SenzaGen (SENZA) Q3 2025 earnings summary

Executive summary

• Achieved 18% revenue growth year-over-year in Q3 2025 (15% reported, 18% in constant currency), reaching SEK 15.2 million, with break-even at EBITDA level, a SEK 1.2 million improvement from last year.

• Growth driven by focused sales efforts, strong cost discipline, and robust demand, especially in the US market.

• Guard/GARD® business grew 12% (15% in constant currency), with strong US sales, 10 new customers (half large multinationals), and two major orders from chemical and pharmaceutical sectors.

• ToxHub sales more than tripled in the quarter, now representing 9% of group sales for the first nine months, up from 5% in 2024.

• Vittroscreen showed 15% growth in constant currency, with improved market activity and cost control, though sales remain below target.

Financial highlights

• Revenue: SEK 15.2 million in Q3 2025 vs. SEK 13.2 million in Q3 2024, up 15% (18% in constant currency).

• Gross margin: 66% (vs. 67% last year), impacted by lower-margin third-party tests.

• EBITDA: Break-even (0), an improvement of SEK 1.2 million year-over-year.

• Cash position: SEK 29.3 million at September 30; temporary negative cash flow due to high end-of-quarter invoicing and increased receivables.

• Net cash from operating activities for Q3: SEK -3.9 million (from SEK 2.5 million prior year).

Outlook and guidance

• Order book at the start of Q4 2025 is stronger than the same period last year; no specific quarterly guidance provided.

• Focus remains on scaling the business, improving efficiency, and investing in key growth projects in medical devices, dos response, and Aura.

• Expectation of stronger demand for GARDⓇskin following expanded OECD approval.

• Organic growth prioritized, with selective acquisitions to complement the group.

• Continued emphasis on efficiency, process optimization, and cost control to improve profitability and cash flow.