olivLaw · European equity research
Senzime AB (publ.) SEZI.ST
Sweden · Nasdaq Stockholm · ISIN SE0002478776 · Vertical: Listed companies from Sweden
Senzime is a Swedish medical technology company that develops algorithm-driven patient monitoring systems used during and after surgery. The company holds 105 patents and launched its next-generation TetraGraph in 2024, positioning it for growth in operating room markets in the USA and Europe.
At the close of 05 Nov 2026, Senzime AB (publ.) (SEZI.ST) stock was 3.26 SEK (+0.15% on the day), with market capitalisation 481.0 m SEK, beta 0.68, 52-week range 2.42–5.81 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.4
- strong (55–70)
- Bollinger (20, 2)
- 2.46 – 3.38
- in the upper half of the band · %B 0.87 · band width 31.6%
- SMA 50 / 200
- 2.98 / 4.06
- mixed trend
- MACD (12, 26, 9)
- 0.08 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.0% | −0.6% | +3.7 pp | — |
| 3 months | −16.6% | −4.2% | −12.5 pp | — |
| 6 months | −29.5% | +4.3% | −33.9 pp | — |
| Year to date | −39.7% | +7.5% | −47.2 pp | — |
| 1 year | −41.2% | +9.9% | −51.2 pp | −8.5% |
| 3 years | −47.9% | +49.8% | −97.8 pp | +12.3% |
| 5 years | −83.7% | +42.8% | −126.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 14.0 m | 35.8 m | 58.5 m | 104.0 m |
| Revenue YoY | unavailable | +154.8% | +63.6% | +77.9% |
| Net income | -132.7 m | -134.1 m | -118.7 m | -137.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.99 | -1.45 | -0.97 | -0.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -945.6% | -375.2% | -203.0% | -132.1% |
| Free cash flow | -137.8 m | -114.9 m | -108.3 m | -111.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 74.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 304.5 m SEK
- Total assets
- 371.1 m SEK
- Debt / equity
- unavailable
- Current ratio
- 3.68x
- ROE
- -42.3%
- ROA
- -34.5%
- FCF margin
- -107.5%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 14.0 m | 35.8 m | 58.5 m | 104.0 m | esef· 28 Oct 2026verified |
| Cost of revenue | 18.4 m | 27.4 m | 38.4 m | 69.3 m | esef· 28 Oct 2026verified |
| Gross profit | -4.4 m | 8.3 m | 20.1 m | 34.7 m | esef· 28 Oct 2026verified |
| Research & development | 19.5 m | 19.4 m | 22.2 m | 22.9 m | esef· 28 Oct 2026verified |
| Operating income | -133.9 m | -137.4 m | -131.7 m | -122.6 m | esef· 28 Oct 2026verified |
| Interest expense | 453.0 k | 798.0 k | 1.0 m | 17.3 m | esef· 28 Oct 2026verified |
| Pre-tax income | -134.4 m | -137.2 m | -122.8 m | -139.0 m | esef· 28 Oct 2026verified |
| Income tax | -1.7 m | -3.0 m | -4.1 m | -1.6 m | esef· 28 Oct 2026verified |
| Net income | -132.7 m | -134.1 m | -118.7 m | -137.4 m | esef· 28 Oct 2026verified |
| Diluted EPS | -1.99 | -1.45 | -0.97 | -0.93 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 66.6 m | 92.3 m | 122.3 m | 147.1 m | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 26.0 m | 151.0 m | 100.9 m | 74.0 m | esef· 28 Oct 2026verified |
| Inventories | 21.7 m | 20.3 m | 28.0 m | 25.2 m | esef· 28 Oct 2026verified |
| Current assets | 59.2 m | 187.4 m | 148.2 m | 129.2 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 2.3 m | 2.6 m | 3.6 m | 4.5 m | esef· 28 Oct 2026verified |
| Total assets | 322.7 m | 433.5 m | 426.4 m | 371.1 m | esef· 28 Oct 2026verified |
| Current liabilities | 22.0 m | 24.0 m | 38.4 m | 35.1 m | esef· 28 Oct 2026verified |
| Total liabilities | 60.8 m | 58.1 m | 80.5 m | 66.6 m | esef· 28 Oct 2026verified |
| Equity | 261.9 m | 375.5 m | 345.9 m | 304.5 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 66.7 m | 92.5 m | 122.4 m | 147.8 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -136.8 m | -113.9 m | -105.9 m | -109.1 m | esef· 28 Oct 2026verified |
| Capex | 979.0 k | 950.0 k | 2.4 m | 2.7 m | esef· 28 Oct 2026verified |
| Free cash flow | -137.8 m ≈ | -114.9 m ≈ | -108.3 m ≈ | -111.8 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -5.0 m | -7.8 m | -20.3 m | -18.1 m | esef· 28 Oct 2026verified |
| Financing cash flow | 92.4 m | 246.5 m | 75.9 m | 100.8 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 481.0 m SEK
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -132.1% | 6 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 95.0% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -23.3% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial6/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Senzime AB (publ.) (SEZI.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 104.0 m SEK in 2025; YoY growth 77.9%; net margin -132.1%; ROE -42.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 95.0%
- Current ratio: 3.7x
What contradicts it
- Net margin: -132.1%
- Interest coverage: -7.1x
- FCF yield: -23.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for SEZI.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Senzime is a Swedish medical technology company that develops algorithm-driven patient monitoring systems used during and after surgery. The company holds 105 patents 1 and launched its next-generation TetraGraph in 2024, positioning it for growth in operating room markets in the USA and Europe 1.
