Senseonics (NYSE:SENS) shares ticked up after hours today on fourth-quarter results that beat the consensus forecast.
Shares of SENS rose 1.7% at 96¢ apiece after the market closed. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day up 1.7%.
The Germantown, Maryland-based long-term implantable CGM maker posted profits of $11.6 million in the quarter. That amounts to 2¢ per share on sales of $5.6 million for the three months ended Dec. 31, 2022.
Senseonics posted an 86.9% bottom-line slide on sales growth of 40%. Its EPS topped Wall Street estimates of breakeven, while revenues beat projections of $4 million.
“2022 was a year of notable progress in building the Eversense business, with FDA approval, CE mark and global launch of the E3 system and the acceleration of a pivotal trial for a 365-day sensor configuration that we plan will also support both iCGM and a pediatric indication,” said Tim Goodnow, president and CEO of Senseonics. “Together with establishing the Nurse Practitioner Group partnership, expanding E3 coverage from Medicare and commercial payers, and coordinating expansion of the Ascensia U.S. salesforce, we have further advanced important initiatives to help bring the benefits of Eversense long-term implantable CGM to growing numbers of patients.”
Senseonics projects revenues in 2023 to range between $20 million and $24 million. That marks growth of between 22% and 46% compared to 2022.