Senzime AB (SE:SEZI)
:SEZI
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Senzime AB
(SEZI)
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Rating:52Neutral
Price Target:
kr5.00
▼(-2.53% Downside)
Action:ReiteratedDate:04/10/26
The score is held back primarily by weak financial performance—large losses and heavy, persistent cash burn—despite strong revenue momentum and a supportive low-debt balance sheet. The earnings call adds a constructive outlook (growth, cost discipline, target for cash-flow positivity) and technicals show improving short-term momentum, but valuation remains constrained by unprofitability.
Positive Factors
Revenue growth and gross margin improvement
Meaningful 2025 top-line expansion and a move to positive gross margins indicate improving unit economics and growing commercial traction. Durable because higher margins on disposables and platform uptake scale with installed base, supporting a path to sustainable profitability as volumes grow.
Negative Factors
Persistent negative free cash flow
Large and continuing free-cash-flow burn is a durable risk: losses translate into cash outflows, eroding runway and increasing the probability of future financing or dilution. Even with credit support, sustained negative FCF pressures long-term financial flexibility until operating cash generation turns positive.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and gross margin improvement
Meaningful 2025 top-line expansion and a move to positive gross margins indicate improving unit economics and growing commercial traction. Durable because higher margins on disposables and platform uptake scale with installed base, supporting a path to sustainable profitability as volumes grow.
Read all positive factors
Senzime AB (SEZI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr719.26M
Dividend YieldN/A
Average Volume (3M)534.13K
Price to Earnings (P/E)―
Beta (1Y)0.38
Revenue Growth62.24%
EPS Growth21.16%
CountrySE
Employees54
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.27
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)kr191.30M
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:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call presents solid commercial momentum—notably strong NextGen adoption with >50% usage uplifts, geographic expansion, a SEK 50m credit facility, and a new service business model that shortens sales cycles and should improve long‑term margins. Headwinds are primarily timing and external: FX weakness reduced reported top‑line versus guidance, regulatory delays (notably Korea) postponed some revenues, and there were Q4 one‑off costs plus an inventory write‑down as the company phases out the Classic product. Management expects lower operating expenses in 2026 and to reach cash‑flow positivity in Q4 2026, indicating confidence in recovery of near‑term issues.Positive Updates
Q4 Sales and Installations
Reported Q4 sales of SEK 28.3 million and 416 new TetraGraph systems installed during the quarter, demonstrating continued commercial traction across markets.
Negative Updates
Reported Full‑Year Sales Miss (FX Impact)
Reported full‑year sales finished below the SEK 110–140 million guidance range, primarily due to a weakened dollar/euro; management states the guidance range was met on a fixed‑currency basis.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Sales and Installations
Reported Q4 sales of SEK 28.3 million and 416 new TetraGraph systems installed during the quarter, demonstrating continued commercial traction across markets.
Read all positive updates
Company Guidance
Senzime guided to continued growth in 2026 at a similar pace to prior years and to becoming cash‑flow positive in Q4 2026, with operating expenses expected to be flat to lower versus 2025 (Q4 2025 included roughly SEK 4–5m of one‑off costs that are not expected to recur). In Q4 FY25 they reported sales of SEK 28.3m and 416 new TetraGraph installs; full‑year reported sales landed below the SEK 110–140m guidance but met that range on a fixed‑currency basis, with weakened USD/EUR and delayed regulatory approvals (Japan PMDA approved in Dec with first shipments; Korea expected mid–late 2026) cited as drivers of the shortfall. Product and commercial metrics highlighted include a few hundred Classic→NextGen upgrades in 2025 that drove >50% upticks in utilization at those accounts, double‑digit EMG conversion in South Korea, a SEK 50m credit facility for working‑capital peaks, in‑house monitor capacity for the next five years, and a patent portfolio of 107 granted plus 8 filings in 2025; the new U.S. “TetraGraph as a service” model (two deals signed) shortens sales cycles by ~50% and commands premium sensor pricing that should boost gross margins.Senzime AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| 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 | 14.01M | 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
Positive
5.13
Price Trends
4.55
Positive
4.87
Negative
5.50
Negative
Market Momentum
-0.08
Negative
60.78
Neutral
68.61
Neutral
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 4.32, above the 50-day MA of 4.55, and below the 200-day MA of 5.50, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 60.78 is Neutral, neither overbought nor oversold. The STOCH value of 68.61 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
55 Neutral | kr915.08M | 168.74 | 6.93% | ― | -5.80% | -65.99% | |
52 Neutral | kr719.26M | -5.78 | -36.55% | ― | 62.24% | 21.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | kr637.21M | -24.57 | ― | ― | 38.43% | 57.76% | |
46 Neutral | kr588.74M | 13.94 | -2.52% | ― | -8.10% | 62.08% | |
44 Neutral | kr921.85M | -17.24 | -4.42% | ― | 13.48% | 28.98% | |
42 Neutral | kr189.34M | -5.27 | -18.55% | ― | 0.62% | -82.70% |
* Healthcare Sector Average
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Senzime AB Corporate Events
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...
Senzime Wins Major Ivy League Contract to Expand US Footprint
Jan 21, 2026
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...
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.