Senzime issues preliminary financial information for the development of the fourth quarter 2022 and provides a trading update

Senzime AB (publ) (”Senzime” or the ”Company”) issues preliminary financial information for the fourth quarter 2022 with a general update of the Company’s financial and operational development and brings forward the announcement of the year-end report for 2022.

In light of the rights issue (the “Rights Issue”) that the Company announced today, 23 January 2023, Senzime has decided to issue preliminary financial information for the fourth quarter 2022 and provide a trading update. All financial information regarding the fourth quarter 2022 and the full year 2022 in this press release is preliminary information. The information is based on the Company’s estimate and has not been audited or reviewed by the Company’s auditor. The purpose of the announcement is to provide the market and the shareholders with updated information prior to the announced Rights Issue, and the Extraordinary General Meeting (“EGM”) on 16 February 2023 that is to address the approval of the Rights Issue. Considering the Rights Issue, the Board of Directors of Senzime has resolved to bring forward the announcement of the audited year-end report from 20 February 2023, to 1 February 2023.

Preliminary financial information October – December 2022

  • Net sales amounted to SEK 4,550 thousand (3,717), an increase by 22 per cent. Sales increased by
    59 per cent adjusted for the acquisition of RMI, currency fluctuations and one-off items.
  • Sales of instruments amounted to SEK 1,603 thousand (1,358), an increase by 18 per cent. Adjusted for the acquisition of RMI, currency fluctuations and one-off items, instrument sales increased by 9 per cent.
  • Sales of disposables amounted to SEK 2,947 thousand (2,358), an increase by 25 per cent. Adjusted for the acquisition of RMI, currency fluctuations and one-off items, disposable sales increased by 111 per cent.
  • The gross margin excluding amortisation was 65.3 per cent (45.4).
  • Cash and cash equivalents at the end of the period amounted to SEK 26,035 thousand.

Preliminary financial information January – December 2022

  • Net sales amounted to SEK 14,034 thousand (10,980), an increase by 28 per cent. Sales increased by
    80 per cent adjusted for the acquisition of RMI, currency fluctuations and one-off items.
  • Sales of instruments amounted to SEK 6,686 thousand (5,570), an increase by 20 per cent. Adjusted for the acquisition of RMI, currency fluctuations and one-off items, instrument sales increased by 63 per cent.
  • Sales of disposables amounted to SEK 7,348 thousand (5,410), an increase by 36 per cent. Adjusted for the acquisition of RMI, currency fluctuations and one-off items, disposable sales increased by 103 per cent.
  • The gross margin excluding amortisation was 62.0 per cent (54.3).
  • Cash and cash equivalents at the end of the year amounted to SEK 26,035 thousand.

Business update and future

During the past quarter, clinical guidelines were adopted by American Society of Anaesthesiologists (ASA) and European Society of Anaesthesiology and Intensive Care (ESAIC). Both guidelines that were published in leading scientific journals now favours the type of technology that Senzime’s TetraGraph system is built upon, for monitoring of patients that receive muscle relaxation drugs as part of anaesthesia.

“The clinical guidelines are a result of many years of research and hundreds of published studies, supporting our vision, business and aids the many millions of patients that annually are affected by complications as a result of failed monitoring”, Pia Renaudin, CEO of Senzime, comments.

Supported by the guidelines, Senzime has during the past quarter received several important orders of the TetraGraph system. In addition, the Company has received orders for new TetraSens Pediatric, developed for monitoring of children, including an order from a leading university hospital in the US. The increase in number of hospitals and installed base of monitors continues to set the foundation for continued stable sensor sales.

In the US and Europe, Senzime is currently participating in several larger procurement processes. The Company expects positive results in several processes which will contribute to the sales growth of the TetraGraph system and the disposable sensor TetraSens during 2023.

During the past quarter, Senzime has integrated the American company RMI that was acquired in July 2022.
RMI’s ExSpiron system is now being sold by Senzime’s own sales team in Germany and the US, and through distributors in key markets in Europe. The response has been positive and the access to the ExSpiron system generates sales synergies and strengthens Senzime’s growth opportunities in the long term.

The commercial progresses resulted in strong growth in 2022, where an increase of 36 per cent of sensor sales was an important validation of the Company’s business model. During the fourth quarter, Senzime communicated long-term targets to reach net sales of SEK 275 million to SEK 325 million in 2025, and a long-term EBITDA margin exceeding 40 per cent.

In 2023, the Company expects a strong and accelerating development in sales validating that the long-term targets are well within reach.

“With support from the clinical guidelines, a world-leading product portfolio in the field and a very motivated sales organisation, Senzime has the potential to reach considerably higher growth during 2023, compared to 2022”, Pia Renaudin, CEO of Senzime, comments.

Bringing forward the year-end report for 2022

In light of the Rights Issue, the Board of Directors of Senzime has resolved to bring forward the publication of the year-end report for 2022 to 1 February 2023 instead of 20 February 2023 as previously communicated.

The Rights Issue

For further information on the Rights Issue, see the press releases regarding the Rights Issue on the Company’s website, www.senzime.com, and the prospectus that is expected to be published on 16 February 2023.

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