- Continued expansion in the USA and a new subsidiary in Germany
- Key customer wins despite Covid-19 limiting access to hospitals
- Application for listing on Nasdaq Stockholm’s Main List
Financial information January – March
- Net sales amounts to KSEK 1,437 (2,589)
- Operating profit before depreciation amounts to KSEK -14,920 (-5,967)
- Earnings per share amounts to SEK -0.27 (-0.16)
- Cash and cash equivalents amount to SEK 142.5 million (24.0) on March 31.
Despite the fact that Covid-19 continued to limit our opportunities to initiate new trials in hospitals even during the first quarter, we report a sales increase of 40 percent in Europe and the USA. The pandemic does not facilitate our work, but it does not stop us.
In the U.S., our own sales force has gained a number of important deals and we currently have just over 200 TetraGraph® systems under evaluation at a dozen large university hospitals. Our total pipeline includes even more systems, and several evaluations are also underway in small and medium-sized hospitals. Currently, Senzime is in discussions with a total of 40 hospitals in the US.
As part of our US strategy to complement our own sales force with distributors in certain states, we have entered into agreements with Mercury Medical. This is a reputable distributor with large resources, which gives us even bigger muscles in the world’s largest market. We are very much looking forward to the cooperation.
The sales pattern for the disposable TetraSens® sensor is encouraging. Compared with the first quarter last year, sales have doubled. We see signs of high consumption of TetraSens® for each installed TetraGraph®.
During the past quarter, TetraSens® also received the right to a reimburse in South Korea when their government compensation system decided to compensate for the use of disposable sensors for TetraGraph®. The reimbursement for disposable sensors is a positive step in increasing the use of monitoring when muscle relaxants are used and is in line with other important initiatives in Europe and the USA where work is being done to develop guidelines for monitoring in the event of neuromuscular blockade.
During the first quarter, we established our subsidiary in Germany and appointed a country manager. The business has got off to a flying start with trials at university hospitals already during the first week. We expect to start a number of trials in Germany in the near future and other planned recruitments should be ready before the summer.
Senzime’s Board of Directors has decided to apply for listing of the company’s shares on Nasdaq Stockholm’s main list in 2021. This is part of our continued expansion and strategy to continue to broaden our investor base and contribute to increased visibility and exposure for the company.
We look forward to a continued successful 2021 characterized by more and more trials in hospitals around the world and high business activity as a result of these.
Uppsala in May 2021
Pia Renaudin, CEO