UPPSALA, SE / ACCESSWIRE / August 26, 2024 / Senzime (STO:SEZI)(OTCQX:SNZZF) Senzime, a pioneer and leader within neuromuscular monitoring, announces updates to its market assessment and growth ambitions. The update is the result of a rapidly expanding addressable market, the new supportive EU and US clinical guidelines, and strong clinical adoption of EMG-based neuromuscular monitoring technology in predominately US, Japan and South Korea.
Updated market outlook and ambitions of Senzime:
Rapidly expanding market opportunity: Senzime estimates that the global market for EMG-based neuromuscular monitoring will grow with a steep trajectory over the next decade, as legacy AMG-based technologies are phased out and more accurate and easy-to-use EMG solutions are established as new clinical gold standard in operating rooms.
Market leadership: Senzime's mission is to be the undisputed global market leader in the field of EMG-based quantitative neuromuscular monitoring.
Short-term growth guidance: By 2026, reach revenues of 250-350 MSEK and be cash flow positive during the year.
Longer-term ambitions: 5-7 year milestone to reach revenues exceeding SEK 1 billion.
Senzime is experiencing rapid, triple-digit growth in the US, Japan, and South Korea where new clinical guidelines have established EMG-based technology as the gold standard for monitoring patients under neuromuscular block. TetraGraph revenues increased YTD June 2024 with 139 percent in the US market and 233 percent in Japan and South Korea. More than 2,600 TetraGraph systems have currently been delivered to more than 370 hospitals worldwide, demonstrating the company's expanding influence and market penetration.
"We are in a prime position with our TetraGraph system, surpassing our previous long-term revenue targets in the US, Japan, and South Korea. The European market transition to EMG is advancing significantly slower than expected, which is the reason we're extending our previous revenue targets with 12 months, but at the same time we're increasing our longer-term ambitions. We remain confident that EMG-based monitoring in Europe will extend beyond its current stronghold in robotic surgery to reach a broader patient base over time. We've just skimmed the top of the arising market potential and continue to scale-up and capitalize on this opportunity with a smart commercial strategy, leading solutions and continued innovation leadership", comments Philip Siberg, CEO of Senzime.
Market overview
Each year, approximately 100 million patients receive paralytic drugs during surgery, requiring precise monitoring to prevent severe postoperative complications. The recent 2023 US and European clinical guidelines recommend quantitative train-of-four neuromuscular monitoring for all patients receiving these neuromuscular blocking drugs.
Senzime's TetraGraph system, the first portable EMG-based monitor for operating rooms, provides real-time, accurate muscle action potential monitoring. Studies, including those recently published by Wedemeyer Z. et al. in the scientific journal Anesthesiology, have demonstrated the superior accuracy of EMG over traditional AMG monitors, which are now being increasingly phased out due to their clinical variability. Senzime estimates that there are approximately 80,000 AMG-based neuromuscular monitors on the market today.
Hospitals, driven by its top-tiers, are rapidly transitioning from subjective clinical assessment or AMG-based monitors to new EMG-based monitoring solutions. The availability of new user-friendly monitors has established EMG as a new gold standard, especially in the US market. In the last 12 months, Senzime has secured over 100 new hospital accounts including US-based IDNs, top-ranked hospitals and Veterans Affairs systems.
The market opportunity in North America, Europe, Japan and South Korea exceeds 15,000 hospitals with a total of over 160,000 operating rooms. In the US alone, more than 25 million patients require monitoring annually, presenting a significant growth opportunity for Senzime. Globally, there are over 400,000 anesthesia workstations, demonstrating the overall opportunity beyond the current initial focus.
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
About Senzime
Senzime, headquartered in Sweden, is a leading medical device company that develops, manufactures, and markets CE- and FDA-cleared patient monitoring systems. The company provides an innovative portfolio of solutions, including the TetraGraph® and ExSpiron® 2Xi for accurate monitoring of neuromuscular and respiratory functions, typically under and after surgery. The goal is to help eliminate in-hospital complications, and radically reduce health care costs related to surgical and high acuity procedures.
Senzime targets a market opportunity valued more than SEK 40 billion per year, and operates with sales teams in the world's leading markets. The company's shares are listed on Nasdaq Stockholm Main Market (Nasdaq: SEZI) and cross-traded in the US on the OTCQX market (OTCQX: SNZZF). More information is available at senzime.com .
This information is information that Senzime is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-26 08:00 CEST.
Attachments
Senzime provides market update and outlines high growth ambitions
SOURCE: Senzime
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