Surgical Science Sweden Ab · OMXSTO:SUS
Surgical Science Sweden Ab — Surgical Science — Investor Day (December 2025)
65 slides from Surgical Science Sweden Ab's investor day presentation, Dec 8, 2025
Slide 1: Surgical Science
surgicalscience
Slide 2: Capital markets day, December 8, 2025
Capital markets day December 8, 2025
Slide 3: Agenda
14:00 Introduction Agenda 14:05 Surgical Science today 14:20 Strategic direction & Value creation 15:15 Break 15:30 Expanding the market 16:00 Concluding remarks 16:10 Q&A 16:30 End
Slide 4: Presenters today
Presenters today Tom Englund Niclas M Olsson Anna Ahlberg CEO Chief Revenue Officer CFO
Slide 5: Surgical Science today
———©, Surgical Science today surgicalscience
Slide 6: We empower the next generation of medical professionals
We empower the next generation of medical professionals Our purpose Our vision To unlock the full A world where all potential of every medical professionals medical professional to have been trained and improve healthcare objectively certified in a outcomes and save lives safe and lifelike simulated
Slide 7: Why simulation – enabling efficient training at scale
Why simulation – enabling efficient training at scale Improves clinical Enables standardized, Accelerates digitization Delivers scalable, performance and quantifiable, and adoption of efficient and sustainable patient safety proficiency-based and advanced instruments in training data-driven training
Slide 8: Simulation improves both quality and efficiency of medical education
Simulation improves both quality and efficiency of medical education Surgeons going through simulation training – versus standard training – are1: >29% Faster when performing first procedures 5x Less likely to make technical errors 9x More efficient in surgical decision-making 1. Brown et al. (2020)
Slide 9: High fidelity simulation has unmatched versatility vs comparable medical training tools
High fidelity simulation has unmatched versatility vs comparable medical training tools Surgical Science Foundational Entry-level skill Physical High-fidelity Cadaveric & learning tools trainers models simulation wet-lab training E-books, online videos, Box trainers, simple Silicone models, bench VR
Slide 10: We are the world leaders in high fidelity medical simulation
We are the world leaders in high fidelity medical simulation Unmatched size and 6 offices globally and installed simulator base presence in 90+ countries 975m SEK group revenue1 320+ Employees 10 000+ Sold simulators Offices in, Cleveland, Cardiff, Gothenburg, Stockholm, Tel Aviv, 90+ Shenzhen Partn
Slide 11: Growth driven by both organic growth and acquisitions
Growth driven by both organic growth and acquisitions Acquisition of Sense Acquisition of Simbionix & Acquisition of Intelligent Graphics Mimic Ultrasound >20x Sales Acquisition 883 884 975 35% Revenue growth since Adj. EBIT 803 30% 2015, driven by both 25% organic growth and M&A 5972 20% ~10% 15% 1
Slide 12: The Surgical Science advantage
The Surgical Science advantage Best-in-class, cutting Ever evolving edge technology across technology products Full solutions Full solutions provider for provider entire customer journey First-class Infrastructure to ensure customer success infrastructure on a global scale Long-term Trusted partner
Slide 13: We are supporting medical professionals globally across all relevant fields
We are supporting medical professionals globally across all relevant fields Educational Products Industry / OEM Leading university hospitals Established contracts with: Simulation integrated in the educational Leading robotic surgery companies curriculum Leading medical device OEMs
Slide 14: Surgical Science
surgicalscience
Slide 15: Agenda
14:00 Introduction Agenda 14:05 Surgical Science today 14:20 Strategic direction & Value creation 15:15 Break 15:30 Expanding the market 16:00 Concluding remarks 16:10 Q&A 16:30 End
Slide 16: Strategic direction & Value creation: Strategic direction
Strategic direction & Value creation Strategic direction
Slide 17: We have updated our financial targets
We have updated our financial targets Expanded revenue Strengthened Market leadership growth and market operational excellence through innovation footprint & profitability 10-15% >15% Drive innovation and launch new products Annual revenue Adj. EBIT1 across market segments growth • Current segments:
Slide 18: The healthcare education market is vast, with growth driven by need to increase efficiency
