Q3 ulkona. En tiedÀ mitÀ johtopÀÀtöksiÀ pitÀÀ tehdÀ, kun jokaisen teknopainotteisen small cap ruotsalaisosakkeen kohdalla tuntuu kurssi nousevan tulosjulkistuksen jÀlkeen. EhkÀ nyt sentimentti nÀiden riskisiksi koettujen osakkeiden kohdalla on lopultakin kÀÀntynyt. Harmillista nÀissÀ on se, ettÀ Inderes ei nÀitÀ seuraa, saisi kuunnella työmatkalla aina sopivat 10 min kiteytyksen kustakin osavuosikatsauksesta. Joka tapauksessa nopealla silmÀyksellÀ ainakin kassavirta on vahvistunut.
Uskon ettÀ tÀmÀ on ruotsalaisten oma suosikki ja konsa sentimentti kÀÀntyy niin tÀmÀ lÀhtee keulilla ryntÀÀmÀÀn.
Acquisition from the UK
The thread has been quiet, but last week, SUSâs earnings warning for the second quarter of the year made headlines.
Revenue: 209 MSEK, -2% compared to Q2/2024
Operating profit is negative, â22 million kronor.
Quite a wrinkle in the growth story, and the share price plummeted by a third.
If one believes in the advancement of robotic surgery and that SUS is strongly involved in it, then it might be worth examining the companyâs performance during the rest of the year. (No ownership right now, but weâll see.)
EDIT: Funny to see Paretoâs previous target prices earlier in the thread 
I bought this dip because I want to see the dV5 rollout in H2/2025-2026. Hopefully I can stomach the volatility, this ship will surely sway from side to side.
A couple of updates:
Pareto 11.8.
Danske 12.8.
This can be found as the largest holding in TIN fonder NY Teknik, as well as RE Top Picks etc. Itâs another matter if the first one is a âmeritâ of course 
Itâs also in REâs fund. I wouldnât be surprised if they were adding more. I also grabbed some of this as an extra position, mainly hoping for a bounce, as this 100 SEK felt like such an obvious support level.
Tin Ny Teknik has really become a model portfolio in a bad way in recent years, and contrarian investing would have been smarter They probably sat on NOVO almost the entire way down from the peak. Now weâre enjoying Surgical and QT with a large weighting
There didnât seem to be any RE comments on the negative news in the thread yet.
Conference call regarding interim report Q2
Invitation to attend Surgical Scienceâs conference call regarding presentation of the interim report January-June 2025. The presentation will be held in English.
Time: Thursday, August 21 at 11:00 a.m. CET
If you wish to participate via webcast, please use the link below. It will be possible to ask written questions via the webcast.
If you wish to participate via teleconference, please register via the link below. After registration, you will receive phone number and a conference ID to access the conference. It will be possible to ask oral questions via the telephone conference.
Participants from Surgical Science are:
Tom Englund, CEO
Anna Ahlberg, CFO
A press release with Surgical Scienceâs interim report for January-June 2025 will be published on August 21, 2025 at 07:30 a.m. CET.
Prior to the start of the conference call, presentation material will be available on the companyâs website, under Investors, Presentations.
Gothenburg, Sweden, August 11, 2025
Surgical Science Sweden AB (publ)
The press release, in its entirety, is available through the attachment or via:
Katsotaan nytkÀhtÀÀkö kuollut lahna mihinkÀÀn lÀhipÀivinÀ
The result was already known. CEOâs compiled explanations:
An update to targets beyond 2026 is coming in the autumn. I personally donât necessarily expect the 2026 target to be met; weâll see. Perhaps next yearâs targets will be refined at the same time as targets for the next strategy period are presented?
Redeyeâs report on Surgical Science stock:
DNB
Pareto
CMD in December:
DNB updated its analysis pre Q3. The big question is whether the da Vinci 5 rollout will start as expected, and will growth figures return to better levels after the âterrible tariff quarterâ? If they do, the stock is cheap. Quarterly fluctuations are massive, so itâs advisable to look at annual figures and forecasts.
Surgical simulators are an interesting concept.
On the one hand, it makes sense to everyone that surgical procedures could be dry-practiced, or used for basic training, etc.
But what is easily forgotten is that surgery already uses technology for dry practice, and these are not simulators but devices.
Then there is a lot of technology that should be used. Letâs take one example: MRI machines.
Mayo Clinic has at least 8 MRI machines that are NOT used for patient imaging or diagnostics, but solely for development work. Surgeons and companies model various tools and methods used during MRI (so-called intraoperative imaging or, jargonistically, intraoperative MRI or iMRI).
If we acquired scrap and equipment, it would fulfill the needs of a simulator. And unlike a simulator, it would be perfectly one-to-one with the tools used.
For these reasons, my attitude towards simulators in healthcare is somewhat pessimistic: If a simulator truly worked and was found to be excellent, the simulator company would have all the expertise it would need to manufacture the robots and devices required for precision surgery.
Since it does not have this expertise, its simulator market is reportedly not very wide either.
An investor once described it well to me: you should always look at whether itâs a âNeed to Haveâ or âNice to Haveâ solution. A âNice to Haveâ can be made mandatory, but this comes with a relatively heavy burden of proof.
Intuitive makes robotic surgical systems, not simulators. Of course, one can simulate, but I said this by stating: âBut what is easily forgotten is that surgeries already have technology for dry practice, and these are not simulators but devices.â
Surgical Science Sweden does not make robotic surgical systems, but simulators. In Intuitiveâs sales, the item âaccessoriesâ replaces SSS.
Intuitiveâs sales figures are interesting because ISRG is Surgical Scienceâs largest customer, and the companies have collaborated for a long time.
At least as part of every Da Vinci 5 surgical robot sold by ISRG, Surgical Scienceâs developed simulation and training software is delivered.
In previous models, the software was apparently sold to end-customers as an optional extra. Due to this and the licensing agreement models, the correlation between ISRGâs sales figures and Surgical Scienceâs sales is, of course
Thanks for this, I didnât know.
I think itâs more plausible that SSS will find itself as part of another company over time, because the differences between devices are so great that the simulation needs to be customized. What I generally stated about the devices still holds true - the uses of simulation overlap with the actual surgical procedure, and the hardware manufacturer always has the option to do it themselves. Here, the limitation is not technical but the customersâ willingness to pay; it would be best if the customer acquired multiple systems, some for procedures and some for training, orientation, and surgical planning.
Therefore, I would view simulations favorably as long as Western specialized healthcare, especially in Europe, is seen as a cost that should be reduced.
Iâm not entirely sure what opinion you ended up with on this, but at least ISRG sees some sense in it.
Largest customer Intuitive Surgical will roll out its cutting-edge da Vinci 5 surgical robot in 2025e and include simulation in all systems, increasing attach rate from c30-35% previously to 100%. Simulation for da Vinci 5 systems will be a purely subscription-based model,
Through its acquisitions, the company is capable of offering services to various segments:
We judge that Surgical Science currently holds a quasi-monopoly or oligopoly position in several niches of the medical simulation industry. Additional acquisitions may extend this position to further niches. Such a dominant position is an excellent position from which to extract high profit margins, but it could also breed complacency among incumbents. Potential complacency could lead to new challengers entering the space with innovative products, winning over key customers despite Surgical Scienceâs sticky customer relationships and high switching costs.
Q3, perhaps a step in the right direction even though profitability is still under pressure. CMD next month.