Senzime (SEZI) Q4 2024 earnings summary

Executive summary

• Achieved 65% year-over-year growth in 2024, reaching SEK 58.5 million in sales, with the U.S. market as the primary driver at 72% growth.

• Launched next-generation TetraGraph system in Q4, receiving strong market feedback, FDA/MDR clearance, and showcased at ANESTHESIOLOGY 2024.

• Over 3,000 monitoring systems installed globally, with more than 500,000 patients monitored and significant expansion in the US and Asia.

• Business model centers on recurring sales of disposable sensors, which grew over 100%.

• Operating expenses held flat year-over-year despite commercial expansion in the US.

Financial highlights

• Q4 2024 sales reached SEK 14 million, representing a 30% growth rate year-over-year.

• Gross margin before depreciation was 64.4% for 2024 and 67.4% in Q4.

• Full-year EBITDA was SEK -97.8 million, an improvement from the previous year; Q4 EBITDA was SEK -18.1 million.

• Operating expenses for 2024 were flat year-over-year, with Q4 expenses at SEK 33 million, a significant reduction from the prior year.

• Ended 2024 with SEK 101 million in cash.

Outlook and guidance

• 2025 revenue guidance is SEK 110–140 million, more than doubling the business, driven by recurring sales and a strong pipeline.

• Long-term goal to reach SEK 250–350 million in revenue by 2026 and become a billion SEK company with high profitability.

• Operating expenses expected to grow single digit in 2025 despite further U.S. commercial investments.

• Anticipates additional funding will be needed to reach cash flow profitability, with non-equity options being considered.

• Continued high growth ambitions with expanded US commercial team and further international expansion.