Senseonics (NYSE:SENS) shares took a hit today on second-quarter results that missed the consensus earnings forecast.
The Germantown, Md.-based diabetes management technology developer posted losses of –$180.3 million on sales of $3.3 million for the three months ended June 30, 2021, seeing its bottom line plummet from losses of just –$7.5 million this time last year. Revenues were more than 11 times of the tally registered in the second quarter of 2020.
Earnings per share came in at -42¢, 39¢ behind Wall Street, where analysts were looking for sales of $2.9 million.
“In the second quarter we made progress driving increased patient and provider awareness of Eversense through a targeted direct-to-consumer digital advertising campaign and presentations of the Promise study, an evaluation of our 180-day sensor, at the ADA and ATTD conferences,” Senseonics president & CEO Tim Goodnow said in a news release. “As announced when we submitted this data to the FDA, we are pleased with the strength of the data from the Promise study which we believe represents a top-tier CGM safety and accuracy profile. Along with our commercial partner Ascensia Diabetes Care we are excited about the opportunity to offer more patients the longest-lasting CGM systems.”
Senseonics said it expects full-year revenues for 2021 to come in a range between $12 million and $15 million.
SENS shares were down more than –8% at $2.97 per share in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.