Senseonics Holdings (NYSE: SENS) reported Q3 EPS of ($0.10), $0.04 worse than the analyst estimate of ($0.06).

Recent Highlights & Accomplishments:

• Reinitiated Eversense® new patient sales and marketing activities in the U.S. with Ascensia Diabetes Care on October 1, 2020
• Submitted Premarket Approval (PMA) supplement application for the extension of the wearable life of the Eversense CGM System for up to 180 days to the United States Food and Drug Administration (FDA)
• Announced PROMISE study accuracy results for the 180-day Eversense product, demonstrating mean absolute relative difference (MARD) matching the performance of the current 90-day Eversense system of 8.5%-9.6%
• Continued efforts to expand patient access resulted in positive coverage decisions representing approximately 80% of covered lives in the U.S. This includes Medicare patients following the issuance of Local Coverage Determinations from all Medicare Administrative Contractors ahead of the 2021 Medicare Physician Fee Schedule Proposed Rule that will provide national coverage for implantable CGMs
• Generated third quarter 2020 revenue of $767 thousand driven by increased sensor reinsertions and supply orders from existing patients compared to the second quarter of 2020
• Reduced third quarter operating expenses by $18.9 million, compared to the prior year period, due to the execution of cost reduction actions and the streamlined operational focus implemented in late March 2020
• Entered into a $12.0 million equity line of credit with Energy Capital

“In the third quarter we continued to efficiently support Eversense users who understand the heightened importance of glycemic control amid this pandemic. At the start of the fourth quarter we initiated commercial activity with Ascensia. Following a successful training program, the Ascensia sales force is now calling on Eversense prescribers in pursuit of new commercial and Medicare patients,” said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. “We believe the organizational changes for Senseonics resulting from the worldwide strategic commercial collaboration, in combination with additional cost reduction initiatives, will continue to drive expense and cash burn reductions in the future. Investment and resources are focused on the approval of the 180-day Eversense system in the U.S. and driving the development of the 365-day product where we are making great strides with configuration optimization. Following our PMA supplement submission and the early efforts with Ascensia we are excited and well positioned for a potential launch of the 180-day product in the first half of next year. We continue to drive execution across the company, including our product development and commercialization efforts with our partner Ascensia, while supporting our approximately 5,000 active patients globally. With our strategic partnership set we believe we are continuing to build a compelling value proposition for patients with diabetes.”

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