Senseonics Announces UnitedHealthcare Coverage of Eversense® E3 CGM for Adults with Diabetes

Rhea-AI Summary

Senseonics announces that UnitedHealthcare, the largest health insurance company in the US, will provide coverage for the Eversense E3 CGM System starting July 1, 2023, benefiting people with type 1 and insulin-requiring type 2 diabetes.

Positive

• UnitedHealthcare's coverage expansion for the Eversense E3 CGM System increases access for over 45 million insured lives in the US, bringing the total number of covered lives benefiting from the system to approximately 300 million.

Negative

• None.

Coverage policy expands access to the over 45 million lives covered by the largest healthcare insurance company in the United States

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 that UnitedHealthcare, the largest health insurance company in the United States, will begin providing coverage for the Eversense E3 CGM System effective July 1, 2023 for people with type 1 and insulin-requiring type 2 diabetes.

"The policy update from UnitedHealthcare marks an important milestone for increased access to long-term CGM for people with diabetes. With the addition of UnitedHealthcare, we are nearing all insured adults in the United States having access to the Eversense E3 CGM System," said Tim Goodnow, PhD, President and Chief Executive Officer for Senseonics. "The Eversense E3 CGM System enables patients and health care providers to effectively manage diabetes for 6 months with sustained accuracy and a removable smart transmitter that provides vibratory alerts and comprehensive data regarding glucose values and trends. We are excited about the expanded opportunity to provide these differentiated benefits of Eversense to more people with diabetes in collaboration with our global commercial partner Ascensia Diabetes Care."

UnitedHealthcare is the largest health insurance company in the United States, with over 45 million covered lives. It offers a full range of health benefits, enabling affordable coverage, simplifying the healthcare experience, and delivering access to high-quality care. UnitedHealthcare’s updated CGM coverage policy can be found here.

This recent coverage decision adds to the extensive number of payers who include Eversense in their CGM coverage policies that now benefit approximately 300 million covered lives, as well as paying for the healthcare provider's time for the in-office sensor insertion. This allows Ascensia Diabetes Care (ADC), our global commercial partner, to introduce the Eversense CGM System to more people living with diabetes.

Patients who are interested in getting started with Eversense now can sign up at https://www.ascensiadiabetes.com/eversense/#get-started. Physicians, nurse practitioners and physician assistants who are interested in offering the Eversense CGM System can sign up at https://www.ascensiadiabetes.com/eversense/become-a-provider/. Alternatively, contact 844-SENSE4U (844-736-7348) to learn more about the first and only long-term implantable CGM system.

About Eversense

The Eversense® E3 Continuous Glucose Monitoring (CGM) System is indicated for continually measuring glucose levels for 6 months in persons age 18 years and older. The system is indicated for use to replace fingerstick blood glucose (BG) measurements for diabetes treatment decisions. Fingerstick BG measurements are still required for calibration and when symptoms do not match CGM information or when taking medications of the tetracycline class. The sensor insertion and removal procedures are performed by a trained and certified health care provider. The Eversense CGM System is a prescription device; patients should talk to their health care provider to learn more. For important safety information, see https://www.ascensiadiabetes.com/eversense/safety-info/.

About Senseonics

Senseonics Holdings, Inc. (“Senseonics”) 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 the revenue projections under "2023 Financial Outlook," statements about the commercial launch of Eversense® E3, statements regarding increasing patient access and adoption, statements regarding coverage initiating on a particular date, statements regarding introducing Eversense to more people with diabetes, 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 the commercial launch of Eversense® E3 CGM system and commercial expansion of the Eversense product, uncertainties inherent in the expansion of Ascensia Diabetes Care’s U.S. salesforce and its commercial initiatives, uncertainties inherent in collaborating with a new partner in the Nurse Practitioner Group and that partner’s assumption of certain clinical and administrative activities, uncertainties in insurer, regulatory and administrative processes and decisions, uncertainties relating to the current economic environment, 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, 2022, Senseonics Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230602005099/en/

Senseonics Investor Contact

Philip Taylor

Investor Relations

415-937-5406

investors@senseonics.com

Source: Senseonics Holdings, Inc.

FAQ

What is the Eversense E3 CGM System?

The Eversense E3 CGM System is a long-term, implantable continuous glucose monitoring system for people with diabetes.

When will UnitedHealthcare provide coverage for the Eversense E3 CGM System?

UnitedHealthcare will start providing coverage for the Eversense E3 CGM System on July 1, 2023.

How many lives are covered by UnitedHealthcare?

UnitedHealthcare covers over 45 million lives in the United States.

How many lives will benefit from the Eversense E3 CGM System?

Approximately 300 million covered lives will benefit from the Eversense E3 CGM System.