Business
Senseonics Holdings, Inc. Reports Second Quarter 2023 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 June 30, 2023.\n\n\nRecent Highlights & Accomplishments:\n\n\n\nGenerated revenue of $4.1 million in the second quarter of 2023\n\n\n\nSubmitted an application to the FDA for an iCGM designation for the Eversense CGM system\n\n\n\nReceived a positive coverage decision from UnitedHealthcare, the largest healthcare insurance company in the United States, for the Eversense E3 CGM, expanding access to a total of approximately 300 million covered lives\n\n\n\nExpanded the NPG sensor inserter network providing patients with further convenient options to start Eversense\n\n\n\nPresented positive data at the American Diabetes Association 83rd Scientific Sessions highlighting 365 day longevity and accuracy of the Eversense System\n\n\n\nEntered into a series of exchange agreements to exchange up to $30.8 million in principal amount of the 2025 Notes for a combination of cash and stock, further strengthening the balance sheet\n\n\n\n“In the second quarter, we continued to execute on our strategic priorities of advancing our product pipeline and collaborating with Ascensia Diabetes Care, our global commercial partner. The FDA submission for the iCGM designation and the expansion of both Ascensia’s dedicated U.S. CGM salesforce and the NPG partnership support our drive to increase patient and provider adoption of our Eversense System,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “Additionally, we are pleased with the positive data readouts presented at ADA, demonstrating that our current sensor configuration delivered accurate results for 365 days. This data gives us confidence in the execution of our product pipeline, and we are looking forward to the next generation products which we expect to further support ADC’s efforts to build the Eversense brand and drive global adoption.”\n\n\nSecond Quarter 2023 Results:\n\n\nTotal revenue for the second quarter of 2023 was $4.1 million compared to $3.7 million for the second quarter of 2022. U.S. revenue was $1.8 million in the second quarter of 2023 compared ...