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Senseonics Holdings, Inc. (AMEX: SENS) announced the transition of its Chief Financial Officer, Nick Tressler, effective September 1, 2022. Rick Sullivan, the current Vice President of Finance, will succeed Tressler. The company emphasizes Sullivan's proven track record and leadership abilities to enhance operational and financial performance. Tressler will remain with Senseonics in a supporting role until the end of the year. The transition is expected to continue the company's strategic initiatives in the medical technology sector, specifically in long-term glucose monitoring systems.
Positive
Rick Sullivan's appointment as CFO brings continuity; he has significant experience within the company.
Transition planned to ensure operational stability during the leadership change.
Negative
Executive transition can introduce uncertainties, which might impact short-term operational focus.
GERMANTOWN, Md.--(BUSINESS WIRE)--
Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today announced its Chief Financial Officer, Nick Tressler, is transitioning from his position, effective September 1, 2022. Rick Sullivan, Senseonics' current Vice President of Finance, has been appointed to succeed Mr. Tressler as Chief Financial Officer of Senseonics. Mr. Tressler will remain with Senseonics in a supporting role through the end of the year to ensure an orderly change.
"Having worked with Rick for over nine years, he has proven to be an integral part of our team and holds an exceptional track record of delivering value and supporting the long-term strategic vision of Senseonics," said Tim Goodnow, President and Chief Executive Officer at Senseonics. "I am confident his leadership ability will drive our operational and financial performance forward."
Since October 2020, Mr. Sullivan has served as the Company's Vice President of Finance. Prior to joining Senseonics, he was a Principal at Hike Financial and Chief Financial Officer of RoosterBio. Inc. Additionally, Mr. Sullivan has served as Treasurer and Controller of Senseonics and in progressive finance positions with Senseonics. He received his Masters of Business Administration from the University of Maryland - Robert H. Smith School of Business, his Bachelor of Science in accounting from Salisbury University - Perdue School of Business and is a certified public accountant.
"On behalf of the Senseonics team, I want to thank Nick for his dedication and expertise over the past three and a half years. He played a key role in supporting our strategic initiatives to create value, building our finance and accounting function, and strengthening the Company's balance sheet. We wish him well in his future endeavors," concluded Mr. Goodnow.
About Senseonics
Senseonics Holdings, Inc. is a medical technology company focused on the development and manufacturing of glucose monitoring products designed to transform lives in the global diabetes community with differentiated, long-term implantable glucose management technology. Senseonics' CGM systems, Eversense®, Eversense® XL, and Eversense® E3 include a small sensor inserted completely under the skin that communicates with a smart transmitter worn over the sensor. The glucose data are automatically sent every 5 minutes to a mobile app on the user's smartphone.
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for Senseonics, including statements concerning Senseonics' chief financial officer transition, the future operational and financial performance of Senseonics, and other statements containing the words "believe," "expect," "intend," "may," "projects," "will," "planned," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties inherent in executive officer transitions, and such other factors as are set forth in the risk factors detailed in Senseonics' Annual Report on Form 10-K for the year ended December 31, 2021, Senseonics' Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and Senseonics' other filings with the SEC under the heading "Risk Factors." In addition, the forward-looking statements included in this press release represent Senseonics' views as of the date hereof. Senseonics anticipates that subsequent events and developments will cause Senseonics' views to change. However, while Senseonics may elect to update these forward-looking statements at some point in the future, Senseonics specifically disclaims any obligation to do so except as required by law. These forward-looking statements should not be relied upon as representing Senseonics' views as of any date subsequent to the date hereof.
