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Senzime Interim / Quarterly Report 2024
3198_10-q_2024-11-06_545d696b-8ae5-494e-bb67-8fbd9782eed3.pdf
Interim / Quarterly Report
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Quarterly report Senzime AB (publ.) July - September 2024
QUARTERLY REPORT Q3 JUL-SEPT 2024
CEO COMMENT
"Strong sales growth driven by accelerated sensor sales and increased usage of TetraGraph systems, as we continue to secure more strategic hospital accounts in the US market."
KPI's
17,4
Million SEK in Net Sales 90%
Total sales growth vs. Q3 2023.
81%
US market sales growth vs. Q3 2023
2 869 (1 899)
TetraGraph-Systems delivered to market since start1
75 520 (24 580)
Number of TetraSens disposable sensors sold during the quarter.
500
Hospitals that now have TetraGraph in the EU, USA, Japan and South Korea.
(1) Figures in brackets are previous year period KPI
HIGHLIGHTS
New contract with top 10-ranked healthcare system in Southeastern US Senzime signs a new contract with a leading healthcare system (IDN) that expands the use of the TetraGraph system from being used only for children. The new contract includes an additional 50 TetraGraph systems, expected to lead to a fourfold increase in sensor volumes over time.
New contract with a hospital within a top 5-ranked US hospital system Senzime secures a first purchase contract with a hospital within one of the five largest Integrated Delivery Networks (IDN) in the U.S. with a strong presence on the US East Coast.
Directed share issue of SEK 86 million at the current market rate Senzime raises growth capital through direct issue to existing and longterm shareholders such as the Crafoord family, Segulah Medical Acceleration, Fjärde AP-fonden, Carnegie Fonder, Swedbank Robur Fonder
Strong growth in deliveries of disposable sensors
Deliveries of TetraSens disposable sensors increase threefold compared to Q3 2023, driven by increased utilization of TetraGraph systems especially in the USA, Japan and Korea.
and Professor Sorin J. Brull.
The growth rate validates the company's business model.
QUARTERLY REPORT Q3 JUL-SEPT 2024
THIRD QUARTER 2024 (1 JULY – 30 SEPTEMBER)
- Net sales amounted to TSEK 17,406 (9,154), an increase of 90 %.
- Currency-adjusted net sales increased by 98 %.
- Sales of disposable sensors amounted to TSEK 12,473 (4,644), an increase of 169 %.
- In the USA, net sales increased to TSEK 13,117 (7,259), an increase of 81 %.
- Sales of disposable sensors in the USA amounted to TSEK 9,136 (3,471), an increase of 163%.
- The gross margin before depreciation amounted to 63.0 % (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 September 30 th amounted to TSEK 50,241 (69,735).
SIGNIFICIANT EVENTS DURING THE THIRD QUARTER
- Senzime signs a new contract with a top 10-ranked health care system (IDN) in Southeastern US that expands use of the TetraGraph system and is expected to quadruple.
- Senzime updates on market prospects and higher growth ambitions.
- Senzime secures a first purchase contract with a hospital within one of the five largest Integrated Delivery Networks (IDN) in the U.S. with a strong presence on the East Coast.
- Senzime carries out a directed share issue of approximately SEK 86 million at market price to existing and long-term shareholders such as the Crafoord family, Segulah Medical Acceleration, Fjärde AP-fonden, Carnegie Fonder, Swedbank Robur Fonder, Fredrik Rapp and Professor Sorin J. Brull, as well as several new Swedish and international institutional investors. Cash funds to the company in October.
SIGNIFICANT EVENTS AFTER THE END OF THE THIRD QUARTER
- A new research study is published that proves TetraGraph system's market-leading accuracy and clinically validates the technology.
- The company launches the next-generation TetraGraph system and secured first order in the European market.
Q1-Q3 2024 (1 JANUARY – 30 SEPTEMBER)
- Net sales amounted to TSEK 44,443 (24,904), an increase of 78 %.
- Currency-adjusted net sales increased by 81 %.
- Sales of disposable sensors amounted to TSEK 28,141 (12,878), an increase of 119 %.
- In the USA, net sales increased to TSEK 33,127 (16,442 KSEK), an increase of 101 %.
- The gross margin before depreciation amounted to 63.5 % (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).
- Cash and cash equivalents as of September 30th amounted to TSEK 50,241 (69,735).
SIGNIFICIANT EVENTS DURING Q1-Q3 2024
- Commercial sales and marketing organization expands in the US.
- Senzime's licensee Fukuda Denshi launches the first integrated TetraGraph module in the Japanese market.
- Senzime secures several major deals such as the leading Houston-based University Hospital system, several leading US hospitals in robotic surgery and pediatrics, top 10 ranked healthcare system (IDN) in Southeastern US expanding use of TetraGraph systems with projections to quadruple patient volumes.
- Senzime wins another major public tender from Veterans Health in the USA as well as signs its first GPO agreement in the USA and becomes the sole source supplier to one of the largest healthcare systems in the USA.
- Senzime updates the market outlook and outlines higher growth ambitions.
- Senzime carries out a directed share issue of approximately SEK 86 million at market price. Cash funds issued to the company in October.
