Senzime : Interim ReportQ22021

Q2

»A strong quarter with sales almost quadrupling«

• Good sales growth and improved gross margin.
• New guidelines in the UK require neuromuscular quantitative monitoring
• Listing on NASDAQ Stockholm's main list.

Calendar 2021

Interim Report Q3: November 12

Contact

Pia Renaudin, CEO

Tel. [phone]

Cell [phone]

e-mail: [e-mail]

Erik Bergman, CFO

Tel. [phone]

Cell [phone]

e-mail: [e-mail]

Adress

Senzime AB

Ulls väg 41

SE-756 51 Uppsala

Sweden

www.senzime.com

January - June 2021 in brief

Senzime AB (publ), 556565-5734

April - June 2021

• Net sales amounted to SEK 4,390 thousand (1,158).
• Gross margin before depreciation was 62.1 percent (34.9).
• Income after financial items was SEK -22,576 thousand (-12,500).
• Earnings per share amounted to SEK -0.35(-0.22).
• Cash and cash equivalents amounted to SEK 118.2 million (84.0) on June 30.
• The number of shares as of June 30 was 62,493,290 (57,348,290).

January - June 2021

• Net sales amounted to SEK 5,827 thousand (3,747).
• Gross margin before depreciation was 56.7 percent (43.2).
• Income after financial items was SEK -40,218 thousand (-21,122).
• Earnings per share amounted to SEK -0.63(-0.37).

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full yr.
KSEK	2021	2020	2021	2020	2020
Net sales	4,390	1,158	5,827	3,747	9,337
Income after financial items	-22,576	-12,500	-40,218	-21,122	-48,991
Earnings per share (SEK)	-0.35	-0.22	-0.63	-0.37	-0.84
Gross margin before depreciation (%)	62.1	34.9	56.7	43.2	40.9
Operating profit before depreciation	-19,856	-9,832-34,776-15,903-37,148
Equity/assets ratio (%)	89.5	88.5	89.5	88.5	89.4

Net sales

Rolling 12 month kSEK

12 000
10 000
8 000
6 000
4 000
2 000
0	Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 20	Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 21	Feb Mar Apr May Jun
Jan 19

Excluding license payments from Fukuda Denshi, Japan.

The first report in which the Group reported in accordance with IFRS was for the third quarter of 2020. Comparative figures for historical periods have been recalculated. Effects that the transition from previously used principles to IFRS have had on the reports are described in Note 9. Figures in parentheses above describe the corresponding period last year. Unless otherwise stated, all information relates to the Group.

Significant events

Significant events during the period

January 14: SENZIME ESTABLISHES IN GERMANY Recruitment of Country Manager and Regional Clinical Manager is carried out. Katholisches Klinikum Bochum University Hospital places the first order for TetraGraph® systems in Germany.

March 4: SENZIME TETRASENSE DISPOSABLE SENSOR RECEIVES RIGHT TO REIMBURSEMENT IN SOUTH KOREA As of March 1, 2021, South Korea's state healthcare system will reimburse the use of Senzime's TetraSens disposable sensors in anesthesia using muscle relaxants in patients with ASA-PS 3 or higher

March 10: INTERNATIONAL MULTICENTER STUDY STRENGTHENS VALUE OF SENZIME'S TETRAGRAPH A clinical study of 120 patients conducted by the Mayo Clinic Jacksonville, USA, the University of Debrecen, Hungary, and the NorthShore University Health System, Chicago, USA, is published in the Journal of Clinical Anesthesia. The study proves the value of EMG technology vs. AMG technology.

April 20: EXPANDS US COMMERCIAL CAPACITY

Senzime continues its expansion in line with its commercial strategy - by recruiting additional vendors and signing a distribution agreement with Mercury Medical Enterprises, Inc.

May 11: ANNUAL GENERAL MEETING

At Senzime's Annual General Meeting, the current Board of Directors was re-elected and resolved on the Nomination Committee for the next Annual General Meeting, adopted rules for remuneration to senior executives, new articles of association and resolved on issue authorization and a new incentive program.

May 22: NEW GUIDELINES REQUIRE NEUROMUSCULAR QUANTITATIVE MONITORING

Senzime announces that the Association of Anaesthetists has issued new guidelines for quantitative monitoring neuromuscular blockade in the UK and Ireland. Among other things, the guidelines state that quantitative monitoring must be available in all operating theatres and used in all patients receiving muscle-blocking drugs.

JUNE 30: SENZIME LISTED ON NASDAQ STOCKHOLM'S MAIN MARKET

On June 23, Nasdaq Stockholm's Company Committee approved Senzime's application to admit the company's shares to trading on Nasdaq Stockholm's main market. The first trading day was 30 June.

Significant events after the end of the second quarter

No significant events are noted after the end of the second quarter.

