\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 ended March 31, 2021.\n<\/p>\n
Recent Highlights & Accomplishments:<\/b><\/p>\n Advanced commercial collaboration with Ascensia Diabetes Care<\/b><\/p>\n \n\u201cWe are very pleased with our start to 2021 including the transfer of worldwide Eversense commercial activity to Ascensia. In the U.S. there are now 25 sales representatives trained and actively calling on existing Eversense accounts and targeting top insulin prescribers to further drive adoption of our CGM system,\u201d said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. \u201cAs part of their U.S. commercial efforts, Ascensia has launched a direct-to-consumer ad campaign aimed at raising awareness of the differentiating capabilities and benefits of Eversense that in most cases is offered at a comparable annual co-pay to patients\u2019 other choices. We are excited that this collaboration enables further patient access to the only long-term implantable CGM solution with a sensor that lasts for months not days.\u201d\n<\/p>\n First Quarter 2021 Results:<\/b><\/p>\n \nTotal revenue for the quarter was $2.85 million compared to $0.04 million for the first quarter of 2020. U.S. revenue was $0.31 million and revenue outside the U.S. was $2.53 million.\n<\/p>\n \nFirst quarter 2021 gross profit increased by $20.16 million year-over-year, to $0.53 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 \nFirst quarter 2021 sales and marketing expenses decreased by $9.53 million year-over-year, to $1.61 million. The decrease was primarily due to the strategic changes in our go-to-market strategy with the Ascensia global collaboration.\n<\/p>\n \nFirst quarter 2021 research and development expenses decreased by $2.11 million year-over-year, to $5.26 million. The decrease was primarily driven by lower clinical study costs and personnel related expenses.\n<\/p>\n \nFirst quarter 2021 general and administrative expenses decreased by $0.72 million year-over-year, to $4.97 million. The decrease was primarily due to a decrease in personnel related costs.\n<\/p>\n \nNet loss was $249.51 million, or $0.68 per share, in the first quarter of 2021, compared to $42.59 million, or $0.21 per share, in the first quarter of 2020. Net loss increased by $206.92 million due to a $239.44 million increase to other expenses primarily related to non-cash accounting charges resulting from the accounting for embedded derivatives related to certain of the company financings, partially offset by a $32.52 million decrease in loss from operations.\n<\/p>\n \nAs of March 31, 2021, cash and cash equivalents were $178.6 million and outstanding indebtedness was $110.6 million.\n<\/p>\n 2021 Financial Outlook<\/b><\/p>\n \nThe company continues to expect that global 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, May 13, 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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