Interim report January-March 2023

Press release: Uppsala, 28 April 2023. Senzime AB's (publ) interim report for January – March 2023 is now available on the company's website

Financial information January – March 2023

  • Net sales amounted to TSEK 7,288 KSEK (2,361), a 209 percent increase. Sales of instruments were TSEK 3,443 (1,758), a 96 percent increase. Sales of disposables were TSEK 3,844 (604), a 537 percent increase.
  • Adjusted sales1 increased by 161 percent.
  • The gross margin excluding amortization was 68.5 percent (61.2).
  • EBITDA was TSEK -26,461 (-18,383).
  • Profit (loss) after financial items was TSEK -31,691 (-20,980).
  • Earnings per-share were SEK -0.42 (-0.33).
  • Cash and cash equivalents as of March 31, 2023, were TSEK 73,803 (56,356).

1. Adjusted for currency and RMI, which was acquired in the third quarter

Highlights first quarter

  • During the month of March, Senzime carried out a rights issue which added gross SEK 91.7 million to the company and SEK 83 million net. The rights issue was subscribed to 90.2 percent.

Our growth has started to gather genuine momentum. The clinical guidelines adopted at the end of last year have stimulated interest in, and demand for, our products. We have also seen an increased utilization rate of the monitors already installed in hospitals, which helped accelerate sensor sales. The value objective neuromuscular monitoring of patients under anesthesia brings in the form of improved patient safety, as well as reduced costs—validated in a range of studies—has now started to have an impact, and we are working intensively on optimizing our sales resources to satisfy the increasing demand.

In the first quarter, we were able to report high underlying growth for monitors and disposable sensors. Net sales grew by 161 percent to SEK 7.3 m adjusted for the acquisition of RMI and currency effects. Sales of sensors increased more than fivefold, which is an important signal for us. Our gross margin excl. amortization continued to improve, expanding to 68.5 percent from 61.2 percent, reflecting how sensors represent a growing sales share.

Increased use of installed monitors and the great success of our pediatric sensor boosted sensor sales in the USA to SEK 2.9 m. The customers who have a high degree of utilization are on a sensor usage corresponding to SEK 50,000 per year and installed monitor. We won an important order from a leading pediatric hospital in the US during the quarter, which is expected to generate annual sales greater than 2 million SEK when fully implemented. Total US sales were SEK 5.1 m, equivalent to underlying growth of 215 percent. In the US, our pediatric sensors were a key underlying factor for our success in the first quarter.

We advanced our positioning in Europe in the first quarter on several of the market opportunities we address. We expect more of the tenders we are participating in to make a positive contribution to sales in the second half-year 2023. In total, underlying sales in Europe were up by 99 percent to SEK 2.1 m.

The monitoring system ExSpiron®2Xi that we acquired in 2022 has been approved for production in our facility for the US market during the first quarter. The move contributes to positive cost synergies. Our distributors in Europe have shown great interest in the ExSpiron 2Xi and several of our US customers have implemented protocols for minute ventilation with the ExSpiron 2Xi to optimize patient flows.

We have increased our efforts in sustainability and started work on mapping our environmental impact end to end in the value chain in 2022. Our goal for 2023 is to reduce energy consumption, emissions, and waste, and to start measuring and setting targets for our climate footprint. The implementation of an environmental management system (EMS) was a key stage of this work, and we secured ISO 14001 certification in April.

The collaboration with Masimo is progressing as planned and we just launched TetraGraph® Xcom connectivity with the Masimo Hospital Automation™ platform. This is an integration that enables the automatic transfer of neuromuscular data from TetraGraph through a Masimo connectivity hub and into a patient's medical records. The first joint product is expected in the beginning of 2024.

I am grateful for the continued support of shareholders that participated in the rights issue we conducted in March. This support and the hard work and commitment of our people have gotten us where we are today. I am really looking forward to our onward journey and the opportunities that lie ahead. For 2023, we anticipate continued high demand on our main markets, and significantly better sales than in 2022. Our outlook for 2025 is unchanged.

I will be making sure we keep driving innovation and improving patient safety to create positive change in healthcare.

Pia Renaudin, CEO

Uppsala, Sweden, April 2023

Contact us

Want to know more?

How can Senzime’s innovative patient monitoring solutions help to eliminate in-hospital complications?
Contact us today.