Interim report January – December 2021

Press release: Uppsala, February 17, 2022. Senzime AB’s (publ) Interim Report for January-December 2021 is now available on the company’s website www.senzime.com.

Financial information for October – December 2021

  • Net sales amounted to SEK 3,717 thousand (3,494).
  • Gross margin before depreciation was 45.4 percent (43.0).
  • Income after financial items was SEK -24,366 thousand (-15,570).
  • Earnings per share amounted to SEK -0.38 SEK (-0.26).
  • Cash and cash equivalents amounted to SEK 74.9 million (160.3) on December 31.

Financial information for January – December 2021

  • Net sales amounted to SEK 10,980 thousand (9,337).
  • Gross margin before depreciation 54.3 percent (40.9).
  • Income after financial items was SEK -84,289 thousand (-48,991).
  • Earnings per share amounted to SEK -1.31 (-0.84).

FOURTH QUARTER HIGHLIGHTS

  • Strong sales growth in the US and Europe
  • Continued high number of ongoing or contracted trials
  • More than 1,000 TetraGraph® monitors now delivered

CEO COMMENTS

In the fourth quarter, we saw strong sales growth in the US, which more than doubled compared to the same quarter last year. For the full year 2021, U.S. growth was more than 200 percent and the market accounted for 38 percent of our total sales. Sales in Europe also showed good growth and the increase for the full year amounted to 52 percent.

Senzime’s total sales more than doubled in the fourth quarter of the year compared to the third. Total sales growth during the full year 2021 amounted to 18 percent. The reason total sales was not higher is due to the fact that our distributor in South Korea placed a lager order in December 2020 and has delivered from its warehouse in 2021. However, we expect renewed orders from South Korea shortly.

The installed base of TetraGraph® – which in turn drives sensor sales – continues to grow and in total Senzime has now delivered more than 1,000 monitors to customers and distributors. Globally, sales of the number of TetraSens® sensors for the full year 2021 amounted to approximately 45,000.

In the UK and Germany, interest in TetraGraph® is very strong, both from large university hospitals and from smaller hospitals. The number of trials is steadily increasing and since our last quarterly reporting we have won procurements at another 10 hospitals in Europe. Senzime’s German sales organization is making great progress and we have won 13 trials and have nine more in progress.

By the end of 2021, we had ongoing or contracted trials at more than 74 hospitals worldwide. The total potential for these trials amounts to approximately 1,150 TetraGraph® systems. We also continue to win the majority of the trials – in the fourth quarter we won procurements at 16 out of 17 hospitals.

Based on the number of ongoing trials and the outcome of the latest procurements, we stand by our financial target of reaching sales of SEK 200 million in 2023 and achieving profitability. We also believe that a long-term target of a 10 percent market share in a market estimated to have annual sales of approximately SEK 15 billion remains highly relevant.

In order to increase our margins and improve efficiency, we have moved to in-house production during the fourth quarter, while both the production facilities as well as our products and quality systems were certified according to MDR, the new regulatory standard in Europe. An amazing job by the team!

In January and early February 2022, five university hospitals in the US decided to purchase TetraGraph® systems. We generally expect hospitals to now return to a more normal situation and start working off the long waiting lists for surgery. Optimizing patient flows will be very important in the future and we see that TetraGraph® has great opportunities to contribute to this as well. In addition to a cost and patient perspective, it is also important from a patient flow perspective to effectively measure and indicate when the patient has regained their muscle function.

With a fantastic product offering, a strong team and a great market need, I look forward with confidence to 2022!

Uppsala in February 2022
Pia Renaudin, CEO

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