Senseonics Announces Extension of Distribution Agreement with Roche Diabetes Care
February 03 2019 - 5:00PM
Business Wire
Reports Preliminary Fourth Quarter and Full Year 2018 Revenue
Results and Issues 2019 Financial Guidance
Conference Call Monday, February 4, 2019 at 8:00 a.m.
ET
Senseonics Holdings, Inc. (NYSE-American: SENS), a medical
technology company focused on the development and commercialization
of a long-term, implantable continuous glucose monitoring (CGM)
system for people with diabetes, today announced an extension of
its distribution agreement with Roche Diabetes Care. As extended,
the agreement now runs through January 31, 2021. Under terms of the
extended agreement, Roche will continue its role as Senseonics
exclusive distributor in Europe, the Middle East and Africa,
excluding Scandinavia and Israel. In addition, the agreement has
been expanded to provide Roche with exclusive distribution rights
in 17 additional countries, including Brazil, Russia, India and
China, as well as select markets in the Asia Pacific and Latin
American regions.
Senseonics also announced preliminary revenue results for fourth
quarter and full year 2018. Unaudited preliminary revenue is
expected to be $8.0 million for the fourth quarter of 2018 and
$19.7 million for the full year 2018, compared to $2.9 million for
the fourth quarter of 2017 and $6.4 million for the full year 2017.
As of December 31, 2018, cash and cash equivalents were $136.8
million and outstanding indebtedness was $67.7 million.
“We are excited about the ongoing and incremental commitment
from Roche, both from a geographic expansion and volume
perspective. We believe that the positive reception that the
Eversense® CGM System has received in Europe is validation that
patients and clinicians are experiencing the transformative power
of a long-term CGM system. We look forward to our expanded
relationship with Roche in which we have made market expansion,
with access and volume in existing and new countries, a strategic
priority,” said Tim Goodnow, President and Chief Executive
Officer.
Mr. Goodnow continued, “We are also pleased with our fourth
quarter and full year revenue results. In 2018 we achieved several
significant accomplishments including the launch of Eversense in
the U.S. and the extended life Eversense® XL system in Europe. The
U.S. launch is progressing along with our expectations – feedback
from patients has been encouraging, and we are more inspired now
than ever about the potential life-enhancing benefits this product
offers people with diabetes.”
2019 Financial Outlook
Management projects revenue for full year 2019 to be in the
range of $28.0 million to $32.0 million.
Conference Call and Webcast Information
Management will host a conference call at 8:00 a.m. (Eastern
Time) February 4, 2019 to discuss this announcement. The conference
call will be concurrently webcast. The link to the webcast will be
available on the Senseonics Holdings, Inc. website at
www.senseonics.com by navigating to “Investor Relations,” and then
“Events & Publications,” and will be archived there for future
reference. To listen to the conference call, please dial
888-632-5004 (US/Canada) or 786-789-4762 (International), passcode
855588, approximately ten to five minutes prior to start time.
Note about Preliminary Results
The financial results presented in this release are preliminary
and may change. This preliminary financial information includes
calculations or figures that have been prepared internally by
management and have not been reviewed or audited by Senseonics’
auditors. There can be no assurance that Senseonics’ actual results
for the periods presented herein will not differ from the
preliminary financial data presented herein and such changes could
be material. This preliminary financial data should not be viewed
as a substitute for full financial statements prepared in
accordance with U.S. GAAP and is not necessarily indicative of the
results to be achieved for any future periods.
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
expanded relationship with Roche Diabetes care, the potential
commercialization of Eversense in additional markets, Senseonics’
2019 financial guidance, the ongoing commercialization of Eversense
in Europe, the continuing launch of Eversense in the U.S., 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, 2017,
Senseonics’ Quarterly Report on Form 10-Q for the quarter ended
September 30, 2018, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190203005028/en/
INVESTOR CONTACTLynn Lewis or Philip TaylorInvestor
Relations415-937-5406investors@senseonics.com
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