Senseonics Holdings, Inc. reports third quarter 2023 financial results

Senseonics Holdings, Inc. reported financial results for the quarter ended September 30, 2023.

Recent highlights & accomplishments:

• Generated revenue of $6.1 million in the third quarter of 2023
• Announced the last patient completion of the 365-day ENHANCE Pivotal Clinical Study adult cohort
• Launched with our global commercial partner Ascensia Diabetes Care, a new direct to consumer U.S. advertising campaign, ‘The CGM for Real Life’ to increase awareness of Eversense’s unique benefits
• Entered into a $50 million non-dilutive loan facility with Hercules Capital, Inc. and drew down an initial $25 million, further strengthening the balance sheet

“The third quarter was marked by milestones across our development programs, commercial collaboration with Ascensia, and continued progress in strengthening our balance sheet,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “Completing the adult cohort of the ENHANCE 365-day pivotal trial, launching a new advertising campaign and finalizing a new loan facility all help position us to advance our plans to grow adoption of Eversense, the world’s only long term CGM.”

Third quarter 2023 results:
Total revenue for the third quarter of 2023 was $6.1 million compared to $4.6 million for the third quarter of 2022. U.S. revenue was $3.9 million in the third quarter of 2023 compared to $1.9 million in the prior year period, and revenue outside the U.S. was $2.2 million in the third quarter of 2023 compared to $2.7 million in the prior year period.

Third quarter 2023 gross profit of $1.2 million increased from $0.8 million in gross profit for the third quarter of 2022. The increase in gross margin was primarily driven by an increase to revenue as volumes increased.

Third quarter 2023 sales and marketing and general and administrative expenses increased by $0.1 million year-over-year, to $7.4 million. The consistency was the result of efforts to manage other general and administrative costs across the organization.

Third quarter 2023 research and development expenses increased by $1.8 million year-over-year, to $12.8 million. The increase was primarily due to investments in our product pipeline for development and clinical trials of next generation technologies.

Net loss was $24.1 million, or $0.04 per share, in the third quarter of 2023 compared to a net loss of $60.4 million, or $0.13 per share, in the third quarter of 2022. Net income increased by $36.3 million due to the accounting for embedded derivatives, fair value adjustments and the exchange of a portion of the 2025 notes.

Cash, cash equivalents, short and long-term investments were $125.4 million and outstanding indebtedness was $45.8 million as of September 30, 2023.

2023 financial outlook
Senseonics expects full year 2023 global net revenue to be at the midpoint of the $20 million to $24 million range.
MB Bureau