Surgical Science-Weathering the headwinds-05/20/2026

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Surgical Science-Weathering the headwinds-05/20/2026

Surgical Science

QUARTERLY REVIEW | 20 MAY 2026

Weathering the headwinds Target price (SEK) 42

Surgical Science delivered a solid Q1, with 4% organic growth at CER. Share price (SEK) 38

License revenue declined 19% y/y to SEK 67.6m, though the figure may

be close to a floor. EBIT, adj. came in 39% ahead of estimates, prompting

a 7% upgrade to our 2026 forecast, with a 16% EBIT margin still

projected for 2027. With a buyback potentially commencing in

December 2026, we raise our TP to SEK 42 (39) and maintain Buy.

Forecast changes

License revenue may have found a floor % 2026e 2027e 2028e

Net sales grew organically by 4% y/y at CER, broadly in line with our forecast, Revenues 0 0 (0)

prompting only minor estimate revisions. Educational Products outperformed, EBITDA (5) (2) (1)

coming in 8% above expectations, while Industry/OEM disappointed by a similar EBIT adj 7 0 (0)

margin, primarily due to soft development in the US. License revenue declined

EPS reported 1 0 (0)19% y/y, marginally below our projection, as tough comparables weighed.

However, the SEK 67.6m reported in Q1 did not include any larger packages, and EPS adj 1 0 (0)

with robotics customers beyond Intuitive contributing to a greater extent, the Source: Pareto Securities

figure may represent close to a floor going forward. In the Americas, the 21% y/y

decline, of which approximately 14 percentage points was FX-related, likely Ticker SUSW.ST, SUS SS

reflects temporary hesitation in investment decisions rather than any deterioration Sector Healthcare

in underlying demand. APAC, however, is expected to continue underperforming

Shares fully diluted (m) 51.0

due to structural changes in China, though SUS is planning to increase its

presence in the region.