Senseonics (NYSE:SENS) shares ticked up after hours today on fourth-quarter results that came in ahead of the consensus forecast.
Shares of SENS went up nearly 7% to 93¢ apiece in post-market trading today.
The Germantown, Maryland-based long-term implantable continuous glucose monitor maker reported losses of $15.5 million for the quarter. That equals losses 2¢ per share on sales of $8.3 millio for the three months ended Dec. 31, 2024.
Senseonics recorded a 9.9% bottom-line gain on a sales increase of 3.75%.
Losses per share came in at 1¢ ahead of expectations on Wall Street. Sales posted a beat as well as experts projected $7.95 million in revenue.
The company said its net loss decreased by $1.7 million primarily due to improved gross profit margins of Eversense 365, its year-long CGM that it launched with its global distribution partner, Ascensia Diabetes Care, in October 2024.
Senseonics projects revenues between $34 million and 38 million in 2025 as it rolls out Eversense 365 to U.S. patients. The full-year 2025 financial outlook assumes approximately doubling the global patient base, the company said.
Commentary from Senseonics officials
Ascensia President of CGM Brian Hansen, who also serves as a Senseonics director, said in a news release that the company has seen early success with the Eversense 365 launch.
“Although we are still in the early months of the U.S. launch, key commercial metrics have been positive, which we believe indicates good demand for Eversense in the marketplace,” Hansen said.
(Hansen explained the company’s future plans at ADA 2024.)
“We took a giant step forward in diabetes care in 2024, delivering on our promise of one year, one CGM, with the Eversense 365 CGM system. The feedback we have received from patients and providers has been very positive, and we are just getting started. We see our 365 day product as the catalyst for revenue growth, as well as for the future of blood glucose monitoring,” said Tim Goodnow, president and CEO of Senseonics. “Eversense 365 is the foundational base for the next generation Gemini and Freedom systems, and we are progressing in our plans to add automated insulin delivery with pump connectivity to Eversense 365.”
The analysts’ take
BTIG analysts Marie Thibault Sam Eiber and Alexandra Pang highlighted Senseonics’ “numerous’ regulatory, R&D and commercial catalysts in the pipeline. They say the company expects a second-half Eversense 365 launch in Europe this year. Additionally, they anticipate an FDA IDE submission by the end of 2025 to start a pivotal trial for the Gemini device. Gemini, another CGM in the pipeline, comes with an implantable battery.
The analysts also say Senseonics anticipates future positive updates on potential pump integrations and other partnerships.
Despite the positive developments, the analysts remain “Neutral” on Senseonics.
“While we are pleased to see that the 365-day Eversense system has gained traction since launch, we remain on the sidelines as we know product launches can sometimes be lumpy, and we want to see consistent commercial execution, strong progress on sales growth and opex control,” they wrote.
