Senzime AB
TypePublikt aktiebolag (Public limited company)
Nasdaq: SEZI
OTCQX: SNZZF
IndustryMedical devices · Patient monitoring
Founded1999; Uppsala, Sweden
HeadquartersUppsala, Sweden (global HQ); St. Louis, Missouri, USA (US HQ)
Key people
Philip Siberg (CEO)
Per Wold-Olsen (Chairman)
Adam Dahlberg (Co-Chairman)
Sorin J. Brull, MD (Inventor, TetraGraph)
ProductsTetraGraph · ExSpiron · OnZurf Probe · CliniSenz Analyzer
Revenue~US$11 million (FY 2025)
Number of employees
~58 (2025)

Senzime AB (publ) is a Swedish medical device company that develops, manufactures, and markets algorithm-driven patient monitoring systems for perioperative patient care.[1]

History

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Founding and early years (1999–2015)

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Senzime was founded in Uppsala, Sweden in 1999 as a biosensor technology company manufacturing and marketing enzyme-based monitoring for medical and biochemical applications. In its early years, the company developed products for continuous analysis of glucose and lactate in fermentation processes and in clinical settings. Its initial product line included the SENZ-100G for glucose monitoring in fermentation, the SENZ-100L for lactate monitoring, and the SENZ-200G for continuous blood glucose analysis in intensive care medical settings.[2]

The company's shares were first listed on Aktietorget (now Spotlight Stock Market) on June 18, 2008, marking its entry into the public capital markets.[3]

Origins of TetraGraph technology (2003–2011)

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Sorin J. Brull, MD, FCARCSI (Hon), a professor of anesthesiology, began designing an electromyography (EMG)-based quantitative neuromuscular monitor in 2003–2004. It was designed as a battery-operated device to quantitatively assess neuromuscular function using EMG technology and address the well-documented limitations of existing qualitative (subjective) peripheral nerve stimulators, reliance on clinical evaluation[4] and the impracticality of mechanomyography (MMG) equipment for routine clinical use.[5]

In 2011, Dr. Brull, together with David Robert Hampton, PhD and Richard P. Szymke, formed T4Analytics, LLC, a Delaware limited liability company, by filing a Certificate of Formation on July 5, 2011. Drs. Brull and Hampton, working through a consulting agreement between T4Analytics and Stone Bridge BioMedical BV, designed the first prototype EMG monitor.

In 2012, T4Analytics developed a working monitor prototype named ReversoGraph (Figure 1). Its hardware and software were designed to specifications by Jolanda Witteveen, MSc, an Associate Scientist at Applied Biomedical Systems BV (ABS) in Maastricht, The Netherlands. The ReversoGraph consisted of a battery-operated stimulator/recorder unit with galvanically separated circuits and a controller/display unit, designed to evoke, record, and analyze muscle potentials during surgery using standard commercial surface electrodes. The device was named "ReversoGraph Prototype V2" and carried a "CAUTION–-Investigational device" label as required for research use.

The ReversoGraph was tested in several IRB-approved human volunteers protocols. Five research abstracts describing the design, development, and clinical validation of the prototype (referred to in the literature as the "T4-EMG") were presented at the 2012 American Society of Anesthesiologists (ASA) Annual Meeting.[6][7][8][9][10] These abstracts covered the device's design and development, subjective evaluation of stimulation discomfort in volunteers, generation of evoked EMG response curves, consistency of ulnar and median nerve responses, and repeatability and performance comparison with the TOF-Watch acceleromyographic (AMG) monitor.[9][10]

Founding of Acacia Designs and development of TetraGraph (2012–2016)

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In 2014, Drs. Brull, Hampton, and Richard Polisner formed a new company, Acacia Designs B.V., headquartered and registered in The Netherlands[11] and registered in the United States.[12] Between 2014 and 2016, Acacia Designs developed a new EMG-based neuromuscular monitor named TetraGraph, as well as its electrode strip, the TetraSens (Figure 2). The company hired Philip Siberg as CEO.

