Q1 mostly in line, expect 5-10% EBIT revisions - Surgical Science had a solid start to the year, growing 4% at CER and in line with expectations, while EPS beat consensus by 12%. Strong Educational Products growth offset the 19% y/y decline in license rev

研报英文原文证据摘录

Q1 mostly in line, expect 5-10% EBIT revisions - Surgical Science had a solid start to the year, growing 4% at CER and in line with expectations, while EPS beat consensus by 12%. Strong Educational Products growth offset the 19% y/y decline in license rev

Surgical Science

NEWSFLASH | 20 MAY 2026

Q1 mostly in line, expect 5-10% EBIT revisions

Surgical Science had a solid start to the year, growing 4% at CER and in line with expectations, while EPS beat consensus

by 12%. Strong Educational Products growth offset the 19% y/y decline in license revenue. Adj. EBIT margin of 12% was also

stronger than expected. We expect EBIT estimates to be revised 5–10% higher. Maintain Buy, TP SEK 39

Key takeaways from the report

• Net sales declined 6% y/y, slightly below cons. but in line with PASe

• Organic growth 4% vs PASe 5%

• Educational Products 3% above, while Industry/OEM 8% below cons.

• License revenue declined 19% y/y to SEK 68m, in line with PASe, while Robotics declined by 17% y/y

• License revenue decreased SEK c.16m y/y, SUS reiterate adverse impact of SEK 60-90m in 2026

• Strong development in EMEA, while APAC showed weakness, both related to EP

• Adj. EBIT margin 12% (in line with the prior year) vs. cons. 8% and PASe 9%. Adjusted for FX, the EBIT margin would have been c.16%

• EPS beat of 12% vs cons, 2% above PASe

• OCF SEK 65m vs PASe 35m

• Net cash SEK 668m vs PASe SEK 639m

Conclusions for the share

• Expect 5-10% estimate revisions on EBIT, adj.

• Buy, TP SEK 39

Deviation table

Surgical Science - Deviation table

Actual Q1 26e Deviation (%)

SEKm Q1 26A Cons. PAS vs. Cons. vs. PAS

Net sales 235 241.2 235.0 -2% 0%

Gross profit 155 156.5 154.3 -1% 0%

EBITDA 48 37.9 44.3 28% 9%

EBIT, adj. 28 19.1 20.3 48% 39%

Pretax profit 22 19.9 23.4 9% -8%