Senzime — Call Transcript 2026

Good morning. A pleasure to be here. I'm here to present Senzime Q4 2025 results, as well as a brief summary of the year of 2025. So if we start by looking at overall 2025, it was a year of continued accelerated growth, and we took clear, continued steps towards profitability. We grew about 90% in constant currencies, so we met the guidance of reaching above SEK 110 million in constant currencies. Our underlying gross margin increased, our OpEx remained stable, and our adjusted EBITDA improved by about 60%. So the fundamentals are there. We're really reconfirming our goal to reach positive cash flow during 2026, and this is gonna be fueled by continued growth and stringent cost control. So this was a summary. I'll dig down deeper into the numbers. If we look at Q4 alone, it was a strong ending to the year. We more than doubled the business. We reached SEK 28.3 million in reported revenues and SEK 31.2 million, if you're looking at the constant currencies. The growth was driven by more important hospital wins, very strong sensor growth. We had more guidelines coming in that I'll dig deeper into, and we had an exciting regulatory approval in Japan that started kicking off the next gen. It was also a quarter of launching additional new products. We came out with the EMGINE software suite that I will talk a little bit more about. So if you look at our installed base of TetraGraphs and the shipments we're doing, it keeps on growing. Throughout the year, we shipped out 2,139 TetraGraphs, predominantly the next-gen TetraGraph, comparable to just under 900 the year before. So, so strong growth. If we look at Q4 standalone, it was 416 units. It's notable that some of these units, a few hundred, are hospitals that have upgraded from the older platform to our new next-generation platform. Hence, the installed base is slightly lower than the 5,100 mark you see here. What's encouraging is the growth and the continued growth in sensors. Remember, there's one sensor for every patient connects to the TetraGraph. So throughout the year, we shipped over 440,000 sensors. Strong ending, again in Q4, we shipped just over 140,000 sensors versus 67,000 sensors, Q4 in 2024. More than double growth in sensor use. We're seeing an increase in utilization of the systems out there in the market. If we look at geographies and product groups, we had strong growth throughout the global markets we are active in. U.S. continues to be our biggest market, with approximately 70% of the sales. We are noting more growth also in other regions, so we're becoming more and more a diversified global region company. Europe had a phenomenal year with nearly double growth, and Japan and Korea had exceptional growth, with very strong uptake of our markets. So we're, you can see that we're now transitioning from being a hardware company to truly a sensor company, with sensor being more than 70% of the business, and really an interesting deep dive into this. If we look a little bit, start with the U.S. and see what's going on there. We announced a number of strategic wins throughout the last 12 months. This is a mix of integrated delivery networks. It is university hospital systems. It is Veterans Affairs. One of the key wins last year was delivering to Department of Defense and the Walter Reed Presidential Hospital in Washington, D.C. So we're really winning ground in the U.S. and winning the key hospitals who are driving this shift to electromyography-based neuromuscular monitoring. It's also notable, like I said before, that some of these accounts upgraded throughout the year from our previous classic version to the new next-generation version. And if I compare utilization rates, the utilization is up in excess of 50% in the accounts that have upgraded to the new system. So the new next-gen TetraGraph is really driving up utilization and is very well accepted by clinicians. Okay, so what is driving this underlying growth? There are three perspectives on this. One is, of course, patient outcomes. It's truly proven that quantitative neuromuscular monitoring is driving patient safety. The second pillar is reducing costs. We're helping to significantly reduce the amount of anesthesia drugs by using monitoring to individualize the guidance and the therapy during anesthesia. And the third pillar is, of course, to be guideline compliant. So there are strong drivers of our business. If we then move to the European market, as I mentioned, we had strong growth throughout the European market. One notable hospital win was announced in December. This was a major one of the leading NHS hospitals in the U.K. It was the largest deal so far that we announced in Europe. It was over 70 monitors that are gonna be used for standardized neuromuscular monitoring, and we believe this is an excellent reference and inroad to the NHS system. And remember, the U.K. was early with guidelines. It's just been a very slow transition in moving into the guidelines, so we believe this is gonna open a lot more doors. The deal was secured by our local partner in the U.K., Healthcare 21, doing a phenomenal job in working the market. Another snapshot, South Korea. Just an interesting market, one of our major growth markets in Asia. The South Korean market is often known to be an early adopter, kind of driving new technologies, setting new standards in Asia. We have a few hundred TetraGraph Classic, TetraGraph installed in the market, and we've seen an incredible uptick in the usage of these systems over the last three years. And the curve and the bar graph to the bottom left is showing how this installed base of TetraGraph Classic monitors in a number of key hospitals in South Korea has really taken off from low levels to being in excess of 250 patients, roughly now on average, and it's anticipated to grow additionally. So I think the success factor here is a very strong local partner. There is some type of reimbursement available in the South Korean market. And finally, the healthcare strike there has helped to open up the doors again, and we believe there's gonna be more uptick in the South Korean market. The last pillar of our journey was in December, we announced that our next generation TetraGraph received regulatory approval in Japan. We had an initial order that we shipped to Fukuda Denshi, our local partner, and have strong beliefs in the 2026 numbers as we roll out the next gen. Okay, just a glimpse back on the guidelines. I've mentioned this before, but since over the last 15 years, there has been a number of national and international guidelines that have been published in favor of our technology and the mission we are on. During 2025, there were a number of important guidelines that came out. We had the Japanese Society, who updated their guidelines to say that every patient should be monitored using an objective type of monitoring technique. We had the pediatric guidelines, we had the German Society, who kind of sharpened them, and we have Difficult Airway Society. If we just look into these quickly, what was pre-announced during the fall was that the ESPA, which is the Paediatric Society for Anaesthesiology, came out and said, "Specifically recommending EMG-based quantitative monitoring on children due to its higher accuracy and better reliability." So we noted a strong uptake since these were presented in early Q4. We had a number of clinics reach out to us, and we started to deliver TetraGraphs to pediatric hospitals across Europe. The other interesting part here is about the airway itself. Now, remember, paralytic drugs are used to facilitate safe surgery. And remember, they're used to make sure that the patient lies absolutely still. Once you get these drugs, you know, it takes about between one to two minutes, you're paralyzed, you cannot breathe anymore, and you need to be intubated and mechanically ventilated to breathe. The timing of such intubation is very important because you want to intubate when the vocal cords are relaxed and open, so you safely can intubate the patient and put them on a ventilator. Remember, there's about 100 million patients and more that are intubated every year. If