Senseonics Holdings, Inc. Reports First Quarter 2024 Financial Results
Recent Highlights & Accomplishments:
-
Generated revenue of
$5.1 million in the first quarter of 2024, representing growth of 22% compared to the prior year period -
Announced integration of Eversense® CGM and the Eversense Remote Patient Monitoring (RPM) solution within
St. Louis -based Mercy health care system, a major healthcare provider serving three million patients annually, including 30,000 potential CGM users. The collaboration aims to enhance patient outcomes and reduce healthcare costs for users and is being designed as a model to aid health systems in managing large at-risk populations effectively and economically -
Received iCGM (integrated CGM) designation for the Eversense System from the
U.S, Food and Drug Administration , making Eversense the first fully implantable continuous glucose monitoring system that can now be integrated with insulin pumps as part of an automated insulin delivery system - Filed a 510(k) submission with the FDA for the next generation Eversense 365-day system for iCGM designation
“It has been a very productive start to the year for
First Quarter 2024 Results:
Total revenue for the first quarter of 2024 was
First quarter 2024 gross profit of
First quarter 2024 sales and marketing and general and administrative expenses increased by
First quarter 2024 research and development expenses decreased by
Net loss was
First Half 2024 Financial Outlook
The Company plans to provide its full year financial outlook at an investor event to be scheduled during the upcoming American Diabetes Association Scientific Sessions on
Conference Call and Webcast Information:
Company management will host a conference call at
Live Teleconference Information: Dial in number: 888-317-6003 Entry Number: 7182212 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
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Condensed Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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2024 |
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2023 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
90,544 |
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$ |
75,709 |
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Restricted cash |
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316 |
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— |
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Short term investments, net |
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8,169 |
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33,747 |
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Accounts receivable, net |
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1,001 |
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808 |
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Accounts receivable, net - related parties |
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2,750 |
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3,724 |
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Inventory, net |
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7,963 |
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8,776 |
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Prepaid expenses and other current assets |
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7,434 |
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7,266 |
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Total current assets |
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118,177 |
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130,030 |
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Deposits and other assets |
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6,903 |
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7,006 |
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Property and equipment, net |
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1,436 |
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1,184 |
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Total assets |
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$ |
126,516 |
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$ |
138,220 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
675 |
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$ |
4,568 |
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Accrued expenses and other current liabilities |
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10,034 |
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11,744 |
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Accrued expenses and other current liabilities, related parties |
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1,071 |
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945 |
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Note payable, current portion, net |
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17,937 |
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— |
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Derivative liability, current portion |
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102 |
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— |
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Total current liabilities |
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29,819 |
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17,257 |
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Long-term debt and notes payables, net |
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33,965 |
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41,195 |
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Derivative liabilities |
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— |
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102 |
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Other liabilities |
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6,114 |
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6,214 |
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Total liabilities |
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69,898 |
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64,768 |
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Preferred stock and additional paid-in-capital, subject to possible redemption: |
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37,656 |
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37,656 |
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Total temporary equity |
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37,656 |
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37,656 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, |
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530 |
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530 |
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Additional paid-in capital |
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906,569 |
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904,535 |
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Accumulated other comprehensive loss |
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(2 |
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(11 |
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Accumulated deficit |
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(888,135 |
) |
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(869,258 |
) |
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Total stockholders’ equity |
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18,962 |
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35,796 |
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Total liabilities and stockholders’ equity |
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$ |
126,516 |
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$ |
138,220 |
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Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) |
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(in thousands, except share and per share data) |
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Three Months Ended |
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2024 |
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2023 |
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Revenue, net |
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$ |
589 |
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$ |
313 |
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Revenue, net - related parties |
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4,458 |
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3,824 |
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Total revenue |
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5,047 |
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4,137 |
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Cost of sales |
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4,712 |
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3,723 |
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Gross profit |
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335 |
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414 |
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Expenses: |
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Research and development expenses |
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10,438 |
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12,405 |
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Selling, general and administrative expenses |
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8,129 |
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7,718 |
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Operating loss |
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(18,232 |
) |
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(19,709 |
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Other (expense) income, net: |
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Interest income |
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1,384 |
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1,108 |
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Exchange related gain, net |
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— |
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18,776 |
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Interest expense |
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(2,047 |
) |
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(4,652 |
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Gain on change in fair value of derivatives |
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— |
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5,778 |
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Other income |
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18 |
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23 |
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Total other (expense) income, net |
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(645 |
) |
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21,033 |
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Net (Loss) Income |
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(18,877 |
) |
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1,324 |
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Other comprehensive income |
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Unrealized gain on marketable securities |
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9 |
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458 |
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Total other comprehensive gain |
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9 |
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458 |
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Total comprehensive (loss) income |
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$ |
(18,868 |
) |
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$ |
1,782 |
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Basic net (loss) income per common share |
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$ |
(0.03 |
) |
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$ |
0.00 |
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Basic weighted-average shares outstanding |
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614,588,546 |
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497,473,222 |
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Diluted net (loss) per common share |
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$ |
(0.03 |
) |
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$ |
0.00 |
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Diluted weighted-average shares outstanding |
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614,588,546 |
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540,532,813 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240513223963/en/
Investor Contact
415-937-5406
Investors@senseonics.com
Source: