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Senseonics Holdings, Inc. (symbol: SENS) is a pioneering medical technology firm based in Germantown, Maryland. The company's primary focus is on developing and commercializing advanced glucose monitoring systems that significantly improve the lives of people managing diabetes. Utilizing cutting-edge fluorescence sensing technology, Senseonics has designed the Eversense Continuous Glucose Monitoring (CGM) System, recognized for being the first fully implantable CGM system. This system comprises a tiny sensor implanted under the skin, an external smart transmitter, and a user-friendly mobile application, allowing for real-time glucose monitoring without the need for a dedicated receiver.
The Eversense CGM System stands out for its accuracy and stability throughout its extended sensor life, offering continuous glucose monitoring for up to 180 days. This long-term solution provides an alternative to traditional short-term CGMs, catering to individuals who require a more stable and reliable glucose monitoring option.
Senseonics has established strong partnerships, including a notable collaboration with Ascensia Diabetes Care, which ensures that their innovative solutions reach a global audience. Their latest product, the Eversense E3 CGM System, is part of an extended assistance program known as the Eversense Payment Assistance and Simple Savings (PASS) Program. This program offers eligible individuals in the U.S. the opportunity to access the Eversense E3 systems at a significantly reduced out-of-pocket cost of $99 for each six-month period, thereby making continuous glucose monitoring more affordable.
Senseonics is committed to advancing diabetes management technology, as evidenced by their continued innovation and dedication to improving accessibility to their products. The company's forward-looking approach and strategic alliances position them as a key player in the medical technology landscape, specifically in the context of diabetes management.
Senseonics Holdings, a medical technology firm specializing in long-term, implantable continuous glucose monitoring (CGM) systems, reported its Q1 2024 financial results.
The company achieved $5.1 million in revenue, a 22% increase compared to Q1 2023. However, gross profit declined to $0.3 million due to higher fixed manufacturing costs.
Notable achievements include the integration of Eversense CGM with Mercy health system, the FDA iCGM designation for Eversense, and the filing for the next-generation 365-day system.
Despite these advancements, the firm posted a net loss of $18.9 million, or $0.03 per share, significantly down from a $1.3 million net income in Q1 2023. First half 2024 revenue is projected at $10 million, a 16% growth year-over-year.
Senseonics (NYSE American: SENS) has announced a partnership with Mercy, a prominent health care system, to enhance diabetes population health management. This collaboration will utilize Senseonics' Eversense implantable continuous glucose monitor (CGM) technology and the new Eversense Remote Patient Monitoring (RPM) solution across Mercy's extensive network. Mercy, serving over 3 million patients annually, plans to implement the program in phases starting July, initially targeting 30,000 patients. This initiative aims to improve patient care, reduce hospitalizations, and provide personalized diabetes management, reaching full implementation by 2025.
Senseonics Holdings, Inc. (NYSE American: SENS) partners with Rimidi to develop the Eversense CGM+RPM solution, integrating glucose data into Rimidi's clinical management platform for diabetes management. The program aims to optimize care, improve patient outcomes, and reduce healthcare costs. The collaboration will offer a comprehensive diabetes solution, combining long-term implantable CGM technology with analytics and personalized health services.
Senseonics Holdings, Inc. (NYSE American: SENS) will be participating in two upcoming conferences: the RBC Capital Markets Global Healthcare Conference and the H.C. Wainwright 2nd Annual BioConnect Investor Conference in New York, NY. Management will engage in one-on-one meetings at both events, with the RBC conference scheduled for May 15, 2024, and the H.C. Wainwright conference on May 20, 2024. A live and recorded webcast of the presentation will be available on the 'Investor Relations' section of the company's website.
Senseonics Holdings, Inc. (NYSE American: SENS) is set to release its first quarter 2024 financial results on May 13, 2024, after the market closes. The company specializes in the development of long-term, implantable continuous glucose monitoring systems for individuals with diabetes. A conference call to discuss the performance is scheduled for 4:30 p.m. (Eastern Time) on the same day.
The Eversense® CGM System by Senseonics Holdings, Inc. has received an integrated CGM (iCGM) designation by the US FDA, allowing integration with insulin pumps for an automated insulin delivery system. Eversense is the first fully implantable device in its category with iCGM status, offering new interoperable CGM options. The partnership with Ascensia Diabetes Care aims to provide diabetes patients with advanced technology meeting high standards for accuracy, alert detection, and wear time.
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