KPI's THIRD QUARTER 2024
| Q3 | Q1-Q3 | ||||
|---|---|---|---|---|---|
| TSEK | 2024 | 2023 | 2024 | 2023 | 2023 |
| Net Sales |
17,406 | 9,154 | 44,443 | 24,904 | 35,754 |
| EBITDA | -26,518 | -25,477 | -79,668 | -82,138 | -116,793 |
| Profit (loss) after financial items | -31,964 | -30,587 | -94,942 | -97,542 | -137,159 |
| Earnings per share (SEK) | -0.26 | -0.33 | -0.77 | -1.16 | -1.45 |
| Gross margin excl. amortization (%) | 63.0 | 69.4 | 63.5 | 69.3 | 69.8 |
| Solidity (%) | 80.2 | 84.1 | 80.2 | 84.1 | 86.7 |
| Sales Growth (%) | 90.1 | 146.1 | 78.5 | 138.4 | 154,8 |
Net Sales Q3 (MSEK)
Net Sales Total R 12 month TSEK
Net Sales Disposables R 12 month TSEK
Total Delivered Base of TetraGraph Systems1
Comment: (1) Refers to all accumulated deliveries of TetraGraph monitors to end customers, distributors and partners. Some of the delivered base are still in stock at sales partners or has not yet been installed in a hospital environment
SALES OVERVIEW
| Currency | ||||
|---|---|---|---|---|
| Reported | adjusted | |||
| TSEK Q3 Jul-Sep |
2024 | 2023 | Growth | Growth |
| US | 13,117 | 7,259 | 81% | 89% |
| Devices/other | 3,980 | 3,788 | 5% | 11% |
| Disposables | 9,136 | 3,471 | 163% | 173% |
| Europe | 1,781 | 1,472 | 21% | 24% |
| Devices/other | 375 | 566 | -34% | -32% |
| Disposables | 1,405 | 906 | 55% | 59% |
| RoW | 2,509 | 424 | 492% | 501% |
| Devices/other | 577 | 157 | 269% | 274% |
| Disposables | 1,931 | 267 | 623% | 639% |
| Total Q3 |
17,406 | 9,154 | 90% | 98% |
| Devices/other | 4,933 | 4,510 | 9% | 15% |
| Disposables | 12,473 | 4,644 | 169% | 178% |
| Reported | Currency adjusted |
|||
|---|---|---|---|---|
| TSEK Q1-Q3 Jan-Sep |
2024 | 2023 | Growth | Growth |
| US | 33,127 | 16,442 | 101% | 105% |
| Devices/other | 12,940 | 7,156 | 81% | 85% |
| Disposables | 20,188 | 9,286 | 117% | 120% |
| Europe | 5,394 | 5,836 | -8% | -7% |
| Devices/other | 1,372 | 2,964 | -54% | -54% |
| Disposables | 4,022 | 2,872 | 40% | 40% |
| RoW | 5,922 | 2,626 | 125% | 130% |
| Devices/other | 1,990 | 1,905 | 4% | 9% |
| Disposables | 3,931 | 721 | 445% | 450% |
| Total Q1-Q3 |
44,443 | 24,904 | 78% | 81% |
| Devices/other | 16,302 | 12,026 | 36% | 38% |
| Disposables | 28,141 | 12,878 | 119% | 120% |
Accumulated number of disposable sensors sold
This is Senzime.
- Senzime is a global medical technology company that develops algorithm-based patient monitoring systems with the goal of eliminating anesthesia related complications in over 100 million patients every year. 1.
- Our systems enable precision-based monitoring of patients during and after surgery. It is about ensuring the correct individual dose of anesthesia-related drugs, indicating when it is safe to breathe again and enabling early identification of post-operative complications. 2.
- Our foundation is based on extensive research and collaborations with leading academic institutions such as Mayo Clinic, Harvard, and Massachusetts General Hospital. Our systems meet the requirements of new clinical guidelines in the US, Europe, and many other countries. 3.
- We have commercial operations covering over 30 markets with subsidiaries in the US and Germany, as well as several licensing and distribution partnerships in other regions. 4.
- …and we are one of the fastest growing medical technology companies on the Nasdaq Main Market Stockholm with long-term institutional owners and a world-class team. 5.
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.
The expanded sales organization in the US continues to generate excellent results.
Among the deals secured during the quarter, we particularly highlight an extended contract with a top 10-ranked healthcare system in the southeastern USA region that will quadruple the use of the TetraGraph system. Additionally, we signed a new contract with a hospital within the top 5-ranked Integrated Delivery Network (IDN) systems. We are also continuously delivering under the GPO agreement we signed in the second quarter.
The larger deals we are winning are based on extensive competitive clinical evaluations. We secured additional 15 new hospital contracts in the US and Europe during the quarter. We also note a trend in the US with an increasing share of deals being secured more quickly without clinical evaluation processes.
Business in Japan and South Korea is also showing good growth. Sensor sales have increased sevenfold during the quarter. Our Japanese licensee, Fukuda Denshi, is now selling its integrated module with "TetraGraph inside" in the same volumes as portable TetraGraphs. The module is the first of its kind powered by our algorithms and sensors; it has been launched as an accessory to Fukuda's extensive installed base of patient monitors. The healthcare strike in South Korea continues, but despite this, we have been able to deliver products to the market.
The gross margin was temporarily affected by the rapid US growth with volume deals that have slightly lower price levels for monitors but are expected to drive recurring sales of single-use sensors with higher margins. Direct operating costs were lower than previous quarters of the year, but total operating costs were affected by negative, balance sheet related currency effects of 4.2 million SEK due to a stronger Swedish Krona. Adjusted for these currency effects, operating results improved compared to the same quarter the previous year.
The new US and European clinical guidelines published in early 2023 are catalysts for our business. Additional guidelines for monitoring children are expected to be published in Europe in 2025. To meet demand in the broader market, we have been driving an intensive innovation and development collaboration with anesthesiologists worldwide. The goal has been to develop a system that makes advanced neuromuscular monitoring smarter, easier, and more accessible for a broader hospital market.
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. The system is designed to help clinicians better comply to the new guidelines. We are now poised to further accelerate market penetration to serve the more than 100 million patients who need improved monitoring each year, ensuring the correct dosage of paralyzing anesthetics, adequate reversal, and the prevention of postoperative complications.
In conjunction with the new American Society of Anesthesiologists (ASA) guidelines, an important new research study was published that clinically validated the TetraGraph system across all levels of neuromuscular block. The results confirm that the TetraGraph system has higher clinical precision than any other commercially available and validated neuromuscular monitoring system. This is also the first study of its kind to clinically validate a portable EMG-only system for deep block, which is significant for procedures such as robotic surgery and laparoscopy. These results offer crucial support for our sales efforts.
