Interim Report January - September 2024: Strong Sales Growth Driven by Accelerated Sensor Sales
Rhea-AI Summary
Senzime reported strong Q3 2024 financial results with net sales of 17.4 MSEK, up 90% year-over-year. Sales of disposable sensors surged 169% to 12.5 MSEK, while US sales grew 81% to 13.1 MSEK. The company's TetraGraph system has been installed in over 500 hospitals globally. Despite growth, operating costs increased to 38.4 MSEK, resulting in an operating loss of 26.5 MSEK. The company recently launched its next-generation TetraGraph at ANESTHESIOLOGY 2024, featuring Adaptive Intelligence technology. Cash position stood at 50.2 MSEK as of September 30, 2024.
Positive
- Net sales increased 90% to 17.4 MSEK in Q3 2024
- Disposable sensor sales grew 169% to 12.5 MSEK
- US market sales increased 81% to 13.1 MSEK
- TetraGraph system installed base expanded to over 500 hospitals globally
- Successful launch of next-generation TetraGraph system
Negative
- Operating loss of 26.5 MSEK in Q3 2024
- Gross margin declined to 63.0% from 69.4% year-over-year
- Operating costs increased to 38.4 MSEK from 32.8 MSEK
- Cash position decreased to 50.2 MSEK from 69.7 MSEK year-over-year
UPPSALA, SE / ACCESSWIRE / November 06, 2024 / Senzime (STO:SEZI)(OTCQX:SNZZF) Press release: Uppsala, November 6th, 2024. Senzime AB's (publ) interim report for January - September 2024 is now available on the company's website www.senzime.com.
Financial information July - September 2024
• Net sales amounted to TSEK 17,406 (9,154), an increase of 90 percent.
• Currency-adjusted net sales increased by 98 percent.
• Sales of disposable sensors amounted to TSEK 12,473 (4,644), an increase of 169 percent.
• In the USA, net sales increased to TSEK 13,117 (7,259), an increase of 81 percent.
• Sales of disposable sensors in the USA amounted to TSEK 9,136 (3,471), an increase of 163 percent.
• The gross margin before depreciation amounted to 63.0 percent (69.4).
• Operating costs amounted to TSEK 38,362 (32,841).
• Operating profit before depreciation amounted to TSEK -26,518 (-25,477).
• The result after financial items amounted to TSEK -31,964 (-30,587).
• Earnings per share amounted to SEK -0.26 (-0.33).
• Cash and cash equivalents as of 09/30/2024 amounted to TSEK 50,241 (69,735).
Financial information January - September 2024
• Net sales amounted to TSEK 44,443 (24,904), an increase of 78 percent.
• Currency-adjusted net sales increased by
• Sales of disposable sensors amounted to TSEK 28,141 (12,878), an increase of 119 percent.
• In the USA, net sales increased to TSEK 33,127 (16,442), an increase of 101 percent.
• The gross margin before depreciation amounted to 63.5 percent (69.3).
• Operating costs amounted to TSEK 111,208 (102,320).
• Operating profit before depreciation amounted to TSEK -79,668 (-82,138).
• The result after financial items amounted to TSEK -94,942 (-97,542).
• Earnings per share amounted to SEK -0.77 (-1.16).
Extract from the CEO comment:
Strong sales growth driven by accelerated sensor sales and increased usage of TetraGraph systems, as we continue to win more strategic hospital accounts in the US market
It has been yet another eventful quarter for Senzime. We continue to demonstrate strong sales growth with net revenues of 17.4 million SEK, an increase of 90 percent. Sales of the TetraGraph system and its single-use sensors are particularly strong, with growth in constant currencies exceeding 100 percent. Once again, we closed a quarter with record sales.
The volume of delivered single-use sensors tripled, serving as a strong endorsement of our business model. Sales of sensors amounted to 12.5 million SEK, compared to 4.6 million SEK the previous year. In just over a year, we have delivered more than 1,000 TetraGraph systems to leading hospitals, and usage rates are increasing. We now have over 500 hospitals globally with the TetraGraph system installed, a figure that has significantly increased based on updated information from our Japanese licensing partner.
At the beginning of October, we launched our new next-generation TetraGraph at the annual major anesthesia congress, ANESTHESIOLOGY 2024, in the USA. We are now taking a significant step towards increasing patient safety in the operating room. The new next-generation TetraGraph system is truly a game-changer based on several groundbreaking clinical innovations including unique Adaptive Intelligence, thanks to extraordinary efforts of the Senzime team.
Our pipeline and outlook continue to look strong. The new next-generation TetraGraph system has been met with strong enthusiasm, and initial orders are already in place. I am confident that we will achieve profitability through continued high market penetration and increased system utilization. This will be driven by our commitment to providing the most user-friendly and innovative solutions and bolstered by strategic industry partnerships.
Presentation of the report
Senzime invites investors, analysts and press to a webcast presentation of the 2024 report on November 6 at 3 p.m. The presentation will be given by CEO Philip Siberg and after the presentation there will be a question-and-answer session moderated by Klas Palin, analyst at Carnegie Investment Bank. The presentation is in English. Questions to the moderator can be emailed to klas.palin@carnegie.se before 12.00 on November 6. The presentation can be viewed on Senzime's website via the link www.senzime.com/investors .
This press release only contains parts of the full interim report release that is published on Senzime's website: www.senzime.com
For further information, please contact:
Philip Siberg, CEO of Senzime AB
Phone: +46 (0) 707 90 67 34, e-mail: philip.siberg@senzime.com
Slavoljub Grujicic, CFO
Phone: +46 (0) 76 306 60 11, e-mail: slavoljub.grujicic@senzime.com
About Senzime
Senzime develops CE- and FDA-cleared precision-based patient monitoring solutions to safeguard patients during anesthesia and recovery. Senzime's TetraGraph® and ExSpiron® 2Xi systems are powered by proprietary, smart algorithms to monitor neuromuscular and respiratory function in real-time during and after surgery. The technologies are based on 40+ years of science and developed to enhance patient safety targeting over 100 million patients globally. Senzime's products are commercialized in over 30 countries including direct sales teams in US and Germany.
Established in 1999 and headquartered in Uppsala, Sweden, Senzime is backed by long-term investors and listed on the Nasdaq Stockholm Main Market (SEZI), with cross-trading on the New York OTCQX market (SNZZF). More information is available at senzime.com .
This information is information that Senzime is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-06 08:30 CET.
Attachments
SOURCE: Senzime
View the original press release on accesswire.com
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