Presentation

Company Profile
Surgical Science focuses on the creation of virtual reality simulators for evidence-based laparoscopic and endoscopic training. With the help of these simulations, students, novice surgeons as well as medical doctors can improve their psychomotor skills, instrument handling and confidence required to perform advanced medical and surgical interventions. Besides its own products, Surgical Science also develops and sells simulation software to its industrial partners who embed the software into their own products. The software is mainly used as a training tool for surgeons within robotic-assisted surgery (RAS). The company was founded in 1999 and is headquartered in Gothenburg, Sweden.

Recent highlights
Net sales increased by 98% y/y FX-adjusted, corresponding to SEK 40.8m which was 9% better than expected. Adjusted for the acquisition of Mimic (contribution of SEK 6.5m) and FX effects, net sales increased by 61% y/y, which is impressive. Educational Products beat our forecast by 12%, supported by easy comps and a reflection of normalisation from the adverse impact of pandemics. Surgical Science completed a second acquisition of Simbionix in July. The acquisition of Simbionix is being financed through the directed share issue of approximately SEK 2.7b.

Outlook
One of the company’s financial targets is reaching net sales of SEK 400m in 2024. The company announced in their Q2 report that following the acquisition of Simbionix, the company announced that the financial targets would be updated and communicated after the whole procedure is completed. Another target that SUS has is an EBITDA margin of at least 40%.