Senseonics Holdings, Inc., in partnership with Ascensia Diabetes Care, has announced FDA clearance for its Eversense 365 continuous glucose monitoring (CGM) system. This next-generation CGM is approved for use in individuals 18 years and older with type 1 or type 2 diabetes. The Eversense 365 system stands out as the first integrated CGM (iCGM) system, allowing seamless integration with compatible medical devices like insulin pumps for automated insulin delivery.
The clearance marks a significant advancement in diabetes management, offering patients a long-term monitoring solution. Ascensia, a subsidiary of PHC Holdings Corporation, anticipates launching Eversense 365 in the U.S. market in the fourth quarter of 2024, focusing on ensuring widespread coverage availability.
Key Features of Eversense 365
Senseonics' Eversense 365 is distinguished as the world's first One-Year CGM system. A single sensor provides continuous glucose monitoring for up to a year, a considerable improvement over the 10-14 day lifespan of traditional short-term CGMs. This extended duration aims to minimize disruptions to patients' lives and improve adherence to monitoring.
According to Senseonics, the Eversense 365 system is designed to help individuals with diabetes increase the time spent within their target glucose range and lower their A1c levels, both critical factors in managing the disease effectively.
Market Impact and Growth
The global CGM device market is experiencing substantial growth, with a valuation of $4.60 billion in 2023. Projections estimate the market will reach $7.51 billion by 2030, exhibiting a compound annual growth rate (CAGR) of approximately 7.2%. This growth is fueled by the increasing prevalence of diabetes and the rising adoption of CGM devices.
Senseonics' recent developments also include first-in-human testing for the Gemini System, a fully implantable, self-powered flash glucose monitor designed for individuals with type 2 diabetes. Additionally, partnerships with Ascensia Diabetes Care and Mercy have expanded the use of Eversense CGM technology across health systems, incorporating remote patient monitoring (RPM) solutions to enhance diabetes management.
Despite the positive news of FDA clearance, Senseonics' stock (SENS) experienced a decline following the announcement, reflecting broader market trends and investor sentiment. As of September 17, 2024, shares decreased by nearly 20% to $0.35. Nevertheless, the company maintains a strong current ratio of 3.1, exceeding the industry average of 2.3.
