Why Are Senseonics Shares Falling Despite FDA OK For Next-Gen Eversense CGM

Benzinga2022-02-12

The FDA has approved Senseonics Holdings Inc's (NYSE:SENS) Eversense E3 Continuous Glucose Monitoring (CGM) System.

  • The Eversense E3, including proprietary sacrificial boronic acid (SBA) technology to extend longevity to 6 months, is planned to be available to patients in the U.S. through Senseonics' commercial partner Ascensia Diabetes Care in Q2 of 2022.
  • The Eversense E3 CGM System offers a fully implantable third-generation sensor with proprietary SBA technology to enhance sensor longevity.
  • It demonstrated a mean absolute relative difference (MARD) of 8.5% in the PROMISE Study.
  • The Company says that a 6-month sensor wear duration makes Eversense the longest-lasting CGM system available, with essentially two sensor insertion and removal procedures per year.
  • A removable smart transmitter, held in place with a mild silicone-based adhesive, provides on-body vibratory alerts and data transmission to a mobile app.
  • Interim Results: Senseonics expects FY22 sales of $14 million - $18 million, compared to the consensus of $30.8 million.
  • For Q4 FY21 and FY21, the Company expects revenues of approximately $4 million and roughly $13.7 million, respectively. 
  • In January, the Company expected FY21 sales of $12.0 million - $15.0 million.
  • Cash, cash equivalents, and marketable securities at December 31, 2021, were approximately $182 million. 
  • Price Action: SENS shares are down 20.30% at $2.91 during the market session on the last check Friday.
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Comments

  • RIC
    2022-02-14
    RIC
    sell the news couple with market down trend. Ppl taking profits and dump their holdings.
  • Kehao
    2022-02-12
    Kehao
    Fucking dirty crime that's why...
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