Surgical Science (SUS) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales reached SEK 269 million, up 15% in local currencies, with license revenues at an all-time high of SEK 92.3 million, a 21% increase year-over-year, driven by Intuitive and other customers.

• Adjusted EBIT for Q4 was SEK 46 million (17%), with profitability improvement efforts offset by adverse currency effects.

• The company is executing a new strategy to expand revenue streams, address a larger market, and focus on operational efficiency and profitability.

• New distributor program launched, expected to impact Q1 2026.

• Acquisition of Intelligent Ultrasound completed, contributing SEK 75.3 million in sales but a net loss.

Financial highlights

• Full-year 2025 sales were SEK 992.3 million, up 12% (19% in local currencies), with Intelligent Ultrasound contributing SEK 75.3 million.

• Q4 gross margin was 66% (down from 68% in Q4 2024), impacted by currency effects and lower-margin IU products.

• Adjusted EBIT margin for Q4 was 18%, unchanged year-over-year; full-year adjusted EBIT margin was 12% (down from 19% in 2024).

• Cash flow from operating activities was SEK 73 million for Q4, ending the year with SEK 616 million in cash.

• Net profit for 2025 was SEK 66.8 million, with EPS of SEK 1.31.

Outlook and guidance

• The company targets annual sales growth of 10–15% and adjusted EBIT margin of at least 15%, expected to be met by 2027.

• License revenue from Intuitive is expected to decline by SEK 60–90 million in 2026 due to a contract change, but significant revenues and collaboration continue.

• New distributor program and strategy aim for increased market penetration and profitable growth across five segments.

• No major structural changes expected in cash flow or investment needs for 2026.

• 2026 is expected to see profitability and some sales growth, but not at target levels due to the Intuitive agreement impact.