Senzime AB (SE:SEZI)
:SEZI
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Senzime AB
(SEZI)
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Rating:48Neutral
Price Target:
kr4.50
▼(-12.28% Downside)
Action:Reiterated
Date:04/23/26
The score is held back primarily by weak financial performance—negative growth, very large losses, and substantial cash burn—despite a relatively conservative balance sheet. Technicals are neutral-to-slightly improving near term but remain weaker over the longer trend. The latest earnings call adds support via reiterated guidance, margin and cost progress, and pipeline/customer wins, but delivery on cash-flow positivity and recovery from Q1 softness is still critical.
Positive Factors
Recurring Sensor Revenue
High and growing disposable sensor volumes create predictable, per‑patient recurring revenue that scales with installed base. Because sensors are the majority of revenues and have higher incremental margins than capital sales, continued sensor adoption supports durable revenue visibility and margin leverage as installations grow.
Negative Factors
High Cash Burn
Sustained large negative operating and free cash flows deplete balance‑sheet resources and create reliance on external financing or equity raises. Until operating cash flow turns positive, the company faces dilution risk and constrained ability to invest in sales, regulatory work, or R&D, making execution critical.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Sensor Revenue
High and growing disposable sensor volumes create predictable, per‑patient recurring revenue that scales with installed base. Because sensors are the majority of revenues and have higher incremental margins than capital sales, continued sensor adoption supports durable revenue visibility and margin leverage as installations grow.
Read all positive factors
Senzime AB (SEZI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr712.97M
Dividend YieldN/A
Average Volume (3M)534.13K
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue Growth48.53%
EPS Growth17.86%
CountrySE
Employees54
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.81
Shares Outstanding157,215,040
10 Day Avg. Volume328,516
30 Day Avg. Volume534,125
Financial Highlights & Ratios
PEG Ratio1.40
Price to Book (P/B)2.61
Price to Sales (P/S)7.63
P/FCF Ratio-7.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.2
Revenue Forecast (FY)kr176.30M
Senzime AB Business Overview & Revenue Model
Company Description
Senzime AB (publ), a medical device company, develops and markets patient monitoring systems to monitor patients under anesthesia in Europe, Oceania, Asia, Canada, and the United States. The company offers TetraGraph, a monitor that stimulates, me...
How the Company Makes Money
Senzime makes money primarily by selling medical device systems and the associated single-use or recurring-use consumables used with those systems. Revenue is typically generated from (1) capital sales of monitoring platforms/instruments to hospit...
Senzime AB Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 21, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive outlook: the company reported strong underlying operational momentum (notably sensor growth, a 1M monitored‑patient milestone, margin improvement, new business models like TetraGraph‑as‑a‑Service, TetraCom and important customer wins) while acknowledging a temporary Q1 growth dip driven by delayed U.S. deals, FX and tariff headwinds and some regional regulatory timing issues. Management emphasizes cost discipline, a solid pipeline, available funding and confidence in meeting full‑year objectives, but execution (recovering delayed deals, FX/tariff resolution and regulatory rollouts) is needed to realize targets.Positive Updates
Strong Sensor Sales Growth and Recurring Revenue
Sensor sales increased ~40% in constant currencies; rolling 12‑month sensor volume grew ~27%. Company passed 1,000,000 monitored patients milestone, strengthening recurring revenue (sensors are the majority of revenues and drive gross margin leverage).
Negative Updates
Q1 Outlier: Temporary Growth Dip and Delayed U.S. Purchases
Q1 described as an outlier quarter with a temporary dip in reported growth. Slower U.S. monitor deal closings (delayed purchasing cycles and macro concerns) led to reported U.S. sales decreasing ~5% versus prior year (approximately SEK 2.5m), with many deals pushed into Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Sensor Sales Growth and Recurring Revenue
Sensor sales increased ~40% in constant currencies; rolling 12‑month sensor volume grew ~27%. Company passed 1,000,000 monitored patients milestone, strengthening recurring revenue (sensors are the majority of revenues and drive gross margin leverage).
