Strong orders, but sales virtually stall - Q3 initial

Q3 net sales of SEK73m were 6% below our SEK77m estimate, with organic growth of 0.8% Y/Y marking a near-stall in momentum. Reported EBITDA of SEK-6m was SEK8m below our forecast, driven by cSEK9m of one-off accounting adjustments. Excluding those, EBITDA was cSEK2m, against our SEK2m, so the profit miss was largely technical. Order intake of SEK73m (+27% Y/Y, of which +28% organic) and an order book of SEK132m (+35% Y/Y) keep the forward case intact, but now heavily depends on Q4 execution.

Overall impression. The 0.8% organic print Y/Y was against a tough 30% comparable in Q3 2025, and management states that several larger deals slipped from Q3 into Q4. Regionally, the split was wide – Americas grew c17% on both large global accounts and a broader base and APAC rose c8%, while EMEA fell c21% after a strong H1.

Order intake and book are the quarter's real positive and are broad. MDI intake rose 22% Y/Y to SEK61m, led by Americas development projects spanning cardiac and peripheral interventions plus a first augmented-reality application, while HCS intake jumped 61% to SEK12m from new hospital, university and partner channels. We think this could be the first real evidence that HCS (flat on sales and down 45% on orders in Q2) is turning. As for profitability, the EBITDA decline was driven by the cSEK9m one-off charge, split into cSEK5m in personnel and cSEK3m in other external costs, and related partly to earlier 2026 quarters and partly to prior years.

Operating cash flow of cSEK1m beat our SEK-11m by SEK12m, with receivables down, driving a cSEK43m YTD working-capital release. We believe this strong beat removes any near-term funding concern.

Conference call at 10:00 CET, https://access.dnbcarnegie.com/companies/1430/live