Statement of the CEO
Covid-19 has so far led to the delay of approximately 30 million surgeries worldwide. Many patients in need of surgery are affected by the temporary adjustment of care. Healthcare is now facing major challenges to quickly catch up with the large backlog of surgeries. The demand for solutions that help to increase patient flows, and at the same time reduce the risk of complications with extra care time as a result has accelerated.
Senzime is leading the digital transformation of neuromuscular monitoring in the operating room. The TetraGraph® system ensures the correct drug dosage and the time when the patient can breathe on their own and can safely leave the operating room without the risk of breathing-related complications. Senzime’s products can thus help increase patient flows and reduce drug costs.
During the quarter, we accelerated our investments in the US market. Additional recruitments were made in a market with access to strong expertise and a great interest in Senzime. The recruitments are in line with our strategy of direct sales in hospital-dense states. At the same time, we have signed distribution agreements with two well-established players specialized in the field of anesthesia. However, the strategy with a large share of own direct sales remains unchanged.
In Europe, we moved our positions forward during the quarter, primarily in the United Kingdom, Switzerland and Italy. In Australia, sales of TetraGraph® are increasing despite being hit hard by Covid-19.
We have noted a continued positive global trend around the transition to digital monitoring of patients undergoing anesthesia. Our sales temporarily slowed during the second quarter in line with the market, but we also noted a clear increase in demand during May and June. We believe that the positive trend remains.
The medical technology industry is now facing a technological change where sales processes are increasingly becoming virtual. As a natural step, Senzime, in collaboration with the highly regarded Anesthesia Patient Safety Foundation (APSF), held a series of webinars with world-leading anaesthesiologists with the message to move to digital and objective monitoring.
In order to give us the conditions to further and long-term accelerate our investments in the US, Europe and Asia, we carried out a directed new share issue at the beginning of the quarter, adding SEK 73.5 million before issue costs. The issue was directed without discount to the Fourth AP Fund, Swedbank Robur Microcap, TIN Fonder, Danske Invest Småbolagsfond, Handelsbanken Fonder, Länsförsäkringar Fonder and ÖstVäst Capital Management.
I am very proud of my team that is pushing for the digital transition for increased patient safety as the world now gradually returns to a new normal level.
Uppsala, August 2020
Pia Renaudin, CEO of Senzime AB (publ)