Stock Track | Senseonics Plunges After Hours on Q3 Miss and Eversense 365 Transition Costs

Shares of Senseonics Holdings Inc. (SENS) plunged 5.87% in after-hours trading on Tuesday after the company reported weaker-than-expected third quarter 2024 financial results and higher costs related to the transition from its Eversense E3 product to the newly launched Eversense 365 continuous glucose monitoring system.

For the third quarter, Senseonics reported revenue of $4.3 million, beating analyst estimates of $4.1 million. However, the company reported a net loss of $24 million or $0.04 per share, wider than the consensus estimate of $0.03 loss per share. The higher net loss was driven by one-time charges of $4.8 million associated with reducing inventory for Eversense E3 in preparation for the Eversense 365 launch. Looking ahead, Senseonics expects full-year 2024 revenue of around $22 million and cash utilization consistent with 2023 at approximately $70 million, as it anticipates more than doubling U.S. new patient starts and increasing its global installed base by around 50% compared to 2023.

Despite the quarterly miss, Senseonics highlighted the recent FDA approval and ongoing commercial rollout of its Eversense 365 implantable continuous glucose monitoring system, which offers a full year of sensor wear. The company noted strong initial interest from healthcare providers and positive feedback from clinicians on the differentiated 365-day product. Senseonics is working closely with its global commercial partner Ascensia Diabetes Care, a subsidiary of PHC Holdings Corporation, to drive the U.S. launch of Eversense 365 following the completion of its first commercial patient insertion at Mercy health system last month.

While navigating the transition costs and continued cash burn in 2024, Senseonics has taken steps to strengthen its balance sheet, raising over $20 million from recent equity offerings. The company has also executed a restructuring process targeting $10 million in cash operating expense reductions for 2025, positioning it for a potentially transformational year ahead with the Eversense 365 rollout.