you look at research, between 5%-20% of patients are damaged or receive some type of complication because they are intubated at the wrong timing. New guidelines have now come out saying that quantitative neuromuscular monitoring shall be used to confirm adequate neuromuscular block before tracheal intubation. So this is what this means is that you should use a monitor that we have to assess the right timing. When is it safe to intubate the patient? So this really drives the TetraGraph from not just being a monitoring system, but also to a decision support system. So timely on this matter, there was a study performed late last year at Mayo Clinic in the U.S. What they did was that they randomized a group of patients to either kind of subjective, timing-based intubation, typically waiting for two minutes and then just intubate. And then the other group, they used the TetraGraph to define, "Okay, by science and monitoring, I want to define the perfect timing for intubation." And what this study came out in November, and showed that by using the TetraGraph to define the right timing to intubation and make sure safety, you had a significantly higher proportion. It was superior in detecting the ideal conditions for intubation. So as a result of this, we introduced in December, what we call the TetraGraph Intubation Readiness Indicator. It gives clinicians a scientifically validated number to understand, "Okay, when is it safe to intubate? When are the vocal cords in perfect shape, so you can intubate the patient?" So this was a strong, new innovation that we've driven, and it's patent pending, and I think it's gonna be a very important driver of safe intubation. So we continue to do groundbreaking innovation and really to personalized anesthesia. We launched in Q4 what we call the EMGINE software platform. It's our operating system that runs the TetraGraph. So the uniqueness of the TetraGraph is that we are collecting billions of data points from our users. We're using that clinical data to continuously update, innovate, and perfect the system. So we continue to develop new things, and just as in with your phone, with your computer or your car, you are expecting to be continuously updated with the latest features and the improvements. And this is exactly what the TetraGraph is about. By being a user, you can be assured that you will get continuous improvements, the latest innovations, and groundbreaking research brought into your operating room. So we will continue to bring out new features as we go along to our existing user base. Okay, let's look a little bit at some numbers. Gross margin. As I said, the underlying gross margin has improved, and it has done so because of product mix, but also because we're seeing lower production costs. If we compare the whole year, the underlying gross margin was 66.7 versus 64.4 the year before. If we look at specifically Q4, we had an uptick to 69.3. But then we had 2025 was a year of various events. We had the U.S. tariffs come in. So the U.S. tariffs hit us with about 1.3% negative on the gross margin, which was in line with previous statements I've done. And then we had the weakened U.S. dollar that hit the gross margin with another 2.6% negative throughout the year. And then, as we now are focusing so diligently on the next-gen TetraGraph, we made a one-time non-cash driving write-off of, or write down of raw material and components for our older TetraGraph system. So we made a write-off of SEK 10.7 million, which was a one-time thing that hit the Q4 numbers. And again, we're doing it because we're seeing the growth for the next-gen, and that's where we want to focus our efforts going forward. We are continuing to raise pricing. We're continuing to introduce new innovative business models, so in 2026, we anticipate quite an uptick in our gross margin. If we look at our expense level, I also guided about a year ago, saying that the operating expense level of Senzime is to increase maximum of about single-digit percentage. And we increased our direct expenses with 1.9% over the full year versus the year before, and this is despite major commercial investments in the U.S. We grew the sales team, we invested in a new medical affairs department, we continued to grow out our marketing team. So if you look at Q4, the operating expense level was pretty flat compared to the year before, and the strategy for Senzime continues to be rapid growth while maintaining a very stable operating expense level. So we are moving towards profitability. EBITDA continues to improve. We had a 16% improvement. I'm reporting here adjusted, meaning, took out the one-time, inventory write down. By the end of the year, we had SEK 74 million in cash, and we had a little bit of money still pending from a non-closed shares issue last summer. We are growing rapidly, and growing rapidly means, working capital needs and, and optimizing the inventory for fast deliveries. What we constructed here, is a credit facility. We have secured SEK 50 million, and this is a credit facility to secure working capital needs as we grow. The credit facility is a combination of a loan provided by DBT Capital, which is part of NOBA Bank Group, but also in, in large, it is a, credit facility provided by our major shareholders and using, as I said, for working capital purposes. This is a credit facility without any type of warrants, other dilutive instruments, or special conversion rights. It's done at fair market terms, and I think it signals a strong vote of confidence from our major shareholders and confirming that we have the long-term financing need to take this to pure profitability. So our investor base continues to be very strong. I think that the major changes that we noted in 2025 was Handelsbanken left us, as well as Carnegie Funds. We had an uptake from other investors come in. We grew the amount of shareholders with about 30% over the year, so we're seeing a strong interest in the share itself. Looking a little bit forward-looking. I mean, the mission, I think you guys know it by now. This is about safeguarding every patient's journey from anesthesia to recovery. It's about developing user-friendly systems that are used in the operating room to drive a new standard of care. We're targeting a big market, in excess of 100 million patients. We're running towards 160,000 operating rooms, and we're targeting over 15,000 hospitals. And it's about winning by science, commercial excellence, and working with the best partners in the market. So if you look at our outlook for this year, given that the uncertainties in the currency rates and the difficulty in predictability then, what we've done is we've made a clear new statement. 2026 is about maintaining strong sales growth in line with our previous years and to generate positive cash flow within the fourth quarter, and we're gonna make this happen by strong growth, fixed expenses, and a strong uptick in our gross margin. Our longer term goals remain very intact. This is about building a strong global market leader, and we believe that the next milestone of this is reaching SEK 1 billion in sales. Okay, so to wrap up, some key takeaways. One, Senzime, we are a hyper-growth company. We've had phenomenal growth over the quarter by quarter. We had a little bit of uptick Q4 in 2024, where we launched the new next-gen, and everybody waited to get deliveries. Operating expenses remained stable. We're improving our EBITDA, and we're on path for profitability. Number two, we're winning a technology shift. There is a very strong demand for the next-gen TetraGraph. There's a strong demand for our technology. Electromyography is changing in every operating room out there, and we're winning the key hospitals who are driving the change. Number three is the guidelines, the building blocks. We have the guidelines. We're backed by long-term science. The clinical need is apparent, and we have the long-term funding and the shareholder base to succeed. So that's the wrap-up, and I want to join everybody to really, we're on a mission. We're there, again, as I said, we're there to safeguard every patient's journey. We have the technology, we have the team, and we have the platform to make sure that everybody wakes up safe from anesthesia. Thank you.

