SENS Stock: Senseonics reports earnings and provides strong 2021 guidance

Cocrystal Pharma (COCP) surges on another COVID-19 candidate

 Senseonics (SENS), a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today reported financial results for the quarter and full year ended December 31, 2020.

Recent Highlights & Accomplishments:

  • Generated fourth quarter 2020 revenue of $3.9 million primarily driven by orders to support the European installed base up to the Ascensia Diabetes Care commercial transition
  • Raised $175 million of proceeds from equity offerings in the first quarter of 2021 to strengthen the balance sheet
  • Ascensia Diabetes Care initiated Eversense® sales and marketing activities in Europe in select markets on February 1, 2021
  • Eversense implantable CGM CPT codes were added to the 2021 Medicare Physician Fee Schedule improving national reimbursement payment availability for implantable CGM systems and physician services
  • Reduced fourth quarter operating expenses by $13.8 million, compared to the prior year period, resulting from the execution of strategic cost reductions and the streamlined operational focus

2021 Financial Outlook

Global net revenue to Senseonics for the full year 2021 is expected to be in the range of $12.0 million to $15.0 million.

Other things to note

  • Staff training and adoption buildout for April
  • Active marketing initiative for product awareness to doctors and patients and full commercialization starts in April
  • Expanded coverage adoption of insurers for patients
  • Ascensia plans to introduce prior authorization support program
  • Ascensia plans to introduce patient assistance program for non-government insured patients
  • Will expand sensor duration, starting with 180 day sensor. Delayed because of COVID, expects to get FDA reviewed by April 15 and approval in third or fourth quarter of this year
  • 365 sensor IDE will be submitted this year and possible clinical trial will be opened thereafter
  • Expand devices to other use cases