Business
Senseonics Holdings, Inc. Reports First Quarter 2022 Financial Results
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 reported financial results for the quarter ended March 31, 2022.\n\nRecent Highlights & Accomplishments:\n\n\nReceived approval from the Food and Drug Administration (FDA) for the Eversense® E3 CGM System (“E3”), offering industry leading 6-month sensor wear duration, the longest lasting CGM system available\n\n\nTransitioned manufacturing to E3 to enable U.S. commercial launch through our commercial partner, Ascensia Diabetes Care, at the beginning of April and initiate retirement of the 90-day system\n\n\nConfirmed immediate coverage policy transition to E3 with select large payors\n\n\n“We are excited to have received FDA approval and be underway with a comprehensive launch campaign for Eversense® E3, the world’s longest lasting CGM system,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “From awareness and access to training and operations, Senseonics and Ascensia are coordinating to engage patients and HCP’s to experience the differentiated benefits of our longer duration next generation sensor – inserting the first patient with E3 just six weeks following FDA approval. We are now focused on bringing the E3 implantable CGM with six months of wear to more people with diabetes in the U.S.”\n\nFirst Quarter 2022 Results:\n\nTotal revenue for the first quarter of 2022 was $2.5 million compared to $2.8 million for the first quarter of 2021. U.S. revenue was $0.8 million in the first quarter of 2022 compared to $0.3 million in the prior year period, and revenue outside the U.S. was $1.7 million in the first quarter of 2022 compared to $2.5 million in the prior year period.\n\nFirst quarter 2022 gross profit of $0.5 million was in line with gross profit for the first quarter 2021.\n\nFirst quarter 2022 sales and marketing and general and administrative expenses increased by $1.3 million year-over-year, to $7.9 million. The increase was primarily the result of increased professional fees and payroll and related expenses.\n\nFirst quarter 2022 research and development expenses increased by $2.5 million year-over-year, to $7.8 million. The increase...