Senseonics (NYSE:SENS) shares dipped slightly before hours today on third-quarter results that came in mixed compared to the consensus forecast.
Shares of SENS fell 2.5% to 34¢ apiece in pre-market trading today.
The Germantown, Maryland-based implantable continuous glucose monitor (CGM) maker reported losses of $23.98 million. That equals 4¢ per share on sales of $4.26 million for the three months ended Sept. 30.
Senseonics recorded a 0.5% bottom-line gain on a sales decline of 30.1%.
Earnings per share landed 1¢ behind expectations on Wall Street. Sales topped forecasts, though, as experts projected $4.08 million in revenue.
Highlights in the quarter included FDA clearance for the Eversense 365 one-year implantable CGM. With the clearance, it became the world’s first 365-day CGM system. Senseonics and its global distribution partner, Ascensia Diabetes Care, announced the launch for Eversense 365 on Oct. 1.
“We received FDA approval for Eversense 365 in the third quarter, and Mercy completed the first commercial patient insertion of our new sensor last month,” said Tim Goodnow, president and CEO of Senseonics. “In the first week after approval, we received the highest influx of inquiries in Senseonics’ history, and early feedback from clinicians has been extremely positive. While we are still in the early days of the launch, we are encouraged by the higher than expected number of healthcare provider leads and inbound interest from KOLs. Further, the recent financings and anticipated savings from restructuring lengthen our runway. Together, these accomplishments position us well for a transformational 2025.”
Senseonics expects full-year revenue for 2024 to total around $22 million as it transitions U.S. patients to Eversense 365. Its outlook assumes more than doubling new U.S. patient starts and the global installed base.
BTIG analysts Marie Thibault and Sam Eiber remain neutral on Senseonics.
“We are encouraged by the positive momentum from the 365-day system launch and recent business initiatives but remain on the sidelines until we see consistent commercial execution and sales growth,” they wrote.
