Senzime AB (SEZI) AI Stock Analysis

• Market Cap: kr708.25M
• Dividend Yield: N/A
• Average Volume (3M): 534.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.33
• Revenue Growth: 62.24%
• EPS Growth: 21.16%
• Country: SE
• Employees: 54
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.27
• Shares Outstanding: 157,215,040
• 10 Day Avg. Volume: 328,516
• 30 Day Avg. Volume: 534,125
• PEG Ratio: 1.40
• Price to Book (P/B): 2.61
• Price to Sales (P/S): 7.63
• P/FCF Ratio: -7.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.2
• Revenue Forecast (FY): kr191.30M

• Rating: 49 Neutral
• Price Target: kr5.00 ▼(-2.53% Downside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is held back mainly by weak financial performance driven by large losses and sustained cash burn. Technicals also remain soft with the stock below key moving averages and negative MACD. Offsetting factors include constructive earnings-call guidance toward cash-flow positivity, improving commercial traction, and supportive liquidity via a credit facility.

Positive Factors

Revenue & gross margin improvement

Senzime delivered a material step-up in top-line growth alongside a return to positive gross margins in 2025. Sustained revenue expansion plus healthier gross margins improves the firm’s ability to scale fixed costs, enabling operating leverage if sales momentum and disposables attach rates persist.

NextGen adoption driving recurring consumables

Strong NextGen adoption produced >50% utilization uplifts at upgraded accounts, creating durable revenue from recurring sensors and monitoring accessories. Higher usage per install increases customer stickiness and predictable consumable-driven revenue over multiple years.

Liquidity support via credit facility

The SEK 50m credit facility provides near-term liquidity and reduces immediate pressure to raise equity. Coupled with in-house monitor capacity and a sizeable equity base, the facility materially lowers refinancing risk over the next 6–12 months while supporting rollout and inventory transitions.

Negative Factors

Persistent negative free cash flow

Free cash flow remains deeply negative and tracked net losses in 2025, indicating losses are translating into cash burn rather than being absorbed by non-cash items. Continued heavy cash outflows increase the likelihood of future financing, dilutive capital raises, or constrained investment flexibility.

Very negative operating and net margins

Despite revenue growth and gross margin gains, operating and net margins remain highly negative, showing fixed and operating costs exceed current scale. Without clear evidence of sustained margin compression, profitability risk persists and could impair free cash flow recovery even if revenue rises.

Placement model increases near-term capital needs

Shifting to a placement/service model accelerates adoption but requires the company to fund instruments and bear upfront CapEx and working capital. This structural increase in capital intensity magnifies liquidity and execution risk while cash burn remains elevated and regulatory timing can delay payback.

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, measures, analyzes, and displays muscle function in surgical patients receiving neuromuscular blocking agents; TetraSens electrode array, which has two proximal stimulating electrodes for recording and reference; TetraConnect, a data management portal that helps clinician to access, view, and export data records from the TetraGraph in PDF or Excel format; TetraGraph Device Connectivity, which transfers data from the TetraGraph Monitor to patient monitoring systems; and TetraGraph Philips Interface that enables the transmission of neuromuscular monitoring parameters, TOFC, TOFR, PTC, and TOF bars to Philips patient monitors, as well as TetraGraph readings are displayed on the Philips Intellivue Monitor. It also develops CliniSenz Analyzer for postoperative and continuous patient monitoring in hospital environments; and Onzurf Probe, a sterile CE-marked single use product based on micro-dialysis technology that enables continuous sampling from gastro-intestinal organs, such as esophagus, stomach, and liver. Senzime AB (publ) has a strategic license and connectivity agreement with Masimo to develop and market the TetraGraph Smart Cable Module that connects directly to Root monitoring system, as well as to their digital hubs to interface with the hospital clinical information system/electronic health records. The company was incorporated in 1999 and is based in Uppsala, Sweden.

How the Company Makes Money

Senzime AB generates revenue primarily through the sale of its medical devices and related consumables, including the TetraGraph system and its associated monitoring accessories. The company operates a business-to-business (B2B) model, supplying hospitals and healthcare facilities with its monitoring solutions. Key revenue streams include product sales, recurring sales of consumables, and potential licensing agreements for its technology. The company's financial performance may also benefit from strategic partnerships with healthcare providers and distributors, as well as participation in clinical studies that validate its products, thereby fostering further adoption in the market.