The focus and directions for Senzime are clear: we are building the undisputed market leader in the digital and clinical shift that is now taking place in operating rooms worldwide. The commercial breakthrough for Senzime is a fact. During the quarter, we presented an update on our view of the market as well as our shorter-term targets and longer-term ambitions. In summary, we're building the undisputed global market leader in EMG-based neuromuscular monitoring.
To support our growth journey, we raised 86 million SEK in a directed shares issue at current market pricing during the quarter. The issue was conducted cost-effectively and targeted existing and long-term shareholders such as the Crafoord family, Segulah Medical Acceleration, the Fourth AP Fund, Carnegie Funds, Swedbank Robur Funds, and Professor Sorin Brull. We also welcomed several new international longterm institutional investors.
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. None of this would be possible without the exceptional efforts of our brilliant team.
We are also celebrating our company's 25-year anniversary. It's a journey that began in biotechnology and blood glucose analysis. We then gradually evolved towards medical technology solutions for early detection of surgical complications. Then in 2019, we took the step to focus entirely on precision-based monitoring of patients under anesthesia.
To mark our 25th anniversary, we recently refreshed our profile and logo—symbols of our world-class technology and commitment to a world where every clinician is empowered, and every patient assured. With a dedicated team and strong partnerships, our global mission is to safeguard every patient's journey from anesthesia to recovery. Now, our next step is to bring our technology into every operating room worldwide. Read more about our 25-year journey and our future vision
at senzime.com/senzime25.
Uppsala, November 6, 2024
Philip Siberg, CEO
Comments to the report
Revenue and profit in the third quarter 2024
The group's net sales for the third quarter of 2024 amounted to TSEK 17,406 (9,154), corresponding to an increase of 90 percent compared to the corresponding quarter of the previous year. Adjusted for currency changes, sales increased by 98 percent. The growth was primarily driven by increased utilization and sales of disposable sensors in the US market and in Asia. Sales of disposable sensors increased by a total of 178 percent adjusted for currency changes. In the main markets, it was primarily the installed base of monitors that drove sensor sales growth. In the US, sales of disposable sensors increased by 163 percent, in Europe by 55 percent and in Asia by 623 percent.
Sales of monitors increased by 9 percent and adjusted for currency changes the growth was 15 percent. New deliveries to hospital systems in the US and Europe vary over the year and a normalized assessment is that the third quarter usually shows lower growth due to holiday effects. The Asian market shows strong growth in monitors with an increase of 264 percent compared to the same period last year.
The gross margin before depreciation during the third quarter amounted to 63.0 percent, compared to 69.4 percent for the corresponding quarter last year. A decrease mainly attributable to product and customer mix as well as temporary one-off adjustments to older consumables. The US market is characterized by volume deals with a lower price level on hardware (monitors) that are expected to drive recurring sales of consumables (disposable sensors) with a higher margin in the long term. The company is running extensive innovation work. New products were launched after the end of the quarter with the potential to strengthen the gross margin in the long term.
During the third quarter, the group's direct operating costs amounted to TSEK 34,419 (32,309). Other operating expenses, attributable to currency-related recalculations of balance sheet items, amounted to TSEK 4,213 (532). The total operating costs amounted to TSEK 38,632 (32,841).
Operating profit during the third quarter amounted to TSEK -32,051 (-30,594). Profit after financial items amounted to TSEK -31,964 to be compared with TSEK -30,587 during the corresponding period last year. A slightly increased loss compared to the same period last year, which is mainly related to negative currency effects due to recalculation of the group's balanced items in foreign currency.
Revenue and profit January – September 2023
The group's net sales for the period January - September 2024 amounted to TSEK 44,443 (24,904), corresponding to an increase of 78 percent compared to the corresponding period last year. Adjusted for currency changes, sales increased by 81 percent, a relatively large currency impact that comes mostly from sales in the United States and the weakened US dollar compared to the same period last year.
The growth was primarily driven by increased sales in the US and Asia. In the US, total underlying sales adjusted for currency effects increased by 105 percent and Asia grew by 138 percent, adjusted for currency effects. Adjusted for one-off licensing revenue for ExSpiron in China last year, Asia's total sales grew 314 percent. In Europe, we have seen a negative volume trend for TetraGraph instruments compared to the same period last year, driven by longer sales processes for capital goods. However, sensor sales in Europe increased by 55 percent and, adjusted for currency effects, by 59 percent. In the US market, sensor sales increased by 117 percent and in Asia by 445 percent. Sales of monitors and accessories increased by 38 percent adjusted for currency changes, driven by several new business wins in the US as well as new deliveries of monitors to our license partner Fukuda in Japan. Total sales of disposable sensors increased by 120 percent adjusted for currency changes.
The gross margin before depreciation for the period amounted to 63.5 percent, compared to 69.3 percent for the corresponding period last year. A decrease attributable to product and customer mix as well as temporary one-off adjustments to older consumables. The US market is characterized by volume deals with a lower price level on instruments that are expected to drive recurring sales of disposable sensors with a higher margin in the long term.
For the period January - September 2024, the group's direct operating costs amounted to TSEK 111,329 (105,222). Other operating expenses, attributable to currency-related recalculations of balance sheet items, amounted to TSEK -121 (-2,902). Total operating costs amounted to TSEK 111,208 (102,320). The increase in direct operating costs is mostly attributable to expansion of the commercial organization in the United States. We also note a negative effect in other operating income and operating expenses related to currency effects and weakened U.S. Dollar and Euro compared to the same period last year.
The operating profit during the period January-September amounted to TSEK -96,105 to be compared with TSEK -97,274 during the corresponding period last year. Profit after financial items amounted to TSEK -94,942 to be compared with TSEK -97,542 during the corresponding period last year. Thus, the total loss for the period was reduced by 2.6 MSEK compared to the same period last year.
