Interim report January – September 2022

Press release: Uppsala, 10 November 2022. Senzime AB's (publ) interim report for January – September 2022 is now available on the company's website www.senzime.com.

Financial information July – September 2022

  • Net sales amounted to TSEK 3,720 (1,436), a 159% increase. Sales rose by 79% adjusted for the acquisition of RMI and currency fluctuations.
  • Sales of instruments were TSEK 1,201 (728), a 65% increase. Adjusted for the acquisition of RMI and currency fluctuations, sales increased by 45%.
  • Sales of disposables were TSEK 2,519 (708), a 256% increase. Adjusted for the acquisition of RMI and currency fluctuations, sales increased by 113%.
  • The gross margin excluding amortization was 69.6% (67.8).
  • EBITDA was TSEK -24,727 (-16,963). Adjusted for acquisition costs, EBITDA was TSEK -24,360 (-16,963).
  • Income after financial items was TSEK -53,625 (-19,704)
  • Earnings per-share were SEK -0.74 (-0.31)
  • Cash and cash equivalents as of September 30, 2022 were TSEK 58,389 (97,436)
  • The acquisition of RMI was completed on July 1, 2022

Financial information January – September 2022

  • Net sales amounted to TSEK 9,484 (7,263), a 31% increase. Sales rose by 9% adjusted for the acquisition of RMI and currency fluctuations.
  • Sales of instruments were TSEK 5,083 (4,212), a 21% increase. Adjusted for the acquisition of RMI and currency fluctuations, sales increased by 10%.
  • Sales of disposables were TSEK 4,402 (3,052), a 44% increase. Adjusted for the acquisition of RMI and currency fluctuations, sales increased by 6.3%.
  • The gross margin excluding amortization was 60.5% (58.9)
  • EBITDA was TSEK -80,895 (-51,742). Adjusted for RMI related acquisition costs, EBITDA was TSEK -64,128 (-56,019)
  • Income after financial items was TSEK -115,491 (-59,923)
  • Earnings per-share were SEK -1.72 (-0.93)

Highlights third quarter

  • Strong sales growth of 79% in the third quarter*
  • Sales in the USA up by 110% in the third quarter*

*Adjusted for currency effects and Respiratory Motion Inc. (RMI)

CEO COMMENTS

We finished the third quarter strongly. In the quarter, we saw increased usage of our disposables on key markets, reflecting the growing installed base of monitors and interest in our technology. Overall, sales increased by 159 percent to SEK 3.7 m for the third quarter and adjusted for the acquisition of Respiratory Motion Inc. (RMI) and currency effects, growth was 79 percent. Gross profit was SEK 2.6 m, with a gross margin of 69.6 percent. Our gross margin continued to increase as a result of strong sales performance in the USA

The installed base of TetraGraph® continued to grow steadily on our core markets, and usage of our disposables is rising, especially on our major hospital accounts. Sales of monitors were up by 45 percent and disposables by 113 percent in the third quarter, adjusted for RMI and currency effects. Sales increased by 32 percent in Europe, and 110 percent in the USA, adjusted for RMI and currency effects. We’re currently involved in several tenders in Europe, as well as negotiation processes in the USA that we expect to be carried out in 2023.

We completed our acquisition of Respiratory Motion at the beginning of the third quarter, and this operation has now been consolidated. We expect the expanded product portfolio to generate sales synergies from 2023 onwards. In the third quarter, ExSpiron® contributed sales of TSEK 757. We’ve started the process of transferring production of the ExSpiron® monitor to Uppsala, Sweden, which in time, we expect to increase our gross margin further.

The new guidelines that have been adopted by American Society of Anesthesiologists (ASA) represent a major recognition for Senzime, and for the millions of patients affected by critical complications from neuromuscular blocking agents every year. These new clinical guidelines include strong recommendations to observe patients with a quantitative monitor, rather than relying solely on clinical and subjective assessment. They also offered strong recommendations to hasten the use of quantitative monitoring to improve patient safety. Senzime’s TetraGraph® is a patient monitoring system that satisfies the standards of these new American guidelines, enabling improved patient safety and fewer complications

Our previously announced strategic partnership with American Masimo is progressing as planned. Our ambition is to submit the module developed to connect TetraGraph® with Masimo’s patient monitoring system Root® for approval at the end of 2023, and to launch at the beginning of 2024.

I’m grateful for all the hard work done by everyone at Senzime, and their efforts for patients on our markets. With new guidelines in place in the USA and Europe, we’re making good progress in continuing our efforts to eliminate complications to save lives, improve patient safety and reduce healthcare costs.

This press release contains only parts of the complete interim report published on Senzime's website

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