Shares in Senseonics (NYSE:SENS) fell today even though the medical technology company beat expectations on Wall Street with its third quarter results.
The Germantown, Md.-based company posted a loss of -$17.4 million on sales of $2.1 million for the 3 months ended Sept. 30.
Adjusted to exclude 1-time items, earnings per share were -13¢, in-line with EPS estimates on The Street, where analysts were looking for sales of $1.5 million.
“In the third quarter, we continued to strengthen the Eversense franchise, broadening availability of the system in additional European markets, deepening our presence where Eversense has been available, and enhancing our offering with the CE Mark approval of Eversense XL,” president & CEO Tim Goodnow said in prepared remarks.
“In the remaining time in 2017 we will be introducing Eversense XL into the first European market and working with our distribution partners for expanded launch in 2018.”
The company pushed back the timeline to launch its implantable continuous glucose monitor, Eversense XL, in the U.S., saying that it plans to meet with the FDA in the beginning of 2018. But Leerink analysts Danielle Antalffy and Rebecca Wang wrote in a note to investors that the delay “does not change the story, and we continue to see 2018 as a key inflection year on the back of a potentially strong 2H U.S. ramp.
“Revenue in 3Q17 alone is more than all the previous quarters combined, which demonstrates that there is clearly demand. SENS shares could trade higher in reaction to this print, as the strong adoption ramp in Europe – which will likely be viewed as a key datapoint and potential proxy for U.S. adoption by investors – not only highlights the commercial potential of a long-wear sensor but also bodes well for the upcoming U.S. launch.”
SENS shares were trading at $2.62 apiece today in morning activity, down 10.3%.
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