SenzaGen (SENZA) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales were SEK 13.7 million, down 5% year-over-year, but GARD®/Guard core business grew 3% and added 10 new customers, including four major international companies.

• VitroScreen segment maintained Q4 sales levels, entered Q2 with a significantly higher order backlog, and showed operational improvement after leadership changes.

• Gross margin remained robust at 75%, unchanged year-over-year and up from 67% for full-year 2024, reflecting efficiency and improved channel mix.

• EBITDA for Q1 was SEK -1.3 million, impacted by FX and longer customer decision cycles; break-even expected at around SEK 15 million in sales.

• Cash and cash equivalents at quarter-end were SEK 34.7 million, supporting ongoing operations and growth initiatives.

Financial highlights

• Net sales: SEK 13.7 million (Q1 2024: SEK 14.3 million); GARD® sales up 3% to SEK 9.4 million.

• Gross profit: SEK 10.3 million; gross margin stable at 75%.

• EBITDA: SEK -1.3 million (Q1 2024: SEK 0 million); operating loss: SEK -3.8 million.

• Earnings per share: SEK -0.14 (Q1 2024: SEK -0.13); equity per share: SEK 2.74.

• Cash and cash equivalents: SEK 34.7 million (Q1 2024: SEK 12.5 million).

Outlook and guidance

• Expectation of higher growth in H2 2025, supported by a robust sales pipeline, increased high-value offers, and regulatory trends favoring non-animal testing.

• Anticipated regulatory approvals (OECD, ISO) for new and existing tests could positively impact sales in the near and medium term.

• Continued investment in R&D, commercial expansion, and test portfolio development, especially for VitroScreen.