Senseonics Holdings (NYSE-American: SENS) — maker of an implantable continuous glucose monitoring system for people with diabetes — has extended its distribution agreement with Roche Diabetes Care.
The agreement extension, announced yesterday, has Roche continuing as Senseonics’ exclusive distributor in Europe, the Middle East and Africa — excluding Scandinavia and Israel. The agreement also adds 17 countries including Brazil, Russia, India and China where Roche will have exclusive distribution.
Senseonics officials boast that the company’s Eversense device is the first CGM system with an implantable sensor that someone with diabetes can wear for up to 90 days.
“We believe that the positive reception that the Eversense CGM System has received in Europe is validation that patients and clinicians are experiencing the transformative power of a long-term CGM system,” Senseonics CEO Tim Goodnow said in a news release.
“We look forward to our expanded relationship with Roche in which we have made market expansion, with access and volume in existing and new countries, a strategic priority,” Goodnow said.
Also yesterday, Senseonics announced unaudited preliminary revenue results: The company brought in $8 million in sales during the fourth quarter of 2018 and $19.7 million for the full year — up from $2.9 million in the fourth quarter of 2017 and $6.4 million for the full year 2017.
The company said it expects 2019 revenue in the $28 million to $32 million range — not as high as the average $47.66 million expected by analysts polled on Yahoo! Finance.
Senseonics launched its Eversense continuous glucose monitoring system in the U.S. in the summer of 2018 after receiving FDA approval for the 90-day, implantable CGM. Also in 2018, the company launched its extended life Eversense XL system in Europe.
Late last month, Senseonics said that FDA had notified it that its Eversense sensor no longer needs to be removed for MRI scanning.