Scandinavian ChemoTech AB (publ)

CMOTEC-B.ST

Biotechnology · Healthcare

Price

kr 3.67

+0.00 (+0.00%)

Market Cap

kr 87.4M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+177.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.7M (2021) → 24.0M (2025)

Winston Score History

The full picture

Scandinavian ChemoTech is a Swedish medical technology company that develops devices used to treat cancer tumors. Its main product is the IQwave system, a machine that delivers a treatment called Tumor Treating Electric Pulse Therapy, which uses electrical pulses to damage cancer cells. The company sells to hospitals and cancer clinics, primarily in Europe and select international markets.

ChemoTech earns revenue by selling its IQwave devices and related consumables to healthcare providers. The company is small, with a market cap around $100 million, and is still in an early commercial stage, meaning it spends far more than it earns right now — reflected in its deeply negative operating margin. Its main competitive edge is its proprietary electrical pulse technology, but the biggest risk it faces is proving clinical effectiveness and gaining broader regulatory approvals, which are required before hospitals will adopt the treatment at meaningful scale.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+57.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

45.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

kr 2M cash & investments

Short runway — potential dilution ahead through share issuance

Cash watch

Scandinavian ChemoTech AB (publ) has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

86.8%

Premium pricing power — 86.8% gross margin

Profit after running costs

Operating Margin

-49.3%

Losing money on operations — -49.3%

Return on the money invested

ROCE

-320.8%

Weak — -320.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+63.9%

Fast-growing sales (+63.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-30.0%

Burning cash (-30.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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