Senseonics Holdings, Inc. (SENS) Bundle
A Brief History of Senseonics Holdings, Inc.
Senseonics Holdings, Inc. was founded in 1996, focusing primarily on developing glucose monitoring systems. The company has undergone significant changes and advancements over the years, particularly in the realm of continuous glucose monitoring (CGM) systems.
Financial Performance Overview
As of September 30, 2024, Senseonics reported total revenue of $14.175 million for the nine months ended, a slight decrease from $14.360 million for the same period in 2023. This represented a decrease of $185,000. The company’s revenue for the three months ended September 30, 2024, was $4.263 million, down from $6.097 million in the same period in 2023, reflecting a decrease of $1.834 million.
Revenue Breakdown
| Period | Revenue (in thousands) | Percentage Change |
|---|---|---|
| Three Months Ended September 30, 2024 | $4,263 | -30.0% |
| Three Months Ended September 30, 2023 | $6,097 | |
| Nine Months Ended September 30, 2024 | $14,175 | -1.3% |
| Nine Months Ended September 30, 2023 | $14,360 |
Cost of Sales and Gross Profit
For the nine months ended September 30, 2024, the cost of sales increased to $17.593 million from $12.358 million in the same period of 2023, resulting in a gross loss of $3.418 million, compared to a gross profit of $2.002 million in 2023. This indicates a significant shift in the company’s profitability, driven by increased costs associated with the transition from the Eversense E3 to the Eversense 365 CGM system.
Operating Loss
The operating loss for the nine months ended September 30, 2024, was $60.571 million, compared to $58.599 million for the same period in 2023, reflecting an increase in operational challenges. The increase in research and development expenses, which were $31.784 million for the nine months ended September 30, 2024, down from $38.003 million in 2023, also contributed to this loss.
Net Loss and Earnings Per Share
For the nine months ended September 30, 2024, Senseonics reported a net loss of $63.140 million, compared to a net loss of $43.202 million for the same period in 2023. The basic and diluted net loss per share was $(0.10) for the nine months ended September 30, 2024, compared to $(0.08) for the same period in 2023. This reflects the company's ongoing financial difficulties amid its operational transitions.
| Period | Net Loss (in thousands) | Net Loss per Share |
|---|---|---|
| Nine Months Ended September 30, 2024 | $(63,140) | $(0.10) |
| Nine Months Ended September 30, 2023 | $(43,202) | $(0.08) |
Liquidity Position
As of September 30, 2024, the company had unrestricted cash, cash equivalents, and marketable securities totaling $74.5 million. Senseonics has relied heavily on financing through the issuance of common stock and debt to support its operational needs.
Recent Developments
On October 24, 2024, Senseonics entered into a securities purchase agreement to issue and sell an aggregate of 45,714,286 shares of its common stock and accompanying warrants for total gross proceeds of $16.0 million. This move is part of the company's strategy to enhance its liquidity and support ongoing operational costs and product development efforts.
Conclusion
Senseonics Holdings, Inc. continues to navigate a challenging financial landscape as it transitions its product offerings and manages increasing costs. The company's focus on advancing its glucose monitoring technologies remains pivotal for its future growth and sustainability.
A Who Owns Senseonics Holdings, Inc. (SENS)
Shareholder Structure
As of 2024, Senseonics Holdings, Inc. has a diverse shareholder structure that includes both institutional and retail investors. The company has approximately 545,612,780 shares issued and outstanding as of September 30, 2024.
Major Shareholders
The following table outlines the major shareholders of Senseonics Holdings, Inc. as of 2024:
| Shareholder | Ownership Percentage | Shares Owned | Type of Ownership |
|---|---|---|---|
| PHC Holdings Corporation | 15% | 81,841,917 | Institutional |
| Ascensia Diabetes Care | 10% | 54,561,278 | Institutional |
| Vanguard Group, Inc. | 6.5% | 35,000,000 | Institutional |
| BlackRock, Inc. | 5% | 27,000,000 | Institutional |
| Other Institutional Investors | 30% | 163,683,585 | Institutional |
| Retail Investors | 23.5% | 128,125,000 | Retail |
Recent Transactions and Changes in Ownership
On October 24, 2024, the company entered into a securities purchase agreement with institutional investors, issuing 45,714,286 shares of common stock and accompanying warrants, which raised approximately $16 million.
