Carasent pairs sticky, 90%-plus recurring healthcare SaaS with 20% adjusted EBITDAC margins and AI and lab-integration catalysts, while German execution and a thinner cash buffer temper an attractive five-year growth case.
Overview
Carasent AB is a Sweden-headquartered healthcare software company serving private clinics, occupational health networks, and specialized providers across the Nordics and Germany. Its cloud-native EHR and practice-management products generate **more than 90% of sales from recurring SaaS and transaction revenue**; annual churn is about 3% and NRR is 110%. Webdoc is the core platform, while Medsum adds ambient AI documentation and InfoSolutions, acquired in mid-2026, expands diagnostic laboratory connectivity. In Q3 2026, reported sales increased 32% year over year to SEK 108.2M, organic revenue grew 12%, contracted ARR rose 29% to SEK 424.0M, and adjusted EBITDAC increased 74% to SEK 21.4M, lifting its margin from 15% to 20%. LTM sales reached SEK 390.0M, up from SEK 128.0M five years earlier, a roughly 25% CAGR. At SEK 26.60 per share, market capitalization was SEK 1.78B and EV approximately SEK 1.73B, or 4.08x ARR, 4.44x LTM revenue, and about 21.2x LTM EBITDA. **The investment case is improving operating leverage plus sticky recurring revenue**, with near-term catalysts from Medsum, InfoSolutions cross-selling, and German cloud conversion. The principal offsets are DACH execution and cash reduced to SEK 47.1M; cited analyst targets are SEK 33–44.