Senseonics (NYSE:SENS) shares ticked up after hours on first-quarter results that topped the consensus forecast.
Shares of SENS rose 1.9% at 66¢ apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.4%.
The Germantown, Maryland-based company posted profits of $1.3 million. Earnings per share broke even at $0.00 on sales of $4.1 million for the three months ended March 31, 2023.
Earnings per share topped Wall Street estimates by 3¢. Sales also came out ahead of expectations of $3.4 million.
Senseonics posted a bottom-line slide of 98.5% on sales growth of 66.7%. The company attributed its net income change to the exchange of financing in the form of notes from PHC Holdings. It also cited embedded derivatives and fair value adjustments.
“In the first quarter, we made progress in our initiatives to support global patient and provider adoption of Eversense,” said Tim Goodnow, Senseonics President and CEO. “We believe continuing to work to drive commercial awareness and access through the Ascensia collaboration, along with advancing our technology pipeline, will drive future growth and create durable shareholder value.”
Senseonics reaffirmed its expectation for 2023 revenue to land between $20 million and $24 million.