Senzime AB (publ)

Senzime did not give company-wide revenue or EPS in this transcript, but it said U.S. reported sales decreased 5%, or about SEK 0.75 million, versus last year due to currency and timing. Constant-currency sensor sales grew 40%, U.S. business grew 11% in local currencies, and Europe’s disposable sales grew almost 60%. Underlying gross margin was 69.2%, while reported gross margin was 63.1% because of FX and U.S. tariffs; operating expenses were SEK 35.6 million and down 5% year over year, and operating cash flow improved 33%. Cash at quarter-end was SEK 55.3 million, plus a SEK 42.5 million credit facility, of which SEK 7.5 million had been drawn. Management said full-year targets remain intact, expects continued growth in line with prior years, and still aims to be cash flow positive by the end of 2026.

Philip Siberg framed Q1 as an outlier rather than a change in the business trend, blaming the slowdown mainly on delayed U.S. hospital purchasing and macro uncertainty. He emphasized that the company is still seeing strong underlying demand, a larger recurring sensor base, and faster sales cycles from the new service model. His tone was confident and constructive, repeatedly saying the pipeline is strong and that the company is moving back into a better quarter.

No separate CFO spoke in the transcript, so financial commentary came from the CEO. He highlighted underlying gross margin of 69.2%, reported gross margin of 63.1%, operating expenses of SEK 35.6 million, cash of SEK 55.3 million, and a SEK 42.5 million credit facility with no warrants or dilutive features. He also said cash flow improved 33%, burn is coming down as working capital is optimized, and the company is keeping costs flat or potentially slightly lower while investing in sales, marketing, and medical affairs.

Analysts focused on why sales missed expectations, whether the U.S. slowdown was temporary, and how much of the delayed demand has already returned in Q2. Management said the issue was mostly delayed hospital budget and contracting processes, with no deals lost to competition, and that early April order flow looks better. Questions also covered OpEx, the new TetraGraph-as-a-Service model, TetraCom, and cash flow; management said OpEx should stay around current levels or a bit lower, service-based deals shorten sales cycles, TetraCom should show more meaningful numbers later this year, and cash flow positive at year-end remains achievable if growth, margins, tariffs, and working capital all trend as expected.