Senseonics (NYSE:SENS) shares ticked up after the market closed today on first-quarter results that came in ahead of the consensus sales forecast.
Shares of SENS rose 8.1% to 41¢ apiece in post-market trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down slightly.
The Germantown, Maryland-based long-term continuous glucose monitor (CGM) maker reported losses of $18.9 million. That equals 3¢ per share on sales of $5.05 million for the quarter ended March 31, 2024.
Senseonics recorded a massive bottom-line slide into the red despite a 22% sales uptick. The company’s losses per share equaled expectations on Wall Street. Sales came in ahead of the forecast as experts projected $4.6 million in revenue.
Recent highlights include FDA integrated CGM designation, allowing the company’s Eversense long-term implantable CGM to connect with insulin pumps as part of an automated insulin delivery system. Senseonics also submitted its 365-day sensor to the FDA for 510(k) clearance with that iCGM designation.
The company also recently announced a partnership on remote monitoring with Rimidi and a health system deal with Mercy.
“It has been a very productive start to the year for Senseonics as we continue to expand the features of Eversense to benefit more people with diabetes. The Eversense platform now sits in its strongest position ever, following receipt of the iCGM designation, the filing of our next-generation 365-day system with the FDA, and the announcements of our Eversense RPM and collaboration with Mercy,” said Tim Goodnow, president and CEO of Senseonics.
Senseonics expects its first-half revenue to total $10 million, marking 10% growth over the same period in 2023. It plans to share its full-year outlook next month.
The analysts’ view on Senseonics
BTIG analysts Marie Thibault and Sam Eiber called the remote patient monitoring deal a particularly “intriguing potential pillar of growth.” However, they noted that this level of scale up could take a large amount of coordination and effort.
Otherwise, the analysts say the Senseonics pipeline remains on track and they expect a 365-day Eversense launch in the fourth quarter. However, despite recent positives for the company, the analysts remain cautious as they await further progress.
“We like the Eversense technology but want to see consistent commercial execution and sales growth,” Thibault and Eiber wrote. “SENS shares trade above its peers on an EV/Sales basis. We remain at Neutral due to valuation and the lack of demonstrated sales ramp.”