Senzime | Interim Report January-June | 2021

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CEO comment

A strong quarter with sales nearly quadrupled

Sales almost quadrupled compared to the second quarter of last year, and this was our best quarter ever, even though Covid-19 continues to affect our ability to start trials in hospitals. From January to June, we had a sales increase of 64 percent compared to the first half of 2020. We see continued strong growth on the sensor side, which is very positive. The increase in sales is also reflected in an improved gross margin.

More and more countries are introducing new guidelines on how patients should be monitored during anesthesia. In May, the UK introduced new requirements that quantitative monitoring must be available in all operating theatres and used on all patients receiving muscle-blockingdrugs. The new guidelines have meant that we now have around 20 ongoing trials of TetraGraph® in UK hospitals.

One of the highlights of the past quarter was, of course, the listing for trading on Nasdaq Stockholm's main list. It is an important step within our vision to eliminate anesthetic-relatedcomplications while building a world-leadingcompany that creates long-termvalues for customers, shareholders and society at large. We also hope that it will broaden our investor base and contribute to increased visibility and exposure to the company.

Our strategy to focus on the key markets US and Germany continues. During the quarter, we trained the new salespeople from our distribution partner Mercury, which complements our own sales force in the US. In Germany, we have recruited the first sellers and have several ongoing trials, some of which have already been transferred to negotiations.

During the third quarter, we expect continued key recruitments and major progress in the establishment of our production in Uppsala. We look forward to a continued success in 2021 marked by an increasing number of hospital trials around the world and high business activity as a result.

Uppsala in August 2021

Pia Renaudin, CEO

Senzime | Interim Report January-June | 2021

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About Senzime

About Senzime

Senzime develops and markets CE-marked and FDA-approved medical technology systems, powered by unique algorithms and disposable sensors that assess the patient's muscle function before, during and after anesthesia and surgery. The company's goal is to contribute to improved clinical precision and simplified management in healthcare. Senzime's system is called TetraGraph® and digitally and continuously measures the degree of neuromuscular blockade in order to pre-

vent complications. Fewer complications lead to less suffering for patients but also contribute to shorter hospital stays and reduced care costs. Senzime's vision is that TetraGraph® should be used in every operation where muscle relaxants are used, for a safe awakening for all patients.

Senzime's development portfolio also includes innovative, patient-oriented solutions that enable automated and continuous measurement of biological substances such as glucose and lactate in blood

and tissue fluids - CliniSenz® Analyzer and OnZurf® Probe.

Senzime operates in a globally growing market which today in Europe and the USA alone is valued at over SEK 15 billion annually. Today, Senzime has sales in 18 countries, of which the most important are the United States, Germany, France, Italy, the United Kingdom, Spain, Switzerland, South Korea and Japan. The company's shares are traded on the Nasdaq Stock- holm Main list (ticker SEZI).

Senzime operates on an expansive market with potential value exceeding SEK 15 billion per year

USA and Canada	Europe	Asia and Oceania
52 million surgical	64 million surgical	50 million surgical
procedures/year	procedures/year	procedures/year

TETRASENS'S TOTAL MARKET	TETRAGRAPH'S TOTAL MARKET
SEK 11.9BILLION	SEK 3.6BILLION

Sources: Meta-analysis 2007, Global operating theatre distribution and pulse oximetry supply: an estimation from reported data. Funk et al. 2010, Centers for Disease

Control and Prevention 2017, Steiner et al. 2017, Rose et al. 2014, An estimation of the global volume of surgery, Weiser et al. 2008, OECD, national databases, M. Naguib 2007, Ishizawa 2011, Number of surgical procedures (per 100,000 population), World Bank, Measuring surgical systems worldwide: an update, Kamali et al.,2018,National Hospital Discharge Survey, Centers for Disease Control and Prevention, 2010 together with Senzime company assumptions.

Senzime | Interim Report January-June | 2021

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					The share
The share
	Share capital development (SEK)
	Date	Event	No. of shares	Share capital (SEK)	Quotient value (SEK)
	January 1, 2021	Opening	62,493,290	7,811,661	0.125
	Total June 30, 2021	Closing	62,493,290	7,811,661	0.125

Share price development (SEK)

Ten largest shareholders on June 30

Owner	Number of shares	Share of capital %
Crafoord family	9 119 251	14,6
Segulah Venture AB and AB Segulah	4 408 085	7,1
Handelsbanken Fonder AB	4 387 903	7,0
Pershing Llc.	3 810 365	6,1
Sorin J. Brull	3 233 528	5,2
Fjärde AP-fonden	2 700 000	4,3
Swedbank Robur Microcap	2 600 000	4,2
Lindskog Family	2 454 717	3,9
Länsförsäkringar Fondförvaltning AB	2 244 187	3,6
Stone Bridge Biomedical	2 172 030	3,5
Others	25 363 224	40,6
Total	62,493,290	100.0

Senzime | Interim Report January-June | 2021

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