Senseonics, a company specializing in long-term implantable continuous glucose monitoring (CGM) systems, experienced a slight setback in their second-quarter results, causing their shares to drop by 4% in after-hours trading. Despite falling short of the consensus sales forecast, Senseonics reported a 17.9% sales growth, with losses of $20.3 million, equivalent to 3¢ per share on sales of $4.865 million for the three months ending on June 30, 2024.
However, the company remains optimistic about the future, with the FDA review for the 510(k) submission of their next-generation 365-day Eversense system progressing well. This long-term CGM is expected to be launched in the fourth quarter of 2024. In addition to the Eversense system, Senseonics has also initiated first-in-human testing for its Gemini system, which includes two non-Eversense sensors – Gemini and Freedom. Gemini is designed as a one-year sensor with a battery for continuous and optional point-in-time reading, while Freedom does not include a transmitter for direct communication between the sensor and handheld device.
Brian Hansen, the president of CGM at Ascensia and Senseonics, shared the company’s future plans at ADA 2024, highlighting their focus on expanding the Eversense user base, integrating the Eversense CGM + RPM solution with Mercy, and preparing for the launch of the 365-day Eversense product. Tim Goodnow, the president and CEO of Senseonics, expressed confidence in the company’s strategic initiatives and development pipeline, envisioning significant future growth opportunities.
Looking ahead, Senseonics expects 2024 revenues to fall within the range of $22 million to $24 million, indicating a positive outlook despite the recent financial results. The company remains committed to advancing their long-term CGM technology and expanding their product offerings to better serve individuals with diabetes, particularly those with type 2 diabetes who may benefit from innovative monitoring solutions.
In conclusion, while Senseonics may have faced challenges in the second quarter, their focus on innovation, strategic partnerships, and product development positions them well for future success in the continuously evolving CGM market. As they continue to advance their technology and expand their user base, Senseonics remains a key player in the field of long-term implantable CGM systems, with promising opportunities on the horizon.
