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olivLaw · European equity research

MedCap AB (publ) MCAP.ST

Sweden · Nasdaq Stockholm · ISIN SE0009160872 · Vertical: Listed companies from Sweden

561.00SEK0.00% · 1 dayClose 05 Nov 2026

MedCap is a Swedish group in medical technology and health that develops assistive technology, medical devices and specialist pharmaceuticals, with a focus on Scandinavia. Revenue grew substantially in 2025, supported by acquisitions and growth in the medical technology segment, and the group extended its epilepsy offering through the acquisition of LivAssured. Net sales reached 981.8 MSEK.

At the close of 05 Nov 2026, MedCap AB (publ) (MCAP.ST) stock was 561.00 SEK (+0.00% on the day), with market capitalisation 8.4 bn SEK, P/E 38.2 on diluted EPS of 14.70 SEK over the last 12 months, dividend yield 0.00%, beta 0.79, 52-week range 453.00–600.50 SEK.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
8.4 bn SEK
shares as of 31 Dec 2025
P/E (TTM)
38.2
Diluted EPS TTM 14.70 · TTM to 31 Dec 2025
E/P (TTM)
2.62%
TTM to 31 Dec 2025
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.79
Volatility (1y) 36%
52-week range
453.00600.50

Price history

Loading chart…

Technical reading

RSI (14)
56.8
strong (55–70)
Bollinger (20, 2)
510.14 – 581.06
in the upper half of the band · %B 0.72 · band width 13.0%
SMA 50 / 200
538.49 / 516.06
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
7.08 / 5.75
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+9.6%−0.6%+10.2 pp—
3 months+6.3%−4.2%+10.4 pp—
6 months+10.2%+4.3%+5.9 pp—
Year to date+2.2%+7.5%−5.3 pp—
1 year−0.5%+9.9%−10.5 pp−8.5%
3 years+93.4%+49.8%+43.6 pp+12.3%
5 years+184.8%+42.8%+141.9 pp—
Max drawdown (1y)
−19.0%
27 Nov 2025 → 27 Mar 2026
Max drawdown (5y)
−45.8%
07 Jan 2025 → 07 Apr 2025
Compound annual growth (5y)
+23.3%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 29.1, median 37.3, max 42.9; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue1.6 bn1.8 bn2.1 bn
Revenue YoYunavailable+13.8%+16.7%
Net income172.2 m207.4 m219.8 m
Net income YoYunavailable+20.4%+6.0%
Diluted EPS11.6014.0014.70
Diluted EPS YoYunavailable+20.7%+5.0%
net %10.8%11.5%10.4%
Free cash flow205.9 m318.3 m317.0 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
370.4 m SEK
Financial debt
unavailable SEK
Net debt
unavailable SEK
Equity
1.5 bn SEK
Total assets
2.6 bn SEK
Debt / equity
unavailable
Current ratio
2.01x
ROE
16.0%
ROA
9.6%
FCF margin
15.0%

Financial statements (source on every figure)

Revenue and net income (SEK)

