Senzime (SEZI) Q2 2026 earnings summary

Executive summary

• Sensor sales grew 48% in constant currencies, now making up 80–81% of revenue, while device sales declined sharply due to delayed US hospital contracts and market headwinds.

• Gross margin improved to 65.7% from 61.8% year-over-year, driven by lower production costs, price increases, and favorable product mix.

• Operating expenses were reduced by 15%, and EBITDA improved by 27% compared to Q2 2025.

• Cash flow improved by 46% year-over-year, with a reduced monthly burn rate and strengthened working capital.

• Major commercial agreement signed with Philips, expanding commercial reach and validating technology.

Financial highlights

• Net sales for Q2 2026 were SEK 24.7 million, a 4% decrease year-over-year (currency-adjusted -1%), but disposables grew 44–48%.

• US sales: SEK 18.7m, down 6% year-over-year; international sales up 3%.

• Gross margin before depreciation: 65.7% (Q2 2025: 61.8%).

• Operating profit before depreciation: SEK -17.3m (Q2 2025: -23.6m); cash flow improved to SEK -13.7m (Q2 2025: -25.3m).

• Cash and cash equivalents at June 30: SEK 37.1m, with an additional SEK 42.5m credit facility (SEK 7.5m drawn).

Outlook and guidance

• Profitability targeted for Q4 2026, supported by margin improvements, cost control, and a strong sales pipeline.

• Gross margin expected to continue improving due to scale, pricing, and product development.

• Strategic partnership with Philips expected to accelerate global adoption and expand addressable market.

• End-of-year cash flow positive goal reaffirmed.

• Continued focus on recurring revenue growth and innovation in sensor technology.