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Senseonics Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
SENSSenseonics(SENS) GlobeNewswire·2025-03-03 21:05

Core Insights - Senseonics Holdings, Inc. received FDA approval for the Eversense 365 Continuous Glucose Monitoring (CGM) system and launched it in partnership with Ascensia Diabetes Care, marking a significant advancement in diabetes care [1][3] - The patient base for Eversense increased by 56% in 2024 compared to 2023, reaching approximately 6,000 global patients [1][6] - The company reported total revenue of 8.3millionforQ42024,aslightincreasefrom8.3 million for Q4 2024, a slight increase from 8.0 million in Q4 2023, with U.S. revenue remaining stable at 6.2million[4]FinancialPerformance−Fourthquarter2024grossprofitwas6.2 million [4] Financial Performance - Fourth quarter 2024 gross profit was 4.0 million, up from 1.1millioninQ42023,primarilyduetoimprovedmarginsontheEversense365product[5]−Forthefullyear2024,totalrevenuewas1.1 million in Q4 2023, primarily due to improved margins on the Eversense 365 product [5] - For the full year 2024, total revenue was 22.5 million, slightly up from 22.4millionin2023,withU.S.revenueincreasingto22.4 million in 2023, with U.S. revenue increasing to 15.3 million from 14.1million[9]−ThenetlossforQ42024was14.1 million [9] - The net loss for Q4 2024 was 15.5 million, a reduction from a net loss of 17.2millioninQ42023,attributedtoimprovedgrossprofitmargins[8]OperationalHighlights−TheEversense365systemwaslaunchedintheU.S.in2024,andearlyperformanceindicatorsshowedpositiveresults,includingrecordnewpatientshipmentsofapproximately600inDecember[6]−Thecompanyexceeded2,400annualU.S.prescribersforEversensein2024,with8117.2 million in Q4 2023, attributed to improved gross profit margins [8] Operational Highlights - The Eversense 365 system was launched in the U.S. in 2024, and early performance indicators showed positive results, including record new patient shipments of approximately 600 in December [6] - The company exceeded 2,400 annual U.S. prescribers for Eversense in 2024, with 81% of patients switching from competitive CGMs [6] - Senseonics initiated a collaboration with Mercy Health to study the use of Eversense and remote patient monitoring [6] Future Outlook - For 2025, Senseonics expects global net revenue to be approximately 34-38 million, anticipating a doubling of the global patient base [15] - The company plans to enhance gross margins throughout 2025, projecting margins between 25-30% for the year [15] - Cash utilization in 2025 is expected to be between 50−50-60 million as the company continues to roll out Eversense 365 [15]