Business
Senseonics Holdings, Inc. Announces Business Updates
GERMANTOWN, Md.--(BUSINESS WIRE)-- Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and manufacturing
About this update from Senseonics Holdings, Inc.
[{"type":"text","content":" GERMANTOWN, Md.--(BUSINESS WIRE)--\nSenseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today announced operational and financial business updates.\n\n\nRecent Highlights & Accomplishments:\n\n\n\nGenerated preliminary unaudited fourth quarter revenue of approximately $8.0 million, and unaudited full year 2023 total revenue of approximately $22.0 million\n\n\n\nCompleted data analysis of ENHANCE trial and determined to advance to the next generation sensor platform as the underlying technology used in the 365-day and future products\n\n\n\nPlan to review final data and submit application for regulatory approval to the FDA with target of 365-day once per week calibration product submission by the end of the first quarter of 2024\n\n\n\nPHC Group continues to prioritize building its dedicated CGM organization with additional capabilities and leadership, intended to strengthen focus and performance\n\n\n\nClosed an additional $10.0 million draw on the loan facility with Hercules Capital, Inc. in the fourth quarter, further enhancing liquidity\n\n\n\n“Our progress in 2023 represents continued execution across our strategic initiatives to advance both the adoption of Eversense and our product development programs for the world’s first and only long-term CGM. Significant new lead generation from advertising campaign activities in the fourth quarter by our global commercial partner Ascensia Diabetes Care demonstrated strong patient response to the Eversense message. Now Ascensia is working to accelerate and improve the conversion of those leads by enhancing its CGM-dedicated commercial infrastructure,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “As we look ahead to 2024, we expect Ascensia to upgrade lead conversions so they can work down their current inventory received in the fourth quarter to support demand through the upcoming product innovation cycle. We are targeting FDA submission of a 365-day, once a week calibration product and expect this product to drive a positive inflection in healthcare provider adoption and patient demand. We believe that leveraging this next-generation sensor platform, which is also the basis for our plann...