Cash Flow and Investments
The Cash flow from current operations, including changes in working capital, amounted to TSEK -24,036 (-23,545) for the third quarter. The negative cash flow is mostly due to the negative result and negative change in working capital, mostly attributable to increased inventory to ensure increased production and demand for our products as well as an increase in accounts receivable related to increased sales.
The Cash flow from investment activities for the third quarter amounted to TSEK -4,908 (-1,326). Investments during the period are largely related to the activation of development projects. Cash flow from financing activities amounted to TSEK -901 (53,210) for the third quarter and is mostly related to payments relating to leasing costs.
The cash flow from current operations including changes in working capital for the period January - September 2024 amounted to TSEK -84,335 (-84,751). The negative cash flow is mostly due to the negative result and negative change in working capital which is mostly reflected in the increase in accounts receivable due to increased sales as well as increased inventory to ensure increased production and demand for our products.
The cash flow from investment activities for the period January - September 2024 amounted to TSEK -13,182 (-5,669) and is largely related to the activation of development projects. The cash flow from financing activities for the period January - September 2024 amounted to TSEK - 3,267 (134,212) and is mostly related to payments relating to leasing costs. Last year's positive cash flow from financing activities is related to a preferential and a directed issue that Senzime carried out in March and September 2023, respectively.
Financial position
Senzime shows strong sales growth combined with a stable cost level. At the end of the period, the company's cash and cash equivalents amounted to TSEK 50,241 (69,735), the group's equity to TSEK 285,040 (307,879) and the equity ratio 80.2 percent (84.1).
The board works continuously to secure the company's long-term financing to ensure the operation of the business assuming investments and ventures. The company's growth plan is continuously balanced against the financial resources that are available at any given time. During the month of September, the company carried out a directed share issue in two separate tranches. In total, both tranches, during the month of October, contributed with SEK 86 million to the company before issue costs. The Board's and the company's assessment is that continued operation is now secured for a period that extends beyond 12 months.
Stock options
At the time of publication of this interim report, the group has three employee option programs with a total of 2,725,450 options, of which 395,450 are hedge options. See note 10 for detailed descriptions
At the annual general meeting in May 2024, it was decided on another employee option program with a total of 1,200,000 options and allocation took place during October 2024.
Parent company and subsidiaries
The majority of the group's operations are conducted in the parent company. For comments on the parent company's results, refer to the comments submitted for the group. The American company Respiratory Motion Inc. was acquired in the third quarter of 2022 and is a 100 percent wholly owned subsidiary of Senzime AB (publ.). The US subsidiary Senzime Inc. started its operational activities in the second quarter of 2020. Sales in the US are carried out under its own auspices. In the first quarter of 2021, the German subsidiary Senzime GmbH started its operations. The group's two other subsidiaries only hold certain rights which have been licensed to the parent company against payment in the form of royalties.
Sustainability
Senzime's operations contribute to improved global health and patient safety by reducing anesthesia and breathing-related complications and lowering healthcare costs in connection with surgical procedures and emergency treatments. Senzime's sustainability work supports the commitment to patients and strives for sustainable development based on responsible action and in line with the fundamental values.
In 2023, Senzime signed an agreement with the UN Global Compact, which means that the company commits to operating according to their 10 principles, which include labor law, human rights, anti-corruption and the environment. In 2024, the company's ISO 14001 environmental management system was recertified.
Other significant events in the quarter
Senzime provided an update on its market outlook and outlined its short- and longterm growth ambitions. The goal is to be the undisputed global market leader in the field of EMG-based neuromuscular monitoring. Short-term guidance: To reach a turnover of around SEK 250–350 million in 2026 and to be cash flow positive during the same year. Long-term growth ambitions: To reach a turnover exceeding SEK 1 billion within 5–7 years.
Senzime conducted a directed share issue, raising approximately SEK 86 million through the issuance of up to 13,873,000 shares at a subscription price of SEK 6.20 per share. This price reflects the volume-weighted average price (VWAP) over the last five trading days prior to the announcement. The issue was directed to a select group of existing long-term shareholders, including the Crafoord family, Segulah Medical Acceleration, Fjärde AP-fonden, Carnegie Fonder, Swedbank Robur Fonder, Fredrik Rapp and Professor Sorin J. Brull, along with several new Swedish and international institutional investors such as AB Strati.
The directed issue is carried out in two tranches, where Tranche 1 of a total of SEK 79.2 million is subscribed with the support of the authorization received at the annual general meeting on May 16, 2024 as well as Tranche 2 which is directed with the same conditions to board members Adam Dahlberg and Sorin J Brull. Tranche 2 is subject to the decision of an extraordinary general meeting and the Board calls one.
The dialogue between Senzime's American subsidiary Senzime Inc. and Florida-based Mercury Medical regarding a terminated distribution agreement in 2022 was paused during the quarter.
Significant events after the end of the quarter
Senzime announces that Tranche 1 of the directed issue has been fully subscribed.
A new research study was published confirming and validating the TetraGraph system's clinical accuracy. The study, conducted in the USA, compared the EMG-based TetraGraph system with data from the reference standard mechanomyography (MMG). It is the first study of its kind to clinically validate a portable and EMG-only system across all levels of neuromuscular block. The results prove that the TetraGraph system has market-leading precision compared to other commercially available and validated neuromuscular monitoring systems.
The next-generation TetraGraph system was launched at the ANESTHESIOLOGY® 2024 (ASA) congress in the USA. This advanced system is designed to accelerate the adoption of the new clinical guidelines for neuromuscular monitoring. With its unique Level-of-Block Gauge™ and TetraGraph® Adaptive Intelligence™, the next-generation device enables precision-based monitoring. Additionally, it introduces a sixthgeneration EMG algorithm with four times higher resolution, delivering unmatched clinical accuracy.
Senzime received first order for the next-generation TetraGraph system from a leading Swiss hospital. The initial order consists of 20 monitors scheduled for delivery in the first quarter of 2025. Estimated revenue for the initial 3-year period is expected to be approximately SEK 3 million including deliveries of disposable sensors.
