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.”
