Senseonics (NYSE:SENS) said this week that Health Care Service Corporation – Blue Cross Blue Shield is providing coverage for the Eversense continuous glucose monitoring system, effective as of yesterday.
HCSC – Blue Cross Blue Shield is the fourth-largest health insurer in the U.S. and serves more than 16 million members, according to a news release. Last month, Senseonics announced that Blue Cross Blue Shield of Massachusetts and Idaho now provide coverage for Eversense.
Eversense is a long-term, implantable GCM sensor with a transmitter that sends discreet vibrations to alert users of low or high glucose. The device can be removed, recharged and re-adhered without discarding the sensor. The system was launched in August 2018 and has since won FDA approval to enable nurse practitioners and physicians assistants, not just trained physicians, to implant and remove the device.
In August, Germantown, Md.-based Senseonics touted data from a two-year post-market registry in Europe that showed no serious adverse events and a low rate of related adverse events following multiple sensor insertion and removal cycles. The company said 5,417 sensors were inserted, for a total 1,260 patient-years of followup. Over the two years of data collection, 0.96% of patients experienced sensor-site infection and 0.66% showed irritation from the adhesive patch.
Also in August, the company touted real-world data from a study of 205 U.S. patients using Eversense over a 90-day wear period. That study reported zero device or procedure-related adverse events from Eversense implementation.
“Having HCSC recognize Eversense as one of their covered diabetes management tools demonstrates that more payers are seeing the value that our long-term CGM brings to their members with diabetes,” Senseonics president & CEO Tim Goodnow said in prepared remarks. “Increasing patient access for Eversense has been a top corporate priority and this is a significant milestone in helping us reach approximately 100 million covered lives on our path to widespread insurance coverage. With each new coverage decision, we are able to reduce the financial barriers and help millions of people with diabetes experience the freedom that Eversense brings for up to 90 days of continuous glucose readings.”
Shares of SENS were down -2.9% at 89¢ per share in mid-afternoon trading today.