Senseonics stock is up as it sticks by revenue guidance

Senseonics (NYSE:SENS) shares were up after hours today on second-quarter results that came up shy of […]

Senseonics (NYSE:SENS) shares were up after hours today on second-quarter results that came up shy of the consensus forecast.

The Germantown, Maryland-based continuous glucose monitoring technology developer posted profits of $103.9 million, or 22¢ per share, on sales of $3.7 million for the three months ended June 30, 2022, for a massive bottom-line gain from losses of more than $180 million this time last year on sales growth of 12.9%.

Senseonics attributed its $284.5 million increase in net income to the accounting for embedded derivatives and fair value adjustments.

Adjusted to exclude one-time items, the company posted losses of 3¢ per share, coming in 3¢ behind expectation on Wall Street, where analysts were looking for sales of $4.4 million.

“The first half of the year was focused on building the foundation to increase global patient adoption of our next generation, longer duration E3 system, with the U.S. launch and the European CE mark,” Senseonics President and CEO Tim Goodnow said in a news release. “As we execute this plan, we realized several second quarter accomplishments — inserting the first U.S. E3 patients, building brand awareness, increasing patient access through payor coverage policy transitions, scaling up manufacturing and advancing 365-day system program feasibility studies.

“We are encouraged by the early progress of the E3 launch and look forward to continued collaboration with Ascensia to deliver the benefits of Eversense to more patients and providers.”

Senseonics reiterated its full-year 2022 guidance for global revenues between $14 million and $18 million.

Shares of SENS were up 9.7% at $2.03 per share after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed today down 1.4%.

The company’s shares have been ticking up since last week’s announcement that Anthem, the second biggest health insurance company in the U.S., would provide coverage for its next-generation CGM.

On the company’s quarterly results, BTIG analyst Marie Thibault wrote: “We are impressed by the recent string of recent regulatory and coverage wins, but with shares trading at ~42x EV/Sales, we remain at Neutral due to valuation concerns.”

Original Article: ( https://www.drugdeliverybusiness.com/senseonics-stock-q2-2022/)