Surgical Science (SUS) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales reached SEK 255 million, up 22% year-over-year (25% in local currencies), with all business segments and regions contributing to growth.

• Adjusted EBIT margin was 15% for Q2, reflecting improved profitability and alignment with financial targets.

• Significant momentum in EMEA (+60%), robust growth in the US, and notable performance in educational products and ultrasound.

• Strategic milestones included opening a new APAC service hub in Hong Kong and a production facility in Tel Aviv.

• The company remains focused on five attractive market segments and continues to invest in production and customer service infrastructure.

Financial highlights

• License revenues were SEK 85 million, up 44% year-over-year, now representing 33% of total sales.

• Gross margin improved to 69% in Q2 2026 (up from 65% in Q2 2025), driven by favorable license mix and operational improvements.

• Adjusted EBIT for Q2 was SEK 38.2 million (15% margin); operating profit was SEK 33 million (13% margin); net profit for Q2 was SEK 21 million.

• Cash and equivalents at quarter-end were SEK 658.4 million, with no debt financing.

• Operating cash flow for H1 2026 was SEK 80.6 million, well ahead of prior year.

Outlook and guidance

• Management expects continued positive momentum, with further gross margin improvements anticipated as price increases take full effect.

• Revenue loss from changes in the Intuitive agreement for 2026 is now estimated to be below the initial SEK 60–90 million range.

• Annual growth target of 10–15% and adjusted EBIT margin of at least 15% expected to be met in 2027; 2026 expected to show profitability and some growth, but below target.

• License and development revenues are expected to remain lumpy, but the long-term trend is positive across all segments.

• Price increases of 4–5% implemented in April are expected to have a greater impact in H2 2026.