Senseonics (NYSE:SENS) posted first-quarter results that topped the consensus revenue forecast on Wall Street.
The Germantown, Maryland-based company posted profits of $86.7 million, or 19¢ per share, on sales of $2.5 million for the three months ended March 31, 2022, for a massive bottom-line gain from losses of $249.5 million this time last year despite a sales decline of 12.8%.
Adjusted to exclude one-time items, losses per share were 3¢, falling level with projections on Wall Street, where analysts were looking for sales of $2.2 million.
The main highlight for the quarter came in the form of FDA approval for Senseonics’ next-generation Eversense E3 180-day continuous glucose monitor. Less than two months later, the company announced the first patient implant of Eversense E3 in the U.S.
“We are excited to have received FDA approval and be underway with a comprehensive launch campaign for Eversense E3, the world’s longest-lasting CGM system,” Senseonics President and CEO Tim Goodnow said in a news release. “From awareness and access to training and operations, Senseonics and Ascensia are coordinating to engage patients and HCP’s to experience the differentiated benefits of our longer duration next generation sensor – inserting the first patient with E3 just six weeks following FDA approval. We are now focused on bringing the E3 implantable CGM with six months of wear to more people with diabetes in the U.S.”
Senseonics reiterated its 2022 guidance, projecting revenues between $14 million and $18 million.
SENS shares closed yesterday — the day it released its earnings results — up 8.8%, but shares were down 8.9% in pre-market trading today.