On 3 May 2016, Senzime AB, then led by CEO Lena Söderström, acquired Acacia Designs B.V.[13] This acquisition brought the TetraGraph (Figure 3) neuromuscular monitoring system into Senzime's product portfolio.

In 2016, Senzime contracted with a British manufacturer, Medical Device Management (MDM) from Braintree, UK to manufacture the commercial TetraGraph monitor (Figure 4). Also in 2016, Senzime entered into a licensing agreement with Fukuda Denshi Co., Ltd.,[14] to commercialize the TetraGraph technology in Japan.

Growth and market expansion (2017–2021)

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In 2017, Senzime's shares were listed on Nasdaq Stockholm First North Growth Market.[15]

On December 12, 2017, Senzime received CE mark approval, enabling commercialization of the TetraGraph Neuromuscular Monitoring System (Figure 5).[16] On October 18, 2019, Senzime received 510(k) clearance by the US FDA.[17] The company established a fully owned subsidiary, Senzime Inc., registered in Florida in December 2019.[18]

In 2019, Pia Renaudin was appointed as CEO;[19] Senzime entered the Japanese market in partnership with Fukuda Denshi.[20]

In 2021, Senzime received European Medical Device Regulation (MDR) certification for its manufacturing facility in Uppsala.[21] Later in 2021, Senzime established a subsidiary in Germany–-Senzime GmbH.[22] The company also completed its uplisting to the Nasdaq Stockholm Main Market.[23]

Respiratory Motion acquisition and partnerships (2022–2023)

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In June 2022, Senzime acquired the US-based company Respiratory Motion, Inc.[24] The acquisition was completed on July 1, 2022, for a total consideration of approximately US$44 million.[25] Respiratory Motion Inc. developed and commercialized the ExSpiron system (Figure 6), a non-invasive solution for real-time monitoring of respiratory volume and minute ventilation in spontaneously breathing patients. The ExSpiron system was CE and FDA approved and has been validated in over 6,000 patients in many scientific publications.[26]

Also in 2022, Senzime signed a connectivity and license agreement with Masimo Corporation, a US-headquartered global manufacturer of patient monitoring solutions.[27][28] The agreement enabled the development of products connecting to Masimo's Root patient monitoring system and Hospital Automation platform.

In 2022, the company received FDA 510(k) clearance for a disposable sensor for neuromuscular monitoring in children and obtained CE-MDR approval for a pediatric disposable sensor.[29] The feasibility of using the EMG-based monitor in pediatric patients was independently evaluated in a prospective study of 100 children published in the Saudi Journal of Anaesthesia.[30]

In May 2023, Philip Siberg was appointed CEO. Adam Dahlberg succeeded Siberg as chairman of the board.[31]

Market developments (2024–present)

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In 2024, Fukuda Denshi launched the integrated HN-100 neuromuscular transmission module in Japan,[32] based on Senzime's TetraGraph technology.

In early 2025, Senzime launched an integration solution to the Masimo Iris Gateway, enabling automatic transfer of patient data from TetraGraph into external electronic medical record systems.[33]

In July 2025, Fukuda Denshi received FDA and UKCA approvals for the HN-100 module, expanding its use to the United States and United Kingdom.[34] Senzime also launched integration with Mindray's patient monitors and received regulatory approval for TetraGraph in Mexico during 2025.[35]

In December 2025, Senzime's Next-Gen TetraGraph system (Figure 7) received regulatory clearance in Japan from the Pharmaceuticals and Medical Devices Agency (PMDA).[36]

On May 22, 2026, the TetraGraph NextGen (Approval Number K261098) received FDA 510(k) clearance.[37]

Products

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TetraGraph

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TetraGraph is a quantitative neuromuscular monitoring system for use during surgery. The system uses electromyography (EMG) technology to digitally and continuously measure the degree of neuromuscular block in patients undergoing general anesthesia with neuromuscular blocking agents (NMBA).

