Shares in Senseonics (NYSE:SENS) fell today after the diabetes-focused device maker posted first-quarter results that missed the consensus forecast on Wall Street.
The Germantown, Md.-based company cited positive early feedback on the March launch of its Eversense Bridge Program, which is designed to improve patient access to the company’s Eversense continuous glucose monitoring system.
Senseonics reported losses of -$29.4 million, or -17¢ per share, on sales of $3.4 million for the three months ended March 31, for a bottom-line loss of -32% on sales growth of 16.9% compared with Q1 2018.
Earnings per share were 3¢ behind The Street, where analysts were looking for sales of $4.1 million.
“We are pleased with our progress this year, which is marked by growing interest and support of Eversense from users, prescribers and payors,” said Senseonics president & CEO Tim Goodnow in a news release. “We are seeing meaningful growth in both covered lives and new users through our European partners. In the U.S., the launch of the Eversense Bridge Patient Access Program is simplifying the reimbursement process for new patients and supporting their ability to act on the interest we see across patients and providers. It is also enabling additional opportunities to get in front of the largest national payors. Through constructive experiences with these payors, we believe that we will obtain additional positive coverage decisions in the future. We are looking forward to building on this momentum.”
Senseonics maintained its sales guidance at $25 million to $30 million for the year.
Investors reacted by sending SENS shares down -9.3% to $2.14 apiece today in mid-afternoon trading.
