Senseonics Holdings, Inc. (NYSE American: SENS), a medical
technology company focused on the design, development and
commercialization of a long-term, implantable continuous glucose
monitoring (CGM) system for people with diabetes, today reported
financial results for the quarter ended March 31, 2019.
RECENT HIGHLIGHTS & ACCOMPLISHMENTS:
- First quarter 2019 revenue of $3.4
million
- Launched Eversense Bridge Patient
Access Program to expand Eversense access for patients across the
U.S.
- Received positive coverage decision for
Eversense from Techniker, the largest payor in Germany covering
over 10 million lives
- Initiated Eversense CGM data
integration with the Glooko platform to provide patients and
providers insights and actions for diabetes management based on
personal glucose profiles
“We are pleased with our progress this year, which is
marked by growing interest and support of Eversense from users,
prescribers and payors,” said Tim Goodnow, President and Chief
Executive Officer of Senseonics. “We are seeing meaningful
growth in both covered lives and new users through our European
partners. In the U.S., the launch of the Eversense Bridge Patient
Access Program is simplifying the reimbursement process for new
patients and supporting their ability to act on the interest we see
across patients and providers. It is also enabling additional
opportunities to get in front of the largest national payors.
Through constructive experiences with these payors, we
believe that we will obtain additional positive
coverage decisions in the future. We are looking forward to
building on this momentum.”
FIRST QUARTER 2019 RESULTS:
Revenue was $3.4 million for the first quarter of 2019 including
adjustments for the bridge program, compared to $2.9 million for
the first quarter of 2018.
First quarter 2019 gross profit decreased by $2.9 million
year-over year, to ($3.3) million. The decrease in gross profit was
associated with one-time component obsolescence due to product
upgrades and product expiry due to the timing of the extension of
the company’s distribution agreement with Roche.
First quarter 2019 sales and marketing expenses increased $9.4
million year-over year, to $12.8 million. The increase in sales and
marketing expenses was primarily driven by the build out of the
U.S. salesforce.
First quarter 2019 research and development expenses decreased
$1.0 million year-over-year, to $7.1 million. The decrease in
research and development expenses was primarily driven by the
completion of all activities associated with the U.S. PMA Panel
meeting for Eversense.
First quarter 2019 general and administrative expenses increased
$2.5 million, year-over-year, to $6.5 million. The increase in
general and administrative expenses was primarily driven by an
increase in compensation, legal and other administrative expenses
associated with supporting operational growth.
Net loss was $29.4 million, or $0.17 per share, in the first
quarter of 2019, compared to $22.3 million, or $0.16 per share, in
the first quarter of 2018.
As of March 31, 2019, cash and cash equivalents were $103.7
million and outstanding indebtedness was $65.2 million.
2019 Financial Outlook
Revenue for full year 2019 is expected to be in the range of $25
to $30 million.
CONFERENCE CALL AND WEBCAST INFORMATION
Company management will host a conference call at 4:30 pm
(Eastern Time) today, May 9, 2019, to discuss these financial
results and recent business developments. This conference call can
be accessed live by telephone or through Senseonics’ website.
Live
Teleconference Information:Dial in number:
888-378-4398Entry Number: 756769International dial
in: 786-789-4775
Live Webcast
Information:
Visit http://www.senseonics.com and select
the “Investor Relations” section
A replay of the call can be accessed on Senseonics’ website
http://www.senseonics.com under “Investor Relations.”
About Senseonics
Senseonics Holdings, Inc. is a medical technology company
focused on the design, development and commercialization of
transformative glucose monitoring products designed to help people
with diabetes confidently live their lives with ease. From its
inception, Senseonics has been advancing the integration of novel,
fluorescence sensor technology with smart wearable devices. The
Eversense® CGM System received PMA approval from the FDA for up to
90 days of continuous use and is available in the United States.
The Eversense® XL CGM System received CE mark for up to 180 days of
continuous use and is available in Europe. For more information on
Senseonics, please visit www.senseonics.com.