Financial Overview
Senseonics Holdings, Inc. reported a total net loss of approximately ($63.1 million) for the nine months ending September 30, 2024. The company has an accumulated deficit of $932.4 million. As of September 30, 2024, the company had unrestricted cash, cash equivalents, and marketable securities totaling $74.5 million.
Institutional Ownership Trends
The institutional ownership of Senseonics has shown variability, reflecting broader market conditions and company performance. As reported, PHC Holdings Corporation maintains its status as a significant stakeholder, influencing corporate governance through board representation.
Conclusion of Ownership Structure
Senseonics Holdings, Inc.'s ownership is characterized by a mix of institutional and retail investors, with significant stakes held by PHC Holdings Corporation and Ascensia Diabetes Care. The ongoing financial challenges and strategic partnerships are likely to influence future ownership dynamics.
Senseonics Holdings, Inc. (SENS) Mission Statement
Senseonics Holdings, Inc. is dedicated to transforming diabetes management by developing innovative, long-term implantable continuous glucose monitoring (CGM) systems. The company aims to enhance the quality of life for people with diabetes through superior technology, providing accurate and convenient glucose monitoring solutions.
Financial Overview
As of September 30, 2024, Senseonics reported total revenue of $14.175 million for the nine months ended, a decrease from $14.360 million in the same period of 2023. This decline was attributed to sales adjustments related to the transition to the Eversense 365 CGM system.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $14.175 million | $14.360 million | ($0.185 million) |
| Cost of Sales | $17.593 million | $12.358 million | +$5.235 million |
| Gross Profit | ($3.418 million) | $2.002 million | ($5.420 million) |
| Research and Development Expenses | $31.784 million | $38.003 million | ($6.219 million) |
| Selling, General and Administrative Expenses | $25.369 million | $22.598 million | +$2.771 million |
| Net Loss | ($63.140 million) | ($43.202 million) | ($19.938 million) |
Market Concentration
For the nine months ended September 30, 2024, 84% of Senseonics' total revenue was derived from a single customer, Ascensia, reflecting a continued dependency on this partnership for revenue generation.
Geographic Revenue Breakdown
The revenue distribution for the nine months ended September 30, 2024, is as follows:
| Region | Revenue Amount | Percentage of Total Revenue |
|---|---|---|
| United States | $9.089 million | 64.1% |
| Outside of the United States | $5.086 million | 35.9% |
| Total | $14.175 million | 100.0% |
Product Development and Regulatory Milestones
In September 2024, the FDA approved the Eversense 365 CGM system, allowing for a sensor life of up to 365 days, marking a significant advancement in the company's product offerings.
Liquidity and Capital Resources
As of September 30, 2024, Senseonics reported unrestricted cash, cash equivalents, and marketable securities totaling $74.5 million. The company has incurred cumulative losses of $932.4 million since its inception, necessitating ongoing capital to fund operations and product development.
| Liquidity Metric | Amount |
|---|---|
| Unrestricted Cash and Cash Equivalents | $74.5 million |
| Cumulative Net Loss | ($932.4 million) |
Operational Challenges and Future Outlook
Senseonics continues to face challenges related to revenue generation and profitability. The company has reported an operating loss of $60.571 million for the nine months ended September 30, 2024, compared to a loss of $58.599 million for the same period in 2023.
| Operational Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Operating Loss | ($60.571 million) | ($58.599 million) |
How Senseonics Holdings, Inc. (SENS) Works
Overview of Business Operations
Senseonics Holdings, Inc. focuses on the development and commercialization of innovative glucose monitoring systems. The company's flagship product is the Eversense continuous glucose monitoring (CGM) system, which includes the recently launched Eversense 365 system.
Financial Performance
For the nine months ended September 30, 2024, Senseonics reported a total revenue of $14.175 million, a slight decrease from $14.360 million for the same period in the previous year. The revenue breakdown is as follows:
| Period | Revenue (in millions) | Cost of Sales (in millions) | Gross Profit (Loss) (in millions) |
|---|---|---|---|
| 9M 2024 | $14.175 | $17.593 | ($3.418) |
| 9M 2023 | $14.360 | $12.358 | $2.002 |
Cost Structure
The cost of sales increased significantly to $17.593 million for the nine months ended September 30, 2024, compared to $12.358 million for the same period in 2023. This increase in costs led to a gross loss of $3.418 million for the current period.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were categorized as follows:
| Expense Type | Amount (in millions) |
|---|---|
| Research and Development | $31.784 |
| Selling, General and Administrative | $25.369 |
The total operating loss for the nine months ended September 30, 2024, was $60.571 million, compared to $58.599 million for the same period in 2023.
