Surgical Science (SUS) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 260.2m, down 1% YoY; adjusted EBIT was SEK 37.8m, up 15%, with a 15% margin. Gross margin rose to 68%.

• 9M sales grew 4% reported and 5% in local currencies; adjusted EBIT was SEK 104.3m versus SEK 46.1m.

• Financial targets are expected to be reached in 2027; 2026 growth remains below target.

Financial highlights

• Q3 sales were SEK 260.2m versus SEK 263.6m; net profit was SEK 34.1m versus SEK 20.4m.

• Adjusted EBIT was SEK 37.8m versus SEK 32.8m, with a 15% reported margin and 17% FX-adjusted margin.

• Reported EBIT was SEK 32.0m versus SEK 27.2m; FX-adjusted EBIT was SEK 39.1m, a 15% margin.

• Q3 gross margin rose to 68% from 65%; operating cash flow was SEK 42.5m versus negative SEK 4.4m in Q3 2025.

• 9M operating cash flow was SEK 123.1m versus SEK 6.9m; net profit was SEK 73.6m versus SEK 33.6m.

Outlook and guidance

• Financial targets are annual growth of 10–15% and adjusted EBIT margin of at least 15%; management expects targets to be met in 2027, with 2026 growth and profitability below target.

• Educational Products entered Q4 with a good order backlog and pipeline; demand outlook was positive for EMEA and educational products.

• Aeris deliveries began in Q4 2026; significant shipment volumes are expected from Q1 2027, with sales contribution growing through 2027.

• Revenue loss related to the cancelled MoU/Intuitive license is expected below the previously indicated SEK 60m–SEK 90m range; renewal outcomes remain uncertain.