Senseonics(US:SENS)2024-08-08 22:07Financial Data and Key Metrics Changes - In Q2 2024, Senseonics generated total revenue of $4.9 million, representing over 18% growth compared to the prior year period [7] - U.S. sales totaled $3 million, while international sales were $1.9 million [22] - Gross profit in Q2 2024 was $0.3 million, a decrease of $0.1 million from the prior year [23] - Total net loss for Q2 2024 was $20.3 million, or a $0.03 loss per share, compared to a net loss of $20.4 million, or a $0.04 loss per share in Q2 2023 [25] Business Line Data and Key Metrics Changes - New patient starts have more than doubled in the first half of 2024 compared to the first half of 2023 [7] - The patient base in the U.S. is now larger than that outside the U.S. [7] - Selling, general and administrative expenses increased to $9 million in Q2 2024, up from $7.5 million in the prior year [24] Market Data and Key Metrics Changes - The diabetes technology market is one of the largest and fastest-growing segments in Medtech [6] - Senseonics plans to more than double its patients and revenue next year [6] Company Strategy and Development Direction - Senseonics is focused on increasing awareness and access to its technology for diabetes management [4] - The company is preparing for the launch of its next-generation 365-day system, which is expected to redefine the long-term CGM category [5][19] - A subsidiary, Eon Care Services, was established to support patient access to convenient insertion services for Eversense [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth runway ahead and the potential for significant advancements in diabetes management technology [4] - The company reiterated its full-year financial outlook, expecting global net revenue to be in the range of $22 million to $24 million for 2024 [17][26] - Management highlighted the importance of the upcoming 365-day product launch as a significant catalyst for growth [28] Other Important Information - The company is actively pursuing additional growth avenues, including collaborations with health systems to improve patient outcomes and reduce costs [12][15] - The first insertions under the Mercy Health System collaboration are scheduled for Q3 2024 [16] Q&A Session Summary Question: Details on FDA dialogue and confidence in launching the 365-day sensor - Management indicated that they are actively engaged with the FDA and have confidence based on past interactions and the quality of submitted data [30][31] Question: Details on Ascensia's preparations for the 365-day product launch - Management confirmed that Ascensia is driving a new marketing campaign and focusing on consumer and professional marketing efforts, particularly in the St. Louis area with the Mercy partnership [32][33]