Senseonics Holdings, Inc. Reports Second Quarter 2023 Financial Results
- Senseonics reported revenue of $4.1 million in Q2 2023, an increase from the previous year. They received positive coverage from UnitedHealthcare, expanding access to approximately 300 million covered lives. They also presented positive data at the ADA, demonstrating accurate results for 365 days. Senseonics entered into exchange agreements to exchange up to $30.8 million in principal amount of the 2025 Notes for cash and stock.
- None.
Recent Highlights & Accomplishments:
-
Generated revenue of
in the second quarter of 2023$4.1 million - Submitted an application to the FDA for an iCGM designation for the Eversense CGM system
-
Received a positive coverage decision from UnitedHealthcare, the largest healthcare insurance company in
the United States , for the Eversense E3 CGM, expanding access to a total of approximately 300 million covered lives - Expanded the NPG sensor inserter network providing patients with further convenient options to start Eversense
- Presented positive data at the American Diabetes Association 83rd Scientific Sessions highlighting 365 day longevity and accuracy of the Eversense System
-
Entered into a series of exchange agreements to exchange up to
in principal amount of the 2025 Notes for a combination of cash and stock, further strengthening the balance sheet$30.8 million
“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. The FDA submission for the iCGM designation and the expansion of both Ascensia’s dedicated
Second Quarter 2023 Results:
Total revenue for the second quarter of 2023 was
Second quarter 2023 gross profit of
Second quarter 2023 sales and marketing and general and administrative expenses decreased by
Second quarter 2023 research and development expenses increased by
Net loss was
Cash, cash equivalents, short and long-term investments were
2023 Financial Outlook
Senseonics reiterates the expectation for full year 2023 global net revenue to be in the range of
Conference Call and Webcast Information:
Company management will host a conference call at 4:30 pm (Eastern Time) today, August 10, 2023, to discuss these financial results and recent business developments. This conference call can be accessed live by telephone or through Senseonics’ website.
Live Teleconference Information: Dial in number: 888-317-6003 Entry Number: 2402364 International dial in: 412-317-6061 |
Live Webcast Information: Visit http://www.senseonics.com and select the “Investor Relations” section |
A replay of the call can be accessed on Senseonics’ website http://www.senseonics.com under “Investor Relations.”
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 patient and provider adoption, statements regarding advancing development programs and the pipeline, statements regarding strengthening the Eversense® brand, 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
Senseonics Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) |
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June 30, |
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December 31, |
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2023 |
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2022 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
28,551 |
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$ |
35,793 |
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Short term investments, net |
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89,067 |
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108,222 |
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Accounts receivable, net |
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655 |
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127 |
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Accounts receivable, net - related parties |
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3,020 |
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2,324 |
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Inventory, net |
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9,194 |
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7,306 |
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Prepaid expenses and other current assets |
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7,742 |
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7,428 |
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Total current assets |
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138,229 |
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161,200 |
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Deposits and other assets |
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6,755 |
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3,108 |
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Long term investments, net |
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7,453 |
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12,253 |
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Property and equipment, net |
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925 |
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1,112 |
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Total assets |
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$ |
153,362 |
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$ |
177,673 |
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Liabilities and Stockholders’ Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
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$ |
975 |
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$ |
419 |
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Accrued expenses and other current liabilities |
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14,256 |
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14,616 |
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Accrued expenses and other current liabilities, related parties |
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630 |
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|
837 |
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Note payable, current portion, net |
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— |
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15,579 |
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Derivative liability, current portion |
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— |
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20 |
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Total current liabilities |
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15,861 |
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31,471 |
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Long-term debt and notes payables, net |
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39,108 |
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56,383 |
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Derivative liabilities |
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1,792 |
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52,050 |
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Other liabilities |
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6,408 |
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2,689 |
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Total liabilities |
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63,169 |
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142,593 |
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Preferred stock and additional paid-in-capital, subject to possible redemption: |
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37,656 |
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37,656 |
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Total temporary equity |
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37,656 |
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37,656 |
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Commitments and contingencies |
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Stockholders’ equity (deficit): |
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Common stock, |
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493 |
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480 |
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Additional paid-in capital |
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880,129 |
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806,488 |
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Accumulated other comprehensive loss |
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(120 |
) |
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(678 |
) |
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Accumulated deficit |
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(827,965 |
) |
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(808,866 |
) |
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Total stockholders’ equity (deficit) |
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52,537 |
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(2,576 |
) |
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Total liabilities and stockholders’ equity |
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$ |
153,362 |
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$ |
177,673 |
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Senseonics Holdings, Inc. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except share and per share data) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenue, net |
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$ |
437 |
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137 |
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$ |
750 |
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$ |
429 |
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Revenue, net - related parties |
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3,689 |
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3,577 |
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7,513 |
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5,767 |
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Total revenue |
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4,126 |
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3,714 |
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8,263 |
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6,196 |
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Cost of sales |
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3,709 |
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2,890 |
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7,433 |
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4,845 |
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Gross profit |
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417 |
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824 |
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830 |
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1,351 |
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Expenses: |
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Research and development expenses |
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12,830 |
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9,299 |
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25,235 |
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17,103 |
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Selling, general and administrative expenses |
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7,455 |
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8,561 |
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15,173 |
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16,445 |
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Operating loss |
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(19,868 |
) |
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(17,036 |
) |
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(39,578 |
) |
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(32,197 |
) |
Other income (expense), net: |
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Interest income |
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1,311 |
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241 |
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2,420 |
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334 |
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Gain on fair value adjustment of option |
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— |
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28,224 |
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— |
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49,925 |
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Exchange related gain, net |
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— |
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— |
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18,776 |
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— |
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Interest expense |
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(2,310 |
) |
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(4,510 |
) |
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(6,962 |
) |
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(9,005 |
) |
Gain on change in fair value of derivatives |
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289 |
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96,548 |
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6,067 |
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181,117 |
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Impairment cost, net |
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— |
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816 |
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— |
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846 |
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Other income (expense) |
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155 |
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(52 |
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178 |
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(71 |
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Total other (expense) income, net |
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(555 |
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121,267 |
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20,479 |
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223,146 |
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Net (Loss) Income |
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(20,423 |
) |
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104,231 |
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(19,099 |
) |
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190,949 |
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Other comprehensive income (loss) |
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Unrealized gain (loss) on marketable securities |
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100 |
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(291 |
) |
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558 |
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(916 |
) |
Total other comprehensive gain (loss) |
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100 |
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(291 |
) |
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558 |
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(916 |
) |
Total comprehensive (loss) income |
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$ |
(20,323 |
) |
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$ |
103,940 |
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$ |
(18,541 |
) |
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$ |
190,033 |
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Basic net (loss) income per common share |
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$ |
(0.04 |
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0.22 |
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$ |
(0.04 |
) |
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$ |
0.42 |
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Basic weighted-average shares outstanding |
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567,125,022 |
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464,133,903 |
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532,499,776 |
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460,061,022 |
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Diluted net loss per common share |
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$ |
(0.04 |
) |
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(0.03 |
) |
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$ |
(0.04 |
) |
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$ |
(0.06 |
) |
Diluted weighted-average shares outstanding |
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567,125,022 |
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601,330,959 |
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532,499,776 |
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604,342,540 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230810289381/en/
Investor Contact
Philip Taylor
Gilmartin Group
415-937-5406
Investors@senseonics.com
Source: Senseonics Holdings, Inc.
FAQ
What was Senseonics' revenue in Q2 2023?
What positive coverage did Senseonics receive?
What positive data did Senseonics present at the ADA?