Speaker 1: Good morning. A pleasure to be here. I'm here to present Senzime Q4 2025 results, as well as a brief summary of the year of 2025. So if we start by looking at overall 2025, it was a year of continued accelerated growth, and we took clear, continued steps towards profitability. We grew about 90% in constant currencies, so we met the guidance of reaching above SEK 110 million in constant currencies. Our underlying gross margin increased, our OpEx remained stable, and our adjusted EBITDA improved by about 60%. So the fundamentals are there. We're really reconfirming our goal to reach positive cash flow during 2026, and this is gonna be fueled by continued growth and stringent cost control. So this was a summary. I'll dig down deeper into the numbers. Good morning. good morning A pleasure to be here. a pleasure to be here I'm here to present Senzime Q4 2025 results, as well as a brief summary of the year of 2025. i'm here to present senzime q4 2025 results as well as a brief summary of the year of 2025 So if we start by looking at overall 2025, it was a year of continued accelerated growth, and we took clear, continued steps towards profitability. so if we start by looking at overall 2025 it was a year of continued accelerated growth and we took clear continued steps towards profitability We grew about 90% in constant currencies, so we met the guidance of reaching above SEK 110 million in constant currencies. we grew about 90% in constant currencies so we met the guidance of reaching above sek 110 million in constant currencies Our underlying gross margin increased, our OpEx remained stable, and our adjusted EBITDA improved by about 60%. our underlying gross margin increased our opex remained stable and our adjusted ebitda improved by about 60% So the fundamentals are there. so the fundamentals are there We're really reconfirming our goal to reach positive cash flow during 2026, and this is gonna be fueled by continued growth and stringent cost control. we're really reconfirming our goal to reach positive cash flow during 2026 and this is gonna be fueled by continued growth and stringent cost control So this was a summary. so this was a summary I'll dig down deeper into the numbers. i'll dig down deeper into the numbers If we look at Q4 alone, it was a strong ending to the year. We more than doubled the business. We reached SEK 28.3 million in reported revenues and SEK 31.2 million, if you're looking at the constant currencies. The growth was driven by more important hospital wins, very strong sensor growth. We had more guidelines coming in that I'll dig deeper into, and we had an exciting regulatory approval in Japan that started kicking off the next gen. It was also a quarter of launching additional new products. We came out with the EMGINE software suite that I will talk a little bit more about. So if you look at our installed base of TetraGraphs and the shipments we're doing, it keeps on growing. If we look at Q4 alone, it was a strong ending to the year. if we look at q4 alone it was a strong ending to the year We more than doubled the business. we more than doubled the business We reached SEK 28.3 million in reported revenues and SEK 31.2 million, if you're looking at the constant currencies. we reached sek 28.3 million in reported revenues and sek 31.2 million if you're looking at the constant currencies The growth was driven by more important hospital wins, very strong sensor growth. the growth was driven by more important hospital wins very strong sensor growth We had more guidelines coming in that I'll dig deeper into, and we had an exciting regulatory approval in Japan that started kicking off the next gen. we had more guidelines coming in that i'll dig deeper into and we had an exciting regulatory approval in japan that started kicking off the next gen It was also a quarter of launching additional new products. it was also a quarter of launching additional new products We came out with the EMGINE software suite that I will talk a little bit more about. we came out with the emgine software suite that i will talk a little bit more about So if you look at our installed base of TetraGraphs and the shipments we're doing, it keeps on growing. so if you look at our installed base of tetragraphs and the shipments we're doing it keeps on growing Throughout the year, we shipped out 2,139 TetraGraphs, predominantly the next-gen TetraGraph, comparable to just under 900 the year before. So, so strong growth. If we look at Q4 standalone, it was 416 units. It's notable that some of these units, a few hundred, are hospitals that have upgraded from the older platform to our new next-generation platform. Hence, the installed base is slightly lower than the 5,100 mark you see here. What's encouraging is the growth and the continued growth in sensors. Remember, there's one sensor for every patient connects to the TetraGraph. So throughout the year, we shipped over 440,000 sensors. Strong ending, again in Q4, we shipped just over 140,000 sensors versus 67,000 sensors, Q4 in 2024. Throughout the year, we shipped out 2,139 TetraGraphs, predominantly the next-gen TetraGraph, comparable to just under 900 the year before. throughout the year we shipped out 2,139 tetragraphs predominantly the next-gen tetragraph comparable to just under 900 the year before So, so strong growth. so so strong growth If we look at Q4 standalone, it was 416 units. if we look at q4 standalone it was 416 units It's notable that some of these units, a few hundred, are hospitals that have upgraded from the older platform to our new next-generation platform. it's notable that some of these units a few hundred are hospitals that have upgraded from the older platform to our new next-generation platform Hence, the installed base is slightly lower than the 5,100 mark you see here. hence the installed base is slightly lower than the 5,100 mark you see here What's encouraging is the growth and the continued growth in sensors. what's encouraging is the growth and the continued growth in sensors Remember, there's one sensor for every patient connects to the TetraGraph. remember there's one sensor for every patient connects to the tetragraph So throughout the year, we shipped over 440,000 sensors. so throughout the year we shipped over 440,000 sensors Strong ending, again in Q4, we shipped just over 140,000 sensors versus 67,000 sensors, Q4 in 2024. strong ending again in q4 we shipped just over 140,000 sensors versus 67,000 sensors q4 in 2024 More than double growth in sensor use. We're seeing an increase in utilization of the systems out there in the market. If we look at geographies and product groups, we had strong growth throughout the global markets we are active in. U.S. continues to be our biggest market, with approximately 70% of the sales. We are noting more growth also in other regions, so we're becoming more and more a diversified global region company. Europe had a phenomenal year with nearly double growth, and Japan and Korea had exceptional growth, with very strong uptake of our markets. More than double growth in sensor use. more than double growth in sensor use We're seeing an increase in utilization of the systems out there in the market. we're seeing an increase in utilization of the systems out there in the market If we look at geographies and product groups, we had strong growth throughout the global markets we are active in. if we look at geographies and product groups we had strong growth throughout the global markets we are active in U.S. continues to be our biggest market, with approximately 70% of the sales. u.s continues to be our biggest market with approximately 70% of the sales We are noting more growth also in other regions, so we're becoming more and more a diversified global region company. we are noting more growth also in other regions so we're becoming more and more a diversified global region company Europe had a phenomenal year with nearly double growth, and Japan and Korea had exceptional growth, with very strong uptake of our markets. europe had a