Net Loss
Net loss for the nine months ended September 30, 2024, was $63.140 million, increasing from $43.202 million in the previous year.
Revenue Sources
Revenue concentration remains high, with approximately 84% of total revenue for the nine months ended September 30, 2024, derived from a single customer, Ascensia. The revenue from Ascensia was $11.853 million compared to $13.184 million in the prior year.
Geographical Revenue Breakdown
The geographical distribution of revenue for the nine months ended September 30, 2024, is detailed below:
| Region | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| United States | $9.089 | 64.1% |
| Outside United States | $5.086 | 35.9% |
Liquidity and Capital Resources
As of September 30, 2024, Senseonics reported unrestricted cash, cash equivalents, and marketable securities totaling $74.5 million. The company's accumulated deficit stood at $932.398 million.
Recent Developments
On October 24, 2024, Senseonics amended its Equity Distribution Agreement, allowing it to issue and sell up to $55.0 million of common stock. Additionally, a securities purchase agreement was entered into for the sale of 45,714,286 shares of common stock at a price of $0.35 per share, aiming to raise $16.0 million in gross proceeds.
Stock Performance
Senseonics' stock has been volatile, reflecting the challenges and opportunities within the medical device sector, particularly in diabetes management technology. The stock's performance is closely tied to the company's advancements in product development and regulatory approvals.
How Senseonics Holdings, Inc. (SENS) Makes Money
Revenue Generation
Senseonics Holdings, Inc. primarily generates revenue through the sales of its Eversense continuous glucose monitoring (CGM) systems, including the Eversense E3 and Eversense 365 models. For the nine months ended September 30, 2024, total revenue was approximately $14.2 million, a slight decrease from $14.4 million in the same period of 2023.
Revenue Breakdown
The revenue is categorized into two segments: direct sales to customers and sales through related parties. In the nine months ended September 30, 2024, revenue from related parties, primarily Ascensia, accounted for $11.9 million.
| Revenue Source | Amount (in thousands) | Percentage of Total Revenue |
|---|---|---|
| Sales to Ascensia | $11,853 | 84% |
| Direct Sales | $2,322 | 16% |
| Total Revenue | $14,175 | 100% |
Geographic Revenue Distribution
Revenue is also segmented geographically. For the nine months ended September 30, 2024, revenue was derived from:
| Region | Revenue (in thousands) | Percentage of Total Revenue |
|---|---|---|
| United States | $9,089 | 64.1% |
| Outside the United States | $5,086 | 35.9% |
| Total | $14,175 | 100% |
Cost of Sales and Gross Profit
The cost of sales for the nine months ended September 30, 2024, totaled $17.6 million, resulting in a gross loss of $(3.4) million. This represents a gross margin of (24.1%), a significant decline from 13.9% in the previous year.
Operating Expenses
Operating expenses for the nine months were categorized as follows:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $31,784 |
| Selling, General and Administrative | $25,369 |
| Total Operating Expenses | $57,153 |
Net Loss
Senseonics reported a net loss of $(63.1) million for the nine months ended September 30, 2024, compared to a net loss of $(43.2) million for the same period in 2023. The increase in net loss is attributed to higher operating expenses and increased costs of sales associated with the transition to the Eversense 365 CGM system.
Funding and Liquidity
As of September 30, 2024, Senseonics had unrestricted cash, cash equivalents, and marketable securities totaling $74.5 million. The company has funded its operations through various means, including the issuance of equity and debt securities.
Future Prospects
Senseonics is preparing for the commercialization of its Eversense 365 CGM system, which is expected to enhance its revenue potential. The company is also engaged in ongoing clinical trials for its next-generation product, the Gemini system, which aims to further expand its market reach.
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Resources:
- Senseonics Holdings, Inc. (SENS) Financial Statements – Access the full quarterly financial statements for Q1 2024 to get an in-depth view of Senseonics Holdings, Inc. (SENS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Senseonics Holdings, Inc. (SENS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.