SenzaGen (SENZA) CMD 2025 summary

Strategic priorities and growth initiatives

• Focus on replacing animal testing with in vitro methods, leveraging genomics, machine learning, and advanced technology for high accuracy and specificity in toxicology testing.

• Multi-phase growth plan through 2030: break-even, accelerated growth, and scaling up, each with specific financial and operational targets.

• Four key strategic initiatives: establish GARD as an industry standard in medical devices, upgrade GARD with regulatory and technological advancements, scale with new innovations, and expand market reach.

• Strategic acquisitions considered to complement organic growth and accelerate expansion, with a long-term acquisition agenda to enhance commercial potential.

• Strengthening position in established and new markets via direct sales, partnerships, and an expanded test portfolio.

Financial performance and guidance

• Achieved 600% business growth since 2021, with organic growth of the GARD platform at 385% and stable gross margins of 60-70%.

• Currently in break-even phase, with profitability expected to gradually improve and financial stability to strengthen.

• Accelerated growth phase projected to deliver approximately SEK 100 million in annual revenues within two years after key initiatives are completed.

• Cash position at SEK 29 million at the end of September, with expectations of strong cash flow in Q4.

• Strategic acquisitions of VitraScreen and ToxHub have diversified revenue streams and expanded the customer portfolio.

Market landscape and competitive positioning

• Addressable market for in vitro toxicology services estimated at $500 million, with Europe and the Americas as primary regions and Asia growing rapidly.

• GARD platform uniquely combines genomics and machine learning, with little direct competition for challenging test materials and medical devices.

• Pricing for GARD is at a premium compared to standard tests, justified by higher performance and broader applicability.

• Regulatory landscape is shifting from animal to in vitro testing, with GARD now included in OECD guidelines 442E and 497, and increasing acceptance in Europe and anticipated growth in the U.S.

• Customer base includes major global companies in cosmetics, chemicals, pharmaceuticals, and medical devices, with high loyalty and growing recurrent revenue.