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Senseonics up on Q4 earnings beat, upcoming U.S. launch of Eversense E3

March 2, 2022 By Sean Whooley

Eversense CGM Senseonics
The Eversense CGM [Image courtesy of Senseonics]
Senseonics (NYSE:SENS) shares are up today on Q4 earnings ahead of the consensus forecast, with the company planning to launch its next-gen, implantable, 6-month CGM in the U.S next month.

The Germantown, Maryland-based company posted revenues of $4 million for the three months ended Dec. 31, 2021, representing sales growth of 2.6% from the same period in 2020.

Adjusted to exclude one-time items, earnings per share were 1¢, 4¢ ahead of expectations on Wall Street, where analysts were looking for sales of $4 million.

“Following recent FDA approval, we are excited to make Eversense E3, an industry-leading 6-month sensor, available to patients and health care providers in the U.S. in early April. Our partner Ascensia is establishing a newly dedicated CGM commercial organization to drive both adoption and awareness of the Eversense E3,” Senseonics President and CEO Tim Goodnow said in a news release. “We are excited to continue advancing our long-term implantable sensor pipeline and IDE pivotal study approval for our next-generation one-year sensor this year.”

Senseonics said it expects to log global net revenues between $14 million and $18 million for the full 2022 fiscal year.

SENS shares were up more than 7% at $1.90 apiece by mid-day trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.

BTIG analysts Marie Thibault and Sam Eiber list Senseonics stock as a “neutral” buy, mentioning the upcoming Eversense E3 launch that will see adoption impacted by payor coverage. The analysts wrote that the timing and pace of payor transition to the 180-day CGM is “uncertain and expected to take several quarters.”

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

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