Sam Brusco, Associate Editor05.14.24
Senseonics has reported the financial results for its first quarter of its fiscal year 2024 (ended March 31).
The company generated revenue of $5.1 million in Q1, growing 21% compared to the prior year’s period. U.S. revenue captured $3.7 million of this (compared to $4.1 million in Q1 2023) and outside revenue dropped from $2 million to $1.4 million.
Gross profit for the quarter was $0.3 million, a slight fall from Q1 2023’s $0.4 million. Senseonics attributed the drop to increased fixed manufacturing costs compared to the previous quarter.
The company expects first-half 2024 global revenue to be $10 million. This represents growth of about 16% compared to Q1 2023. The company said it will present its full-year financial outlook in an investor event during the upcoming American Diabetes Association Scientific Sessions next month.
Senseonics also revealed that it recently filed a 510(k) submission with the U.S. Food and Drug Administration (FDA) for its next-generation Eversense 365-day system for iCGM (integrated continuous glucose monitor) designation.
“It has been a very productive start to the year for Senseonics as we continue to expand the features of Eversense to benefit more people with diabetes. The Eversense platform now sits in its strongest position ever, following receipt of the iCGM designation, the filing of our next-generation 365-day system with the FDA, and the announcements of our Eversense RPM and collaboration with Mercy,” said Tim Goodnow, Ph.D., president and CEO of Senseonics. “We are proud Eversense was chosen by one of the largest and most innovative health systems in the country to monitor risk and proactively treat both their type 1 and type 2 patients. Integrating the longest-lasting CGM into a diabetes population management program, we are confident that Eversense can help improve patient outcomes and lower the cost of care for the thousands of patients in the Mercy system who could benefit from CGM.”
The company generated revenue of $5.1 million in Q1, growing 21% compared to the prior year’s period. U.S. revenue captured $3.7 million of this (compared to $4.1 million in Q1 2023) and outside revenue dropped from $2 million to $1.4 million.
Gross profit for the quarter was $0.3 million, a slight fall from Q1 2023’s $0.4 million. Senseonics attributed the drop to increased fixed manufacturing costs compared to the previous quarter.
The company expects first-half 2024 global revenue to be $10 million. This represents growth of about 16% compared to Q1 2023. The company said it will present its full-year financial outlook in an investor event during the upcoming American Diabetes Association Scientific Sessions next month.
Senseonics also revealed that it recently filed a 510(k) submission with the U.S. Food and Drug Administration (FDA) for its next-generation Eversense 365-day system for iCGM (integrated continuous glucose monitor) designation.
“It has been a very productive start to the year for Senseonics as we continue to expand the features of Eversense to benefit more people with diabetes. The Eversense platform now sits in its strongest position ever, following receipt of the iCGM designation, the filing of our next-generation 365-day system with the FDA, and the announcements of our Eversense RPM and collaboration with Mercy,” said Tim Goodnow, Ph.D., president and CEO of Senseonics. “We are proud Eversense was chosen by one of the largest and most innovative health systems in the country to monitor risk and proactively treat both their type 1 and type 2 patients. Integrating the longest-lasting CGM into a diabetes population management program, we are confident that Eversense can help improve patient outcomes and lower the cost of care for the thousands of patients in the Mercy system who could benefit from CGM.”
Senseonics Q1 and recent highlights
- Teamed up with Rimidi to advance remote diabetes monitoring
- iCGM designation from the U.S. Food and Drug Administration (FDA) for the Eversense implantable CGM