Senseonics' Eversense 365 Sees Positive Outlook After Mixed Q3 Results
Key Insights
Senseonics (search) reported mixed Q3 2024 results, with a net loss of $23.98 million (4¢ per share) but exceeding sales forecasts at $4.26 million.
The company received FDA clearance and launched Eversense 365 (search), the first 365-day implantable continuous glucose monitor (CGM) system.
Senseonics (search) anticipates full-year 2024 revenue around $22 million, driven by the transition to Eversense 365 (search) and increased patient starts.
Senseonics (search) (NYSE:SENS) experienced a slight dip in shares following the release of its third-quarter results, which presented a mixed financial picture alongside a promising outlook for its Eversense 365 (search) continuous glucose monitor (CGM). The company's Q3 results revealed a net loss of $23.98 million, equating to 4¢ per share, on sales of $4.26 million for the three months ending September 30. While the earnings per share fell short of Wall Street expectations by 1¢, sales surpassed forecasts, which had projected $4.08 million in revenue.
The highlight of the quarter was the FDA clearance and subsequent launch of the Eversense 365 (search) CGM, marking it as the world's first 365-day implantable CGM system. Senseonics (search) and its distribution partner, Ascensia Diabetes Care (search), initiated the launch on October 1.
Eversense 365 Launch and Initial Reception
Tim Goodnow, president and CEO of Senseonics (search), noted the positive initial response to Eversense 365 (search). "We received FDA approval for Eversense 365 in the third quarter, and Mercy completed the first commercial patient insertion of our new sensor last month," Goodnow stated. "In the first week after approval, we received the highest influx of inquiries in Senseonics’ history, and early feedback from clinicians has been extremely positive." He further added that the company is encouraged by the higher-than-expected number of healthcare provider leads and inbound interest from key opinion leaders.
Financial Outlook and Analyst Perspective
Senseonics (search) anticipates full-year revenue for 2024 to be approximately $22 million as it transitions U.S. patients to Eversense 365 (search). This projection is based on the expectation of more than doubling new U.S. patient starts and the global installed base. However, BTIG analysts Marie Thibault and Sam Eiber maintain a neutral stance on Senseonics. They acknowledged the positive momentum from the 365-day system launch and recent business initiatives but are waiting for consistent commercial execution and sales growth before changing their rating.