Senzime AB Financial Statement Overview

Summary

Revenue growth and gross margin improvement are meaningful, and leverage is low with a solid equity base. However, operating/net margins remain deeply negative and free cash flow is heavily negative (significant cash burn), increasing financing/dilution risk unless losses narrow materially.

Income Statement

Revenue growth accelerated meaningfully in 2025 (annual revenue up ~16% to ~104.0M from ~58.5M in 2024), and gross margin improved versus earlier years (positive and ~30% in 2025 vs negative in 2020–2022). However, profitability remains very weak: operating and net margins are still deeply negative in 2025 (net margin about -132%), indicating the cost base is far above current scale, and losses have not yet shown a durable downward trend.

Balance Sheet

The balance sheet looks comparatively supportive, with low leverage (debt-to-equity ~0.09 in 2025) and a sizeable equity base (~304.5M). That said, equity has declined from prior years (from ~375.5M in 2023), consistent with ongoing losses, and returns on equity remain materially negative in every period provided—highlighting continued value dilution risk if profitability does not improve.

Cash Flow

Cash generation is the key pressure point: operating cash flow and free cash flow are consistently negative, and 2025 free cash flow was about -111.8M with a further decline versus 2024 (free cash flow growth ~-8%). While free cash flow tracks net income relatively closely (free cash flow to net income ~1.03 in 2025), it reflects that losses are translating into cash burn rather than being cushioned by working-capital or non-cash effects.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	104.02M	58.48M	35.75M	14.03M	10.98M
Gross Profit	31.19M	20.12M	8.34M	-4.39M	-4.92M
EBITDA	-96.59M	-95.53M	-118.82M	-120.05M	-73.20M
Net Income	-137.42M	-118.73M	-134.15M	-132.70M	-82.14M
Balance Sheet
Total Assets	369.81M	424.53M	433.54M	322.68M	174.62M
Cash, Cash Equivalents and Short-Term Investments	73.97M	100.94M	151.01M	26.04M	74.87M
Total Debt	26.40M	22.67M	11.47M	13.04M	1.63M
Total Liabilities	65.35M	78.67M	58.06M	60.78M	24.04M
Stockholders Equity	304.46M	345.86M	375.48M	261.90M	150.58M
Cash Flow
Free Cash Flow	-111.84M	-126.28M	-121.73M	-141.89M	-84.30M
Operating Cash Flow	-109.10M	-105.94M	-113.91M	-136.78M	-81.33M
Investing Cash Flow	-18.10M	-20.34M	-7.82M	-4.98M	-2.97M
Financing Cash Flow	100.81M	75.86M	246.51M	92.36M	-945.00K

Senzime AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.13
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SEZI, the sentiment is Negative. The current price of 5.13 is above the 20-day moving average (MA) of 4.67, above the 50-day MA of 5.02, and below the 200-day MA of 5.58, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 43.49 is Neutral, neither overbought nor oversold. The STOCH value of 42.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SEZI.

Senzime AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRAD.B	55 Neutral	kr881.32M	84.74	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr708.25M	-4.79	-36.55%	―	62.24%	21.16%
INTEG.B	48 Neutral	kr226.68M	-6.07	-18.55%	―	0.62%	-82.70%
OSSD	47 Neutral	kr691.41M	-13.08	―	―	38.43%	57.76%
BACTI.B	46 Neutral	kr564.21M	-72.92	-6.81%	―	-8.10%	62.08%
SEDANA	44 Neutral	kr857.28M	-14.47	-4.42%	―	13.48%	28.98%

Senzime AB Corporate Events

Senzime launches TetraCom platform to stream anesthesia data into major hospital IT systems

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 combines a compact hardware gateway with a cloud-based software layer using HL7 messaging to deliver wireless, cost-effective interoperability without bespoke integration work.

By eliminating manual charting and enabling automated, guideline-compliant documentation, TetraCom is positioned to improve workflow efficiency and data quality for anesthesia teams. Initially launched in the U.S. market, the platform strengthens Senzime’s connectivity offering and supports its push to derive additional value from perioperative data, potentially reinforcing its competitive position in digital operating room solutions.

