Senzime: Year-end Report January - December 2023

Rhea-AI Summary

Senzime AB (SNZZF) released its Year-end report for January - December 2023, showing significant growth in net sales, gross margin, and expansion in the US market. Financial data revealed a 155% increase in net sales, reaching TSEK 35,754, with a gross margin of 69.8%. EBITDA stood at TSEK -116,793, and earnings per share at SEK -1.45. The CEO highlighted a commercial breakthrough in 2023, with sales surging by 150% to approximately SEK 36 million, driven by new contracts and increased recurring sensor sales. The company aims for each TetraGraph system to generate SEK 50,000 per year in recurring sensor sales. The US-market showed rapid growth, with sales quadrupling in the fourth quarter. Gross margin improved to 70.8% in Q4 and 69.8% for the full year.

Positive

• Significant growth in net sales and gross margin
• Expansion in the US market with quadrupled sales in the fourth quarter
• Commercial breakthrough in 2023 with a 150% sales increase to approximately SEK 36 million
• Focus on increasing recurring sensor sales and improving gross margin
• CEO emphasized structured work leading to increased utilization rate for key accounts
• Gross margin improvement to 70.8% in Q4 and 69.8% for the full year

Negative

• None.

UPPSALA, SWEDEN / ACCESSWIRE / February 15, 2024 / Senzime (STO:SEZI)(OTCQX:SNZZF) Press release: Uppsala, February 15, 2024. Senzime AB (publ):s Year-end report for January - December 2023 is now available on the company's website www.senzime.com.

Financial information October - December 2023

• Net sales amounted to TSEK 10,850 (4,550), an increase of 138 percent.
• Gross margin excl. amortization was 70.8 percent (65.3).
• EBITDA amounted to TSEK -34,655 (-37,460).
• Earnings per share SEK -0.33 (-0.61).
• Cash and cash equivalents as of December 31, TSEK 151,009 (26,035).

Financial information January - December 2023

• Net sales amounted to TSEK 35,754 (14,034), an increase of 155 percent.
• Gross margin excl. amortization was 69.8 percent (62.0).
• EBITDA amounted to TSEK -116,793 (-118,355).
• Earnings per share SEK -1.45 (-1.99).

CEO comment:

The year of commercial breakthrough

2023 was truly a breakthrough year for Senzime. Sales in the last quarter of the year alone reached almost 80 percent of full year 2022 sales. For the full year 2023, sales increased by roughly 150 percent to approximately SEK 36 million. The growth during the year has been driven by large new contracts and increased recurring sensor sales. At the end of the year, our annual run-rate of sales was close to SEK 60 million

In 2023, we sold over 100,000 TetraSens sensors and we have now shipped more than 2,000 TetraGraph systems. The goal is that each TetraGraph eventually generates SEK 50,000 per year in recurring sensor sales. We get there via structured work and during 2023 the reported utilization rate for our key accounts increased by 50 percent.

Our important US-market continues to grow rapidly. During the fourth quarter, sales more than quadrupled compared to 2022. The deals we won during the quarter included a top 10-ranked US university hospital in Eastern US and a major hospital system in the New York metropolitan region.

The gross margin before depreciation strengthened during the quarter to 70.8 percent, compared to 65.3 percent the year before. For the full year, the margin increased to 69.8 percent compared to 62.0 percent in 2022.

Uppsala, February 2024

Philip Siberg, CEO

This press release only contains parts of the full Year-end report release that is published on Senzime's website: www.senzime.com.

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 is a Swedish medical device company that develops, manufactures, and markets CE- and FDA-cleared patient monitoring systems. Senzime's employees worldwide are committed to the vision of a world without anesthesia- and respiratory-related complications. The company markets an innovative portfolio of solutions, including the TetraGraph® and ExSpiron® 2Xi for real-time 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 2024-02-15 07:30 CET.

Attachments

Senzime Year End Q4 ENG

SOURCE: Senzime

View the original press release on accesswire.com

FAQ

What was the percentage increase in net sales for Senzime AB in January - December 2023?

Senzime AB experienced a 155% increase in net sales, reaching TSEK 35,754.

What was the gross margin percentage for Senzime AB in Q4 2023?

The gross margin for Senzime AB in Q4 2023 was 70.8%.

How many TetraGraph systems has Senzime AB shipped?

Senzime AB has shipped more than 2,000 TetraGraph systems.

What was the CEO's comment regarding sales growth in 2023?

The CEO mentioned that 2023 was a breakthrough year for Senzime, with sales increasing by roughly 150% to approximately SEK 36 million.

Which market showed rapid growth for Senzime AB in the fourth quarter?

The US-market exhibited rapid growth for Senzime AB in the fourth quarter, with sales more than quadrupling compared to 2022.