FORWARD LOOKING STATEMENTS
Any statements in this press release about future expectations,
plans and prospects for Senseonics, including statements about the
potential additional positive coverage decisions, the potential
commercialization of Eversense in additional markets, Senseonics’
projected revenue for full year 2019, the ongoing commercialization
of Eversense in the U.S. and Eversense XL in Europe, growing
patient and clinician demand for Eversense, and the potential
life-enhancing benefits Eversense offers people with diabetes, and
other statements containing the words “believe,” “expect,”
“intend,” “may,” “projects,” “will,” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including:
uncertainties in the development and regulatory approval processes,
uncertainties inherent in the commercial launch and commercial
expansion of the product, and such other factors as are set forth
in the risk factors detailed in Senseonics’ Annual Report on Form
10-K for the year ended December 31, 2018, Senseonics’ Quarterly
Report on Form 10-Q for the quarter ended March 31, 2019, and
Senseonics’ other filings with the SEC under the heading “Risk
Factors.” In addition, the forward-looking statements included in
this press release represent Senseonics’ views as of the date
hereof. Senseonics anticipates that subsequent events and
developments will cause Senseonics’ views to change. However, while
Senseonics may elect to update these forward-looking statements at
some point in the future, Senseonics specifically disclaims any
obligation to do so except as required by law. These
forward-looking statements should not be relied upon as
representing Senseonics’ views as of any date subsequent to the
date hereof.
Senseonics Holdings, Inc. Condensed
Consolidated Balance Sheets (in thousands, except share and
per share data) March 31, December 31,
2019 2018 (unaudited)
Assets Current
assets: Cash and cash equivalents $ 103,675 $ 136,793
Accounts receivable (primarily from a
related party)
2,367 7,097 Inventory, net 14,370 10,231 Prepaid expenses and other
current assets 4,698 3,985 Total
current assets 125,110 158,106 Deposits and other assets 114
117 Property and equipment, net 2,046 1,750 Right of use asset,
building 2,131 — Total assets $ 129,401
$ 159,973
Liabilities and Stockholders’
Equity Current liabilities: Accounts payable $ 3,274 $ 4,407
Accrued expenses and other current liabilities 13,754 13,851 Right
of use liability, building, current portion 431 — Deferred revenue
— 628 Term Loans, current portion 10,000
10,000 Total current liabilities 27,459 28,886 Term
Loans, net of discount and current portion 2,347 4,783 2023 Notes,
net of discount 36,949 36,103 Derivative liability 15,019 17,091
Term Loans, accrued interest 1,892 1,764 Right of use liability,
building, net of current portion 1,791 — Other liabilities —
85 Total liabilities 85,457 88,712
Stockholders’ equity:
Common stock, $0.001 par value per share;
450,000,000 shares authorized; 176,958,487 and 176,918,381 shares
issued and outstanding as of March 31, 2019 and December 31,
2018
177 177 Additional paid-in capital 430,926 428,878 Accumulated
deficit (387,159 ) (357,794 ) Total stockholders'
equity 43,944 71,261 Total liabilities
and stockholders’ equity $ 129,401 $ 159,973
Senseonics Holdings, Inc. Unaudited Condensed
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
Three Months Ended March 31, 2019
2018 Revenue, primarily from a related party $ 3,423 $ 2,946
Cost of sales 6,733 3,308 Gross profit
(3,310 ) (362 ) Expenses: Sales and marketing expenses
12,834 3,441 Research and development expenses 7,108 8,113 General
and administrative expenses 6,516 4,011
Operating loss (29,768 ) (15,927 ) Other income (expense), net:
Interest income 627 184 Interest expense (2,034 ) (1,771 ) Change
in fair value of derivative liability 2,072 (4,847 ) Other
(expense) income (262 ) 88 Total other income
(expense), net 403 (6,346 ) Net loss
(29,365 ) (22,273 ) Total comprehensive loss $ (29,365 ) $ (22,273
) Basic and diluted net loss per common share $ (0.17 ) $
(0.16 ) Basic and diluted weighted-average shares outstanding
176,954,116 137,069,008
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INVESTOR CONTACTLynn Lewis or Philip TaylorInvestor
Relations415-937-5406Investors@senseonics.com
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