Senseonics Holdings, Inc. (SENS) declined in the current market after announcing FDA approval of the Eversense E3 CGM System. SENS values at $2.54, losing more than 30.41% compared to yesterday’s closing price. The stock closed at $3.65 at the end of the last trading session. The stock volume traded in the last trading session was around 11.91 million shares. The current market cap of the company is around $1.25 billion.
The FDA’s approval
Senseonics Holdings, Inc. (SENS) is a medical technology firm that announced today that the FDA approved the Eversense E3 CGM System. The Eversense E3 with SBA technology will be available to patients in the second quarter of 2022 through Senseonics’ global commercial partner Ascensia Diabetes Care.
The SBA technology will result in increasing the longevity of the sensor. It has a MARD of around 8.5%. The company’s newly developed sensor is the only CGM system available in the market, having more than six months duration. The detachable transmitter could help calculate important variables like glucose, alerts, and trends.
SENS 2022 Business Outlook
At COVID-19, the company provided its financial outlook for 2022. In 2022 the company expects global net revenue to rise from $14 million to $18.0 million. In 2022, if the IDE is granted, the company aims to invest most of its resources on ongoing feasibility and pivotal clinical trials for new drugs in its pipeline.
SENS expects to announce Q4 and Fiscal 2021 results on March 1, 2022
For 2021, the company expects unaudited revenues of approximately $4.0 million. Cash and cash equivalents would be around $182 million. The company expects to announce the fourth quarter and fiscal year 2020 immediately after the market closes on March 1, 2022.
Conclusion
The FDA approved SENS Eversense E3 CGM System, the first and only long-term implantable CGM system. It could prove to be the company’s USP in the industry and increase its revenue significantly.