phenomenal year with nearly double growth and japan and korea had exceptional growth with very strong uptake of our markets So we're, you can see that we're now transitioning from being a hardware company to truly a sensor company, with sensor being more than 70% of the business, and really an interesting deep dive into this. If we look a little bit, start with the U.S. and see what's going on there. We announced a number of strategic wins throughout the last 12 months. This is a mix of integrated delivery networks. It is university hospital systems. It is Veterans Affairs. One of the key wins last year was delivering to Department of Defense and the Walter Reed Presidential Hospital in Washington, D.C. So we're really winning ground in the U.S. and winning the key hospitals who are driving this shift to electromyography-based neuromuscular monitoring. So we're, you can see that we're now transitioning from being a hardware company to truly a sensor company, with sensor being more than 70% of the business, and really an interesting deep dive into this. so we're, you can see that we're now transitioning from being a hardware company to truly a sensor company with sensor being more than 70% of the business and really an interesting deep dive into this If we look a little bit, start with the U.S. and see what's going on there. if we look a little bit start with the u.s and see what's going on there We announced a number of strategic wins throughout the last 12 months. we announced a number of strategic wins throughout the last 12 months This is a mix of integrated delivery networks. this is a mix of integrated delivery networks It is university hospital systems. it is university hospital systems It is Veterans Affairs. it is veterans affairs One of the key wins last year was delivering to Department of Defense and the Walter Reed Presidential Hospital in Washington, D.C. one of the key wins last year was delivering to department of defense and the walter reed presidential hospital in washington d.c So we're really winning ground in the U.S. and winning the key hospitals who are driving this shift to electromyography-based neuromuscular monitoring. so we're really winning ground in the u.s and winning the key hospitals who are driving this shift to electromyography-based neuromuscular monitoring It's also notable, like I said before, that some of these accounts upgraded throughout the year from our previous classic version to the new next-generation version. And if I compare utilization rates, the utilization is up in excess of 50% in the accounts that have upgraded to the new system. So the new next-gen TetraGraph is really driving up utilization and is very well accepted by clinicians. Okay, so what is driving this underlying growth? There are three perspectives on this. One is, of course, patient outcomes. It's truly proven that quantitative neuromuscular monitoring is driving patient safety. The second pillar is reducing costs. We're helping to significantly reduce the amount of anesthesia drugs by using monitoring to individualize the guidance and the therapy during anesthesia. And the third pillar is, of course, to be guideline compliant. It's also notable, like I said before, that some of these accounts upgraded throughout the year from our previous classic version to the new next-generation version. it's also notable like i said before that some of these accounts upgraded throughout the year from our previous classic version to the new next-generation version And if I compare utilization rates, the utilization is up in excess of 50% in the accounts that have upgraded to the new system. and if i compare utilization rates the utilization is up in excess of 50% in the accounts that have upgraded to the new system So the new next-gen TetraGraph is really driving up utilization and is very well accepted by clinicians. so the new next-gen tetragraph is really driving up utilization and is very well accepted by clinicians Okay, so what is driving this underlying growth? okay so what is driving this underlying growth There are three perspectives on this. there are three perspectives on this One is, of course, patient outcomes. one is of course patient outcomes It's truly proven that quantitative neuromuscular monitoring is driving patient safety. it's truly proven that quantitative neuromuscular monitoring is driving patient safety The second pillar is reducing costs. the second pillar is reducing costs We're helping to significantly reduce the amount of anesthesia drugs by using monitoring to individualize the guidance and the therapy during anesthesia. we're helping to significantly reduce the amount of anesthesia drugs by using monitoring to individualize the guidance and the therapy during anesthesia And the third pillar is, of course, to be guideline compliant. and the third pillar is of course to be guideline compliant So there are strong drivers of our business. If we then move to the European market, as I mentioned, we had strong growth throughout the European market. One notable hospital win was announced in December. This was a major one of the leading NHS hospitals in the U.K. It was the largest deal so far that we announced in Europe. It was over 70 monitors that are gonna be used for standardized neuromuscular monitoring, and we believe this is an excellent reference and inroad to the NHS system. And remember, the U.K. was early with guidelines. It's just been a very slow transition in moving into the guidelines, so we believe this is gonna open a lot more doors. The deal was secured by our local partner in the U.K., Healthcare 21, doing a phenomenal job in working the market. So there are strong drivers of our business. so there are strong drivers of our business If we then move to the European market, as I mentioned, we had strong growth throughout the European market. if we then move to the european market as i mentioned we had strong growth throughout the european market One notable hospital win was announced in December. one notable hospital win was announced in december This was a major one of the leading NHS hospitals in the U.K. this was a major one of the leading nhs hospitals in the u.k It was the largest deal so far that we announced in Europe. it was the largest deal so far that we announced in europe It was over 70 monitors that are gonna be used for standardized neuromuscular monitoring, and we believe this is an excellent reference and inroad to the NHS system. it was over 70 monitors that are gonna be used for standardized neuromuscular monitoring and we believe this is an excellent reference and inroad to the nhs system And remember, the U.K. was early with guidelines. and remember the u.k was early with guidelines It's just been a very slow transition in moving into the guidelines, so we believe this is gonna open a lot more doors. it's just been a very slow transition in moving into the guidelines so we believe this is gonna open a lot more doors The deal was secured by our local partner in the U.K., Healthcare 21, doing a phenomenal job in working the market. the deal was secured by our local partner in the u.k healthcare 21 doing a phenomenal job in working the market Another snapshot, South Korea. Just an interesting market, one of our major growth markets in Asia. The South Korean market is often known to be an early adopter, kind of driving new technologies, setting new standards in Asia. We have a few hundred TetraGraph Classic, TetraGraph installed in the market, and we've seen an incredible uptick in the usage of these systems over the last three years. And the curve and the bar graph to the bottom left is showing how this installed base of TetraGraph Classic monitors in a number of key hospitals in South Korea has really taken off from low levels to being in excess of 250 patients, roughly now on average, and it's anticipated to grow additionally. Another snapshot, South Korea. another snapshot south korea Just an interesting market, one of our major growth markets in Asia. just an interesting market one of our major growth markets in asia The South Korean market is often known to be an early adopter, kind of driving new