The healthcare education market is vast, with growth driven by need to increase efficiency and quality The global healthcare education is vast, and Growth is driven by workforce pressures simulation is still a small share of the total market and increasing complexity of care Global healthcare educat
Slide 19: We estimate a serviceable addressable medical simulation market of ~9 B SEK
We estimate a serviceable1 addressable medical simulation market of ~9 B SEK Global medical simulation market est. to ~25 B SEK of which ~9 B defined as addressable in 2025 Market assumptions Illustrative 25 Serviceable addressable market segment split ~9 B SEK Educational Products: Addressing train
Slide 20: Growth is centered around 5 key market segments
Growth is centered around 5 key market segments – Each with strong growth potential and a clear execution plan Educational Products Industry / OEM Current Scale-up Incubation Current Current Segment Minimally 1 Ultrasound 2 Emergency 3 Robotics 4 Medical device 5 invasive surgery simulation medical
Slide 21: Business models vary between segments
Business models vary between segments Minimally 1 Ultrasound 2 Emergency 3 Robotics 4 Medical device 5 invasive surgery simulation medical simulation simulation (MIS) simulation simulation Main revenue SIMULATORS & MODULES (HW & SW) SIMULATORS & MODULES (HW & SW) streams DEVELOPMENT LICENSES SERVICE
Slide 22: 6 overarching strategic objectives for Surgical Science during 2026-2030
6 overarching strategic objectives for Surgical Science during 2026-2030 Deliver world-leading Ensure successful 1 products and increase sales 2 customers and increase & recurring revenue simulation usage Drive ecosystem Build strong positions in 3 engagement and make 4 new business segments simulat
Slide 23: Surgical Science
surgicalscience
Slide 24: Strategic direction & Value creation: Value creation
Strategic direction & Value creation Value creation
Slide 25: Maintained growth despite recent economic downturn and unfavorable macro environment
Maintained growth despite recent economic downturn and unfavorable macro environment Growth maintained despite Organic growth CAGR, 2021-2025 economic downturn ~11% 975 35% 883 884 803 Industry / OEM growing faster 30% than Educational Products 25% 597 20% Recent negative profitability 15% developme
Slide 26: Educational Products
Educational Products Sales Sales distribution 497 MSEK Europe Americas APAC R12, Q3 2025 27% 46% 21% 6% Rest of World Sales by revenue stream Sales channels Distributors 15% Surgical Direct sales Hospitals Science 85% Key market segments 1 Minimally invasive surgery Simulators (HW & SW) Service & Su
Slide 27: Deep dive: MIS simulation
Educational Products 1 Minimally invasive surgery simulation Deep dive: MIS simulation Description The market opportunity Simulation providing physicians Massive training need The underlying, foundational training need of surgeons and medical professionals is huge, and the need for high quality tr
Slide 28: Deep dive: Ultrasound simulation
Educational Products 2 Ultrasound simulation Scale-up Deep dive: Ultrasound simulation Description The market opportunity Ultrasound simulation training POCUS becoming the new • Hospitals and training programs are increasingly mandating POCUS competencies for residents and nurses in acute & emergenc
Slide 29: Surgical Science
surgicalscience
Slide 30: Deep dive: Emergency medical simulation
Educational Products 3 Emergency medical simulation Incubation Deep dive: Emergency medical simulation Description The market opportunity Simulation training solutions, Investments in defense • Global defense spending has risen sharply since 2021, driving demand for scalable, high-quality medical re
Slide 31: Surgical Science
surgicalscience
Slide 32: Industry / OEM
Industry / OEM Sales Sales distribution 478 MSEK Europe Americas APAC R12, Q3 2025 14% 77% 8% 1% Rest of World Sales by revenue stream Sales channels 12% Direct sales Medical 25% Surgical Science device companies 3% Key market segments 60% 4 Robotics simulation 5 Medical device simulation Simulators
Slide 33: Deep dive: Robotics simulation
Industry / OEM 4 Robotics simulation Deep dive: Robotics simulation Description The market opportunity Support robotics companies in Robotics surgery growing • Robotic surgery is at an inflection point with even stronger projected procedural growth, driven by value advantage over open achieving cust
