The following is a summary of the Senseonics Holdings, Inc. (SENS) Q2 2024 Earnings Call Transcript:
Financial Performance:
Senseonics Holdings, Inc. reported a quarterly net revenue of $4.9 million, up 18% compared to the prior year period.
U.S. revenue for the second quarter totaled $3 million, and revenue outside the U.S. was $1.9 million.
For the full year 2024, revenue is expected to be in the range of $22 million to $24 million, reflecting significant anticipated growth.
Business Progress:
Senseonics is preparing for the launch of the 365-day Eversense CGM system following anticipated FDA clearance.
Significant developments include the establishment of Eon Care Services, a wholly owned subsidiary to support patient access and the ongoing partnership with Mercy Health Systems.
Advanced clinical trials and product pipeline developments, including the first in-human clinical testing of the Gemini system.
Opportunities:
The launch of the 365-day CGM system, representing a milestone with a potential to double the sensor duration and enhance patient convenience.
Expansion into health systems through the remote patient monitoring program, aiming to integrate Eversense into health system workflows and improve diabetes management.
Increased business development initiatives, such as the collaboration with Mercy Health System, to drive higher adoption and access to the Eversense CGM.
Risks:
Transition to the new 365-day system may involve challenges in production, marketing, and customer transition which could affect short-term operations and financial performance.
More details: Senseonics IR
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