Margins

Income statement · SEK

Revenue
2023
1.6 bn
2024
1.8 bn
2025
2.1 bn

esef· 26 Oct 2026verified

Operating income
2023
227.5 m
2024
272.3 m
2025
302.9 m

esef· 26 Oct 2026verified

Interest expense
2023
15.6 m
2024
19.0 m
2025
31.5 m

esef· 26 Oct 2026verified

Pre-tax income
2023
222.3 m
2024
261.6 m
2025
289.0 m

esef· 26 Oct 2026verified

Income tax
2023
49.8 m
2024
52.3 m
2025
68.3 m

esef· 26 Oct 2026verified

Net income
2023
172.2 m
2024
207.4 m
2025
219.8 m

esef· 26 Oct 2026verified

Diluted EPS
2023
11.60
2024
14.00
2025
14.70

esef· 26 Oct 2026verified

Weighted average diluted shares
2023
14.9 m
2024
14.8 m
2025
15.0 m

esef· 26 Oct 2026verified

Dividend per share
2023
—
2024
0.00
2025
—

esef· 08 May 2025verified

Balance sheet · SEK

Cash
2023
188.2 m
2024
370.1 m
2025
370.4 m

esef· 26 Oct 2026verified

Inventories
2023
276.7 m
2024
268.9 m
2025
271.4 m

esef· 26 Oct 2026verified

Current assets
2023
765.2 m
2024
917.4 m
2025
991.4 m

esef· 26 Oct 2026verified

Property, plant & equipment, net
2023
243.9 m
2024
402.7 m
2025
379.2 m

esef· 26 Oct 2026verified

Goodwill
2023
339.9 m
2024
362.2 m
2025
662.7 m

esef· 26 Oct 2026verified

Intangibles (excl. goodwill)
2023
309.3 m
2024
304.8 m
2025
566.3 m

esef· 26 Oct 2026verified

Total assets
2023
1.7 bn
2024
2.0 bn
2025
2.6 bn

esef· 26 Oct 2026verified

Current liabilities
2023
343.0 m
2024
331.5 m
2025
494.3 m

esef· 26 Oct 2026verified

Equity
2023
1.0 bn
2024
1.3 bn
2025
1.5 bn

esef· 26 Oct 2026verified

Shares outstanding at year end
2023
14.8 m
2024
14.8 m
2025
15.0 m

esef· 26 Oct 2026derived

Cash flow · SEK

Operating cash flow
2023
228.0 m
2024
360.0 m
2025
342.7 m

esef· 26 Oct 2026verified

Capex
2023
22.1 m
2024
41.7 m
2025
25.7 m

esef· 26 Oct 2026verified

Free cash flow
2023
205.9 m ≈
2024
318.3 m ≈
2025
317.0 m ≈

esef· 26 Oct 2026derived

Investing cash flow
2023
-152.3 m
2024
-128.8 m
2025
-391.3 m

esef· 26 Oct 2026verified

Financing cash flow
2023
-119.7 m
2024
-46.1 m
2025
52.2 m

esef· 26 Oct 2026verified

Share repurchases
2023
0
2024
0
2025
26.1 m

esef· 26 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
16.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
11.2%
computed by olivLawFY 2025
Net income growth (YoY)
6.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
5.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-0.4%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
14.4%
computed by olivLawFY 2025
Net margin
10.4%
computed by olivLawFY 2025
FCF margin
15.0%
computed by olivLawFY 2025

Returns

ROE
16.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
14.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
0.0%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
9.6x
computed by olivLawFY 2025

Liquidity

Current ratio
2.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
342.7 m SEK
computed by olivLawFY 2025
Capital expenditure
25.7 m SEK
computed by olivLawFY 2025
Free cash flow
317.0 m SEK
computed by olivLawFY 2025
FCF conversion
144.2%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
8.4 bn SEK
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
38.2x
computed by olivLawFY 2025
P/E (TTM)
38.2x
computed by olivLawFY 2025
Earnings yield
2.6%
computed by olivLawFY 2025
P/B
5.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
26.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
3.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 47.9% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

561.00 SEK

05 Nov 2026Source: olivLaw, closing series

Market cap: 8.4 bn SEK

Key indicators

Market capitalisation
8.4 bn SEK
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
38.2x
computed by olivLawFY 2025
P/B
5.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
16.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
10.4%
computed by olivLawFY 2025
Revenue growth (YoY)
16.7%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 26 Oct 2026
verified 78derived 3

Score by group

48% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 47.9% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality10.4%86 (vs peers)13%
    FCF conversion · Quality144.2%100 (on a fixed band)13%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet9.6x100 (on a fixed band)13%
    Current ratio · Balance sheet2.0x100 (on a fixed band)9%
    P/E (TTM) · Valuation38.2x19 (vs peers)22%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation3.8%47 (on a fixed band)17%
    Shareholder yield (distributions) · Returns0.3%4 (on a fixed band)13%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet100/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality93/100 · 2/3 factors with a value
    • Returns· partial4/100 · 1/2 factors with a value
    • Valuation32/100 · 2/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    MedCap AB (publ) (MCAP.ST). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 2.1 bn SEK in 2025; YoY growth 16.7%; net margin 10.4%; ROE 16.1%.

    The estimated value range is 228.13–496.67 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 312.73 SEK, the price of 561.00 SEK leaves a potential of -44.3% (value / price − 1) and a margin of safety of -79.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net margin: 10.4%
    • FCF conversion: 144.2%
    • Interest coverage: 9.6x
    • Current ratio: 2.0x

    What contradicts it

    • P/E (TTM): 38.2x
    • Shareholder yield (distributions): 0.3%
    • The price is above the estimated value range

    Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Sweden · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    38.2x
    vertical median 22.9x
    above median (+66.8%)
    EV/EBITDA
    —
    vertical median 5.3x
    P/S
    4.0x
    vertical median 1.1x
    above median (+255.5%)
    P/B
    5.8x
    vertical median 1.4x
    above median (+320.8%)
    ROE
    16.1%
    vertical median 7.4%
    above median (+117.6%)
    Net margin
    10.4%
    vertical median 4.3%
    above median (+142.6%)
    EBIT margin
    14.4%
    vertical median 6.0%
    above median (+139.1%)
    Revenue YoY
    16.7%
    vertical median 1.3%
    above median (+1,148.1%)
    Net debt/EBITDA
    —
    vertical median 1.5x
    Dividend yield
    0.0%
    vertical median 2.5%
    below median (−100.0%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    ALFA.STAlfa Laval AB223.0 bn27.019.4%11.9%+4.1%+21% / +38%
    BOL.STBoliden Ab143.0 bn15.213.3%10.1%+4.8%+12% / +81%
    CAST.STCastellum Aktiebolag66.6 bn71.01.2%9.8%−2.6%+27% / +6%
    AAK.STAak Ab (publ)47.5 bn13.917.2%7.5%+2.2%−31% / −14%
    CAMX.STCamurus AB42.5 bn58.519.5%32.5%+21.3%+16% / +55%
    BRAV.STBravida Holding AB30.1 bn24.513.7%4.4%−4.9%+84% / +123%
    ASKER.STAsker Healthcare Group AB29.8 bn60.59.8%2.9%+11.7%−18% / unavailable
    ALLEI.STAlleima AB22.7 bn33.84.1%3.6%−5.4%+11% / +19%
    BURE.STBure Equity AB22.6 bn—-21.0%—unavailable+20% / +19%
    AQ.STAQ Group AB19.7 bn29.214.9%7.5%+6.0%+14% / +119%
    ALTRA.STAltra Fastigheter AB18.4 bn33.93.0%15.1%−2.2%+9% / +19%
    ATT.STAttendo AB (publ)16.8 bn20.715.1%4.3%+0.1%+34% / +223%
    AFRY.STAfry Ab14.9 bn18.76.2%3.1%−5.2%−17% / +4%
    ATRLJ-B.STAtrium Ljungberg AB14.0 bn17.12.9%23.9%−2.0%−33% / −44%
    ALIG.STAlimak Group AB (publ)12.7 bn21.38.2%8.8%−3.2%−18% / +50%
    ACAD.STAcadeMedia AB12.7 bn15.512.7%4.3%+9.7%+22% / +138%
    APOTEA.STApotea AB (publ)10.7 bn46.831.3%3.2%+10.1%+15% / unavailable
    BOOZT.STBoozt AB10.6 bn37.910.4%3.6%+0.5%+58% / +44%
    MCAP.STMedCap AB (publ)8.4 bn38.216.1%10.4%+16.7%+2% / +86%
    BUFAB.STBufab AB (publ)5.0 bn9.215.1%6.9%−7.4%+36% / +110%
    ACTI.STActive Biotech AB (publ)4.9 bn—-84.5%—unavailable−32% / −77%
    CEVI.STCellaVision AB4.7 bn30.818.0%20.2%+4.9%+20% / +12%
    COOR.STCoor Service Management Holding AB4.7 bn18.213.0%2.2%+16.7%+1% / +25%
    BHG.STBHG Group AB4.5 bn31.12.5%1.4%+6.2%−18% / +113%
    CARA.STCarasent AB (publ)1.8 bn51.74.1%10.1%+24.9%−8% / +87%

    1- and 3-year price returns: for MCAP.ST from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (SEK)

    Estimated priceBearBaseBull
    1 years
    366.59
    Total return -35% · Per year -35%
    645.15
    Total return 15% · Per year 15%
    967.72
    Total return 72% · Per year 72%
    3 years
    434.84
    Total return -22% · Per year -8%
    853.21
    Total return 52% · Per year 15%
    1,393.52
    Total return 148% · Per year 35%
    5 years
    515.79
    Total return -8% · Per year -2%
    1,128.37
    Total return 101% · Per year 15%
    2,006.67
    Total return 258% · Per year 29%
    What moves the 3-year price the most
    • Exit P/E± 213.30
    • Net margin± 149.31
    • Annual revenue growth± 111.36
    • Annual dilution± 12.55

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    MedCap is a Swedish group in medical technology and health that develops assistive technology, medical devices and specialist pharmaceuticals, with a focus on Scandinavia. Revenue grew substantially in 2025, supported by acquisitions and growth in the medical technology segment, and the group extended its epilepsy offering through the acquisition of LivAssured. Net sales reached 981.8 MSEK 1.

    SWOT

    Strengths

    • Diversified portfolio across three business areas, with rising adjusted margins in medical technology.
    • Solid installed base and clinical evidence for Toul Meditech products.
    • Strong local presence in Sweden and Norway, with stable relationships with public customers.

    Weaknesses

    • Dependence on public procurement and budgets that may be slow or constrained.
    • Weak results in some units, such as Multi-ply, affected by the loss of a large order.
    • Pharmaceutical margins are small and under pressure from competition.

    Opportunities

    • Integrating NightWatch into Abilia's sales network could extend sales in Europe.
    • Rising demand for infection control in surgery could support Toul Meditech.
    • The XGX Pharma portfolio could be extended with new niche products and partnerships.

    Threats

    • An adverse macroeconomic or geopolitical environment could affect demand and supply chains.
    • Rapid technological progress could make some products less competitive.
    • Falling prices for licensed medicines could further reduce margins.

