Senseonics Reports $78.6 Million Net Loss for 2024, Despite Slight Revenue Increase

Senseonics Holdings, Inc. reported a net loss of $78.6 million for the year ended December 31, 2024, compared to a net loss of $60.4 million in 2023. Net revenue increased slightly to $22.5 million in 2024 from $22.4 million in 2023, driven by increased US sales, particularly through the consignment program and higher demand for the 365-day Eversense product. However, gross profit decreased significantly to $0.5 million in 2024 from $3.1 million in 2023, primarily due to a $4.8 million one-time charge related to the transition from Eversense E3 to Eversense 365.

Significant developments during the year included FDA approval of the Eversense 365 CGM system in September 2024, leading to its commercial launch in October 2024. Ascensia, Senseonics' commercialization partner, initiated a direct-to-consumer marketing campaign for Eversense 365, resulting in increased direct-to-consumer leads, higher patient shipments, and an increase in new prescribers and prescriptions. The company also began first-in-human testing for its next-generation Gemini system in July 2024 and formed wholly-owned subsidiaries, Eon Care Services, LLC and Eon Management Services, LLC, to support patient access to the Eversense system. Furthermore, Senseonics acquired the sensor insertion network assets of NPG in October 2024 to expand patient access.

The company's financial performance was also impacted by changes in other income (expense), net, which decreased to a net loss of $3.8 million in 2024 from a net income of $15.2 million in 2023. This decrease was primarily due to a reduction in exchange-related gains, a decrease in gain on the change in fair value of derivatives, and a reduction in interest and other income. Research and development expenses decreased by $7.7 million in 2024 compared to 2023, primarily due to reduced clinical study spending, while selling, general, and administrative expenses increased by $4.3 million, mainly due to increased personnel costs and legal expenses.

Senseonics ended 2024 with unrestricted cash, cash equivalents, and marketable securities of $74.6 million. The company raised additional capital through a registered direct offering of common stock and a concurrent private placement of warrants in October 2024, generating approximately $14.8 million in proceeds. However, the company acknowledges substantial doubt about its ability to continue as a going concern for the next twelve months due to recurring operating losses and uncertainty regarding sufficient liquidity. The company plans to seek additional capital to fund its operations beyond this period.

Senseonics' outlook is contingent upon several factors, including growing the installed base of Eversense users, increasing patient and healthcare provider awareness, expanding the network of authorized inserters, securing favorable payor coverage, and enhancing Ascensia's sales and marketing capabilities. The company also highlighted the ongoing development of its next-generation products, Gemini and Freedom, and the potential for future regulatory filings and approvals.