Surgical Science (SUS) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 sales of SEK 252 million, up 11% year-over-year, with full-year sales at SEK 884.1 million, matching 2023 despite a weak Q1.

• Industry/OEM segment grew 21% in Q4, while Educational Products saw 2% growth in Q4 but declined 15% for the year; strong in China and Europe, weaker in the US.

• Major strategic moves included a SEK 52 million Southeast Asia contract, the acquisition of Intelligent Ultrasound, and a new agreement with Intuitive for a subscription-based model starting 2025.

• Operating profit for Q4 was SEK 39 million (16% margin); adjusted EBIT SEK 45.3 million (18% margin); net cash increased by SEK 66 million in Q4.

• Acquisition of Intelligent Ultrasound completed in February 2025, positioning as market leader in ultrasound simulation.

Financial highlights

• Q4 net sales up 11% to SEK 251.5 million; full-year sales flat at SEK 884.1 million.

• Q4 EBIT at SEK 39 million (16% margin); adjusted EBIT SEK 45.3 million (18% margin); full-year adjusted EBIT SEK 168.7 million (19% margin).

• Q4 net result was SEK 36.3 million; full-year net result SEK 131.6 million.

• Q4 gross margin was 68%, down from 71% last year; full-year gross margin 68%.

• Net cash at year-end was SEK 732.7 million; strong cash flow from operating activities in Q4.

Outlook and guidance

• Positive outlook for Industry/OEM with expected continued strong momentum and 20% growth ambition, supported by new product launches and partnerships.

• Educational Products expected to improve, but growth pace remains uncertain due to budget constraints, especially in the U.S.; strong in China and Europe.

• Intuitive agreement to drive long-term growth; short-term revenue impact uncertain due to subscription model transition.

• Intelligent Ultrasound expected to match Educational Products' growth in the short term, with long-term acceleration potential and annual cost savings of GBP 1.5–2.0 million.

• Financial target for 2026: SEK 1,500 million in sales and 40% adjusted EBIT margin.