Senzime communicates strategic and financial goals
Press release: Uppsala, September 23, 2020. Senzime AB (publ) today announces the company’s strategic and financial goals for 2023.
Senzime develops and markets digital patient monitoring systems to prevent complications during and after anesthesia. Senzime's TetraGraph system is currently CE marked, FDA cleared, and market approved, in additional countries such as Japan, South Korea and Australia. Since its launch in 2019, Senzime has delivered approximately 600 systems to hospitals worldwide. Despite limited access to hospitals during the COVID-19 pandemic, Senzime has had success in countries such as the United Kingdom, Switzerland and South Korea.
Sales have recently commenced on the Japanese market through Fukuda Denshi, a global medical equipment manufacturer, which has a ten-year license agreement to sell the TetraGraph system. Sales-related royalties will be received starting in October 2020. The Japanese Society of Anesthesiologists (JSA) recently published revised clinical guidelines with mandatory recommendations, in line with many other countries, to use neuromuscular monitoring whenever muscle relaxants and reversal drugs are used.
”We note a positive trend in the number of surgeries performed daily with each TetraGraph, which means that we have reviewed our internal calculation models for the disposable TetraSens electrodes. The recent order from South Korea is an example of such increased use,” says Pia Renaudin, Senzime’s CEO.
Every year, nearly 80 million surgeries are performed worldwide where neuromuscular blocking agents are used. Senzime estimates that the annual market potential for disposable sensors amounts to more than SEK 10 billion, and that the market for digital, objective monitors amounts annually to at least 25,000 units, corresponding to a value of more than SEK 600 million per year.
TetraGraph is now being delivered to several large markets, and therefore the Board considers it relevant to communicate Senzime’s financial goals:
Senzime shall become a market leader in the peri- and post-operative neuromuscular monitoring segment, with a long-term global market share of at least 10%
Senzime shall reach at least SEK 200 million in revenue in 2023, corresponding to a sales increase of 100% vs. 2022
Senzime shall reach profitability during 2023
“We are building Sweden's next export success in medical technology and advanced patient monitoring. Senzime has all the prerequisites to become a leading player, with a billion SEK in sales, and today we announce transparent intermediate goals towards this long-term ambition. It is important that we communicate clearly to all external parties the goals that we are aiming for,” says Pia Renaudin, Senzime’s CEO.
Senzime develops and markets systems, driven by unique algorithms and sensors, to follow patients ' nervous systems and electrical impulses – before, during and after surgery. The company's solution is called TetraGraph, a medical technology system that digitally and continuously measures the degree of neuromuscular blockade in the patient. The goal is improved clinical precision and simplified management in healthcare. By preventing complications and enabling healthcare professionals to follow health care guidelines and drug recommendations, TetraGraph contributes to shorter hospitalizations and lower health care costs – in a world where everyone wakes up safely after surgery. The vision is a world without narcotics-related complications. Senzime operates in growing markets that in Europe and the United States are valued in excess of SEK 10 billion. The company's shares are listed on Nasdaq First North Growth Market (ticker SEZI). FNCA Sweden AB, +46 (0)8-528 00 399, email@example.com, is Certified Adviser for Senzime. www.senzime.com
This information is insider information that Senzime AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, on September 23, 2020, 09:15.
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