EMG-based monitoring systems provide quantitative measurements of neuromuscular block without requiring visible muscle movement.[38][39] Independent comparative studies have evaluated the TetraGraph against other EMG- and acceleromyography-based monitors, including the AF-201P[40] and the TOF-Watch SX,[41] as well as the TOFscan in a prospective clinical trial of 100 patients.[42]

The TetraGraph system has been evaluated in peer-reviewed clinical studies comparing its EMG measurements to mechanomyography (MMG), the historical reference standard for neuromuscular monitoring, and found that it provided accurate and consistent measurements across all phases of neuromuscular block, including deep block.[43] A separate 2025 observational cohort study comparing the TetraGraph to an acceleromyography-based device (Philips IntelliVue MX550) reported that the TetraGraph recorded onset and recovery endpoints later than the comparator and noted limitations in its predictive accuracy relative to the standard device, with substantial intra-individual variability observed for both monitors.[44]

In 2025, Senzime launched EMGINE™, a next-generation software platform, that includes the Level-of-Block Gauge, Signal Strength Gauge, and Intubation Readiness Indicator features.[45] The company developed the TetraGraph Xcom module for connectivity integration with hospital information systems.[46]

ExSpiron

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ExSpiron (ExSpiron 2Xi) is a non-invasive respiratory monitoring system that continuously measures minute ventilation in non-intubated (spontaneously breathing) patients.[47][48] It was developed by Dr. Jenny E. Freeman, a U.S. board-certified cardiothoracic surgeon and medical-device entrepreneur and founder and former CEO of Respiratory Motion, Inc.

The ExSpiron monitor was acquired by Senzime through the Respiratory Motion Inc. acquisition in 2022.[24]

ExSpiron is protected by 14 patent families and proprietary algorithms and has been validated in multiple scientific publications. It is both CE-marked and FDA-cleared.[48][49][50] The device (marketed prior to the 2022 acquisition as a product of Respiratory Motion, Inc.) has been the subject of independent validation studies against spirometry in healthy volunteers,[48] in mechanically ventilated neonates and infants,[51] in pediatric patients undergoing general anesthesia,[52] and in obstetric patients during labor epidural analgesia.[53]

Other products

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Senzime's portfolio also includes the OnZurf Probe, a next-generation microdialysis catheter acquired through the purchase of MD Biomedical AB, and the CliniSenz Analyzer, part of the company's earlier biosensor product line.

Technology and clinical relevance

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Neuromuscular monitoring (TetraGraph)

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Neuromuscular blocking agents (NMBAs) such as rocuronium and cisatracurium are administered routinely during general anesthesia to facilitate endotracheal intubation and surgical access.[54][55] Residual neuromuscular block (incomplete recovery from these agents) is a recognized postoperative complication associated with adverse outcomes including postoperative pulmonary complications, postoperative urinary retention, and delayed recovery room and hospital discharge.[56]

Quantitative neuromuscular monitoring technologies measure the degree of neuromuscular block using different physiological signals.[57] EMG-based systems directly measure electrical muscle activity rather than movement, allowing monitoring even during deep neuromuscular block when mechanical or acceleromyographic responses may be difficult to detect.[43]

Clinical validation studies comparing EMG monitors with MMG have shown close agreement between the modalities, supporting the use of EMG systems for quantitative monitoring in clinical practice.[38][39][43]

Clinical guidelines published in 2023 and 2025 by major anesthesia societies in both the United States and Europe recommend quantitative neuromuscular monitoring for all adult and pediatric patients who receive NMBAs.[58][59][60]

Respiratory monitoring (ExSpiron)

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Postoperative respiratory depression is a cause of preventable patient harm in hospital settings. ExSpiron provides continuous, non-invasive monitoring of respiratory volume in patients who are breathing on their own but may be at risk of respiratory compromise, particularly those postoperative patients receiving opioid analgesia.[61]

Partnerships and collaborations

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Senzime has strategic partnerships with several patient monitoring companies:

  • Fukuda Denshi Co., Ltd. –- A licensing agreement in place since 2016 grants Fukuda Denshi exclusive and certain non-exclusive rights to license and commercialize Senzime's TetraGraph technology in Japan and selected international markets.[32][34]
  • Masimo Corporation –- A connectivity and license agreement signed in 2022 enables integration of TetraGraph with Masimo's Hospital Automation platform, Root patient monitoring system, and Iris Gateway.[33] This collaboration facilitates automatic transfer of neuromuscular monitoring data into hospital electronic medical records.
  • Mindray –- Senzime launched an integration solution for Mindray's patient monitors in 2025, expanding interoperability with hospital monitoring platforms.[35]
  • GE HealthCare and Philips –- The company has also established other collaborations for connectivity with multi-parameter monitoring systems manufacturers.[62]

Market and operations

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Senzime operates in a global market for perioperative patient monitoring with an estimated value (2026) of over US$55 billion per year.[63]

The company's global headquarters is in Uppsala, Sweden, where it operates a manufacturing facility. Senzime maintains US headquarters in St. Louis, Missouri, through its subsidiary Senzime Inc. The company also operates a German subsidiary, Senzime GmbH, providing direct sales coverage in Europe. Additionally, Senzime is active in other countries through a network of distributors and partners.

As of mid-2025, Senzime had approximately 58 employees across its global operations. The company's trailing twelve-month revenue as of June 2025 was approximately US$11 million, with a market capitalization of approximately US$117 million.[64]

Corporate governance

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Leadership

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As of 2026, the company is led by CEO Philip Siberg, who has been with Senzime since 2016 when the company acquired Acacia Designs B.V. Siberg initially served as Chairman of the Board for Senzime before transitioning to the CEO role in May 2023. Per Wold-Olsen has been Chairman of the Board since 2023, and Adam Dahlberg serves as Vice-Chairman of the Board.

Board of Directors

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Board members have included Per Wold-Olsen (previous Merck & Co. senior positions); Ann Costello (global leadership roles within the Roche Group); Adam Dahlberg (Chairman of the Board of several Life Science companies); Lars Axelson (CEO and CFO at several private equity businesses); Wolfgang Reim (leadership roles with Siemens Medical and Dräger Medical); and Sorin J. Brull, MD, FCARCSI (Hon), the anesthesiologist and scientist inventor of the EMG-based neuromuscular monitor who founded T4Analytics, LLC and Acacia Designs B.V.

Stock listing history

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Senzime has been listed on three successive Swedish equity markets:

  • 2017 –- Listed on Nasdaq Stockholm First North Growth Market
  • 2021 –- Uplisted to Nasdaq Stockholm Main Market (ticker: SEZI)

The company's shares are also cross-traded on the US OTCQX Market under the ticker SNZZF, providing access to US-based investors.

Key milestones

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YearMilestone
1999Senzime AB founded in Uppsala, Sweden
2003–4Sorin J. Brull, MD begins design of EMG-based neuromuscular monitor
2008Senzime listed on Aktietorget (now Spotlight Stock Market)
2011T4Analytics, LLC formed in Delaware by Sorin J. Brull, David R. Hampton, and Richard P. Szymke; Michael E. Turner added later as Manager
2012Electromyographic monitor prototype (T4-EMG) developed and successfully tested in human volunteers; five abstracts presented at ASA Annual Meeting
2014Drs. Brull, Hampton and Polisner found Acacia Designs B.V. in The Netherlands; development of the Beacon monitor begins. Philip Siberg joins as CEO
2016Acacia Designs acquired by Senzime (CEO: Lena Söderström), bringing TetraGraph to Senzime; licensing agreement with Fukuda Denshi; Philip Siberg joins as Chairman of the Board
2017Listed on Nasdaq Stockholm First North Growth Market
2019Market entry in Japan through Fukuda Denshi; Pia Renaudin appointed CEO
2021Inauguration of Uppsala manufacturing facility; uplisted to Nasdaq Stockholm Main Market; Senzime GmbH established in Germany
2022Acquisition of Respiratory Motion (ExSpiron); strategic agreement with Masimo; FDA clearance of pediatric sensor
2023Philip Siberg appointed CEO; first Masimo integration milestone (TetraGraph Xcom); US HQ established in St. Louis, MO; US and European clinical guidelines published
2024Fukuda Denshi launches HN-100 module in Japan; TetraGraph Next-Gen system unveiled
2025Fukuda Denshi receives FDA/UKCA approvals for HN-100; Masimo Iris Gateway integration; regulatory approvals in Mexico; launch of EMGINE software; integration with Mindray monitors; TetraGraph Next-Gen cleared in Japan
2026European pediatric neuromuscular management guidelines published