technologies, setting new standards in Asia. the south korean market is often known to be an early adopter kind of driving new technologies setting new standards in asia We have a few hundred TetraGraph Classic, TetraGraph installed in the market, and we've seen an incredible uptick in the usage of these systems over the last three years. we have a few hundred tetragraph classic tetragraph installed in the market and we've seen an incredible uptick in the usage of these systems over the last three years And the curve and the bar graph to the bottom left is showing how this installed base of TetraGraph Classic monitors in a number of key hospitals in South Korea has really taken off from low levels to being in excess of 250 patients, roughly now on average, and it's anticipated to grow additionally. and the curve and the bar graph to the bottom left is showing how this installed base of tetragraph classic monitors in a number of key hospitals in south korea has really taken off from low levels to being in excess of 250 patients roughly now on average and it's anticipated to grow additionally So I think the success factor here is a very strong local partner. There is some type of reimbursement available in the South Korean market. And finally, the healthcare strike there has helped to open up the doors again, and we believe there's gonna be more uptick in the South Korean market. The last pillar of our journey was in December, we announced that our next generation TetraGraph received regulatory approval in Japan. We had an initial order that we shipped to Fukuda Denshi, our local partner, and have strong beliefs in the 2026 numbers as we roll out the next gen. Okay, just a glimpse back on the guidelines. So I think the success factor here is a very strong local partner. so i think the success factor here is a very strong local partner There is some type of reimbursement available in the South Korean market. there is some type of reimbursement available in the south korean market And finally, the healthcare strike there has helped to open up the doors again, and we believe there's gonna be more uptick in the South Korean market. and finally the healthcare strike there has helped to open up the doors again and we believe there's gonna be more uptick in the south korean market The last pillar of our journey was in December, we announced that our next generation TetraGraph received regulatory approval in Japan. the last pillar of our journey was in december we announced that our next generation tetragraph received regulatory approval in japan We had an initial order that we shipped to Fukuda Denshi, our local partner, and have strong beliefs in the 2026 numbers as we roll out the next gen. we had an initial order that we shipped to fukuda denshi our local partner and have strong beliefs in the 2026 numbers as we roll out the next gen Okay, just a glimpse back on the guidelines. okay just a glimpse back on the guidelines I've mentioned this before, but since over the last 15 years, there has been a number of national and international guidelines that have been published in favor of our technology and the mission we are on. During 2025, there were a number of important guidelines that came out. We had the Japanese Society, who updated their guidelines to say that every patient should be monitored using an objective type of monitoring technique. We had the pediatric guidelines, we had the German Society, who kind of sharpened them, and we have Difficult Airway Society. I've mentioned this before, but since over the last 15 years, there has been a number of national and international guidelines that have been published in favor of our technology and the mission we are on. i've mentioned this before but since over the last 15 years there has been a number of national and international guidelines that have been published in favor of our technology and the mission we are on During 2025, there were a number of important guidelines that came out. during 2025 there were a number of important guidelines that came out We had the Japanese Society, who updated their guidelines to say that every patient should be monitored using an objective type of monitoring technique. we had the japanese society who updated their guidelines to say that every patient should be monitored using an objective type of monitoring technique We had the pediatric guidelines, we had the German Society, who kind of sharpened them, and we have Difficult Airway Society. we had the pediatric guidelines we had the german society who kind of sharpened them and we have difficult airway society If we just look into these quickly, what was pre-announced during the fall was that the ESPA, which is the Paediatric Society for Anaesthesiology, came out and said, "Specifically recommending EMG-based quantitative monitoring on children due to its higher accuracy and better reliability." So we noted a strong uptake since these were presented in early Q4. We had a number of clinics reach out to us, and we started to deliver TetraGraphs to pediatric hospitals across Europe. The other interesting part here is about the airway itself. Now, remember, paralytic drugs are used to facilitate safe surgery. And remember, they're used to make sure that the patient lies absolutely still. If we just look into these quickly, what was pre-announced during the fall was that the ESPA, which is the Paediatric Society for Anaesthesiology, came out and said, "Specifically recommending EMG-based quantitative monitoring on children due to its higher accuracy and better reliability." So we noted a strong uptake since these were presented in early Q4. if we just look into these quickly what was pre-announced during the fall was that the espa which is the paediatric society for anaesthesiology came out and said "specifically recommending emg-based quantitative monitoring on children due to its higher accuracy and better reliability." so we noted a strong uptake since these were presented in early q4 We had a number of clinics reach out to us, and we started to deliver TetraGraphs to pediatric hospitals across Europe. we had a number of clinics reach out to us and we started to deliver tetragraphs to pediatric hospitals across europe The other interesting part here is about the airway itself. the other interesting part here is about the airway itself Now, remember, paralytic drugs are used to facilitate safe surgery. now remember paralytic drugs are used to facilitate safe surgery And remember, they're used to make sure that the patient lies absolutely still. and remember they're used to make sure that the patient lies absolutely still Once you get these drugs, you know, it takes about between one to two minutes, you're paralyzed, you cannot breathe anymore, and you need to be intubated and mechanically ventilated to breathe. The timing of such intubation is very important because you want to intubate when the vocal cords are relaxed and open, so you safely can intubate the patient and put them on a ventilator. Remember, there's about 100 million patients and more that are intubated every year. If you look at research, between 5%-20% of patients are damaged or receive some type of complication because they are intubated at the wrong timing. New guidelines have now come out saying that quantitative neuromuscular monitoring shall be used to confirm adequate neuromuscular block before tracheal intubation. Once you get these drugs, you know, it takes about between one to two minutes, you're paralyzed, you cannot breathe anymore, and you need to be intubated and mechanically ventilated to breathe. once you get these drugs you know it takes about between one to two minutes you're paralyzed you cannot breathe anymore and you need to be intubated and mechanically ventilated to breathe The timing of such intubation is very important because you want to intubate when the vocal cords are relaxed and open, so you safely can intubate the patient and put them on a ventilator. the timing of such intubation is very important because you want to intubate when the vocal cords are relaxed and open so you safely can intubate the patient and put them on a ventilator