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Highlights
- FDA approval and US launch of Eversense® 365 CGM system drives 56% patient base growth.
- Q4 2024 revenue reached $8.3 million, with a net loss of $15.5 million.
- Senseonics projects $34-38 million in global revenue for 2025 with improved margins.
Senseonics Holdings (NYSE:SENS), a leading player in the diabetes care technology sector, has reported its financial results for Q4 and full year 2024. The company achieved significant milestones with its Eversense® 365 continuous glucose monitoring (CGM) system, including FDA approval and a successful launch in the US. These achievements helped boost the company’s global patient base and position Senseonics for continued growth in the diabetes care market.
Financial Overview
In Q4 2024, Senseonics posted revenue of $8.3 million, an increase that signals growth in patient adoption and product sales. However, the company reported a net loss of $15.5 million, or $0.02 per share, which reflects ongoing investments in product development and expansion. For the full year 2024, Senseonics generated $22.5 million in revenue, up from the previous year, but posted a net loss of $78.6 million, or $0.12 per share. This marks an increase in losses from $60.4 million in 2023, primarily due to higher operating costs associated with the product launch and business scaling.
Despite the widening net loss, Senseonics achieved important operational and strategic milestones that are expected to contribute to revenue growth and market share expansion moving forward.
Key Operational Milestones
The FDA approval of the Eversense 365 CGM system and its subsequent launch in the US in 2024 is perhaps the most significant achievement for Senseonics this year. This system represents a breakthrough in diabetes care with its long-term wearability and accuracy. Following the launch, the company saw a 56% increase in its global patient base, bringing the total number of patients using the Eversense system to approximately 6,000.
Additionally, December 2024 marked the highest-ever monthly new patient shipments, with around 600 new patients adopting the system. This momentum demonstrates strong demand for the Eversense technology and signals that the company is gaining traction in the highly competitive CGM market.
The company also made significant strides internationally, completing the CE Mark application for the Eversense 365 system in the European Union. This regulatory achievement paves the way for expansion into key international markets in 2025 and beyond.
Financial and Strategic Outlook
Senseonics has set ambitious goals for 2025, projecting global net revenue to reach between $34 million and $38 million, with expected gross margins of 25-30%. To support these targets, the company has executed a restructuring plan aimed at reducing costs by $10 million in 2025. This cost reduction strategy is expected to improve profitability as the company continues to scale operations.
However, there are challenges ahead. The company’s SG&A expenses rose by $4.3 million year-over-year, which contributed to the increased net loss in 2024. Additionally, Senseonics carries $56.2 million in outstanding indebtedness as of December 2024, which may pose challenges for liquidity and cash flow management. The company expects to utilize $50-60 million in cash during 2025, which highlights the need for careful financial management as it works toward profitability.
Looking Ahead
As Senseonics heads into 2025, the focus will be on accelerating patient adoption of the Eversense system, expanding into international markets, and maintaining a disciplined approach to cost management. The company’s projected revenue growth and cost reduction efforts point to a more sustainable business model, with continued improvements in its product offerings and overall financial health.
Despite the challenges, the FDA approval of Eversense 365 and the progress in scaling operations provide a strong foundation for Senseonics as it aims to become a leader in the diabetes care space.
