\nSenseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today reported financial results for the quarter and full year ended December 31, 2020.\n<\/p>\n
Recent Highlights & Accomplishments:<\/b><\/p>\n \n\u201cWe are very pleased with our fourth quarter results, our commercial collaboration agreement with Ascensia, and the success of our recent financings. These steps conclude a strategically transformational year for Senseonics,\u201d said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. \u201cWe believe Ascensia\u2019s commercial experience and global footprint will help grow the market for Eversense in 2021 and beyond. We are working with Ascensia to further expand commercial activity in the coming months. These collaborative efforts include developing plans for new programs designed to raise patient and provider awareness, reduce patient cost, and continually expand global access for Eversense.\u201d\n<\/p>\n Fourth Quarter 2020 Results:<\/b><\/p>\n \nTotal revenue for the quarter was $3.9 million compared to $9.0 million for the fourth quarter of 2019. U.S. revenue was $0.4 million and revenue outside the U.S. was $3.5 million.\n<\/p>\n \nFourth quarter 2020 gross profit increased by $10.8 million year-over-year, to $2.6 million. The positive gross margin in the quarter was primarily due to the ability to fill resupply orders with existing written off inventory as existing patient reinsertion rates were above the expectations established in the first quarter of 2020 amid the onset of the COVID-19 pandemic.\n<\/p>\n \nFourth quarter 2020 sales and marketing expenses decreased by $8.0 million year-over-year, to $3.0 million. The decrease was primarily due to the recent changes in our go-to-market strategy.\n<\/p>\n \nFourth quarter 2020 research and development expenses decreased by $5.1 million year-over-year, to $4.7 million. The decrease was primarily driven by lower clinical study costs and personnel related expenses.\n<\/p>\n \nFourth quarter 2020 general and administrative expenses decreased by $0.7 million year-over-year, to $5.2 million. The decrease was primarily due to a decrease in miscellaneous general and administrative costs.\n<\/p>\n \nNet loss was $101.6 million, or $0.41 per share, in the fourth quarter of 2020, compared to $35.6 million, or $0.18 per share, in the fourth quarter of 2019. Net loss increased by $66.0 million due to a $90.6 million increase to other expenses primarily related to non-cash accounting charges resulting from the accounting for imbedded derivatives related to certain of the company financings, partially offset by a $24.6 million decrease in loss from operations.\n<\/p>\n Full Year 2020 Results:<\/b><\/p>\n \nTotal revenue for 2020 was $4.9 million compared to total revenue of $21.3 million in 2019. U.S. revenue was $1.1 million. Revenue outside the U.S. was $3.8 million.\n<\/p>\n \n2020 gross profit increased by $2.1 million year-over-year, to ($17.4) million.\n<\/p>\n \n2020 sales and marketing expenses decreased by $29.0 million year-over-year, to $20.6 million. The decrease was primarily due to the recent changes in our go-to-market strategy.\n<\/p>\n \n2020 research and development expenses decreased by $18.0 million year-over-year, to $20.4 million. The decrease was primarily driven by lower clinical study costs and personnel related expenses.\n<\/p>\n \n2020 general and administrative expenses decreased by $2.4 million year-over-year, to $20.8 million. The decrease was primarily due to decrease in other general and administrative costs.\n<\/p>\n \nNet loss was $175.2 million, or $0.77 per share, in 2020, compared to $115.5 million, or $0.61 per share, in 2019. Net loss increased by $59.6 million due to a $111.2 million increase to other expenses primarily related to non-cash accounting entries for the company\u2019s financings, partially offset by a $51.5 million decrease in loss from operations.\n<\/p>\n \nAs of December 31, 2020, cash, cash equivalents and restricted cash were $18.2 million and outstanding indebtedness was $117.2 million. Cash, cash equivalents, and restricted cash rose to $187.3 million on January 31, 2021 following the equity financings completed in the first quarter of 2021.\n<\/p>\n 2021 Financial Outlook<\/b><\/p>\n \nGlobal net revenue to Senseonics for the full year 2021 is expected to be in the range of $12.0 million to $15.0 million.\n<\/p>\n Conference Call and Webcast Information:<\/b><\/p>\n \nCompany management will host a conference call at 4:30 pm (Eastern Time) today, March 4, 2021, to discuss these financial results and recent business developments. This conference call can be accessed live by telephone or through Senseonics\u2019 website.\n<\/p>\n\n
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