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Senseonics slides on earnings miss in Q2

August 10, 2021 By Sean Whooley

Senseonics 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.

Filed Under: Auto-injectors, Business/Financial News, Diabetes, Drug-Device Combinations, Featured, MassDevice Earnings Roundup, Wall Street Beat Tagged With: Senseonics

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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