Surgical Science (SUS) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached SEK 264 million, up 14% year-over-year (19% in local currencies), with record results despite a 5 percentage point negative currency impact.

• Adjusted EBIT was SEK 33 million (margin 13%), impacted by SEK 2 million in restructuring costs and lower gross margin.

• Educational Products stabilized, growing 8% year-over-year, with Europe leading at 46% growth.

• Industry/OEM sales rose 20%, with development revenue up 131% and a major multi-year contract secured.

• Robotix Express launched to strong market reception, and a strategic review is nearing completion with new goals to be announced.

Financial highlights

• Sales reached SEK 264 million in Q3, with SEK 19 million from Intelligent Ultrasound.

• Gross margin was 65%, down from 69% last year, due to product mix, currency effects, and lower license revenues.

• Net profit for Q3 was SEK 20.4 million, with an effective tax rate impacted by loss-making entities.

• Cash at period end was SEK 597.4 million, with negative operating cash flow due to higher receivables.

• For the first nine months, sales were SEK 724 million, up 14% (20% in local currencies).

Outlook and guidance

• Further profitability improvements expected in coming quarters and into 2026, with strongest growth anticipated in Industry/OEM, especially robotic surgery.

• Robotics Express expected to drive significant revenue starting Q1 2026.

• License revenue from new robotic manufacturers anticipated to increase from Q4 2025 onward.

• Revised 2026 sales target to SEK 1,400 million and adjusted EBIT margin target to 25-30%.

• Strategic review to be presented at Capital Markets Day, aiming for growth in new adjacent segments.