The extraordinary general meeting unanimously decides to approve the board's decision on the directed issue of a maximum of 1,104,000 new shares to Adam Dahlberg and Sorin J. Brull (Tranche 2).
Risks and uncertainty factors
Several risk factors can have a negative impact on the operations of Senzime. It is therefore of great importance to consider relevant risks alongside the company's growth opportunities. A statement of the group's significant financial and business risks can be found in the management report and in the annual report for 2023. No further significant risks are deemed to have arisen.
Geopolitical situation
Senzime has no operations in Russia, Ukraine, Israel or Palestine.
Review
This interim report has been subject to review by the company's auditors.
Board of Directors' certification
The Board of Directors and CEO certify that this interim report gives a true and fair view of the parent company's and the group's operations, financial position, and results of operations, and reviews the significant risks and uncertainties faced by the parent company and companies in the group.
Uppsala November 6, 2024
| Per Wold-Olsen | Adam Dahlberg | Sorin Brull |
|---|---|---|
| Chairman of the Board | Vice Chairman of the Board | Board member |
| Göran Brorsson | Eva Walde | Lars Axelson |
| Board member | Board member | Board member |
Philip Siberg
Chief Executive Officer
Condensed Consolidated Statement of Comprehensive Income
| Q3 | Jan-Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousands | Note | 2024 | 2023 | 2024 | 2023 | 2023 |
| Net sales | 2 | 17,406 | 9,154 | 44,443 | 24,904 | 35,754 |
| Cost of goods sold | 3 | -10,825 | -6,907 | -29,340 | -19,858 | -27,415 |
| Gross profit (loss) | 6,581 | 2,247 | 15,103 | 5,046 | 8,339 | |
| Development expenditure | 4 | -4,686 | -4,177 | -16,712 | -14,480 | -19,363 |
| Selling expenses | 4 | -21,712 | -18,359 | -67,922 | -55,350 | -77,682 |
| Administrative expenses | 4 & 5 | -8,021 | -9,773 | -26,695 | -35,392 | -45,107 |
| Other operating income | 5,367 | 3,964 | 20,258 | 10,430 | 15,290 | |
| Other operating expenses | -9,580 | -4,496 | -20,137 | -7,528 | -18,837 | |
| Earnings before interest and taxes | -32,051 | -30,594 | -96,105 | -97,274 | -137,360 | |
| Financial income | 388 | 190 | 1,851 | 369 | 999 | |
| Financial expenses | -301 | -183 | -688 | -637 | -798 | |
| Financial items - net | 87 | 7 | 1,163 | -268 | 201 | |
| Profit (loss) after financial items | -31,964 | -30,587 | -94,942 | -97,542 | -137,159 | |
| Income tax | 652 | 413 | 2,290 | 2,201 | 3,010 | |
| Profit (-loss) for the period | -31,312 | -30,174 | -92,652 | -95,341 | -134,149 |
Condensed Consolidated Statement of Comprehensive Income
| Q3 | Jan-Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousands | Note | 2024 | 2023 | 2024 | 2023 | 2023 |
| Profit (-loss) for the period | -31,312 | -30,174 | -92,652 | -95,341 | -134,149 | |
| Other comprehensive income | ||||||
| Items reclassifiable to profit or loss | ||||||
| Translation differences | -3,571 | 38 | 1,773 | 4,021 | -3,325 | |
| Other comprehensive income for the period, net of tax | - | - | - | - | - | |
| Total comprehensive income | -34,883 | -30,136 | -90,879 | -91,320 | -137,474 |
The year's profit and total comprehensive income is attributable in its entirety to the parent company's shareholders.
Earnings per share, calculated on the period's earnings attributable to the parent company's shareholders.
| Q3 | Jan-Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| SEK | Note | 2024 | 2023 | 2024 | 2023 | 2023 |
| Weighted average number of shares, before dilution | 6 | 119,705,523 | 91,588,837 | 119,705,523 | 82,285,952 | 92,269,497 |
| Weighted average number of shares, after dilution | 6 | 119,705,523 | 91,588,837 | 119,705,523 | 82,285,952 | 92,269,497 |
| Earnings per share, basic and diluted, SEK | 6 | -0.26 | -0.33 | -0.77 | -1.16 | -1.45 |
Condensed Consolidated Balance Sheet Assets
| September 30 | ||||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | December 31 2023 |
|||
| ASSETS | ||||||
| Non-current assets | ||||||
| Intangible assets | 226,532 | 242,991 | 227,193 | |||
| Property plant and equipment | 3,353 | 2,596 | 2,592 | |||
| Rights of use | 22,834 | 12,136 | 11,931 | |||
| Other financial assets | 4,291 | 4,212 | 4,431 | |||
| Total non-current assets | 257,010 | 261,935 | 246,147 | |||
| Current assets | ||||||
| Inventories | 26,043 | 20,823 | 20,340 | |||
| Trade receivables and other receivables | 14,217 | 8,327 | 8,569 | |||
| Other receivables | 3,349 | 3,683 | 4,819 | |||
| Prepaid expenses and accrued income | 4,388 | 1,682 | 2,238 | |||
| Cash and cash equivalents | 50,241 | 69,735 | 151,009 | |||
| Total current assets | 98,238 | 104,250 | 186,975 | |||
| TOTAL ASSETS | 355,248 | 366,185 | 433,122 | |||
Condensed Consolidated Balance Sheet Equity and Liabilities
| September 30 | December 31 | |||
|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2023 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 285,040 | 307,879 | 375,477 | |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Provisions | 3,819 | 3,477 | 3,750 | |
| Lease liability | 19,321 | 9,324 | 8,578 | |
| Deferred tax liability | 19,477 | 23,742 | 21,767 | |
| Total non-current liabilities | 42,617 | 36,543 | 34,095 | |
| Current liabilities | ||||
| Lease liability | 3,439 | 2,483 | 2,890 | |
| Trade payables | 7,651 | 3,652 | 5,146 | |
| Other current liabilities | 2,818 | 3,468 | 3,608 | |
