Senseonics Holdings, Inc. (NYSE-MKT: SENS), a medical technology
company focused on the development and commercialization of
Eversense®, a long-term, implantable continuous glucose monitoring
(CGM) system for people with diabetes, today reported financial
results for the third quarter and nine months ended September 30,
2016.
RECENT HIGHLIGHTS & ACCOMPLISHMENTS:
- Completed Eversense® U.S. pivotal trial
and released top-line results
- Eversense® PMA submitted to FDA in
October
- German launch initiated late
September
"We continued to make progress on both the clinical and
regulatory front as well as in our commercial roll-out in Europe,”
said Tim Goodnow, President and Chief Executive Officer of
Senseonics. “The submission of our PMA to the FDA represented a
major milestone for the company as we move closer to bringing the
Eversense system to people with diabetes in the United States.”
Dr. Mark Christiansen, lead clinician in the PRECISE II trial,
will present “PRECISE II Pivotal Trail: 90-Day Subcutaneously
Implanted Glucose Sensor” at 8:25 a.m. EST on November 10, 2016.
Senseonics intends to contemporaneously file a Current Report on
Form 8-K with the U.S. Securities and Exchange Commission on
November 10, 2016 containing a copy of Dr. Christensen’s
presentation. An archived copy of this presentation will be made
available on Senseonics’ website.
THIRD QUARTER 2016 RESULTS:
Net loss was $10.9 million, or $0.12 per share, in the third
quarter of 2016, compared to $8.6 million, or $4.39 per share, in
the third quarter of 2015. Third quarter 2016 net loss per share
was based on 93.4 million weighted-average shares outstanding,
compared to 1.9 million weighted-average shares outstanding in the
third quarter of 2015.
Third quarter 2016 sales and marketing expenses increased $0.3
million year-over year to $0.7 million, compared to $0.4 million
for the third quarter of 2015. The increase in sales and marketing
expenses was primarily related to investments in additional
headcount in support of the commercial launch of Eversense in
Europe. On a sequential quarter comparison, third quarter 2016
sales and marketing expense increased $0.1 million compared to the
second quarter of 2016.
Third quarter 2016 research and development expenses increased
$2.2 million year-over-year, to $6.9 million, compared to $4.7
million for the third quarter of 2015. The increase in research and
development expense was primarily driven by product development
expenses for future versions of Eversense and clinical trial costs
related to the conduct of Senseonics’ U.S. pivotal trial. On a
sequential quarter comparison, third quarter 2016 research and
development expenses decreased $0.7 million, or 9%, compared to the
second quarter of 2016. The primary driver behind this decrease is
the completion of the U.S. pivotal trial.
Third quarter 2016 general and administrative expenses decreased
$0.5 million, year-over-year, to $2.8 million, compared to $3.3
million for the third quarter of 2015. The decrease in general and
administration expenses was driven primarily by a reduction in
legal expenses. On a sequential quarter comparison, third quarter
2016 general and administrative expenses decreased $0.5 million, or
16%, compared to the second quarter of 2016. The primary drivers of
this decrease were a $0.3 million decrease in non-cash stock-based
compensation expense and a $0.2 decrease in legal expense.
As of September 30, 2016, cash, cash equivalents, and marketable
securities were $25.7 million and outstanding indebtedness was
$14.6 million, compared to cash and cash equivalents of $3.9
million and outstanding indebtedness of $9.9 million, as of
December 31, 2015.
CONFERENCE CALL AND WEBCAST INFORMATION
Company management will host a conference call at 4:30 pm
(Eastern Time) today, November 3, 2016, to discuss these financial
results. This conference call can be accessed live by telephone or
through Senseonics’ website.
Live
Teleconference Information:
Live Webcast
Information:
Dial in number: (877)883-0383, PW
1720785
Visit http://www.senseonics.com and
select
International dial in: (412)902-6506
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 glucose
monitoring products designed to help people with diabetes
confidently live their lives with ease. Senseonics’ first
generation continuous glucose monitoring (CGM) system, Eversense®,
includes a small sensor, smart transmitter and mobile application.
Based on fluorescence sensing technology, the sensor is designed to
be inserted subcutaneously and communicate with the smart
transmitter to wirelessly transmit glucose levels to a mobile
device. After insertion, the sensor is designed to continually and
accurately measure glucose levels. For more information on
Senseonics, please visit www.senseonics.com.
