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Senseonics(SENS) - 2024 Q2 - Quarterly Results
SENSSenseonics(SENS)2024-08-08 20:10

Revenue and Growth - Generated revenue of 4.9millioninQ22024,representingan184.9 million in Q2 2024, representing an 18% growth compared to the prior year period[2] - U.S. revenue was 3.0 million in Q2 2024, up from 1.8millioninQ22023,whileinternationalrevenuewas1.8 million in Q2 2023, while international revenue was 1.9 million, down from 2.3millionintheprioryearperiod[3]−TotalrevenueforJune2024increasedto2.3 million in the prior year period[3] - Total revenue for June 2024 increased to 4.865 million, up from 4.126millioninJune2023[11]−Netrevenuefromrelatedpartiesroseto4.126 million in June 2023[11] - Net revenue from related parties rose to 4.087 million in June 2024, compared to 3.689millioninJune2023[11]−Full−year2024globalnetrevenueisexpectedtobeintherangeof3.689 million in June 2023[11] - Full-year 2024 global net revenue is expected to be in the range of 22 million to 24million,withU.S.newpatientstartsprojectedtomorethandoubleandtheglobalinstalledbasetoincreasebyapproximately5024 million, with U.S. new patient starts projected to more than double and the global installed base to increase by approximately 50% compared to 2023[7] Profit and Loss - Gross profit decreased to 0.3 million in Q2 2024 from 0.4millioninQ22023,primarilyduetoincreasedfixedmanufacturingcosts[3]−GrossprofitforJune2024decreasedto0.4 million in Q2 2023, primarily due to increased fixed manufacturing costs[3] - Gross profit for June 2024 decreased to 0.298 million from 0.417millioninJune2023[11]−Netlosswas0.417 million in June 2023[11] - Net loss was 20.3 million in Q2 2024, slightly improved from 20.4 million in Q2 2023, driven by reduced R&D expenses[4] - Operating loss for June 2024 was 19.493 million, slightly improved from 19.868millioninJune2023[11]−NetlossforJune2024was19.868 million in June 2023[11] - Net loss for June 2024 was 20.287 million, compared to 20.423millioninJune2023[11]−TotalcomprehensivelossforJune2024was20.423 million in June 2023[11] - Total comprehensive loss for June 2024 was 20.292 million, slightly better than 20.323millioninJune2023[11]−Basicnetlosspercommonsharewas20.323 million in June 2023[11] - Basic net loss per common share was 0.03 in June 2024, improved from 0.04inJune2023[11]−Dilutednetlosspercommonsharewas0.04 in June 2023[11] - Diluted net loss per common share was 0.03 in June 2024, improved from 0.04inJune2023[11]CashandFinancialPosition−Cash,cashequivalents,short−terminvestments,andrestrictedcashtotaled0.04 in June 2023[11] Cash and Financial Position - Cash, cash equivalents, short-term investments, and restricted cash totaled 84.9 million as of June 30, 2024, with outstanding indebtedness of 56.2million[4]ResearchandDevelopment−Researchanddevelopmentexpensesdroppedto56.2 million[4] Research and Development - Research and development expenses dropped to 10.8 million in June 2024 from $12.83 million in June 2023[11] - Began first-in-human testing for the Gemini System, a fully implantable self-powering system for type 2 diabetes patients[2] Product Development and Launches - The 365-day Eversense system is under FDA review, with a planned product launch in Q4 2024[2] - Collaboration with Mercy healthcare system aims for large-scale implementation of Eversense and remote patient monitoring services, with initial insertions planned for Q3 2024[2] - Established Eon Care Services to provide Eversense insertion procedures and training, supporting expanded access to the product[2] Share Information - Basic weighted-average shares outstanding increased to 616,585,664 in June 2024 from 567,125,022 in June 2023[11]