08.17.23
Medical device company, Senseonics Holdings released financial results for the quarter ending on June 30, 2023.
“In the second quarter, we continued to execute on our strategic priorities of advancing our product pipeline and collaborating with Ascensia Diabetes Care, our global commercial partner. The FDA submission for the iCGM designation and the expansion of both Ascensia’s dedicated U.S. CGM salesforce and the NPG partnership support our drive to increase patent and provider adaptation of our Eversense System,” said President and CEO Tim Goodnow.
This year’s total revenue for Q2 was higher than last year at $4.1 million compared to $3.7 million in the second quarter of 2022. U.S. revenue for 2023’s second quarter was $1.8 million compared to $1.2 million in the prior year period, and outside revenue was $2.3 million in Q2 with $2.5 million in Q1 of 2023.
The gross profit decreased in the second quarter by $0.4 million from $0.8 million in gross profit form Q2 of 2022. This was primarily driven from an increase in revenue share percentage due to Ascensia.
Research and development expenses increased year-over-year to %12.8 million, due to investments in product development and clinical trials for next generation technologies.
Net loss was $0.04 per share or $20.4 million in Q2 2023 compared to a net income of $0.22 per share or $104.2 million in Q2 2022.
Senseonics expects the full year 2023 global net revenue to be in the range of $20 million to $23 million.
The company specializes in developing and manufacturing long-term, implantable continuous glucose monitoring (CGM) systems. Systems include Eversense, Eversense XL and Eversense E3 which all include a small sensor inserted under the skin that communicates with a smart transmitter overtop that sends data to the user’s smartphone.
“In the second quarter, we continued to execute on our strategic priorities of advancing our product pipeline and collaborating with Ascensia Diabetes Care, our global commercial partner. The FDA submission for the iCGM designation and the expansion of both Ascensia’s dedicated U.S. CGM salesforce and the NPG partnership support our drive to increase patent and provider adaptation of our Eversense System,” said President and CEO Tim Goodnow.
This year’s total revenue for Q2 was higher than last year at $4.1 million compared to $3.7 million in the second quarter of 2022. U.S. revenue for 2023’s second quarter was $1.8 million compared to $1.2 million in the prior year period, and outside revenue was $2.3 million in Q2 with $2.5 million in Q1 of 2023.
The gross profit decreased in the second quarter by $0.4 million from $0.8 million in gross profit form Q2 of 2022. This was primarily driven from an increase in revenue share percentage due to Ascensia.
Research and development expenses increased year-over-year to %12.8 million, due to investments in product development and clinical trials for next generation technologies.
Net loss was $0.04 per share or $20.4 million in Q2 2023 compared to a net income of $0.22 per share or $104.2 million in Q2 2022.
Recent Highlights:
- Application submitted to the FDA for an iCGM designation for the Eversense CGM system.
- Expansion of the NPG sensor network providing patients with more convenient options to start Eversense.
- Positive coverage decision received from UnitedHealthcare for the Eversense E3 CGM and expanded access to approximately 300 covered customers.
- Presented positive data at the 83rd American Diabetes association Scientific Sensors, highlighting 365-day accuracy and longevity for the Eversense System.
Senseonics expects the full year 2023 global net revenue to be in the range of $20 million to $23 million.
The company specializes in developing and manufacturing long-term, implantable continuous glucose monitoring (CGM) systems. Systems include Eversense, Eversense XL and Eversense E3 which all include a small sensor inserted under the skin that communicates with a smart transmitter overtop that sends data to the user’s smartphone.