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Surgical Science Sweden AB (publ)

SUS.ST
59
Medical - Healthcare Information Services · Healthcare
Price
kr 49.20
-0.10 (-0.20%)
Market Cap
kr 2.51B
Exchange
Stockholm Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong

Share count rising — dilution

+19.6% over 4y

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

Diluted shares outstanding: 42.7M (2021) → 51.0M (2025)

Winston Score History

The full picture

Surgical Science Sweden AB makes simulators that help surgeons and medical staff practice procedures without touching a real patient. Their main products are software-based training systems for minimally invasive surgeries, such as laparoscopy and robotic-assisted procedures. Hospitals, medical schools, and surgical training centers around the world use these simulators to train doctors before they operate on actual people.

The company earns money by selling simulator hardware and software, along with licenses and service contracts. Surgical Science operates globally, with a strong presence in Europe and North America, and has grown partly through acquiring other simulation companies. Its moat comes from specialized software, regulatory approvals, and the fact that hospitals tend to stick with training systems already embedded in their programs. A key growth driver is the global expansion of robotic surgery, which increases demand for simulation-based training, though the company faces risk from low current returns on invested capital and competition from larger medical device companies entering the training market.

Growth Profile

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

Revenue Growth

+21.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+205.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 191M/ year

Flat (-2% vs prior year)

19.3% of revenue

In line with sector average (18%)

Steady R&D investment year-over-year

Insider Activity

27.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 671M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Surgical Science Sweden AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
61.3%
Premium pricing power — 61.3% gross margin
Profit after running costs
Operating Margin
17.2%
Healthy — 17.2% operating margin
Return on the money invested
ROCE
3.1%
Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+8.4%
Steady sales growth (+8.4% YoY)
Profit growth
EPS YoY
+1.1%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
160%
Turns 160% of profit into real cash
Spare cash per sale
FCF Margin
10.4%
Modest free cash flow (10.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
29.01x
Comfortably covers interest (29.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.9x
Growth-priced — P/E 26.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+15.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (26.9 → 11.2)

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Dividends

Not applicable for this business.
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