| Accrued expenses | 13,683 | 12,160 | 11,906 | |
| Total current liabilities | 27,591 | 21,763 | 23,550 | |
| TOTAL EQUITY AND LIABILITIES | 355,248 | 366,185 | 433,122 |
Condensed Consolidated Statement of Change in Equity
Attributable to parent company´s shareholders
Retained earnings incl.profit (loss)
| Amounts in SEK thousands | Share capital | Other contributed capital | Reserves | for the year | Total equity |
|---|---|---|---|---|---|
| Adjusted opening balance as of 1 January 2023 | 8,735 | 636,729 | 4,302 | -387,863 | 261,903 |
| Profit (-loss) for the period | -95,341 | -95,341 | |||
| Other comprehensive income | 4,021 | 4,021 | |||
| Total comprehensive income | - | - | 4,021 | -95,341 | -91,320 |
| Transactions with shareholders in their capacity as owners | |||||
| Employee stock options | 327 | 327 | |||
| New share issue | 3,780 | 144,419 | 148,199 | ||
| Expenses attributable to new share issues | -11,230 | -11,230 | |||
| Total transactions with shareholders | 3,780 | 133,189 | - | 327 | 137,296 |
| Closing equity September 30 2023 | 12,515 | 769,918 | 8,323 | -482,877 | 307,879 |
Attributable to parent company´s shareholders
Retained earnings incl.profit (loss)
| Amounts in SEK thousands | Share capital | Other contributed capital | Reserves | for the year | Total equity |
|---|---|---|---|---|---|
| Opening balance as of January 1, 2024 | 14,963 | 880,690 | 977 | -521,153 | 375,477 |
| Profit (-loss) for the period | -92,652 | -92,652 | |||
| Other comprehensive income | 1,773 | 1,773 | |||
| Total comprehensive income | - | - | 1,773 | -92,652 | -90,879 |
| Transactions with shareholders in their capacity as owners | |||||
| Employee stock options | 778 | 778 | |||
| Expenses attributable to new share issues | -336 | -336 | |||
| Total transactions with shareholders | - | -336 | - | 778 | 442 |
| Closing equity September 30 2024 | 14,963 | 880,354 | 2,750 | -613,027 | 285,040 |
Condensed Consolidated Statement of Cash Flow
| Q3 | Jan-Sep | Full-year | |||
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 |
| Cash flow from operating activities | |||||
| Earnings before interest and taxes | -32,051 | -30,594 | -96,105 | -97,274 | -137,360 |
| Adjustment for non-cash items | |||||
| Depreciation and amortization | 5,533 | 5,118 | 16,437 | 15,136 | 20,567 |
| Other non-cash items | 6,168 | 295 | 1,624 | 634 | 1,049 |
| Interest paid | -9 | - | -27 | -92 | -92 |
| Interest received | 77 | 369 | 188 | 369 | 999 |
| Income tax paid | -199 | 614 | -493 | -197 | -331 |
| Cash flow from operating activities before change in working capital | -20,481 | -24,198 | -78,376 | -81,424 | -115,168 |
| Cash flow from change in working capital | |||||
| Increase/decrease in inventories | -850 | -572 | -5,695 | 829 | 1,312 |
| Increase/decrease in trade receivables | -1,259 | -366 | -5,719 | -4,117 | -4,359 |
| Increase/decrease in operating receivables | -644 | 1,568 | 757 | 1,102 | -590 |
| Increase/decrease in trade payables | -922 | -59 | 3,148 | -3,666 | -2,172 |
| Increase/decrease in operating payables | 120 | 82 | 1,550 | 2,525 | 7,069 |
| Total change in working capital | -3,555 | 653 | -5,959 | -3,327 | 1,260 |
| Cash flow from operating activities | -24,036 | -23,545 | -84,335 | -84,751 | -113,908 |
| Cash flow from investing activities | |||||
| Investments in tangible assets | -206 | 44 | -1,940 | -694 | -950 |
| Investments in intangible assets | -4,702 | -1,370 | -11,242 | -4,975 | -6,871 |
| Cash flow from (-used in) investing activities | -4,908 | -1,326 | -13,182 | -5,669 | -7,821 |
| Cash flow from financing activities | |||||
| Payments made for repayment of lease liabilities | -901 | -900 | -2,931 | -2,741 | -3,678 |
| New share issue, net of transaction expenses | - | 54,110 | -336 | 136,953 | 250,189 |
| Cash flow from financing activities | -901 | 53,210 | -3,267 | 134,212 | 246,511 |
| Decrease/increase in cash and cash equivalents | -29,845 | 28,339 | -100,784 | 43,792 | 124,782 |
| Cash and cash equivalents at beginning of period | 80,184 | 41,635 | 151,009 | 26,035 | 26,035 |
| Exchange difference in cash and cash equivalents | -98 | -239 | 16 | -92 | 192 |
| Cash and cash equivalents at end of period | 50,241 | 69,735 | 50,241 | 69,735 | 151,009 |
Parent company Income Statement
| Q3 | Jan-Sep | Full-year | |||
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 |
| Net sales | 19,088 | 6,687 | 49,513 | 27,006 | 38,919 |
| Cost of goods sold | -8,479 | -3,044 | -22,431 | -12,871 | -18,220 |
| Gross profit (loss) | 10,609 | 3,643 | 27,082 | 14,135 | 20,699 |
| Development expenditure | -3,385 | -2,771 | -11,767 | -9,714 | -13,199 |
| Selling expenses | -26,571 | -6,279 | -75,397 | -25,046 | -72,408 |
| Administrative expenses | -8,021 | -8,234 | -26,011 | -30,959 | -39,837 |
| Other operating income | 4,827 | 3,953 | 19,064 | 10,439 | 15,298 |
| Other operating expenses | -9,306 | -4,416 | -18,559 | -7,089 | -18,557 |
| Earnings before interest and taxes | -31,847 | -14,104 | -85,588 | -48,234 | -108,004 |
| Financial income | 2,422 | 1,913 | 7,930 | 4,950 | 7,328 |
| Financial expenses | -7 | - | -26 | -28 | -120,125 |
| Financial items - net | 2,415 | 1,913 | 7,904 | 4,922 | -112,797 |
| Profit (loss) after financial items | -29,432 | -12,191 | -77,684 | -43,312 | -220,801 |
| Profit (-loss) for the period | -29,432 | -12,191 | -77,684 | -43,312 | -220,801 |
In the parent company, there are no items reported as other comprehensive income, which is why total comprehensive income corresponds to the period's result.