Remember, there's about 100 million patients and more that are intubated every year. remember there's about 100 million patients and more that are intubated every year If you look at research, between 5%-20% of patients are damaged or receive some type of complication because they are intubated at the wrong timing. if you look at research between 5%-20% of patients are damaged or receive some type of complication because they are intubated at the wrong timing New guidelines have now come out saying that quantitative neuromuscular monitoring shall be used to confirm adequate neuromuscular block before tracheal intubation. new guidelines have now come out saying that quantitative neuromuscular monitoring shall be used to confirm adequate neuromuscular block before tracheal intubation So this is what this means is that you should use a monitor that we have to assess the right timing. When is it safe to intubate the patient? So this really drives the TetraGraph from not just being a monitoring system, but also to a decision support system. So timely on this matter, there was a study performed late last year at Mayo Clinic in the U.S. What they did was that they randomized a group of patients to either kind of subjective, timing-based intubation, typically waiting for two minutes and then just intubate. So this is what this means is that you should use a monitor that we have to assess the right timing. so this is what this means is that you should use a monitor that we have to assess the right timing When is it safe to intubate the patient? when is it safe to intubate the patient So this really drives the TetraGraph from not just being a monitoring system, but also to a decision support system. so this really drives the tetragraph from not just being a monitoring system but also to a decision support system So timely on this matter, there was a study performed late last year at Mayo Clinic in the U.S. so timely on this matter there was a study performed late last year at mayo clinic in the u.s What they did was that they randomized a group of patients to either kind of subjective, timing-based intubation, typically waiting for two minutes and then just intubate. what they did was that they randomized a group of patients to either kind of subjective timing-based intubation typically waiting for two minutes and then just intubate And then the other group, they used the TetraGraph to define, "Okay, by science and monitoring, I want to define the perfect timing for intubation." And what this study came out in November, and showed that by using the TetraGraph to define the right timing to intubation and make sure safety, you had a significantly higher proportion. It was superior in detecting the ideal conditions for intubation. So as a result of this, we introduced in December, what we call the TetraGraph Intubation Readiness Indicator. It gives clinicians a scientifically validated number to understand, "Okay, when is it safe to intubate? When are the vocal cords in perfect shape, so you can intubate the patient?" So this was a strong, new innovation that we've driven, and it's patent pending, and I think it's gonna be a very important driver of safe intubation. And then the other group, they used the TetraGraph to define, "Okay, by science and monitoring, I want to define the perfect timing for intubation." And what this study came out in November, and showed that by using the TetraGraph to define the right timing to intubation and make sure safety, you had a significantly higher proportion. and then the other group they used the tetragraph to define "okay by science and monitoring i want to define the perfect timing for intubation." and what this study came out in november and showed that by using the tetragraph to define the right timing to intubation and make sure safety you had a significantly higher proportion It was superior in detecting the ideal conditions for intubation. it was superior in detecting the ideal conditions for intubation So as a result of this, we introduced in December, what we call the TetraGraph Intubation Readiness Indicator. so as a result of this we introduced in december what we call the tetragraph intubation readiness indicator It gives clinicians a scientifically validated number to understand, "Okay, when is it safe to intubate? it gives clinicians a scientifically validated number to understand "okay when is it safe to intubate When are the vocal cords in perfect shape, so you can intubate the patient?" So this was a strong, new innovation that we've driven, and it's patent pending, and I think it's gonna be a very important driver of safe intubation. when are the vocal cords in perfect shape so you can intubate the patient?" so this was a strong new innovation that we've driven and it's patent pending and i think it's gonna be a very important driver of safe intubation So we continue to do groundbreaking innovation and really to personalized anesthesia. We launched in Q4 what we call the EMGINE software platform. It's our operating system that runs the TetraGraph. So the uniqueness of the TetraGraph is that we are collecting billions of data points from our users. We're using that clinical data to continuously update, innovate, and perfect the system. So we continue to develop new things, and just as in with your phone, with your computer or your car, you are expecting to be continuously updated with the latest features and the improvements. And this is exactly what the TetraGraph is about. By being a user, you can be assured that you will get continuous improvements, the latest innovations, and groundbreaking research brought into your operating room. So we continue to do groundbreaking innovation and really to personalized anesthesia. so we continue to do groundbreaking innovation and really to personalized anesthesia We launched in Q4 what we call the EMGINE software platform. we launched in q4 what we call the emgine software platform It's our operating system that runs the TetraGraph. it's our operating system that runs the tetragraph So the uniqueness of the TetraGraph is that we are collecting billions of data points from our users. so the uniqueness of the tetragraph is that we are collecting billions of data points from our users We're using that clinical data to continuously update, innovate, and perfect the system. we're using that clinical data to continuously update innovate and perfect the system So we continue to develop new things, and just as in with your phone, with your computer or your car, you are expecting to be continuously updated with the latest features and the improvements. so we continue to develop new things and just as in with your phone with your computer or your car you are expecting to be continuously updated with the latest features and the improvements And this is exactly what the TetraGraph is about. and this is exactly what the tetragraph is about By being a user, you can be assured that you will get continuous improvements, the latest innovations, and groundbreaking research brought into your operating room. by being a user you can be assured that you will get continuous improvements the latest innovations and groundbreaking research brought into your operating room So we will continue to bring out new features as we go along to our existing user base. Okay, let's look a little bit at some numbers. Gross margin. As I said, the underlying gross margin has improved, and it has done so because of product mix, but also because we're seeing lower production costs. If we compare the whole year, the underlying gross margin was 66.7 versus 64.4 the year before. If we look at specifically Q4, we had an uptick to 69.3. But then we had 2025 was a year of various events. We had the U.S. tariffs come in. So the U.S. tariffs hit us with about 1.3% negative on the gross margin, which was in line with previous statements I've done. So we will continue to bring out new features as we go along to our existing user base. so we will continue to bring out new features as we go along to our existing user base Okay, let's look a little bit at some numbers. okay let's look a little bit at some numbers Gross margin. gross