Q1 2024 Senseonics Holdings Inc Earnings Call Transcript
Key Points
- Senseonics Holdings Inc (SENS) reported a 22% growth in total revenue, reaching $5.1 million in Q1 2024 compared to the prior year.
- The company has successfully advanced strategic initiatives, enhancing the appeal of its Eversense CGM system to a broader patient base.
- Senseonics Holdings Inc (SENS) has established a significant collaboration with Mercy, one of the largest health systems, to use Eversense in a diabetes population management program.
- The company has achieved important regulatory milestones, including FDA ICGM designation for Eversense and submission of a 510(k) for the next-generation 365-day product.
- Senseonics Holdings Inc (SENS) is developing a comprehensive RPM program designed to optimize patient outcomes through better data utilization and personalized support.
- Gross profit in Q1 2024 decreased to $0.3 million from $0.4 million in the prior year, primarily due to higher fixed manufacturing costs.
- The company reported a substantial net loss of $18.9 million in Q1 2024, a significant increase from a net income of $1.3 million in the same period last year.
- Research and development expenses, although reduced from the previous year, remain high at $10.4 million, reflecting ongoing investment in product development.
- The company faces challenges in managing inventory levels, particularly as it transitions to the 365-day product later in the year.
- Senseonics Holdings Inc (SENS) is still in the early stages of discussions for integration partnerships with insulin pump manufacturers, with no definitive timelines for commercial integration.
Good afternoon, everyone, and welcome to the Senseonics First Quarter 2024 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Ask a question, you may press star and one to withdraw your questions you may press star and two was also note today's event is being recorded. At this time, I'd like to turn the floor over to Philip Taylor. Please go ahead.
Thank you. This is Tripp Taylor from the Gilmartin Group.
Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events operating plans, regulatory matters, product enhancements, company performance and other matters and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties of risk,
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