Parent Company Balance Sheet Assets
| December 31 | ||
|---|---|---|
| 2024 | 2023 | 2023 |
| 35,719 | 24,441 | 25,854 |
| 2,766 | 1,276 | 1,416 |
| 156,979 | 273,153 | 137,139 |
| 195,464 | 298,870 | 164,409 |
| 23,001 | 17,056 | 17,381 |
| 6,961 | 4,194 | 5,367 |
| 5,203 | 7,280 | 8,606 |
| 3,446 | 1,660 | 2,345 |
| 47,124 | 66,387 | 147,853 |
| 85,735 | 96,577 | 181,552 |
| 281,199 | 395,447 | 345,961 |
| September 30 |
Parent Company Balance Sheet Equity and Liabilities
| September 30 | December 31 | ||
|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2023 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equtiy | 54,007 | 40,256 | 43,986 |
| Non-restricted equity | 166,595 | 321,441 | 253,858 |
| Total equity | 220,602 | 361,697 | 297,844 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Provisions | 3,819 | 3,477 | 3,750 |
| Total non-current liabilities | 3,819 | 3,477 | 3,750 |
| Current liabilities | |||
| Trade payables | 6,553 | 3,169 | 4,658 |
| Liabilities to Group companies | 38,172 | 15,152 | 28,685 |
| Other current liabilities | 1,471 | 2,146 | 2,490 |
| Accrued expenses | 10,582 | 9,806 | 8,534 |
| Total current liabilities | 56,778 | 30,273 | 44,367 |
| TOTAL EQUITY AND LIABILITIES | 281,199 | 395,447 | 345,961 |
Notes on the consolidated accounts
Not 1. Accounting policies
This interim report and summary for the second quarter ended September 30th, 2024 has been prepared in accordance with the international accounting standard IAS 34 "Interim reporting". The term "IFRS" in this document includes the application of IAS and IFRS, as well as interpretations of these recommendations published by the IASB's Standards Interpretation Committee (SIC) and IFRS Interpretation Committee (IFRIC)
The application of the accounting principles is in accordance with those contained in the Annual Report for the financial year ended 31 December 2023 and should be read together with this interim report. There are no changes to IFRS in 2024 that are estimated to have a significant impact on the results and financial position of the group. Unless otherwise specifically stated, all amounts are reported in thousands of kronor (TSEK). Information in parentheses refers to the comparison year.
Not 2. Division of net Sales
| Q3 | Jan-Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 | |
| Devices/Other | 4,933 | 4,511 | 16,302 | 12,026 | 16,228 | |
| - there of royalties | 157 | 45 | 422 | 1,246 | 1,336 | |
| Disposables | 12,473 | 4,644 | 28,141 | 12,878 | 19,526 | |
| Total | 17,406 | 9,154 | 44,443 | 24,904 | 35,754 |
Not 3. Costs of goods sold
| Q | 3 | Jan- | Sep | Full-year | |
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 |
| Cost of materials | 5,605 | 2,356 | 13,404 | 6,168 | 8,450 |
| Personnel expenses | 247 | 252 | 1,069 | 680 | 1,030 |
| External services | 486 | 133 | 1,517 | 589 | 1,032 |
| Depreciation and amortization | 4,487 | 4,166 | 13,350 | 12,421 | 16,903 |
| Total | 10,825 | 6,907 | 29,340 | 19,858 | 27,415 |
Not 4. Development, selling and administrative expenses by nature of cost
| Q | 3 | Jan- | Sep | Full-year | |
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 |
| Personnel expenses | 21,330 | 18,326 | 68,008 | 63,091 | 84,682 |
| Consulting expenses | 7,431 | 7,144 | 24,009 | 20,985 | 28,873 |
| Depreciation and amortization | 161 | 138 | 486 | 420 | 635 |
| Other expenses | 5,497 | 6,701 | 18,826 | 20,725 | 27,961 |
| Total | 34,419 | 32,309 | 111,329 | 105,222 | 142,152 |
Not 5. Transactions with related parties
During the period, one board member has invoiced TSEK 982 (1,902) on market terms, for performed consulting services linked to the company's operational activities. The services for 2024 are performed by Sorin Brull. For 2023, TSEK 957 of the services were performed by Sorin Brull and TSEK 945 by former board member, Jenny Freeman, who left her position as board member in November 2023.
Not 6. Earnings per share
| Q3 | Jan-Sep | Full-year | |||
|---|---|---|---|---|---|
| SEK | 2024 | 2023 | 2024 | 2023 | 2023 |
| Basic earnings per share | -0.26 | -0.33 | -0.77 | -1.16 | -1.45 |
| Diluted earnings per share | -0.26 | -0.33 | -0.77 | -1.16 | -1.45 |
| Performance measure used in the | |||||
| calculation of earnings per share | |||||
| Results attributable to the parent company's | Profit (-loss) | Profit (-loss) | Profit (-loss) | Profit (-loss) | Profit (-loss) |
| shareholders are used | for the period | for the period | for the period | for the period | for the period |
| Result attributable to the parent company's shareholders, SEK thousand |
-31,312 | -30,174 | -92,652 | -95,341 | -134,149 |
| No. Weighted average no. of ordinary shares for calculating basic earnings per share |
119,705,523 | 91,588,837 | 119,705,523 | 82,285,952 | 92,269,497 |
| Stock options Weighted average no. of ordinary shares and potential shares used as denominator for calculating diluted earnings per share |
119,705,523 | 91,588,837 | 119,705,523 | 82,285,952 | 92,269,497 |
Earnings per share after dilution are not reported as it gives better earnings per share because the period's earnings are negative. In the rights issue carried out during Q1 2023 there is a bonus issue element, the effect is however insignificant as the subscription rights had a low value when the issue was not fully subscribed. Consequently, no recalculation has been made.