margin As I said, the underlying gross margin has improved, and it has done so because of product mix, but also because we're seeing lower production costs. as i said the underlying gross margin has improved and it has done so because of product mix but also because we're seeing lower production costs If we compare the whole year, the underlying gross margin was 66.7 versus 64.4 the year before. if we compare the whole year the underlying gross margin was 66.7 versus 64.4 the year before If we look at specifically Q4, we had an uptick to 69.3. if we look at specifically q4 we had an uptick to 69.3 But then we had 2025 was a year of various events. but then we had 2025 was a year of various events We had the U.S. tariffs come in. we had the u.s tariffs come in So the U.S. tariffs hit us with about 1.3% negative on the gross margin, which was in line with previous statements I've done. so the u.s tariffs hit us with about 1.3% negative on the gross margin which was in line with previous statements i've done And then we had the weakened U.S. dollar that hit the gross margin with another 2.6% negative throughout the year. And then, as we now are focusing so diligently on the next-gen TetraGraph, we made a one-time non-cash driving write-off of, or write down of raw material and components for our older TetraGraph system. So we made a write-off of SEK 10.7 million, which was a one-time thing that hit the Q4 numbers. And again, we're doing it because we're seeing the growth for the next-gen, and that's where we want to focus our efforts going forward. We are continuing to raise pricing. We're continuing to introduce new innovative business models, so in 2026, we anticipate quite an uptick in our gross margin. And then we had the weakened U.S. dollar that hit the gross margin with another 2.6% negative throughout the year. and then we had the weakened u.s dollar that hit the gross margin with another 2.6% negative throughout the year And then, as we now are focusing so diligently on the next-gen TetraGraph, we made a one-time non-cash driving write-off of, or write down of raw material and components for our older TetraGraph system. and then as we now are focusing so diligently on the next-gen tetragraph we made a one-time non-cash driving write-off of or write down of raw material and components for our older tetragraph system So we made a write-off of SEK 10.7 million, which was a one-time thing that hit the Q4 numbers. so we made a write-off of sek 10.7 million which was a one-time thing that hit the q4 numbers And again, we're doing it because we're seeing the growth for the next-gen, and that's where we want to focus our efforts going forward. and again we're doing it because we're seeing the growth for the next-gen and that's where we want to focus our efforts going forward We are continuing to raise pricing. we are continuing to raise pricing We're continuing to introduce new innovative business models, so in 2026, we anticipate quite an uptick in our gross margin. we're continuing to introduce new innovative business models so in 2026 we anticipate quite an uptick in our gross margin If we look at our expense level, I also guided about a year ago, saying that the operating expense level of Senzime is to increase maximum of about single-digit percentage. And we increased our direct expenses with 1.9% over the full year versus the year before, and this is despite major commercial investments in the U.S. We grew the sales team, we invested in a new medical affairs department, we continued to grow out our marketing team. So if you look at Q4, the operating expense level was pretty flat compared to the year before, and the strategy for Senzime continues to be rapid growth while maintaining a very stable operating expense level. So we are moving towards profitability. EBITDA continues to improve. We had a 16% improvement. If we look at our expense level, I also guided about a year ago, saying that the operating expense level of Senzime is to increase maximum of about single-digit percentage. if we look at our expense level i also guided about a year ago saying that the operating expense level of senzime is to increase maximum of about single-digit percentage And we increased our direct expenses with 1.9% over the full year versus the year before, and this is despite major commercial investments in the U.S. and we increased our direct expenses with 1.9% over the full year versus the year before and this is despite major commercial investments in the u.s We grew the sales team, we invested in a new medical affairs department, we continued to grow out our marketing team. we grew the sales team we invested in a new medical affairs department we continued to grow out our marketing team So if you look at Q4, the operating expense level was pretty flat compared to the year before, and the strategy for Senzime continues to be rapid growth while maintaining a very stable operating expense level. so if you look at q4 the operating expense level was pretty flat compared to the year before and the strategy for senzime continues to be rapid growth while maintaining a very stable operating expense level So we are moving towards profitability. so we are moving towards profitability EBITDA continues to improve. ebitda continues to improve We had a 16% improvement. we had a 16% improvement I'm reporting here adjusted, meaning, took out the one-time, inventory write down. By the end of the year, we had SEK 74 million in cash, and we had a little bit of money still pending from a non-closed shares issue last summer. We are growing rapidly, and growing rapidly means, working capital needs and, and optimizing the inventory for fast deliveries. What we constructed here, is a credit facility. We have secured SEK 50 million, and this is a credit facility to secure working capital needs as we grow. The credit facility is a combination of a loan provided by DBT Capital, which is part of NOBA Bank Group, but also in, in large, it is a, credit facility provided by our major shareholders and using, as I said, for working capital purposes. I'm reporting here adjusted, meaning, took out the one-time, inventory write down. i'm reporting here adjusted meaning took out the one-time inventory write down By the end of the year, we had SEK 74 million in cash, and we had a little bit of money still pending from a non-closed shares issue last summer. by the end of the year we had sek 74 million in cash and we had a little bit of money still pending from a non-closed shares issue last summer We are growing rapidly, and growing rapidly means, working capital needs and, and optimizing the inventory for fast deliveries. we are growing rapidly and growing rapidly means working capital needs and and optimizing the inventory for fast deliveries What we constructed here, is a credit facility. what we constructed here is a credit facility We have secured SEK 50 million , and this is a credit facility to secure working capital needs as we grow. we have secured sek 50 million and this is a credit facility to secure working capital needs as we grow The credit facility is a combination of a loan provided by DBT Capital, which is part of NOBA Bank Group, but also in, in large, it is a, credit facility provided by our major shareholders and using, as I said, for working capital purposes. the credit facility is a combination of a loan provided by dbt capital which is part of noba bank group but also in in large it is a credit facility provided by our major shareholders and using as i said for working capital purposes This is a credit facility without any type of warrants, other dilutive instruments, or special conversion rights. It's done at fair market terms, and I think it signals a strong vote of confidence from our major shareholders and confirming that we have the long-term financing need to take this to pure profitability. So our investor base continues to be very strong. I think that the major changes that we noted in 2025 was Handelsbanken left us, as well as Carnegie Funds. We had an uptake from other investors come in. We grew the amount of shareholders with about 30% over the year, so we're seeing a