Stock Track | Senseonics Plunges Over 7% as Q3 Results Disappoint Amid Product Transition

Stock Track2024-11-08

Shares of Senseonics Holdings Inc (SENS) plummeted over 7% on Wednesday after the medical technology company reported disappointing third-quarter financial results, weighed down by challenges related to the transition to its new Eversense 365 continuous glucose monitoring system.

Net revenue for the quarter declined to $4.3 million, down from $6.1 million in the same period last year. The company attributed the revenue shortfall primarily to inventory dynamics as it shifts from the previous Eversense E3 product to the newly approved Eversense 365, the world's first and only one-year implantable CGM system.

Senseonics reported a gross loss of $4.1 million in Q3 2024, a significant swing from a gross profit of $1.2 million in the prior-year quarter. This was impacted by one-time charges associated with the product transition. Operating loss for the nine months ended September 2024 widened to $22.8 million, compared to $19 million in the same period last year.

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