Slides
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Q3 2025 Interim Report Senzime AB (publ.) Jan-Sept 2025
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Nine months 2025: Strong growth and clear steps towards profitability Jan-Sept 2025 revenues (MSEK) 80% growth in constant currencies 1 2 3 4 OPEX stable at plan 5 Sensor deliveries grew 78% EBITDA improved by 20% Underlying Gross Margin strengthened 2 5 8 11 21 5 16 33 55 0 10 20 30 40 50 60 70 80 2022 2023 2024 2025 Other markets U.S. market
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0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Q1 2020 Q2 Q3 Q4 Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Deliveries of TetraGraph monitors keeps growing - driving sales of disposable sensors 553 TetraGraphs delivered during Q3 Shipped sensors (units) accumulated since Q1 2020Total delivered units of TetraGraph systems 365,535 (205,590) TetraSens sensors sold last 12 months 3 YTD shipments: 1,723 systems (776)
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We continue to lead the segment and be one of the fastest growing medical device companies on Nasdaq Stockholm 4 0 10,000 20,000 30,000 40,000 50,000 60,000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Net Sales Disposables rolling 12-months kSEK) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Net sales rolling 12-months (kSEK)
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Actuals, including currency effects: Financial results 5 Q3 Q1-Q3 TOT YEAR TSEK 2025 2024 2025 2024 2024 Net Sales 26,478 17,406 75,673 44,443 58,477 Sales Growth (%) 52.1 90.1 70.3 78.5 63.6 Gross margin excl. amortization (%) 61.2 63.0 62.9 63.5 64.4 Total OPEX 36,642 34,366 114,147 111,195 151,855 EBITDA -19,395 -22,253 -63,806 -79,657 -105,507 Profit (loss) after financial items -26,275 -31,964 -95,956 -94,942 -122,780 Earnings per share (SEK) -0.16 -0.26 -0.66 -0.77 -0.97 Cash-in-bank 106,630 50,241 106,630 50,241 100,941 Solidity (%) 84.7 80.2 84.7 80.2 81.5
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Reported Currency adjusted TSEK 2025 2024 Growth Growth US 54,774 33,127 65% 76% Devices/other 22,910 12,940 77% 89% Disposables 31,864 20,188 58% 68% Europe 10,170 5,394 89% 95% Devices/other 4,191 1,372 206% 218% Disposables 5,797 4,022 49% 53% Rest of World 10,729 5 922 81% 86% Devices/other 3,021 1,990 52% 54% Disposables 7,709 3,931 96% 103% Total Jan-Sep 75,673 44,443 70% 80% Devices/other 30,121 16,302 85% 95% Disposables 45,552 28,141 62% 70% Product and market mix: Strong growth in all markets Jan-Sept 2025 6 USA 73% Europe 12% RoW 15% Net Sales by region (Q3) Disposables 66% Devices/Other 34% Net Sales by product group (Q3) Q3 2025
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Winning market shares: Selected key US TetraGraph installations in 2025 Pacific North-West based hospital system Contract includes an initial order of 65 next- generation TetraGraph systems for monitoring patients under neuromuscular block for use at multiple hospital locations. Veterans Affairs Washington DC Awarded VA tender for deliveries of Next-Gen monitors. Northern California leading hospital system Installation of 122 Next-gen TetraGraph monitors. Houston Medical Center hospital system Installation of 122 Next-gen TetraGraph monitors. Northern MidWest based hospital system Installation of 80 Next-Gen TetraGraph monitors. State-wide US university hospital system in the Southeast Initial order includes 60 TetraGraph Classic monitors, with the potential to monitor more than 15,000 patients per year. Monitors ordered without clinical evaluation. 7 Texas-based University Hospital Installation of 65 Next-gen TetraGraph monitors. Win of the world’s leading hospital system Installation of Next-Gen TetraGraph monitors at multiple sites California University hospital system Installation of 35 Next-gen TetraGraph monitors.
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Contract with US Department of Defense 8 “We are proud to be selected as the trusted supplier of our neuromuscular monitoring system to the most prestigious military hospital in the US. This contract is the result of our relentless commitment to patient safety, our scientific leadership, and our organization’s unique ability to provide long-term support to hospitals” .
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US snapshot: Utilization rate of TetraGraph at 5 leading hospitals in the US. Sensors used per week. 0 1 2 3 4 5 6 7 Hospital 1 Hospital 2 Hospital 3 Hospital 4 Hospital 5 YTD 2024 sensors /week/TG YTD 2025 sensors/week/TG • These 5 leading accounts (“The 5”) have approx. 350 TetraGraph Units • All are running and have upgraded to new Next-Gen TetraGraph • “The 5” consume around 85,000 sensors in average per year, equal to approx. 240 sensors per TetraGraph and year • Average sensor sales of “The 5” is approx. SEK 2.5 million per hospital over last 12 months Sensors per TetraGraph and week
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Senzime @ 2025 ANESTESIOLOGY congress 1. Senzime is the clear industry leader, and we have an extraordinary team 2. We have the Key Opinion Leader backing to succeed 3. Presented research proves the TetraGraph has significantly higher utilization rates and competing solutions
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Personalizing anesthesia. The TetraGraph just got even smarter, refined by science and billions of data points • 7th Generation algorithm refined based on over 6 billion real-world data points for accurate EMG readings • Proprietary TetraGraph® Adaptive Intelligence automates your workflow from induction to recovery, including an enhanced estimated signal strength to ensure optimal readings even when you start monitoring post-paralytic • Patented, advanced noise-cancelling technology ensures clean and accurate data Introducing the EMGINE Software Suite Advancing Neuromuscular Monitoring Now available in EU and US
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12 Dr. Aaron Persinger Anesthesiologist, Boulder Valley Anesthesiology Medical Director, UCHealth Broomfield Anesthesiology Medical Director, Pre-Anesthesia Testing Clinic, UCHealth Broomfield “Bringing the Next-generation TetraGraph into our community hospital has transformed how we manage neuromuscular block. It has improved patient safety, standardized our practices, and reduced our annual drug spend by more than $100,000.”
