Interim Report January - June 2024: Strong Sales Growth in US Market

ACCESSWIRE · Senzime
Senzime
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UPPSALA, SWEDDEN / ACCESSWIRE / August 26, 2024 / Senzime (STO:SEZI)(OTCQX:SNZZF) Press release: Uppsala, 26 August 2024. Senzime AB:s (publ) interim report for January - June 2024 is now available on the company's website www.senzime.com.

Financial information April - June 2024

  • Net sales amounted to TSEK 14,917 (8,462), an increase of 76 percent.

  • Sales of disposable sensors amounted to TSEK 8,412 (4,390), an increase of 92 percent.

  • In the USA, net sales increased to TSEK 10,973 (4,108), an increase of 167 percent.

  • The gross margin before depreciation amounted to 63.3 percent (70.0).

  • Operating costs amounted to TSEK 39,770 (37,101).

  • Operating profit before depreciation amounted to TSEK -29,239 (-30,201).

  • The result after financial items amounted to TSEK -34,259 (-35,264).

  • Earnings per share amounted to SEK -0.28 (-0.42).

  • Cash and cash equivalents as of June 30th amounted to TSEK 80,184 (41,635).

Financial information January - June 2024

  • Net sales amounted to TSEK 27,037 (15,750), an increase of 72 percent.

  • Sales of disposable sensors amounted to TSEK 15,668 (8,234), an increase of 90 percent.

  • In the USA, net sales increased to TSEK 20,011 (9,182), an increase of 118 percent.

  • The gross margin before depreciation amounted to 63.7 percent (69.3).

  • Operating costs amounted to TSEK 72,576 (69,479).

  • Operating profit before depreciation amounted to TSEK -53,150 (-56,661).

  • The result after financial items amounted to TSEK -62,978 (-66,955).

  • Earnings per share amounted to SEK -0.51 (-0.84).

Extract from the CEO comment:

Strong growth in the US market, we are gaining market share, and our technology is increasingly being established as the new clinical standard in operating rooms around the world

It has been another eventful quarter for Senzime. We continue to report strong growth and net sales increased by 76 percent vs Q2 2023 to SEK 14.9 million. Last year's second quarter included a one-off licensing revenue and excluding that, the sales increase was over 100 percent. This was again another quarter with record sales.

Our US revenue continues to develop strongly with an increase of 167 percent vs Q2 2023 Strategically important new hospital contracts and recurring sales of disposable sensors to the installed base of TetraGraph systems contributed to the growth. The expanded sales organization in the US is proving to be very successful. The utilization rate of systems continues to increase, and we delivered almost twice as many disposable sensors as the previous year.

Businesses in Japan and South Korea are also showing good growth. Our Japanese license partner Fukuda Denshi reports success in sales of its integrated module with "TetraGraph inside" launched in the first quarter of this year. The module is the first of its kind powered by our algorithms and sensors and launched as an accessory to Fukuda's extensive installed base of patient monitors. The healthcare strike in South Korea has continued, but despite this we have been able to once again deliver products to the market.

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