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Senseonics prices $50m notes offering, touts Q4 and full-year prelims

January 26, 2018 By Sarah Faulkner

SenseonicsSenseonics (NYSE:SENS) announced today an underwritten offering of $50 million in 5.25% convertible senior notes due 2023, alongside a 30-day option for underwriters to buy up to an additional $7.5 million in notes to cover over-allotments.

The notes, which mature on Feb. 1, 2023, will be convertible into shares of Senseonics’ common stock at approximately $3.40 per share, the company reported.

The diabetes device-maker said it plans to use the offering’s proceeds to start commercializing its Eversense continuous glucose monitor in the U.S., if it’s approved by the FDA. The company also hopes to put some of the funds towards research & development of future versions of Eversense.

Also today, the company reported its preliminary financial results for the fourth quarter of 2017 and the full-year. Senseonics said it expects to reel in $2.9 million in sales for Q4, in line with consensus from The Street. For the full year of 2017, the company is expecting to report $6.4 million in revenue, just above the $6.3 million total predicted by analysts.

SENS shares were trading at $2.96 apiece in mid-morning activity today, down -7.3%.

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Filed Under: Diabetes, Featured, Funding Roundup, Regulatory/Compliance, Wall Street Beat Tagged With: Senseonics

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