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13 Intelmarket Research September 2025 “Senzime AB has emerged as a frontrunner in this space, leveraging its proprietary electromyography (EMG) technology to capture approximately 15% of the market share in 2024” Quantitative Neuromuscular Monitor Market Growth Analysis, Dynamics, Key Players and Innovations, Outlook and Forecast 2025-2032
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14 The QUANTUM Study Quantitative versus qualitative neuromonitoring of neuromuscular block for non-cardiothoracic surgery The largest neuromuscular outcome study to date started in Texas
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New Pediatric Guidelines for Neuromuscular Monitoring ”Recommending quantitative monitoring with EMG-based rather than AMG-based devices due to higher accuracy and reliability of decurarisation monitoring”
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Advancements on the Japanese market New Japanese Guidelines for Neuromuscular Monitoring ”Recommending the use of a quantitative monitor when using paralytic drugs”
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Integration and Connectivity to industry leaders TetraGraph Xcom and TetraHub – For seamless data integration Enables connectivity to a wide range of supported external hubs and monitors, ensuring the automatic transmission and display of quantitative TOF monitoring data. The Xcom/TetraHub cable also facilitates integration with compatible EHR connection hubs for streamlined data flow and improved patient care. Latest additions to integration portfolio
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Underlying Gross Margin improves, but US tariffs and currencies affect Gross Margins in 2025 • Q3 underlying gross margin at 69.2%, and Q1-Q3 at 68.1% (63.5%) driven by lower production costs and product mix. • Gross Margin YTD at 62.9% affected by US tariffs and negative currency effects. • Gross Margin Q3 was 61.2% (63.0%) affected by new US-tariffs, currency effects and customer upgrades. • Ongoing work to raise prices in the US 18 Q3 Q1-Q3 Underlying Gross Margin 69.2% 68,1% Negatively contributing effects to Gross Margin US tariffs -2,0% -1,2% Currency effects -3,4% -2,1% Contractual upgrades to Next-gen TetraGraph -3,5% -2,0% Other 0,9% 0,2% Reported adjusted Gross Margin 61,2% 62,9%
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Operating expenses stable and on plan Quarterly Direct Operating Expenses (KSEK) • Q3 direct OPEX of 37,060 kSEK (34,419) in-line with plans despite significant investments in US commercial team and global marketing to meet demand from new clinical guidelines • YTD OPEX relatively flat at 113,850 kSEK (111,330) despite significant commerical expansions 19 31,291 36,930 37,182 39,573 33,903 36,430 35,332 39,872 37,060 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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-90,000 -80,000 -70,000 -60,000 -50,000 -40,000 -30,000 -20,000 -10,000 0 Q1-Q3 2024 Q1-Q3 2025 Clear steps toward profitability Q1-Q3 EBITDA (KSEK) • Q1-Q3 EBITDA improved by 20% to -63,806 kSEK (-79,657) mainly driven by higher sales and stable OPEX. • Q3 EBITDA improved by 8% to -19,395 kSEK (-22,253) mainly driven by higher sales and stable OPEX. • 106.6 MSEK in cash end of Q3. Still pending 2.5 MSEK from directed shares issue in 2024 that has not yet been received due to US regulatory banking issues. 20% improvement of EBITDA in YTD 20
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This is Senzime - a leader in personalized anesthesia, backed by over 40 years of science, extensive clinical data and over 100 patents Personalizing anesthesia by algorithm-powered monitoring to secure precise dosing of paralytic drugs empowering clinicians with real-time signals to confidently determine when it's safe for patients to breathe on their own. Next-Generation
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Use of paralytic drugs in anesthesia – prone to serious complications and costs 100 million patients a year receive paralytic drugs 87% of patients are overdosed with reversals, and 13% underdosed1 ~$3 billion cost of paralytic drugs and reversals Paralyzes patients in ~45 seconds $62,704 average cost of treating postoperative respiratory complications per patient ~40% leave the OR with with residual paralysis, at risk of post-operative complications
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The solution to safe anesthesia: Senzime’s TetraGraph, the new gold standard in modern surgery EMG-based monitoring has proved to eliminate complications related to paralytic drugs, reduce drug costs with 70% and secure safe deep block during surgery.
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The Goals and Outlook 2025 outlook In February this year, we communicated a full-year 2025 sales range estimate based on a USD/SEK exchange rate that was at the time about 15 percent higher than it is today. While exchange rate fluctuations are beyond our control, I remain confident that we can deliver within the estimated sales range in constant currencies, supported by the growth in our recurring revenues and the fact that the larger deals already secured are being recognized according to plan. Operating expenses in 2025 are expected to increase by a single-digit percentage driven by significant further investments in the US commercial team, offset by continued reduction of non-customer facing expenses. The mission To safeguard every patient's journey, from anesthesia to recovery. We do this by developing user-friendly precision-based monitoring solutions, driving a new standard of care. We win by science, commercial excellence and strong partnerships. Senzime is to be the undisputed global market leader in the field of EMG-based quantitative neuromuscular monitoring.
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Wrapping up – the triad and what it’s all about P STRONG RETURNS Driving patient safety and reduced healthcare costs Strong growth and strengthened market shares Clear steps towards profitability
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So, join us on our mission to Safeguard every patient's journey, from anesthesia to recovery. Questions? philip.siberg@senzime.com