Partnership Investing

17 dealing banks*

$MEDI has more than doubled market share and procedures sold in the US in less than a decade. Main driver of future results is the growth in penetration over next decade. Close second penetration of Imaging tools.

Preview from the next write-up $MEDI has been on a tear in the past decade. EBIT margins went from 18.5% to 27.5% and revenue more than doubled.

@marketplunger1 Please help raise awareness!! 99% GMs, 50-60% EBITDA Margins and high top-line growth...

8/ Financials (3) Finally here is my projection per segment. Industry/OEM growth will likely be significantly faster than Educational Products driving GM's higher. If I had to guess, I think $SUS will keep creating a lot of value beyond those 5 years as robotic surgery grows.

7/ Financials (2) Margin expansion is driven by Industry/OEM growth as % of revenue and overall scalability of OpEx due to the biz model. SUS can easily cross-sell existing modules across OEMs and universities. New modules can be sold multiple OEM's at once = R&D also scalable.

6/ Financials (1) Industry/OEM is expected to grow exponentially as $ISRG competitors enter the market commercially. This ramp-up will happen over the next decade. I expect $SUS to generate >500M SEK of FCF in 2026 vs ~140M in 2022.

2/ Market position SUS is the leader in the surgery simulation software space. It has OEM agreements with $ISRG, $JNJ, $MDT and CMR Surgical. SUS has acquired its main competitors to control their IP and customer relationships. This sets the company up for massive growth.

Interesting that this happens right when SBC is such a top-of-mind issue $AVLR:

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