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Senseonics Holdings Exceeds Q3 Earnings Expectations

November 11, 2021 Devina Lohia
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Senseonics Holdings, Inc. (SENS) has reported stronger-than-expected Q3 results, as the company’s earnings topped the Street’s estimate.

Shares of the medical technology company, which is primarily focused on continuous glucose monitors (CGM), have increased 300% over the past year. (See Senseonics Holdings stock charts on TipRanks)

Q3 EPS Beat, Revenues In-Line

The company reported Q3 earnings of $0.10 per share, surpassing the Street’s estimate of a loss of $0.06 per share. SENS had reported a loss of $0.10 per share in the same quarter last year.

Revenues more than quadrupled year-over-year to $3.5 million and met consensus estimates. The company’s top-line benefited from the transition of commercial responsibility for Eversense to Ascensia, and its distribution orders in the European Union and the U.S.

Senseonics Updates Q4 Outlook

Senseonics has updated its full-year fiscal 2021 outlook based on the ongoing impact of COVID-19 on the company’s overall business and the pending FDA review of the 180-day product PMA supplement application.

Likewise, Senseonics now forecasts full-year fiscal 2021 net revenue in the range of $12 million to $15 million.

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Management Weighs In

Looking ahead, the CEO of Senseonics, Tim Goodnow, said, “We are encouraged by the excitement demonstrated by patients and HCPs for the 180-day sensor in the US and we are pleased with the progression of the review and are hopeful the FDA will reach an approval decision in the coming months based on the positive PROMISE Study results. We look forward to launching the new system shortly after approval.”

Wall Street’s Take

Recently, Colliers Securities analyst Kyle Bauser reiterated a Buy rating on Senseonics Holdings with the price target of $4 (6.7% upside potential).

Overall, the stock has a Strong Buy consensus rating based on 3 unanimous Buys. The average Senseonics Holdings price target of $4.50 implies 20% upside potential from current levels.

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