Senseonics (NYSE:SENS) shares rose today on first-quarter results that beat the consensus forecast.
The Germantown, Md.-based diabetes management technology developer posted losses of -$249.5 million, or -68¢ per share, on sales of $2.8 million for the three months ended March 31, 2021, registering a massive bottom-line slide from losses of -$42.6 million this time one year ago despite increasing sales from just $36,000 year-over-year.
Adjusted to exclude one-time items, earnings per share were -4¢, 2¢ ahead of Wall Street, while Senseonics’ revenues topped analysts’ estimates by 5.4%.
Senseonics attributed the massive losses primarily to expenses related to non-cash accounting charges resulting from accounting for embedded derivatives related to company financings, according to a news release.
“We are very pleased with our start to 2021 including the transfer of worldwide Eversense commercial activity to Ascensia. In the U.S. there are now 25 sales representatives trained and actively calling on existing Eversense accounts and targeting top insulin prescribers to further drive adoption of our CGM system,” Senseonics president & CEO Tim Goodnow said in the release. “As part of their U.S. commercial efforts, Ascensia has launched a direct-to-consumer ad campaign aimed at raising awareness of the differentiating capabilities and benefits of Eversense that in most cases is offered at a comparable annual co-pay to patients’ other choices.
“We are excited that this collaboration enables further patient access to the only long-term implantable CGM solution with a sensor that lasts for months not days.”
Senseonics said it now expects to log full-year revenues of between $12 million and $15 million in 2021.
SENS shares are up more than 10% to $1.90 per share in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, is up a bit.