Slide 34: Simulation supports multiple steps of the learning and proficiency journey for surgeons
Industry / OEM 4 Robotics simulation Simulation supports multiple steps of the learning and proficiency journey for surgeons System System Procedural Proficiency Continuous introduction qualification support training learning Surgeon Basic system overview & Mandatory skills-training Step-by-st
Slide 35: Simulation will become an integrated part of the continuous learning journey
Industry / OEM 4 Robotics simulation Simulation will Operating become an room integrated part of the continuous learning journey for surgeons Simulation Insights
Slide 36: Surgical Science
surgicalscience
Slide 37: Adoption will continue as multiple players go to market across geographies
Industry / OEM 4 Robotics simulation Adoption will continue as multiple players go to market across geographies – many systems still in their early phase Based on publicly available information Company HQ Robotics platform Installed System approval status systems (#) USA EU CHINA OTHER Intuitive dV5
Slide 38: Deep dive: Medical device simulation
Industry / OEM 5 Medical device simulation Deep dive: Medical device simulation Description The market opportunity Simulation providing physicians Increased sophistication Medical devices are becoming more complex, requiring simulation- based onboarding for safe adoption with a safe and immersive of
Slide 39: We are collaborating with the leading global medical device companies
We are collaborating with the leading global medical device companies
Slide 40: A growing segment with a scalable business model
Industry / OEM 5 Medical device simulation A growing segment with a scalable business model Connecting development to simulator sales Development & simulator revenue is growing provides a more scalable business model Indu / OEM Sales and # of A scalable business model Development work is connected t
Slide 41: A fast-growing and increasingly complex device market
Industry / OEM 5 Medical device simulation A fast-growing and increasingly complex device market Fast-growing market with more devices being More new technologies drive approved and launched every year the training need of surgeons # annual avg. B USD, indicative A wave of new device Endovascular ha
Slide 42: We have defined a distinct set of strategic priorities per market segment
We have defined a distinct set of strategic priorities per market segment Minimally 1 Ultrasound 2 Emergency 3 Robotics 4 Medical 5 invasive surgery simulation medical simulation device simulation simulation simulation STRENGTHEN PROFITABILITY LEVERAGE OUTCOMES INTENSIFY & DEEPEN COLLABORATION FROM
Slide 43: We continue to seek acquisitions when timing is right
M&A We continue to seek acquisitions when timing is right Seeking acquisition targets that add one or more of the following values: Growth & Customer base Product diversification market expansion Talent & capabilities Educational Less applicable for Broaden product portfolio Open new medical A
Slide 44: Ongoing efforts to improve profitability
Ongoing efforts to improve profitability
Slide 45: Gross margins – notable improvement potential by focusing on volumes and streamlining operations
Gross margins – notable improvement potential by focusing on volumes and streamlining operations Multiple levers to improve gross margins Focus areas Shift product focus to higher-margin Illustrative – gross margin development by lever simulators and increase focus on software / modules Portfolio pl
Slide 46: OpEx – multiple ongoing initiatives to drive profitability improvements
OpEx – multiple ongoing initiatives to drive profitability improvements across functional areas Scalable platform Organizational Sales efficiency development in R&D efficiency Shared platform Digital tools & automation Stronger partner-driven scaling across segments reduce manual work CRM au
Slide 47: Agenda
14:00 Introduction Agenda 14:05 Surgical Science today 14:20 Strategic direction & Value creation 15:15 Break 15:30 Expanding the market 16:00 Concluding remarks 16:10 Q&A 16:30 End
Slide 48: Surgical Science
surgicalscience
Slide 49: Agenda
14:00 Introduction Agenda 14:05 Surgical Science today 14:20 Strategic direction & Value creation 15:15 Break 15:30 Expanding the market 16:00 Concluding remarks 16:10 Q&A 16:30 End
Slide 50: Unmatched global reach
