SENS - Senseonics swings to quarterly loss misses on revenue; stock slips ~6% after hours

2023-08-10 17:21:35 ET

Shares of Senseonics ( NYSE: SENS ) on Thursday fell more than 6% in extended trading, after the medical device company swung to a quarterly loss and missed on revenue expectations.

SENS stock retreated 6.4% to $0.69 after hours.

The maker of implantable continuous glucose monitoring (CGM) systems reported a Q2 loss per share of 4 cents, compared to earnings per share of 22 cents a year ago.

Q2 revenue rose nearly 12% Y/Y to $4.13M, but came in below consensus by $0.36M .

"In the second quarter, we continued to execute on our strategic priorities of advancing our product pipeline and collaborating with Ascensia Diabetes Care, our global commercial partner," Senseonics ( SENS ) CEO Tim Goodnow said in a statement .

Jefferies earlier in July highlighted that SENS' implantable systems was facing stiff competition from traditional CGMs. The brokerage said, based on a survey of physicians, that SENS' CGM appeared to appeal only to a niche of patients, with few requests for the device.

SENS also reiterated its full year revenue guidance of $20M to $24M, the midpoint of which is $22M compared to a consensus revenue estimate of $22.38M.

More on Senseonics

• SENS Quant rating
• SENS growth metrics
• Senseonics Faces Headwinds In Competitive CGM Market
• Senseonics spikes on UnitedHealthcare coverage for glucose monitoring device

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