See also

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  • Nasdaq Stockholm listing (SEZI) · OTCQX listing (SNZZF)

References

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  5. Kirkegaard H, Heier T, Caldwell JE. Efficacy of tactile-guided reversal from cisatracurium-induced neuromuscular block. Anesthesiology. 2002;96:45–50.
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  7. Brull SJ, Witteveen JA, Hampton DR. Subjective Evaluation of Discomfort to Train-of-Four Monitoring in Volunteers. Anesthesiology. 2012; A632.
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  41. A comparison of accelerometric monitoring by TOF-Watch SX and electromyographic monitoring by TetraGraph for recovery from neuromuscular blockade. PMID 34388509.
  42. Comparison of onset of neuromuscular blockade with electromyographic and acceleromyographic monitoring: a prospective clinical trial. ClinicalTrials.gov NCT05120999. PMID 37137388.
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  52. The Evaluation of a Noninvasive Respiratory Volume Monitor in Pediatric Patients Undergoing General Anesthesia. PMID 28759491.
  53. Use of a novel non-invasive respiratory monitor to study changes in pulmonary ventilation during labor epidural analgesia. PMID 31286333.
  54. Naguib M, Brull SJ, Kopman AF, et al. Consensus statement on perioperative use of neuromuscular monitoring. Anesth Analg. 2018.
  55. Brull SJ, Meistelman C, Nemes R, et al. Pharmacology of Neuromuscular Blocking Drugs. In: Miller's Anesthesia. Tenth Edition. Chapter 24, p: 674–741. 2025. Elsevier, Philadelphia, PA.
  56. Murphy GS, Brull SJ. Residual neuromuscular block: clinical implications. Anesth Analg. 2010;111:120–128.
  57. Rodney G, Raju P, Brull SJ. Neuromuscular block management: evidence-based practice. BJA Education. 2024;24:13–22.
  58. Thilen SR, Weigel WA, Todd MM, et al. ASA Practice Guidelines for Neuromuscular Monitoring. Anesthesiology. 2023;138:13–41.
  59. Fuchs-Buder T, Romero CS, Lewald H, et al. ESAIC guideline on neuromuscular blockade management. Eur J Anaesth. 2023;40:82–94.
  60. Veyckemans F, Debouche S, Kaufmann J, et al. 2025 ESAIC and ESPA Guidelines on neuromuscular block in anaesthetised children: Indications, monitoring and reversal. Eur J Anaesthesiol. 2026;43:295–323.
  61. Williams GW 2nd, George CA, Harvey BC, Freeman JE. A Comparison of Measurements of Change in Respiratory Status in Spontaneously Breathing Volunteers by the ExSpiron Noninvasive Respiratory Volume Monitor Versus the Capnostream Capnometer. Anesth Analg. 2017 Jan;124:120–126.
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  63. Coherent Market Insights. Patient Monitoring Devices Market Analysis & Forecast: 2026–2033.
  64. Yahoo Finance. Senzime AB (SNZZF) Financials.

Category:Medical device manufacturers

Category:Medical technology companies of Sweden

Category:Companies based in Uppsala

Category:Health care companies established in 1999

Category:Swedish companies established in 1999

Category:Companies listed on Nasdaq Stockholm