Interim Report January-March 2024
Senzime AB reported a 66% increase in net sales for January - March 2024, with sales of instruments up by 41% and disposables up by 89%. The gross margin decreased to 64.3%, EBITDA improved, but profit after financial items showed a loss. Cash and cash equivalents increased to TSEK 116,856. The company secured a significant deal in the US and saw growth in Japan and South Korea. CEO Philip Siberg highlighted the strong sales growth and emphasized the focus on building a market-leading position. The future outlook remains optimistic with high demand in the market.
- Net sales increased by 66% for January - March 2024
- Senzime secured its largest US deal
- Growth in Japan and South Korea markets
- Strong pipeline and high demand in the market
- Gross margin decreased to 64.3%
- Reported a loss in profit after financial items
UPPSALA, SWEDEN / ACCESSWIRE / May 7, 2024 / Senzime (STO:SEZI)(OTCQX:SNZZF) Press release: Uppsala, May 7th, 2024. Senzime AB's (publ) interim report for January - March 2024 is now available on the company's website www.senzime.com.
Interim Report January - March 2024
- Net sales amounted to TSEK 12,120 KSEK (7,288), a 66 percent increase. Sales of instruments were TSEK 4,864 (3,443), a 41 percent increase. Sales of disposables were TSEK 7,256 (3,844), an 89 percent increase.
- Net sales adjusted for currency effects increased by 66 percent.
- The gross margin excluding amortization was 64.3 percent (68.5).
- EBITDA was TSEK -23,911 (-26,461).
- Profit (loss) after financial items was TSEK -28,719 (-31,691).
- Earnings per-share were SEK -0.23 (-0.42).
- Cash and cash equivalents as of March 31, 2024, were TSEK 116,856 (73,803).
Highlights first quarter:
- Senzime secured its largest US deal to date from leading Houston-based university hospital system. The procurement includes deliveries to several hospitals and initially consists of more than 250 TetraGraph systems for use on up to 100,000 patients per year.
- Senzime's licensee Fukuda Denshi launched the HN-100, the first integrated TetraGraph module in the Japanese market. The HN-100 is marketed as an accessory to Fukuda Denshi's patient monitoring system to enable EMG-based neuromuscular monitoring in operating rooms.
CEO comment:
It has been another eventful quarter for Senzime . We continue to report strong growth and net sales increased by 66 percent to SEK 12.1 million. Another quarter with record sales.
The sales growth is driven by strategically important new business and recurring sales of disposable sensors to the installed base of TetraGraph systems. Sales of disposable sensors are growing steadily, which is an important signal that the degree of utilization of the TetraGraph systems on the market is gradually increasing.
The important US business continues to develop well. The new commercial organization that we launched in 2023 is generating excellent results. We now have around half of all our employees based in the US and the team was expanded with additional sales reps during the quarter. The important hospital contracts we won in 2023 in larger competitive evaluations are now driving sensor sales. We secured over 20 new hospital accounts in the US during quarter. The hospitals value our complete product offering, our team, and our commitment to patient safety. Senzime is perceived as the reliable and long-term supplier with the ability to effectively carry out large-scale hospital implementations.
Our business in Japan and South Korea is also showing good growth . After a longer joint development project, our Japanese license partner Fukuda Denshi launched its integrated module with "TetraGraph inside". This module is the first of its kind powered by our algorithms and sensors and launched as an accessory to Fukuda's extensive installed base of patient monitors.
Our focus continues to be on building a market-leading position in the technical and clinical shift that is now taking place. The goal is to reach profitability by offering the most user-friendly and clinically relevant solutions while building a broad installed base of instruments with a high utilization rate. We're scaling up with smart industrial partnerships, innovation, and everything is made possible by a brilliant team.
We have a strong pipeline and I note a high demand in the market. Q2 has started strong, we have many ongoing evaluations and we're working continuous to increase the utilization rate of the installed base.
Looking forward to a continued very exciting year!
Philip Siberg, CEO
Uppsala, Sweden, May 2024
For further information, please contact:
Philip Siberg, CEO of Senzime AB
Phone: +46 (0) 707 90 67 34, e-mail: philip.siberg@senzime.com
Slavoljub Grujicic, CFO
Phone: +46 (0) 76 306 60 11, e-mail: slavoljub.grujicic@senzime.com
About Senzime
Senzime, headquartered in Sweden, is a leading medical device company that develops, manufactures, and markets CE- and FDA-cleared patient monitoring systems. The company provides an innovative portfolio of solutions, including the TetraGraph® and ExSpiron® 2Xi for accurate monitoring of neuromuscular and respiratory functions, typically under and after surgery. The goal is to help eliminate in-hospital complications, and radically reduce health care costs related to surgical and high acuity procedures.
Senzime targets a market opportunity valued more than SEK 40 billion per year, and operates with sales teams in the world's leading markets. The company's shares are listed on Nasdaq Stockholm Main Market (Nasdaq: SEZI) and cross-traded in the US on the OTCQX market (OTCQX: SNZZF). More information is available at senzime.com.
This information is information that Senzime is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-07 08:00 CEST.
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