Senseonics Holdings (NYSE: SENS) reported Q4 EPS of ($0.18), $0.02 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $9 million versus the consensus estimate of $8.07 million.

Fourth Quarter total net revenue of $9.0 million

• OUS net revenue of $8.1 million
• U.S. net revenue of $0.8 million after accounting for gross to net reductions, primarily related to the Eversense® Bridge Program
• U.S. gross revenue was $2.5 million. Reconciliations of net revenue and net U.S. revenue to gross revenue and U.S. gross revenue, respectively, have been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”
• Exceeded the 2019 goal of 100 million covered lives through positive coverage decisions from Cigna, Humana, Health Care Service Corporation (HCSC), and BC/BS Hawaii
• Received approval to continue the PROMISE study for 365 days in an extended cohort to gather feasibility data
• Published positive longitudinal data in Diabetes Technology and Therapeutics demonstrating Eversense performance over four sensor cycles was stable and did not decrease over time
• Launched the Eversense CGM System with a Non-Adjunctive Claim in the U.S., enabling diabetes patients to make treatment decisions from Eversense data, including insulin dosing

“We completed several milestones in 2019 including significantly raising awareness and broadening patient access for the Eversense CGM system as well as expanding the installed base of patients in the U.S. In addressing commercial headwinds, the Eversense Bridge Program and Certified Eversense Specialist initiatives are successfully building the foundation and proper infrastructure to seamlessly integrate Eversense in the diabetes treatment ecosystem,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “In addition, professional awareness continues to grow through data publications in peer reviewed journals and podium presentations. As we enter 2020, we are confident we are positioned to drive growth and achieve long-term success with Eversense.”

GUIDANCE:

Senseonics Holdings sees FY2020 revenue of $25-30 million, versus the consensus of $36.29 million.

• Net revenue for full year 2020 (after accounting for the gross to net reductions primarily related to the Eversense Bridge Program) is expected to be in the range of $15 to $20 million. The 2020 net revenue guidance range contemplates U.S. net revenue growth of approximately 100% and OUS net revenue decrease of approximately 33%. Gross revenue for full year 2020 is expected to be in the range of $25 to $30 million.

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