Interim report Q2 2026: Strong sensor sales and improved margins, despite continued U.S. monitor market headwinds
Senzime AB's (publ) interim report for April – June (Q2) 2026 is now available on the company's website www.senzime.com.
Financial information Q2 2026:
- Net sales amounted to TSEK 24,671 (25,695), a decrease of 4%
- Currency-adjusted net sales decreased by 1%
- Sales in the US amounted to TSEK 18,716 (19,930), a decrease of 6%
- Sales in the International markets amounted to TSEK 5,955 (5,765), an increase of 3%
- Gross margin before depreciation amounted to 65.7% (61.8)
- Operating costs amounted to TSEK 34,201 (40,207)
- Operating profit before depreciation amounted to TSEK -17,267 (-23,573)
- Results after financial items amounted to TSEK -21,385 (-34,159)
- Earnings per share amounted to SEK -0.14 (-0.24)
- Cash and cash equivalents as of June 30th amounted to TSEK 37,112 (132,162)
Financial information first half of 2026:
- Net sales amounted to TSEK 47,904 (49,195), a decrease of 3%
- Currency-adjusted net sales increased by 4%
- Sales in the US amounted to TSEK 33,591 (35,481), a decrease of 6%
- Sales in the International markets amounted to TSEK 14,383 (13,714), an increase of 5%
- Gross margin before depreciation amounted to 64.4% (63.8)
- Operating costs amounted to TSEK 69,763 (77,504)
- Operating profit before depreciation amounted to TSEK -37,469 (-44,411)
- Results after financial items amounted to TSEK -44,627 (-69,981)
- Earnings per share amounted to SEK -0.28 (-0.50)
Philip Siberg, CEO, comments:
Sensor sales continued their strong momentum, driven by expanding utilization of TetraGraph systems in the market. While U.S. hospital hardware market conditions remained challenging during the second quarter, we have increased our focus on operational fundamentals resulting in improved margins, a further reduction in our cost base, and a significantly strengthened cash flow. Our objective of reaching profitability within Q4 remains firmly on track.
As in the first quarter, second-quarter sales were affected by a slower U.S. market, with several expected hospital contracts continuing to see delays. Despite this, we secured several important new agreements during the quarter, underscoring the underlying strength of our commercial pipeline. These included first deliveries to one of the world's largest integrated delivery networks (IDNs), with potential to encompass more than 150 hospitals; an expanded agreement with a leading IDN in the southeastern U.S and a new contract with another top-ranked U.S. children's hospital.
The underlying business continues to develop strongly. Sensor sales increased by 48 percent in local currencies. Recurring sensor sales now account for approximately 80 percent of our revenue, reflecting the continued increase in utilization of TetraGraph systems across our approximately 750 hospital customers worldwide.
We have now secured TetraGraph's inclusion in purchasing agreements with all three leading U.S. Group Purchasing Organizations (GPOs), a significant commercial milestone as more than 5,000 U.S. hospitals are affiliated with a GPO. While GPO listings do not generate immediate revenue, they remove key structural barriers in the procurement process and strengthen our ability to convert our sales pipeline into commercial contracts.
Our U.S. organization was further strengthened during the quarter through key leadership appointments. Josi Wood joined as new Vice President of U.S. Sales, and Jen Sanders was appointed as Vice President of Clinical and Medical Affairs. These are two highly experienced leaders with the capability to take our U.S. business to the next level. Both are important members of Senzime's global leadership team.
Shortly before the Q2 report, we announced the largest and most important commercial agreement in Senzime's history. We signed a long-term strategic partnership with Philips Medical Systems, the global leader in patient monitoring. The partnership is the result of more than ten years of technology development and commercial investment and represents strong validation of our technology, intellectual property, and long-term strategy.
Under the agreement, we will jointly develop new products that will be commercialized through Philips' global sales organization. The partnership significantly expands our commercial reach and multiplies our addressable market by tens of thousands of hospitals worldwide. It complements our existing product portfolio and sales channels, and we expect it to accelerate the global adoption of our core technologies. I believe this collaboration will generate substantial revenue over time and create significant long-term shareholder value.
Our pace of innovation remains high. During the quarter, we launched our new TetraSens, an EMG sensor now manufactured in Europe using a new sustainable production process. We also launched TetraAnalytics™, a cloud-based analytics platform that generates clinical and operational insights to help hospitals comply with clinical guidelines and increase the utilization of neuromuscular monitoring.
The TetraGraph system also received an additional FDA 510(k) clearance. The clearance, based on a submission filed in April 2026, expands the system's capabilities and further strengthens its competitive position in the U.S. market.
We have continued to strengthen our presence in Latin America through new business in markets including Mexico and Chile. Toward the end of the quarter, we also received regulatory approval from the Brazilian health authority, ANVISA, enabling commercialization in the world's eleventh-largest economy. Brazil is the largest healthcare market in Latin America, and clinical guidelines recommend neuromuscular monitoring whenever neuromuscular blocking agents are used, creating attractive conditions for our continued expansion in the region.
Our gross margin continued to improve, reaching 65.7 percent in the second quarter, compared with 61.8 percent in the second quarter of 2025. We continue to improve our unit economics while U.S. tariffs continue to impact our gross margin. We received our first U.S. tariff repayment in early July of USD 116 thousand and expecting additional USD 350 thousand to be repaid over coming quarters.
We reduced our operating expenses by 15 percent compared with the second quarter of 2025. As a result, EBITDA improved by approximately 27 percent compared with the corresponding quarter last year.
Cash flow in the second quarter improved to SEK -13.7 million, compared with SEK -25.3 million in the same quarter last year, representing an improvement of approximately 45 percent. This reflects stronger gross margins, lower operating expenses, and optimized working capital management.
We have now shipped nearly 6,000 TetraGraph systems, with more than half delivered during the past two years. With a potential of more than 160,000 operating rooms across our current target markets alone, market penetration remains at an early stage. The Philips partnership further expands our addressable market by providing access to entirely new market segments in more than 70 countries.
We remain firmly committed to achieving profitability by the end of 2026. Despite a slower start to the year in terms of new hospital contracts, we have a strong sales pipeline, a growing installed base, and an increasing share of recurring revenue. Combined with continued margin improvements and disciplined cost management, this provides a solid foundation for returning to strong growth.
With our new strategic partnership with Philips, a strengthened position in the U.S. market, and a continued high pace of innovation, we are well positioned for the next phase of Senzime's development. I look forward to the remainder of the year with great confidence.
Uppsala, July 18, 2025
Philip Siberg, CEO
Presentation of Senzime’s Q2 2026 report:
Senzime invites investors, analysts, and media to presentations of the second quarter report for 2026 on July 16. Philip Siberg, CEO of Senzime, will present the report through a webcast that can be seen from 09:00 am CEST on Senzime’s website senzime.com/investors. A Live Q&A, hosted by Gustaf Meyer, analyst at Redeye, will be aired at 10:00 am CEST via Redeyes platform. A recording of the Q&A will be published later the same day via Redeye’s website redeye.se/company/senzime.
For further information, please contact:
Philip Siberg, CEO of Senzime AB
Phone: +46 (0) 707 90 67 34, e-mail: philip.siberg@senzime.com
Slavoljub Grujicic, CFO
Phone: +46 (0) 76 306 60 11, e-mail: slavoljub.grujicic@senzime.com
This information is information that Senzime is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-16 08:00 CEST.