Rankings Pharma & medtech Senzime
Senzime
57
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Funding−7
- Quality of growth−5
Strengths
- Partner validation+2
- Broad customer base and recurring sales+2
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 4
- Price
- 1.79 DKK
- Market value
- DKK 281m
- Cash runway
- 15 months
- Cash / debt
- 37.1 / 21.4m SEK
- Dilution, 12 months
- +0%
Bull case
Profitability in Q4 2026 is reached, monitor sales in the USA turn, and the Philips deal gives OEM revenue from 2027–28. If revenue grows to 200m SEK with 70% gross margin and positive EBITDA, EV/Sales 5–6 could give a price of 6–8 kr (2–3x). An acquisition by Philips or another monitor maker could give more.
Bear case
Sales in the US stay flat, the profitability target is postponed, and the credit facility is used up during 2027. Then comes a directed issue at DKK 1.5–2 with 30–50% dilution, and the Philips agreement gives no revenue for now.
Catalysts
- 29 Oct 2026Q3 report: sales in the USA, cash and progress towards profitabilitygradual stockanalysis.com
- Q4 2026 (report approx. Feb. 2027)The company's target of profitability in Q4 2026binary inderes.fi
- no date from the companyFirst products and revenue from the OEM partnership with Philipsgradual biospace.com
Risk of going to zeromedium – there is real recurring revenue (approx. SEK 100m) and loyal major shareholders providing loans, but cash is small, and the company has never made money
Next financingCash alone (37.1m) lasts approx. 8 months at Q2's spending of 13.7m. With the new credit facility of 35m from the largest owners it becomes up to approx. 15 months, but part of it replaces the old credit line. If profitability is not reached in Q4 2026, a directed issue in 2027 is likely.
Warrants & convertiblesNo convertibles. The SEK 35m credit facility (Sept. 2026) explicitly has no warrants. Only employee programmes (not reviewed). The latest issue was June 2025 (24m shares at DKK 4.60).
Insiders, last 12 monthsNo specific insider purchases or sales found. The largest owners Segulah and the Crafoord group are providing the SEK 35m credit facility without warrants (28/9-2026), which is indirect support.
Largest ownersNot quantified in percentages. Known larger owners: Segulah Medical Acceleration, the Crafoord family and the Crafoordska Foundation, Fredrik Rapp, Fjärde AP-fonden, Swedbank Robur, Handelsbanken Fonder and Unionen. Insiders own c. 22% and institutions c. 51% (stockanalysis).
Circio check(1) Small market cap: yes, approx. DKK 280m. (2) Hot theme: no, anesthesia monitoring is niche. (3) Upcoming milestones: partial, profitability in Q4 and Philips products, but without binary data. (4) Major partner: yes, Philips (July 2026). (5) Funding for 2+ years: no, approx. 8–15 months. (6) Price near the bottom: yes, −56% in a year and the lowest EV/Sales in its history.
Why this asymmetryThe Philips deal, 80% recurring sensor sales and a profitability date close by give real upside. But sales are flat, cash is small, and the company has a history of issuing shares at falling prices. The upside is 2–3x rather than 10x, and an issue is lurking if the Q4 target is missed.
How the score is built
From 100 to 57, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.13 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −45%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−22 of −30
- −10MarginThe gross margin has risen to 65.7% (61.8%), but the operating margin is −110% TTM: an operating loss of SEK 113m on revenue of 103m. EBITDA in Q2 was −17.3m on sales of 24.7m. There have been losses of 85–134m every year since 2021.
- −5Quality of growthSales fell 4% in Q2 (−1% at constant exchange rates), and sales in the US fell 6% because hospital contracts on monitors are delayed. Sensor sales did however grow 48% and now make up about 80% of revenue, so the quality (recurring sales) is better than the growth.
- −2MoatTetraGraph is one of few EMG-based monitors for measuring muscle relaxation, and there are about 6,000 systems at about 750 hospitals. Large monitor makers (GE, Philips, Dräger, Medtronic) can, however, build the function in themselves; therefore Senzime is betting on OEM agreements.
- −5Capital allocationThe share count has risen from 62.5m (2021) to 157.2m through repeated directed issues (including 117m at DKK 6.50 and 110m at DKK 4.60 in June 2025). Each round has been at a lower price, and the price is now DKK 2.7.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −1Multiples vs own historyEV/Sales is 4.1 vs 7.3 (2025), 12 (2024) and 23 (2023), and P/B is 1.6 vs 2.1-2.9. It is the lowest in the company's history, but the history was marked by very low revenue.
- −3Peers and absolute levelEV of about SEK 418m for 103m in revenue, flat sales and an operating margin of -110% is not cheap. Swedish medtech companies with losses and high gross margin (e.g. OssDsign at 1.5x) trade lower, and FCF yield is -21%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−15 of −35
- −7FundingCash was SEK 37.1m at 30/6 (132m a year earlier), and cash flow was -13.7m in Q2. The new credit facility of 35m from Segulah and Crafoord (28/9-2026) replaces an earlier credit line, so there is under one and a half years of headroom if profitability is not reached in Q4.
- −5Execution in the USThe market for hospital hardware in the US remains difficult, and 'several expected hospital contracts' are delayed. The US accounts for about 68% of revenue, so the goal of profitability in Q4 2026 rests on a market that is currently disappointing.
- −3Price risk and currencyThe price has fallen 56% over a year and is far below the issue prices of DKK 4.60 and 6.50. The weak USD pulls down sales in SEK (H1 sales were -3% reported vs +4% at constant exchange rates).
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Partner validationThe development and commercialisation agreement with Philips (July 2026) gives access to Philips' global sales organisation. Management calls it 'transformative' and the most important OEM agreement so far.
- +2Broad customer base and recurring salesTetraGraph is included in purchasing agreements at all three large US GPOs (over 5,000 hospitals), and about 80% of revenue is now recurring sensor sales to about 750 hospitals.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404). Stockanalysis' 157.2m shares × SEK 2.715 = SEK 427m ≈ DKK 281m, c. 4% above Nordnet's DKK 270m. It is a small deviation, and no new shares have been found since June 2025. It is unclear how much of the new credit facility of SEK 35m (28/9-2026) replaces the old credit line, so runway with the facility is an estimate. The economics of the Philips agreement have not been published.
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