SWOT
Strengths
Weaknesses
- The company's relatively small size limits resources for marketing and sales on a global scale 1.
- Dependence on a few major markets, especially the USA, makes revenue sensitive to developments there 1.
- Many partnerships are exclusive or geographically limited, which may restrict control over distribution 1.
Opportunities
Risks
- Concentration on a few marketshigh
If sales in the USA decline or are delayed, financial results could be significantly affected 1.
- Dependence on partnersmedium
Partnerships with larger companies could be terminated or changed, which could reduce market access 1.
- Competition from large manufacturersmedium
Producers with greater resources could launch comparable solutions, which could pressure margins 1.
- Medical device regulationmedium
Compliance requirements for medical devices in the EU and USA may raise costs and delay launches 1.
- Adoption of the next generationlow
If hospitals do not adopt the next-generation TetraGraph quickly, the growth plan could be delayed 1.
Investment thesis
What would need to be true (bull case)
- If the next-generation TetraGraph is widely adopted in US hospitals, the company could grow recurring consumables revenue 1.
- Licence and integration agreements can extend distribution without proportional investment, which could support growth 1.
- An extensive patent portfolio and accumulated clinical evidence may make it harder for competitors to copy the technology 1.
What would break the thesis
What to watch
- Adoption of the next-generation TetraGraph in US hospitals2025
- Development of contracts with large US hospitalsnext 10-K
- Progress of the CoreSpiron agreement in the Chinese market2025
- Number of new patents granted and applications filed2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Senzime offers algorithm-driven monitoring solutions designed to make patient care safer during and after anaesthesia 1. Its portfolio includes TetraGraph, a neuromuscular monitoring system based on electromyography, and ExSpiron, the first and only non-invasive system for continuous monitoring of minute ventilation 1. The company is listed on the main list of Nasdaq Stockholm and produces TetraGraph at its headquarters in Uppsala 1.
The business model rests on selling portable systems and single-use sensors, so recurring revenue depends on consumables and on equipment placed in hospitals 1. Key customers are large hospitals in the USA and distributors in Japan, South Korea, the United Kingdom, Switzerland and the Nordics 1.
Strategy relies on partnerships and licences: an exclusive licence with Fukuda Denshi in Japan, integrations with Philips and GE, a connectivity and licence agreement with Masimo, and an exclusive licence with CoreSpiron for ExSpiron in China 1. These agreements extend distribution without proportionally increasing the company's own costs 1.
Segments
Market context
The main markets are the USA, Europe, Japan and South Korea 1. In Europe most hospitals are publicly funded and equipment purchases often go through tender processes, while American hospitals tend to be larger, with more operating rooms 1.
The company won important large hospital contracts in the USA during 2024, suggesting this segment remains a priority 1. The global patient monitoring market is contested by large equipment suppliers, and expansion depends on clinical acceptance of the new algorithms 1.
Trends
- Clinical guidelines on neuromuscular monitoringtailwind
New clinical guidelines call for more precise monitoring of neuromuscular blockade, which could favour systems such as TetraGraph if hospitals adopt them 1.
- Focus on patient safety after surgerytailwind
Reducing postoperative complications through adequate monitoring is a priority for healthcare systems and supports demand for the company's products 1.
- Public procurement in Europeheadwind
Purchasing processes at publicly funded hospitals can lengthen sales cycles and slow adoption of new products 1.
- Integration with hospital data systemsmixed
The need for interoperability with monitoring platforms and patient records may raise development costs, but could also be a competitive advantage if integrations work well 1.
Competitive position
Senzime competes with large patient monitoring equipment makers that have their own systems and distribution networks in operating rooms 1. The company differentiates through electromyography-based algorithms and through integrations with platforms of these competitors, some of which it treats as partners 1.
Partnerships with Philips, GE and Masimo may be both a growth path and a source of dependence on larger suppliers 1. The outcome depends on the company's ability to keep its own technology as a distinct element 1.
- Philips
Integration partner for monitors and data systems, and a potential competitor in patient monitoring 1.
- MasimoMASI
Partner through a connectivity and licence agreement, also active in patient monitoring 1.
- GE HealthCareGEHC
Partner for connecting patient monitors, and also a supplier of medical equipment 1.
- Fukuda Denshi
Exclusive licence partner in Japan, and also a local supplier of monitoring systems 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Senzime AB (publ.) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.