Statement of the CEO
The increased access to hospitals towards the end of the quarter meant that September’s sales were the best ever in Senzime’s history. In the first three quarters of the year, sales increased by 45 percent compared to the same period in 2019. Sales from all regions contributed to the result.
In Switzerland and the UK, we see example of hospitals that have upgraded from analog monitoring technology to our digital TetraGraph® system. Contributing factors to this have been demands for higher precision, ease of use and the ability to monitor in all types of surgery. We have about 20 clinical trials under way, which is particularly gratifying given that hospitals have been closed for company representatives for some time.
It was also extremely important for us to sign a distribution agreement with The Surgical Company, which is one of the leading players in the French anesthesia market, after the end of the third quarter. This gives us quick access to the market, and we are about to deliver our first order to a university hospital in the country. In France, new clinical guidelines recently presented recommendations supporting the use of Senzime’s products in surgery.
In South Korea, sales of our disposable sensors TetraSens® continue, which clearly demonstrates the leverage of our business model. I expect more orders for both TetraGraph® and TetraSens® from South Korea during the year.
In the US, we have gradually expanded our business and we have now reached the first level of establishment with a total of six employees in the team. We have succeeded in attracting cutting-edge expertise from leading global companies such as Medtronic and Masimo. We also work closely with our US distributors to complement our direct sales model in certain regions. We have several ongoing clinical trials in the United States and further scheduled.
As part of our new strategy to focus on the anesthesia monitoring market, we signed a licensing agreement with Italian Moss S. p.A. The deal gives Moss a 10-year license to manufacture and sell OnZurf® Probe on the European market. The agreement is expected to generate license revenue to Senzime of SEK 100 million over the period.
We see strong underlying demand for our products and new clinical guidelines are advertised continuously in our favor. Every year, nearly 80 million operations with neuromuscular blockade are performed with the need for neuromuscular monitoring. Senzime stands ready to provide TetraGraph® system on a global basis. We do this with a combination of our own sales force and well-established distributors. We are building Sweden’s next export success in medical technology and advanced patient monitoring. Together we improve care and save lives.
Uppsala, November 2020
Pia Renaudin, CEO