.
Not 7. Share capital development
| Date | Event | Number of shares |
Share capital (SEK) |
Quotient value (SEK) |
|---|---|---|---|---|
| Januari 1, 2023 |
Opening balance | 69,883,985 | 8,735,498 | 0.125 |
| March 11, 2023 |
Right share issue | 12,682,675 | 1,585,334 | 0.125 |
| July 5, 2023 |
Set-off share issue RMI part 2 | 5,055,954 | 631,994 | 0.125 |
| August 24, 2023 |
Directed shares issue | 12,500,000 | 1,562,500 | 0.125 |
| September 25, 2023 |
Directed shares issue | 18,000,000 | 2,250,000 | 0.125 |
| November 7, 2023 | Set-off share issue RMI part 3 | 1,582,909 | 197,863 | 0.125 |
| Total Sep 30, 2024 |
119,705,523 | 14,963,190 | 0.125 |
Not 8. Alternative performance measures
Senzime has defined alternative key figures as below. Calculations are published on the company's websitewww.senzime.com.
| Performance measure | Definition | Motive for use |
|---|---|---|
| Gross margin excl. amortization | Gross profit (loss) excl. amortization of intangible assets divided by net sales |
The group uses the alternative performance measure gross margin excluding amortization because it illustrates the impact of amortization of capitalized development expenditure on gross margin. |
| EBITA | Earnings before interest and taxes excluding amortization of intangible assets |
The group uses the alternative performance measure EBITA because it illustrates the impact of amortization of capitalized development expenses on operating profit. |
| Equity/assets ratio | Closing equity in the period divided by closing total assets in the period |
The group uses the alternative performance measure equity/assets ratio because it illustrates the portion of the total assets that consist of equity and has been included so investors will be able to assess the group's capital structure. |
| Items affecting comparability | Items of material value that do not have any clear relationship with ordinary activities and are of such nature that they cannot be expected to occur often. They may, for example, relate to acquisitions, major one-off orders, other unusual non-recurring revenue and expenses, capital gains/losses from divestments, restructuring expenses and impairment losses. |
Enables improved understanding of the company's underlying operations. |
| Currency fluctuations | Adjusted for currency fluctuations on the net sales of operations excludes the effect of exchange rates by restating the net sales of operations for the relevant period by applying the rates of exchange used for the comparative period. |
This performance measure is important for understanding the underlying progress of operations, and improves compatibility between periods |
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Not 9. Alternative performance measures Not 10. Employee stock option programs
| Q3 | Jan-Sep | Full-year | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2023 | ||
| A | Net sales, TSEK | 17,406 | 9,154 | 44,443 | 24,904 | 35,754 |
| B | Gross profit excl. amortization, TSEK | 10,970 | 6,350 | 28,203 | 17,268 | 24,947 |
| B/A | Gross margin excl. amortization (%) | 63.0% | 69.4% | 63.5% | 69.3% | 69.8% |
| Q3 | Jan-Sep | Full-year | ||||
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 | |
| A | Earnings before interest and taxes | -32,051 | -30,594 | -96,105 | -97,274 | -137,360 |
| B | Depreciation and amortization | 5,533 | 5,117 | 16,437 | 15,136 | 20,567 |
| A+B EBITDA | -26,518 | -25,477 | -79,668 | -82,138 | -116,793 | |
| Q3 | Jan-Sep | Full-year | ||||
| Amounts in SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 | |
| A | Equity | 285,040 | 307,879 | 285,040 | 307,879 | 375,477 |
| B | Total assets | 355,248 | 366,185 | 355,248 | 366,185 | 433,122 |
| A/B | Equity/assets ratio, (%) | 80.2% | 84.1% | 80.2% | 84.1% | 86.7% |
Dilution from stock option programs
At the time this interim report is published, there are three employee option programs with a total of 2,725,450 options, of which 395,450 are hedge options. In the case of full exercise, this means a dilution of 2.23 percent, provided that all options are exercised.
During the period January-September 2024, 33,000 employee options have expired. A total of 238,000 employee options have so far expired and the remaining 2,092,000 employee options, if fully exercised, would represent a dilution of 2.04 percent. The corresponding figure excluding hedge options is 1.72%.
At the annual general meeting in May 2024, it was decided on another employee option program for a total of 1,210,000 options, of which 110,000 are hedge options. Allocation will take place during the month of October 2024.
About Senzime
Senzime is a Swedish medical technology company that develops, produces and markets patient monitoring systems.
Senzime's employees worldwide are committed to the vision of a world without anesthesia and breathing-related complications. The company markets an innovative portfolio of solutions, including TetraGraph® and ExSpiron® 2Xi for real-time monitoring of neuromuscular function and breathing during and after surgery.
The goal is to help eliminate care-related complications and radically reduce costs associated with surgical procedures and emergency treatments.
Senzime aims at a market valued at over SEK 40 billion per year and works with sales teams in the world's leading markets. The company's shares are listed on NASDAQ Stockholm's main market (SEZI) and cross traded on OTCQX (SNZZF).
More information is available at www.senzime.com.
Financial calendar
Year-End 2024 report February 17, 2025 Annual report 2024 April 24, 2025 Q1 report 2025 May 7, 2025 AGM 2025 May 19, 2025
Contact
Philip Siberg, CEO Tel. +46 (0) 707 90 67 34 e-post: [email protected] Slavoljub Grujicic, CFO Tel. +46 (0) 763 06 60 11 e-post: [email protected]
Address
Senzime AB Verkstadsgatan 8 753 23 Uppsala www.senzime.com