Senzime (SEZI) Q1 2025 earnings summary

Executive summary

• Net sales grew 94% year-over-year to SEK 23.5 million in Q1 2025, driven by strong demand for next-generation TetraGraph systems and disposable sensors, with notable wins in major U.S. and European hospital systems.

• Gross margin improved to 65.9% from 64.3% year-over-year, aided by favorable product mix and lower production costs.

• EBITDA loss narrowed by 27% to SEK -20.8 million, reflecting higher sales and margin improvements.

• Operating expenses remained stable despite commercial expansion and increased production capacity.

• Expanded installed base to approximately 3,500 TetraGraph systems, supporting recurring revenue from disposable sensors.

Financial highlights

• Net sales reached SEK 23.5 million in Q1 2025, up 94% year-over-year, with sensor unit deliveries up over 100%.

• Gross margin improved to 65.9% (Q1 2024: 64.3%).

• EBITDA: SEK -20,839 thousand (Q1 2025), improved 27% year-over-year.

• Operating expenses were flat year-over-year, despite increased commercial investments.

• Cash position at end of Q1 was SEK 62 million.

Outlook and guidance

• Confident in achieving SEK 115-130 million in revenue for 2025 and SEK 300 million by next year, aiming for SEK 1 billion long-term.

• Strong market demand expected to continue, supported by new clinical guidelines and rapid adoption in the US, Europe, and Asia.

• U.S. tariffs expected to have limited impact, with mitigation strategies in place including local production and inventory buildup.

• Guidance for operating expenses remains at low single-digit growth for the year.

• Focus remains on building market leadership in neuromuscular monitoring and expanding global reach.