Read all positive updates
Company Guidance
The company reiterated that full‑year 2026 targets remain intact and reiterated sales growth guidance “in line with previous years” (historical 5‑year CAGR ~60%), with an objective to be cash‑flow positive by Q4 2026; management expects a Q2 bounce and continued margin expansion (underlying gross margin Q1 69.2%, reported 63.1%) and flat‑to‑lower operating expenses (Q1 OpEx SEK 35.6m, down ~5% YoY and ~17.5% vs Q4). Key operational metrics cited to support the outlook include global quarterly shipments of 376 TetraGraphs (vs 443 a year ago), cumulative shipments >5,500, 246 monitors shipped in the U.S. (120 on the new TetraGraph‑as‑a‑Service model), sensor volumes passing 1 million monitored patients (rolling‑12M sensor growth ~27% YoY; sensor sales reported +40% in constant currency earlier), Europe disposable growth ~60%, U.S. business +11% in local currency (U.S. sensors +55% but reported U.S. sales down ~5%, ~SEK 0.75m, due to FX), cash SEK 55.3m at quarter‑end plus an available credit facility (SEK 50m facility, SEK 7.5m drawn, ~SEK 42.5m remaining), cash flow improvement +33%, and tariff exposure (~SEK 5m paid) that management is pursuing to recover — all of which underpin the confidence in achieving the year‑end targets.Senzime AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.75M | 104.02M | 58.48M | 35.75M | 14.03M | 10.98M |
| Gross Profit | 32.19M | 31.19M | 20.12M | 8.34M | -4.39M | -4.92M |
| EBITDA | -89.03M | -96.59M | -95.53M | -118.82M | -120.05M | -73.20M |
| Net Income | -125.27M | -137.42M | -118.73M | -134.15M | -132.70M | -82.14M |
Balance Sheet | ||||||
| Total Assets | 350.01M | 369.81M | 424.53M | 433.54M | 322.68M | 174.62M |
| Cash, Cash Equivalents and Short-Term Investments | 55.35M | 73.97M | 100.94M | 151.01M | 26.04M | 74.87M |
| Total Debt | 21.79M | 14.01M | 22.67M | 11.47M | 13.04M | 1.63M |
| Total Liabilities | 66.51M | 65.35M | 78.67M | 58.06M | 60.78M | 24.04M |
| Stockholders Equity | 283.50M | 304.46M | 345.86M | 375.48M | 261.90M | 150.58M |
Cash Flow | ||||||
| Free Cash Flow | -109.21M | -111.84M | -126.28M | -121.73M | -141.89M | -84.30M |
| Operating Cash Flow | -99.83M | -109.10M | -105.94M | -113.91M | -136.78M | -81.33M |
| Investing Cash Flow | -15.86M | -18.10M | -20.34M | -7.82M | -4.98M | -2.97M |
| Financing Cash Flow | 109.11M | 100.81M | 75.86M | 246.51M | 92.36M | -945.00K |
Senzime AB Technical Analysis
Positive
5.13
Price Trends
4.56
Positive
4.85
Positive
5.50
Positive
Market Momentum
0.19
Negative
72.70
Negative
88.82
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SEZI, the sentiment is Positive. The current price of 5.13 is above the 20-day moving average (MA) of 4.47, above the 50-day MA of 4.56, and below the 200-day MA of 5.50, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 72.70 is Negative, neither overbought nor oversold. The STOCH value of 88.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SEZI.
Senzime AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | kr1.16B | 19.50 | 6.93% | ― | -8.92% | -8.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr627.29M | -25.75 | -2.52% | ― | -10.66% | 73.69% | |
49 Neutral | kr929.79M | -61.68 | -4.42% | ― | 4.66% | 27.83% | |
48 Neutral | kr712.97M | -7.33 | -36.55% | ― | 48.53% | 17.86% | |
48 Neutral | kr191.21M | -5.27 | -18.55% | ― | 3.85% | -70.92% | |
45 Neutral | kr464.63M | -15.31 | ― | ― | 13.96% | 20.18% |
* Healthcare Sector Average
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Senzime AB Corporate Events
Senzime Lifts Margins and Cash Flow Despite Temporary Growth Slowdown
Apr 22, 2026
Senzime reported a strong start to 2026, with underlying gross margin improving to 69.2 percent and operating cash flow up 33 percent, while sensor sales grew 40 percent in constant currencies. The company noted that delays in U.S. contract proces...
Senzime Expands TetraGraph Footprint with Major Southeastern US Hospital Contract
Apr 20, 2026
Senzime AB has expanded its agreements with a leading integrated delivery network in the southeastern US, securing an order for 65 additional TetraGraph neuromuscular monitoring systems. The expansion will bring the network’s installed base ...
Senzime Calls 2026 AGM With Governance and Incentive Plans on the Agenda
Apr 17, 2026
Senzime AB has convened its annual general meeting for 19 May 2026 at the company’s premises in Uppsala, setting the record date for shareholder participation as 8 May and the notification deadline as 12 May. The company currently has 157,21...
Senzime Sets Investor Webcast for First-Quarter 2026 Results
Apr 17, 2026
Senzime AB, a Swedish medical device company, develops and markets precision-based perioperative monitoring systems, most notably the TetraGraph platform for neuromuscular transmission monitoring in the operating room. Its technology is deployed i...
Senzime Wins Strategic U.S. Hospital Contracts for TetraGraph Monitoring Systems
Apr 9, 2026
Senzime AB has secured strategic contracts to supply its TetraGraph neuromuscular monitoring systems to hospitals within one of the world’s largest U.S. integrated healthcare delivery networks, covering a potential footprint of more than 150...
Senzime launches TetraCom platform to stream anesthesia data into major hospital IT systems
Feb 19, 2026
Senzime AB has introduced TetraCom, a hospital connectivity platform that transmits real-time neuromuscular data from its TetraGraph monitor directly into major electronic health record systems, including Epic and Oracle Health. The solution combi...
Senzime Secures 50 MSEK Credit Line to Support Rapid Growth
Feb 18, 2026
Senzime AB has secured a 50 MSEK credit line facility from a consortium of existing shareholders, including Crafoord and Segulah, alongside DBT Capital of Noba Bank Group, on fair market terms. The financing is structured as a combination of a loa...
Senzime Posts Over 90% Growth and Improves Profitability Metrics in 2025
Feb 18, 2026
Senzime AB reported accelerated growth for the full year 2025, achieving more than 90% sales growth in constant currencies as it pushes toward profitability. The company improved its underlying gross margin, kept operating expenses in line with pl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.