The most recent analyst rating on (SE:SEZI) stock is a Sell with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.

Senzime Secures 50 MSEK Credit Line to Support Rapid Growth

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 loan and a revolving credit facility to cover peaks in working capital needs, with no warrants or other dilutive instruments attached.

Management describes the facility as a strong vote of confidence in Senzime’s business model, scalability and global potential, underlining the long-term commitment of key shareholders and external financiers. The added liquidity is expected to support the company’s rapid growth trajectory, reinforcing its financial flexibility as it expands its neuromuscular monitoring solutions in a changing healthcare market.

The most recent analyst rating on (SE:SEZI) stock is a Sell with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.

Senzime Posts Over 90% Growth and Improves Profitability Metrics in 2025

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 plan, and delivered a 16% improvement in EBITDA when excluding a write-down of older components, signaling stronger operational leverage in both the U.S. and other international markets.

The most recent analyst rating on (SE:SEZI) stock is a Sell with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.

Senzime Wins Major Ivy League Contract to Expand US Footprint

Senzime AB has won a significant contract with a leading Ivy League university hospital system in the US, covering an initial installation of 60 next‑generation TetraGraph neuromuscular monitoring systems and anticipated annual usage of more than 10,000 disposable sensors at full rollout. The deal deepens Senzime’s penetration of the influential US academic hospital segment, underscores its positioning as a leader in neuromuscular monitoring for anesthesiology, and is likely to support recurring revenue growth through consumable sensor sales while reinforcing the company’s profile as a provider of technology that aligns with evolving patient safety guidelines and cost-efficiency demands in perioperative care.

The most recent analyst rating on (SE:SEZI) stock is a Sell with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.

Senzime’s next-generation TetraGraph cleared for sale in Japan

Senzime is a Swedish medical device firm known for its TetraGraph neuromuscular monitoring system, which is used to guide dosing of paralytic drugs and improve perioperative patient safety in operating rooms worldwide.
Senzime’s next-generation TetraGraph system has received regulatory clearance for sale in Japan from the PMDA, and the company has already received a first order for 80 monitors for delivery in the fourth quarter of 2025. The approval enables further commercialization in one of the world’s largest healthcare markets through Senzime’s long-standing partnership with Fukuda Denshi, which already markets integrated modules based on TetraGraph technology. With hundreds of Japanese hospitals using TetraGraph since 2019, a domestic market of roughly 15,000 operating rooms and nearly 3 million major surgeries annually, and updated clinical guidelines that reinforce quantitative neuromuscular monitoring, the clearance strengthens Senzime’s market positioning and commercial opportunity in Japan and may increase product uptake and upgrade activity among hospitals.

The most recent analyst rating on (SE:SEZI) stock is a Hold with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.

Senzime Launches EMGINE Sirius Software for Enhanced Neuromuscular Monitoring

Senzime AB has launched the EMGINE Sirius software suite, an innovative enhancement to its TetraGraph® system, which will be presented at the PostGraduate Assembly in Anesthesiology in New York. This new release, developed from extensive patient data and clinical collaborations, includes features like the TetraGraph Intubation Readiness Indicator and personalized neuromuscular monitoring, promising improved safety and efficiency in surgical procedures. The TetraGraph system, already widely used in various hospitals, is further validated by a Mayo Clinic study showing its superiority in detecting optimal intubation conditions, reinforcing Senzime’s position as a leader in neuromuscular monitoring technology.

The most recent analyst rating on (SE:SEZI) stock is a Hold with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.

Senzime Secures Landmark TetraGraph Order from UK NHS

Senzime AB has secured a significant order from a leading NHS hospital trust in the UK for 70 TetraGraph systems, marking its largest European order to date. This strategic win aligns with UK guidelines mandating quantitative monitoring in operating theaters, positioning Senzime for broader expansion and reinforcing its commitment to enhancing patient safety through advanced neuromuscular monitoring technology.

The most recent analyst rating on (SE:SEZI) stock is a Hold with a SEK4.50 price target. To see the full list of analyst forecasts on Senzime AB stock, see the SE:SEZI Stock Forecast page.