Senzime (SEZI) Q2 2025 earnings summary

Executive summary

• Sales grew 90% in local currencies and 82% in reported currency for H1 2025, reaching SEK 49.2 million, driven by strong US and international demand for TetraGraph systems and recurring sensor sales.

• Installed base of TetraGraph monitors surpassed 4,100, with 727 units shipped in Q2 and 183,425 TetraSens sensors sold in H1.

• US market now represents 72% of total business, with nearly 200 hospital systems as customers and major contracts signed, including university and VA systems.

• EBITDA improved by 23% in H1 2025, supported by higher sales and stable operating expenses.

• Long-term funding secured through a SEK 110.4 million share issue, supporting strategic growth and path to profitability.

Financial highlights

• Q2 net sales: SEK 25.7 million (up 72% year-over-year); H1 net sales: SEK 49.2 million (up 82% reported, 90% currency-adjusted).

• Gross margin for Q2: 61.7–61.8%, adjusted to 68.4% excluding tariffs and currency effects; H1 gross margin: 63.8%.

• Q2 EBITDA: SEK -23.6 million (improved from -28.9 million); H1 EBITDA: SEK -44.4 million (improved from -57.4 million).

• Cash position at quarter-end was SEK 132–132.2 million, excluding additional proceeds booked in July.

• SEK 110.4 million raised in an oversubscribed directed share issue at market price.

Outlook and guidance

• Confident in meeting full-year guidance, with strong recurring business, robust pipeline, and quarter-over-quarter growth expected.

• Company aims to achieve profitability through increased market penetration, high system utilization, and continued innovation.

• Anticipated publication of European pediatric guidelines for neuromuscular monitoring may further expand market.

• Currency effects, particularly the US dollar, remain a key concern impacting top line and margins.

• Price increases being implemented to offset tariff and currency impacts, with effects expected in coming quarters.