Unmatched global reach The best-performing channel network supported by the largest service organization Regions Gothenburg EMEA AMERICAS APAC Cleveland USA CHINA Americas & USA Tel Aviv - APAC EMEA Shenzhen China Direct Markets >90 distributors USA UK across the globe
Slide 51: Paradigm shift in potential users with the new strategy
Paradigm shift in potential users with the new strategy Today Tomorrow Experts Experts “Taking “Making beginners to the best proficiency” better” 10x Professionals Professionals 1,500,000 1,500,000 Beginners 160,000 Beginners 160,000
Slide 52: As the market leader, we are driving market innovation to support growth
As the market leader, we are driving market innovation to support growth across business areas Three key strategic focus areas Defined to support growth ambitions within the specified market segments Sales & channel Sales efficiency Simulation as a core part development & scalability of medical trai
Slide 53: Sales efficiency and scalability – serve more, smarter
1 | Sales & channel development Sales efficiency and scalability – serve more, smarter Market penetration – Educational market Illustrative Low market penetration of the 18000 50% educational market, Number of prospects 16000 45% 2% in Americas and APAC, 14000 40% 10% in the USA and China 35% 12000
Slide 54: Introducing the partner portal to enable scalability and increase penetration further
2 | Sales efficiency & scalability Introducing the partner portal to enable scalability and increase penetration further Will drive efficiency and scalability Introducing the Partner Path across business segments Partner Portal Will be the leading sales portal for direct sales and distribution partn
Slide 55: Partner Portal – EDU benefits
Partner Portal – EDU benefits Enabling scalability through integrated order systems Faster support through direct access to resources Real-time visibility into partner activity, accurate pipeline & forecasts Controlled content use and compliance Unified onboarding of new distributors
Slide 56: Partner Portal – Industry / OEM benefits
Partner Portal – Industry / OEM benefits Enabling scalability through integrated order systems Scaled sales across the customer’s global organization Efficient training & verified user skills Real-time insight into engagement and opportunities Manage KAM structures and goals in one tool
Slide 57: Medical affairs – driving clinical credibility & adoption
3 | Simulation as a core part of medical training Medical affairs – driving clinical credibility & adoption Advancing simulation as standard practice Impact in medical education • Positions Surgical Science as the clinically trusted Influencing policy and global leader guidelines in collaboration
Slide 58: We are actively collaborating with associations and key opinion leaders
3 | Simulation as a core part of medical training We are actively collaborating with associations and key opinion leaders to make simulation a standard practice Close collaboration with Active engagement with medical associations, Key Opinion Leaders surgical societies, and (KOLs) leading hospitals
Slide 59: Agenda
14:00 Introduction Agenda 14:05 Surgical Science today 14:20 Strategic direction & Value creation 15:15 Break 15:30 Expanding the market 16:00 Concluding remarks 16:10 Q&A 16:30 End
Slide 60: Summary – the plan ahead is clear
Summary – the plan ahead is clear We have a clearly defined strategy for …and defined initiatives to drive organic each market segment… growth and strengthen profitability Drive profitability Addressing a larger initiatives across overall market than before the business Significantly Secure continue
Slide 61: We have updated our financial targets
We have updated our financial targets Expanded revenue Strengthened Market leadership growth and market operational excellence through innovation footprint & profitability 10-15% >15% Drive innovation and launch new products Annual revenue Adj. EBIT1 across market segments growth • Current segments:
Slide 62: We will start working on a transfer of listing from FNGM to Nasdaq Main Market
We will start working on a transfer of listing from FNGM to Nasdaq Main Market in Stockholm Maturity and governance standards – the company is ready for a Main Market listing Broader institutional access – opens the share to a wider investor base Capital-management flexibility – including the abilit
Slide 63: Engaged and focused on the journey ahead
Engaged and focused on the journey ahead
Slide 64: Q&A
Slide 65: Thank you!
Thank you! Find out more at: www.surgicalscience.com