Senseonics Holdings Inc. ( (SENS) ) has released its Q3 earnings. Here is a breakdown of the information Senseonics Holdings Inc. presented to its investors.
Senseonics Holdings, Inc. is a medical technology company specializing in the development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems for individuals with diabetes. The company is known for its innovative CGM technology, which includes systems like Eversense 365, offering extended monitoring durations.
In its latest earnings report for the third quarter of 2024, Senseonics Holdings announced significant milestones, including the FDA approval of its Eversense 365 system. The company also highlighted the successful first commercial patient insertion of this system. Despite these achievements, the company’s financial results showed a decline in revenue and an increased net loss compared to the same quarter last year.
Key financial metrics indicated that total revenue for the third quarter was $4.3 million, down from $6.1 million in the previous year. U.S. revenue also decreased, with $2.4 million reported compared to $3.9 million previously. The company recorded a gross loss of $4.1 million, primarily due to one-time charges linked to transitioning from Eversense E3 to Eversense 365. Despite these challenges, Senseonics made strategic moves, such as acquiring assets to enhance patient access and raising over $20 million through equity offerings to bolster its financial position.
Additionally, Senseonics is working closely with its global commercial partner, Ascensia Diabetes Care, to ensure a successful launch and adoption of the Eversense 365 system. The company anticipates that up to 30,000 patients from the Mercy health system could benefit from this new CGM technology, indicating strong potential for market expansion.
Looking ahead, Senseonics remains optimistic about its future prospects. The company expects full-year 2024 global net revenue to reach approximately $22 million, with plans to increase its global installed base by about 50% compared to 2023. Management is focused on accelerating sales in the fourth quarter, driven by anticipated demand for the new Eversense 365 and key collaborations with health systems.
