in H1 (142.7) despite Intuitive's terminated MoU, and the company now expects a loss below the previously estimated SEK 60-90m.
placera.se
+2

Caveats

What the score does not capture, or where the data is weak.

The market cap is self-calculated: 51.03m shares × SEK 51.00 = SEK 2,603m (DKK 1,719m). The company is not a penny stock: it is profitable with net cash of SEK 655m, so runway is set to null. ROIC (3%) is depressed by goodwill of SEK 3.2bn from the acquisition of Simbionix in 2021. Licence income (31-33% of sales) comes primarily from Intuitive, but the company does not disclose the exact share per customer; the impact of the terminated MoU is now expected to be smaller than the SEK 60-90m. Q2 2025 was hit by large currency effects, so the growth and earnings improvement in Q2 2026 is partly a comparison effect. Buybacks are not allowed as long as the share is on First North. Largest shareholders and short interest have not been verified. Industry: medical simulation software and hardware – chosen Medicine & medtech.