    Risks

    • Dependence on the public sectorhigh

      Part of sales depends on public budgets and procurement, which can be delayed or reduced.

    • Technological competitionmedium

      Technological change and competition could reduce volumes and prices if the group does not adapt in time.

    • Macroeconomic and geopolitical factorsmedium

      External events could affect demand and access to components or services needed to deliver products.

    • Prices of licensed medicinesmedium

      Pressure on pharmaceutical prices could continue to reduce the result of Unimedic Pharma.

    • Integration of acquisitionslow

      Integrating LivAssured and XGX Pharma could face operational or organisational culture difficulties.

    Investment thesis

    What would need to be true (bull case)

    • Higher revenue and adjusted margin in 2025 show that the medical businesses can support expansion if demand stays stable 1.
    • Recent acquisitions could open new markets, particularly in epilepsy and Central Europe, if integration succeeds 1.
    • Diversification across three areas may reduce dependence on a single market or customer type 1.

    What would break the thesis

    • Dependence on public budgets could slow orders if funding tightens.
    • Margins in the pharmaceutical segment are under pressure from competition and lower prices.
    • Acquisitions carry integration risks and unmet expectations, especially if new markets develop slowly.

    What to watch

    • Development of margins in the Specialistläkemedel segment after the XGX Pharma acquisition2026
    • Recovery of orders from Multi-ply's largest customer2026
    • NightWatch sales growth in new markets, including DACH2026
    • Quarterly reports on demand from the public sectorQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    MedCap AB (publ) is a holding company grouping businesses in three areas: Abilia (assistive technology for people with special needs, including mobility, alarms and communication), Medicinteknik (EKG equipment, packaging for nutrition and pharmaceuticals, carbon fibre components and ultra-clean air systems) and Specialistläkemedel through Unimedic Pharma. Group net sales were 981.8 MSEK in 2025, with an adjusted EBITA margin of 26.5 % 1. The group operates in Sweden, Norway, Denmark, the United Kingdom, the Netherlands and Germany 1.

    The group combines organic growth with acquisitions. In 2025, LivAssured, with its NightWatch product, was acquired by Abilia, and XGX Pharma was integrated into Unimedic Pharma in July 2025 1. Management says it continues to pursue both organic development of its businesses and the search for companies that complement the portfolio 1.

    Customers include regions, municipalities, hospitals, specialist clinics, pharmacies, distributors and pharmaceutical companies, and part of sales comes from public funding of health care and social services 1. This means demand partly depends on public budgets and procurement procedures 1.

    Segments

    Specialistläkemedel

    The Specialistläkemedel segment, through Unimedic Pharma, had sales of 436.6 MSEK in 2025, almost flat year on year, but adjusted EBITA declined due to competition and lower prices for licensed medicines 1. The XGX Pharma acquisition is intended to strengthen the niche portfolio and pipeline 1.

    Market context

    The group's core markets are Sweden and Norway, with expansion into Germany and other European countries 1. Demand for assistive technology is supported by an ageing population and the need for safety and independence, but pressure on public budgets may affect the pace of procurement 1. For Toul Meditech, demand grows with awareness of infection risks and bacterial resistance 1.

    In Specialistläkemedel, the Nordic licensed-medicines market faces rising competition and lower prices, while the weak construction sector affecting Trident and Swedelift remains a challenge 1.

    Trends

    • Ageing populationtailwind

      A growing number of elderly and people with special needs supports demand for assistive, alarm and mobility products 1.

    • Hospital infections and bacterial resistancetailwind

      Rising infection risk and multi-resistant bacteria could increase interest in ultra-clean air solutions in surgery 1.

    • Public budgets and procurementheadwind

      Reliance on public funding and procurement could delay orders if budgets tighten 1.

    • Pressure on medicine pricesmixed

      Competition and lower prices for licensed medicines reduced the pharmaceutical segment's result, which could continue if the trend persists 1.

    Competitive position

    The group operates in specialised niches where competition comes from producers of assistive technology, cardiology equipment, packaging and licensed medicines. The sources do not name the main competitors, but they cite intense competition as a risk in all business areas 1.

    The group's stated advantage lies in its local commercial presence, relationships with public customers and its ability to integrate acquisitions such as LivAssured and XGX Pharma 1.

    • Assistive technology and alarm producers

      Competition in assistive, mobility and alarm products, mentioned generically in the source.

    • EKG equipment makers

      Competition for Cardiolex in EKG systems and hospital software.

    • Ultra-clean air system makers

      Competition for Toul Meditech in surgery and infection control.

    • Nordic licensed-medicine companies

      Competition for Unimedic Pharma, which reported lower prices and rising competition.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / MedCap AB (publ) · 31 Dec 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.