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Senseonics Holdings Misses Q2 Earnings, Shares Down 8%

Shares of Senseonics Holdings, Inc. (SENS) plunged almost 8% in Tuesday’s pre-market session after the medical technology company primarily focused on continuous glucose monitors (CGM) reported a wider-than-expected Q2 loss.

The company attributed the loss to higher expenses related to the financing, as well as increased losses from operations.

SENS reported a loss of $0.42 per share, which fell well short of analysts’ expectations for a loss of $0.03 per share. The company reported a loss of $0.03 per share in the prior-year period.

However, revenues jumped over 10 times year-over-year to $3.3 million and beat consensus estimates of $2.89 million. (See Senseonics Holdings stock charts on TipRanks)

For FY2021, the company continues to forecast global net revenues in the range of $12 – $15 million.

Gross profit increased $1.5 million year-over-year to $0.39 million, driven by the completion of orders using written-off inventory.

Speaking about the company’s PROMISE Study, an evaluation of the safety and accuracy of its 180-day sensor, Senseonics CEO Tim Goodnow commented, “As announced when we submitted this data to the FDA, we are pleased with the strength of the data from the PROMISE Study which we believe represents a top tier CGM safety and accuracy profile. Along with our commercial partner Ascensia Diabetes Care we are excited about the opportunity to offer more patients the longest lasting CGM systems.”

The company said that the FDA continues to actively review its Eversense 180-day PMA supplement application.

Following the Q2 results, BTIG analyst Marie Thibault maintained a Hold rating on the stock.

Thibault commented, “Given all the uncertainty around regulatory timelines for diabetes devices in recent weeks, we were encouraged to hear that management continues to expect to receive approval for the Eversense 180-day PMA supplement by year-end.”

The analyst further added, “While this is a positive sign, we remain cautious on timing given delays at the agency.”

Overall, the stock has a Moderate Buy consensus rating based on 1 Buy and 2 Holds. The average Senseonics Holdings price target of $3 implies 7.7% downside potential from current levels. Shares of SENS have jumped 537% over the past year.

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