Senseonics Holdings (SENS) Misses Q4 EPS by 32c, Revenues Beat; Offers FY21 Revenues Outlook

Senseonics Holdings (NYSE: SENS) reported Q4 EPS of ($0.41), $0.32 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $3.9 million versus the consensus estimate of $3.05 million.

Fourth Quarter 2020 Results:

• Total revenue for the quarter was $3.9 million compared to $9.0 million for the fourth quarter of 2019. U.S. revenue was $0.4 million and revenue outside the U.S. was $3.5 million.
• Fourth quarter 2020 gross profit increased by $10.8 million year-over-year, to $2.6 million. The positive gross margin in the quarter was primarily due to the ability to fill resupply orders with existing written off inventory as existing patient reinsertion rates were above the expectations established in the first quarter of 2020 amid the onset of the COVID-19 pandemic.
• Fourth quarter 2020 sales and marketing expenses decreased by $8.0 million year-over-year, to $3.0 million. The decrease was primarily due to the recent changes in our go-to-market strategy.
• Fourth quarter 2020 research and development expenses decreased by $5.1 million year-over-year, to $4.7 million. The decrease was primarily driven by lower clinical study costs and personnel related expenses.
• Fourth quarter 2020 general and administrative expenses decreased by $0.7 million year-over-year, to $5.2 million. The decrease was primarily due to a decrease in miscellaneous general and administrative costs.
• Net loss was $101.6 million, or $0.41 per share, in the fourth quarter of 2020, compared to $35.6 million, or $0.18 per share, in the fourth quarter of 2019. Net loss increased by $66.0 million due to a $90.6 million increase to other expenses primarily related to non-cash accounting charges resulting from the accounting for imbedded derivatives related to certain of the company financings, partially offset by a $24.6 million decrease in loss from operations.

“We are very pleased with our fourth quarter results, our commercial collaboration agreement with Ascensia, and the success of our recent financings. These steps conclude a strategically transformational year for Senseonics,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “We believe Ascensia’s commercial experience and global footprint will help grow the market for Eversense in 2021 and beyond. We are working with Ascensia to further expand commercial activity in the coming months. These collaborative efforts include developing plans for new programs designed to raise patient and provider awareness, reduce patient cost, and continually expand global access for Eversense.”

GUIDANCE:

Senseonics Holdings sees FY2021 revenue of $12-15 million, versus the consensus of $13.15 million.

For earnings history and earnings-related data on Senseonics Holdings (SENS) click here.

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