Given a recent appreciation in the company’s share price, Senseonics decided not to proceed with a planned special meeting of stockholders. The company took this decision to consider the stock split.
Shares of SENS rose 43% to 62¢ apiece at midday today following this announcement.
Germantown, Maryland-based Senseonics develops long-term implantable continuous glucose monitor (CGM) technology. In September, the company won FDA clearance for the Eversense 365 one-year implantable CGM. With the clearance, it became the world’s first 365-day CGM system. Senseonics and its global distribution partner, Ascensia Diabetes Care, announced the launch for Eversense 365 on Oct. 1.
The company issued an update last month highlighting early success with the Eversense 365 launch. The preliminary financial results highlighted that, with a full-year patient base increase of 56% to approximately 6,000 global patients.
Senseonics reported preliminary 2024 revenue of $22.5 million, with about $8.3 million coming in the fourth quarter. Analysts had projected $7.8 million in sales for the quarter. The company said strong interest in Eversense 365 continued, as indicated by doubled direct-to-consumer leads in the fourth quarter compared to the pre-launch fourth quarter.
New shipments of about 600 in December marked the highest monthly total in company history. The compay also reports a 49% increase in patient switches from competitive CGMs since the Eversense 365 launch.
“2024 was a tremendous year for Senseonics, achieving our long-term goal of commercializing the Eversense 365 product, providing people with diabetes a convenient and accurate solution for monitoring blood glucose for an entire year with a single sensor. Additionally, we’ve strengthened our position in the marketplace through the newly created CGM division of our commercial partner, Ascensia, and our partnership with Mercy health system, targeted to proactively improve health outcomes and decrease overall systemwide costs for people with diabetes,” said Tim Goodnow, president and CEO of Senseonics.
The analysts’ take on Senseonics
BTIG analysts Marie Thibault and Sam Eiber remain neutral on Senseonics. They expect to update estimates following the company’s fourth-quarter earnings call and the release of 2025 guidance. For now, they maintain a positive year-over-year revenue growth outlook for 2025.
“We are encouraged by the early progress that SENS has made since the launch of Eversense 365 but continue to stay on the sidelines until we see consistent commercial execution and sales growth,” the analysts said.
Goodnow outlined what to look for in the future from Senseonics as well.
“Patient and provider leads, conversion rates, and interest from health systems have all increased significantly since the U.S. 365 launch, culminating in the highest number of monthly new patient shipments in December 2024, and we expect to see those numbers continue to accelerate in 2025,” Goodnow said. “We also expect to provide updates on pump-connectivity, additional health care systems and our ex-U.S. launch over the course of the year.”
