Senzime (SEZI) Q3 2024 earnings summary

Executive summary

• Q3 sales reached SEK 17.4 million, up 90% year-over-year, driven by strong sensor sales and expanded TetraGraph system usage, especially in the US and Asia.

• US market sales rose 81%, with major hospital contracts secured and sensor sales up 163%.

• Installed base of TetraGraph monitors nears 2,900 units globally, with over 500,000 patients monitored and more than 500 hospitals using the system.

• Launched next-generation TetraGraph system, receiving strong market feedback, first European orders, and clinical validation.

• Significant growth in Japan and South Korea despite market challenges.

Financial highlights

• Q3 net sales: SEK 17,406k (up 90% vs. Q3 2023); currency-adjusted growth 98%.

• Gross margin before depreciation: 63.0% (down from 69.4% in Q3 2023), impacted by lower monitor prices and product/customer mix.

• EBITDA: SEK -26,518k; EBIT: SEK -32,051k; net loss after financial items: SEK -31,964k; EPS: SEK -0.26.

• Cash and cash equivalents at period end: SEK 50,241k, with SEK 86 million raised via a directed share issue post-quarter.

• U.S. accounts for 75% of business; disposables make up nearly three-quarters of revenue.

Outlook and guidance

• Short-term revenue target of SEK 250–350 million and goal to be cash flow positive by 2026; long-term ambition to reach SEK 1 billion in sales within 5–7 years.

• Market shift toward EMG-based monitoring is accelerating, with Senzime aiming for global leadership.

• Pipeline and outlook remain strong, with high market penetration and system utilization expected to drive profitability.

• No significant organizational expansion planned; focus remains on cost control while scaling.