SAFE HARBOR STATEMENT
Certain statements contained in this press release, other than
statements of fact that are independently verifiable at the date
hereof, may constitute “forward-looking statements.” These
forward-looking statements reflect Senseonics’ current views about
its plans, intentions, expectations, strategies and prospects,
including statements concerning the commercial launch of Eversense,
future regulatory filings and future product enhancements. These
statements are based on the information currently available to
Senseonics and on assumptions Senseonics has made. Although
Senseonics believes that its plans, intentions, expectations,
strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, Senseonics can give no
assurance that the plans, intentions, expectations or strategies
will be attained or achieved. Furthermore, actual results may
differ materially from those described in the forward-looking
statements and will be affected by a variety of risks and factors
that are beyond Senseonics’ control. Other risks and uncertainties
are more fully described in the section entitled “Risk Factors” in
Senseonics’ Annual Report on Form 10-K filed with the Securities
and Exchange Commission (SEC) on February 19, 2016, the Quarterly
Report on Form 10-Q filed with the SEC on August 9, 2016 and its
other SEC filings. Existing and prospective investors are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The statements made in this
press release speak only as of the date stated herein, and
subsequent events and developments may cause Senseonics’
expectations and beliefs to change. Unless otherwise required by
applicable securities laws, Senseonics does not intend, nor does it
undertake any obligation, to update or revise any forward-looking
statements contained in this news release to reflect subsequent
information, events, results or circumstances or otherwise.
Senseonics Holdings, Inc. Condensed
Consolidated Balance Sheets (in thousands, except share and
per share data) September 30, December 31,
2016 2015 (unaudited)
Assets Current assets:
Cash and cash equivalents $ 16,496 $ 3,939 Marketable securities
9,176 — Prepaid expenses and other current assets 593 1,025
Inventory 329 — Total current assets
26,594 4,964 Deposits and other assets 644 217 Property and
equipment, net 776 311 Total assets $
28,014 $ 5,492
Liabilities and
Stockholders’ Equity (Deficit) Current liabilities: Accounts
payable $ 5,348 $ 1,252 Accrued expenses and other current
liabilities 3,578 3,694 Note payable, current portion 1,667
2,389 Total current liabilities 10,593 7,335
Note payable, net of discount 12,983 7,499 Accrued interest
127 327 Other liabilities 86 28 Total
liabilities 23,789 15,189
Commitments and contingencies
Stockholders’ equity (deficit): Preferred stock, $0.001 par
value per share; 5,000,000 and 0 shares authorized, no shares
issued and outstanding as of September 30, 2016 and December 31,
2015 — — Common stock, $0.001 par value per share; 250,000,000
shares authorized, 93,390,172 and 75,760,061 shares issued and
outstanding as of September 30, 2016 and December 31, 2015 93 76
Additional paid-in capital 198,889 151,019 Accumulated deficit
(194,757 ) (160,792 ) Total stockholders’ equity
(deficit) 4,225 (9,697 ) Total liabilities and
stockholders’ equity (deficit) $ 28,014 $ 5,492
Senseonics Holdings, Inc.
Unaudited Condensed Consolidated
Statement of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)
Three Months Ended Nine Months Ended September
30, September 30, 2016 2015 2016
2015 Revenue $ 37 $ — $ 56 $ 38 Cost of sales 114
— 148 — Gross
profit (77 ) — (92 ) 38 Expenses: Sales and marketing
expenses 733 351 2,001 941 Research and development expenses 6,883
4,682 20,838 13,542 General and administrative expenses 2,819 3,282
10,060 6,178
Operating loss (10,512 ) (8,315 ) (32,991 ) (20,623 ) Other
income (expense), net: Interest income 35 2 69 5 Interest expense
(502 ) (266 ) (1,045 ) (834 ) Other income (expense) 92 (6 ) 3 (11
) Net loss
(10,887 ) (8,585 ) (33,964 ) (21,463 ) Other comprehensive income
(loss) — — — —
Total comprehensive loss $ (10,887 ) $ (8,585 ) $ (33,964 )
$ (21,463 ) Basic and diluted net loss per common share $
(0.12 ) $ (4.39 ) $ (0.39 ) $ (11.07 ) Basic and diluted
weighted-average shares outstanding 93,386,139
1,955,222 87,838,031 1,939,588
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version on businesswire.com: http://www.businesswire.com/news/home/20161103006722/en/
Senseonics Holdings, Inc.INVESTOR CONTACTR. Don
ElseyChief Financial
Officer301-556-1602don.elsey@senseonics.com
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