Surgical Science Sweden AB (publ)

Q2 revenue was SEK 255 million, up 22% reported and 25% in local currencies. Adjusted EBIT reached SEK 38 million with a 15% margin; operating profit was SEK 33 million with a 13% margin; and gross margin was 69% versus 65% in Q2 last year. License revenue was SEK 85 million, up 44% year over year. For H1, revenue rose 7% reported and 11% in local currencies, currency-adjusted EBIT was 15%, and operating cash flow was SEK 81 million. Cash at June 30 was SEK 658 million and the company had no debt. Management said full-year 2026 revenue loss from the Intuitive commercial changes should be below the SEK 60 million to SEK 90 million range originally estimated, but no full-year or next-quarter revenue/EPS guidance was given.

Tom Englund described Q2 as a strong quarter across growth, profitability, and execution, and said the company is making progress across education, ultrasound, robotics, and medical device simulation. He highlighted structural tailwinds in robotics and ultrasound, the broadening customer base beyond Intuitive, and the opening of the APAC service hub in Hong Kong and the new Tel Aviv production facility as important strategic steps. His tone was confident but measured, repeatedly noting that some revenue streams are lumpy and that the company needs multiple quarters of delivery before raising long-term ambition.

Anna Ahlberg emphasized the 22% revenue growth, 69% gross margin, and SEK 38 million adjusted EBIT, while breaking out the mix effects behind margins: stronger license revenue, higher direct sales in Education, pricing actions, and a small FX benefit of 0.2 percentage points. She noted that sales costs fell to 19% of sales from 28% last year, admin costs were 9% of sales, R&D costs were 23% of sales, and operating cash flow was SEK 15 million in the quarter despite working-capital build tied partly to the Southeast Asia project and accrued license revenue. She also said investing activities were about SEK 6 million in the quarter for the Tel Aviv facility, and that Q2 cash ended at SEK 658 million.

Analysts focused on the sustainability of license revenue, the dV5 renewal/attachment rate with Intuitive, and whether the improved profitability means Surgical Science could reach or exceed its longer-term EBIT target sooner. Management said license revenue was broad-based rather than driven by one large deal, and that Intuitive renewals were still relatively small in the quarter. On China, Tom said the company is responding with more local investment, product/pricing adaptation, and the Hong Kong hub, while on the U.S. robotics rollout he said new systems from J&J and Medtronic will matter more over coming years than in 2026. He also said price increases of around 4% to 5% have not fully flowed through yet and should continue to support margins.