Senseonics Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results
Recent Highlights & Accomplishments:
-
Generated revenue of
$8.0 million in the fourth quarter of 2023, representing growth of 44% compared to the prior year period and revenue of$22.4 million in the full year 2023, representing growth of 37% compared to 2022 -
Brian Hansen appointed President of CGM atAscensia Diabetes Care , leading the newly created independent business unit and its dedicated resources and reporting directly toPHC Group , to strengthen Eversense commercial execution - Medicare expanded access to the Eversense E3 CGM System through implementation of Local Coverage Determinations by three Medicare Administrative Contractors (MACs) providing coverage for implantable CGM for basal only patients
- Completed the ENHANCE pivotal trial in preparation of the FDA regulatory filing for the 365-day Eversense system expected to be filed in the coming weeks
-
Drew an additional
$10.0 million on the loan facility with Hercules Capital, Inc. further strengthening the balance sheet
“2023 was a successful year across the business for
Fourth Quarter 2023 Results:
Total revenue for the fourth quarter of 2023 was
Fourth quarter 2023 gross profit of
Fourth quarter 2023 sales and marketing and general and administrative expenses decreased by
Fourth quarter 2023 research and development expenses decreased by
Net loss was
Full Year 2023 Results:
Total revenue for 2023 was
Gross profit for 2023 was
Sales and marketing and general and administrative expenses for 2023 decreased by
Research and development expenses for 2023 increased by
Net loss was
Cash, cash equivalents, short and long-term investments were
First Half 2024 Financial Outlook
Conference Call and Webcast Information:
Company management will host a conference call at
Live Teleconference Information: Dial in number: 888-317-6003 Entry Number: 3711982 International dial in: 412-317-6061 |
Live Webcast Information: Visit http://www.senseonics.com and select the "Investor Relations" section |
A replay of the call can be accessed on
About
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for
|
||||||||
Consolidated Balance Sheets |
||||||||
(in thousands, except for share and per share data) |
||||||||
|
|
|
||||||
|
|
2023 |
|
2022 |
||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
75,709 |
|
|
$ |
35,793 |
|
Short term investments, net |
|
|
33,747 |
|
|
|
108,222 |
|
Accounts receivable, net |
|
|
808 |
|
|
|
127 |
|
Accounts receivable, net - related parties |
|
|
3,724 |
|
|
|
2,324 |
|
Inventory, net |
|
|
8,776 |
|
|
|
7,306 |
|
Prepaid expenses and other current assets |
|
|
7,266 |
|
|
|
7,428 |
|
Total current assets |
|
|
130,030 |
|
|
|
161,200 |
|
|
|
|
|
|
|
|
||
Deposits and other assets |
|
|
7,006 |
|
|
|
3,108 |
|
Long term investments, net |
|
|
— |
|
|
|
12,253 |
|
Property and equipment, net |
|
|
1,184 |
|
|
|
1,112 |
|
Total assets |
|
$ |
138,220 |
|
|
$ |
177,673 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
4,568 |
|
|
$ |
419 |
|
Accrued expenses and other current liabilities |
|
|
11,744 |
|
|
|
14,616 |
|
Accrued expenses and other current liabilities, related parties |
|
|
945 |
|
|
|
837 |
|
Note payable, current portion, net |
|
|
— |
|
|
|
15,579 |
|
Derivative liability, current portion |
|
|
— |
|
|
|
20 |
|
Total current liabilities |
|
|
17,257 |
|
|
|
31,471 |
|
|
|
|
|
|
|
|
||
Long-term debt and notes payables, net |
|
|
41,195 |
|
|
|
56,383 |
|
Derivative liabilities |
|
|
102 |
|
|
|
52,050 |
|
Other liabilities |
|
|
6,214 |
|
|
|
2,689 |
|
Total liabilities |
|
|
64,768 |
|
|
|
142,593 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Preferred stock and additional paid-in-capital, subject to possible redemption: |
|
|
37,656 |
|
|
|
37,656 |
|
Total temporary equity |
|
|
37,656 |
|
|
|
37,656 |
|
|
|
|
|
|
|
|
||
Stockholders’ equity (deficit): |
|
|
|
|
|
|
||
Common stock, |
|
|
530 |
|
|
|
480 |
|
Additional paid-in capital |
|
|
904,535 |
|
|
|
806,488 |
|
Accumulated other comprehensive loss |
|
|
(11 |
) |
|
|
(678 |
) |
Accumulated deficit |
|
|
(869,258 |
) |
|
|
(808,866 |
) |
Total stockholders' equity (deficit) |
|
|
35,796 |
|
|
|
(2,576 |
) |
Total liabilities, temporary equity and stockholders’ equity (deficit) |
|
$ |
138,220 |
|
|
$ |
177,673 |
|
|
||||||||
Consolidated Statements of Operations and Comprehensive (Loss) Income |
||||||||
(in thousands, except for share and per share data) |
||||||||
|
|
|
|
|
|
|
||
|
|
Years Ended |
||||||
|
|
|
||||||
|
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
||
Revenue, net |
|
$ |
1,655 |
|
|
$ |
656 |
|
Revenue, net - related parties |
|
|
20,735 |
|
|
|
15,733 |
|
Total revenue |
|
|
22,390 |
|
|
|
16,389 |
|
Cost of sales |
|
|
19,299 |
|
|
|
13,663 |
|
Gross profit |
|
|
3,091 |
|
|
|
2,726 |
|
|
|
|
|
|
|
|
||
Expenses: |
|
|
|
|
|
|
||
Research and development expenses |
|
|
48,752 |
|
|
|
39,719 |
|
Selling, general and administrative expenses |
|
|
29,942 |
|
|
|
31,634 |
|
Operating loss |
|
|
(75,603 |
) |
|
|
(68,627 |
) |
Other income (expense), net: |
|
|
|
|
|
|
||
Interest income |
|
|
5,362 |
|
|
|
1,824 |
|
Gain (Loss) on fair value adjustment of option |
|
|
— |
|
|
|
43,745 |
|
Exchange related gain, net |
|
|
14,109 |
|
|
|
— |
|
Gain (Loss) on extinguishment of debt and option |
|
|
— |
|
|
|
(101 |
) |
Interest expense |
|
|
(11,110 |
) |
|
|
(18,703 |
) |
Gain (Loss) on change in fair value of derivatives |
|
|
6,648 |
|
|
|
184,221 |
|
Impairment cost |
|
|
— |
|
|
|
(138 |
) |
Other income (expense) |
|
|
202 |
|
|
|
(102 |
) |
Total other income, net |
|
|
15,211 |
|
|
|
210,746 |
|
|
|
|
|
|
|
|
||
Net (Loss) Income |
|
|
(60,392 |
) |
|
|
142,119 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
||
Unrealized gain (loss) on marketable securities |
|
|
667 |
|
|
|
(466 |
) |
Total other comprehensive gain (loss) |
|
|
667 |
|
|
|
(466 |
) |
Total comprehensive (loss) income |
|
$ |
(59,725 |
) |
|
$ |
141,653 |
|
|
|
|
|
|
|
|
||
Basic net (loss) income per common share |
|
$ |
(0.11 |
) |
|
$ |
0.30 |
|
Basic weighted-average shares outstanding |
|
|
567,974,492 |
|
|
|
467,952,475 |
|
|
|
|
|
|
|
|
||
Diluted net loss per common share |
|
$ |
(0.11 |
) |
|
$ |
(0.11 |
) |
Diluted weighted-average shares outstanding |
|
|
567,974,492 |
|
|
|
618,205,605 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229581974/en/
Investor Contact
415-937-5406
Investors@senseonics.com
Source: