SenzaGen (SENZA) Q2 2025 earnings summary

Executive summary

• Order intake significantly exceeded sales, with strong momentum in MedTech and cosmetics, and notable customer acquisition including 14 new clients and 80% of revenue from returning customers.

• Expanded OECD approval for GARD®skin enhances market potential, especially for challenging chemicals in cosmetics and chemical industries.

• VitroScreen strengthened by leadership changes and a new sales organization, resulting in a stronger order book and increased customer activity entering H2 2025.

• R&D pipeline progressing, with new projects and regulatory milestones, including new test platforms like EpiSensA and organoid models.

• High internal efficiency and cost control led to improved cash flow despite global uncertainty and lower sales per customer.

Financial highlights

• Q2 2025 net sales: SEK 13.5 million, down 6% year-over-year; H1 2025 net sales: SEK 27.2 million, down 6%.

• GARD® sales reached SEK 9.6 million in Q2, up 3% year-over-year and 10% adjusted for currency.

• Gross margin at 64% in Q2 and 70% for H1 2025; EBITDA at SEK -3.4 million in Q2; EPS at SEK -0.18 in Q2 and SEK -0.32 for H1.

• Cash and cash equivalents at June 30: SEK 34.4 million (vs. SEK 42.9 million a year earlier).

• Operating costs reduced despite increased staffing, improving cash flow and efficiency.

Outlook and guidance

• Entering H2 2025 with a stronger order book, cost controls, and expanded regulatory approvals supporting growth.

• Focus on driving sales through scientific innovation, expanding commercial teams, and advancing the R&D pipeline.

• Continued emphasis on organic growth, regulatory approvals, and maintaining a strategic M&A agenda.

• Expansion in MedTech testing and new product launches expected to drive future performance.

• Anticipated increased demand from regulatory changes and industry trends toward non-animal testing.