strong interest in the share itself. Looking a little bit forward-looking. I mean, the mission, I think you guys know it by now. This is about safeguarding every patient's journey from anesthesia to recovery. This is a credit facility without any type of warrants, other dilutive instruments, or special conversion rights. this is a credit facility without any type of warrants other dilutive instruments or special conversion rights It's done at fair market terms, and I think it signals a strong vote of confidence from our major shareholders and confirming that we have the long-term financing need to take this to pure profitability. it's done at fair market terms and i think it signals a strong vote of confidence from our major shareholders and confirming that we have the long-term financing need to take this to pure profitability So our investor base continues to be very strong. so our investor base continues to be very strong I think that the major changes that we noted in 2025 was Handelsbanken left us, as well as Carnegie Funds. i think that the major changes that we noted in 2025 was handelsbanken left us as well as carnegie funds We had an uptake from other investors come in. we had an uptake from other investors come in We grew the amount of shareholders with about 30% over the year, so we're seeing a strong interest in the share itself. we grew the amount of shareholders with about 30% over the year so we're seeing a strong interest in the share itself Looking a little bit forward-looking. looking a little bit forward-looking I mean, the mission, I think you guys know it by now. i mean the mission i think you guys know it by now This is about safeguarding every patient's journey from anesthesia to recovery. this is about safeguarding every patient's journey from anesthesia to recovery It's about developing user-friendly systems that are used in the operating room to drive a new standard of care. We're targeting a big market, in excess of 100 million patients. We're running towards 160,000 operating rooms, and we're targeting over 15,000 hospitals. And it's about winning by science, commercial excellence, and working with the best partners in the market. So if you look at our outlook for this year, given that the uncertainties in the currency rates and the difficulty in predictability then, what we've done is we've made a clear new statement. 2026 is about maintaining strong sales growth in line with our previous years and to generate positive cash flow within the fourth quarter, and we're gonna make this happen by strong growth, fixed expenses, and a strong uptick in our gross margin. It's about developing user-friendly systems that are used in the operating room to drive a new standard of care. it's about developing user-friendly systems that are used in the operating room to drive a new standard of care We're targeting a big market, in excess of 100 million patients. we're targeting a big market in excess of 100 million patients We're running towards 160,000 operating rooms, and we're targeting over 15,000 hospitals. we're running towards 160,000 operating rooms and we're targeting over 15,000 hospitals And it's about winning by science, commercial excellence, and working with the best partners in the market. and it's about winning by science commercial excellence and working with the best partners in the market So if you look at our outlook for this year, given that the uncertainties in the currency rates and the difficulty in predictability then, what we've done is we've made a clear new statement. 2026 is about maintaining strong sales growth in line with our previous years and to generate positive cash flow within the fourth quarter, and we're gonna make this happen by strong growth, fixed expenses, and a strong uptick in our gross margin. so if you look at our outlook for this year given that the uncertainties in the currency rates and the difficulty in predictability then what we've done is we've made a clear new statement 2026 is about maintaining strong sales growth in line with our previous years and to generate positive cash flow within the fourth quarter and we're gonna make this happen by strong growth fixed expenses and a strong uptick in our gross margin Our longer term goals remain very intact. This is about building a strong global market leader, and we believe that the next milestone of this is reaching SEK 1 billion in sales. Okay, so to wrap up, some key takeaways. One, Senzime, we are a hyper-growth company. We've had phenomenal growth over the quarter by quarter. We had a little bit of uptick Q4 in 2024, where we launched the new next-gen, and everybody waited to get deliveries. Operating expenses remained stable. We're improving our EBITDA, and we're on path for profitability. Number two, we're winning a technology shift. There is a very strong demand for the next-gen TetraGraph. There's a strong demand for our technology. Electromyography is changing in every operating room out there, and we're winning the key hospitals who are driving the change. Number three is the guidelines, the building blocks. Our longer term goals remain very intact. our longer term goals remain very intact This is about building a strong global market leader, and we believe that the next milestone of this is reaching SEK 1 billion in sales. this is about building a strong global market leader and we believe that the next milestone of this is reaching sek 1 billion in sales Okay, so to wrap up, some key takeaways. okay so to wrap up some key takeaways One, Senzime, we are a hyper-growth company. one senzime we are a hyper-growth company We've had phenomenal growth over the quarter by quarter. we've had phenomenal growth over the quarter by quarter We had a little bit of uptick Q4 in 2024, where we launched the new next-gen, and everybody waited to get deliveries. we had a little bit of uptick q4 in 2024 where we launched the new next-gen and everybody waited to get deliveries Operating expenses remained stable. operating expenses remained stable We're improving our EBITDA, and we're on path for profitability. we're improving our ebitda and we're on path for profitability Number two, we're winning a technology shift. number two we're winning a technology shift There is a very strong demand for the next-gen TetraGraph. there is a very strong demand for the next-gen tetragraph There's a strong demand for our technology. there's a strong demand for our technology Electromyography is changing in every operating room out there, and we're winning the key hospitals who are driving the change. electromyography is changing in every operating room out there and we're winning the key hospitals who are driving the change Number three is the guidelines, the building blocks. number three is the guidelines the building blocks We have the guidelines. We're backed by long-term science. The clinical need is apparent, and we have the long-term funding and the shareholder base to succeed. So that's the wrap-up, and I want to join everybody to really, we're on a mission. We're there, again, as I said, we're there to safeguard every patient's journey. We have the technology, we have the team, and we have the platform to make sure that everybody wakes up safe from anesthesia. Thank you. We have the guidelines. we have the guidelines We're backed by long-term science. we're backed by long-term science The clinical need is apparent, and we have the long-term funding and the shareholder base to succeed. the clinical need is apparent and we have the long-term funding and the shareholder base to succeed So that's the wrap-up, and I want to join everybody to really, w e're on a mission. so that's the wrap-up and i want to join everybody to really, w e're on a mission We're there, again, as I said, we're there to safeguard every patient's journey. we're there again as i said we're there to safeguard every patient's journey We have the technology, we have the team, and we have the platform to make sure that everybody wakes up safe from anesthesia. we have the technology we have the team and we have the platform to make sure that everybody wakes up safe from anesthesia Thank you. thank you