Statement of the CEO

CEO-Statement

Growth in the first quarter was clear.  Total sales growth was 64 percent, with the U.S. accounting for the largest increase, 109 percent year-over-year, and Europe up 36 percent. Sensor sales increased by 44 percent during the quarter compared to the same period in 2021.

The global installed base of TetraGraph® monitors continues to grow and we have now delivered  approximately 1,200  systems to customers and distributors. We expect the increasingly disruptive installed base to result in a sharp increase in sales of disposable sensors going forward.

We started the year by reporting ongoing or contracted trials at 74 hospitals worldwide with a combined potential of 1,150 TetraGraph® systems. By the end of the first quarter, we had won 27 of these hospitals, started 29 new trials and not lost a single deal to any competitor.

During the first quarter of the year, we won a number of important strategic deals in the US. One successful tender comprised 50 TetraGraph® – system with associated sensors for all operating rooms of the hospital. The next successful procurement included 23 TetraGraph® systems for a large university hospital in the southeastern United States that simultaneously standardized its clinical guidelines so that all patients receiving neuromuscular blocking agents are monitored with our system. Another important deal was a procurement from a US hospital chain consisting of three hospitals where all operating theatres were equipped with TetraGraph® and which annually performs almost 11,000 operations with neuromuscular blocking agents.

Even more clinical guidelines support our technology. In February, the key U.S. Anesthesia Patient Safety Foundation (APSF) announced that it is revising its recommendations for patient monitoring and recommending quantitative monitoring when neuromuscular blocking agents are given to patients — the kind of technical solution in which Senzime is a world leader.

At the end of March, the new TetraSens® Pediatric was CE-MDR approved – the first EMG-based disposable sensor – which creates the conditions for better monitoring of children during and after surgery. The use of neuromuscular blocking agents in children is steadily increasing, making up globally close to a quarter of all surgeries in this segment. Children form an extra sensitive patient group where it is more difficult to monitor neuromuscular activity during surgery. Studies show that children are as at risk as adults of suffering complications when using neuromuscular blocking agents, said we see this as a high-priority market to expand within. The first orders came immediately after launch and in March we submitted an application to the US Food and Drug Administration (FDA) for approval of TetraSens® Pediatric.

The improved gross margin in the first quarter of 2022 to just over 60 percent is mainly due to an increased share of direct sales in the US market through its own sales force. The relocation of production home to Uppsala has helped us to control component prices and secure supply and logistics chains without disruptions.

We continue to expand our sales teams in the U.S. and Germany, while working closely with our licensees and distributors in other markets. Our market, which comprises more than 80 million patients per year, is valued at over SEK 15 billion annually and we have an unwavering goal of being the market leader in the segments we operate in. I am proud and humbled by all the amazing stories I hear from our healthcare users and their everyday lives, especially from a number of clinics I have just visited in the United States. They really feel that TetraGraph® helps to improve patient safety, that it facilitates their work and ensures patient safety.

Healthcare is now reopening after the pandemic and I look forward with confidence to a continued exciting year with growth, many deals and commercial exchange of Senzime’s fantastic teams and technologies!

 

Uppsala in May 2022

Pia Renaudin, CEO

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