Senseonics Holdings Inc (SENS)

[Viewmont]

7:58 am ET December 24, 2020 (Dow Jones) Print

By Robb M. Stewart


Senseonics Holdings Inc.'s shares were poised to rally at the open Thursday after the medical-technology company lifted its revenue forecast for the final quarter of the year.

Building on strong gains after the market closed Wednesday, the shares were up 64% premarket from the previous day's close at 65 cents.

Senseonics late Wednesday said revenue for the fourth quarter is expected to be about $3.5 million, up from its previous forecast of about $2.5 million. It said it expected 2021 revenue of between $12 million and $15 million, where analysts polled by FactSet had penciled in $12.7 million.

The company said its fourth-quarter performance was driven by sales in Europe and supported by initial U.S. sales.

Shares of Senseonics, which is focused on the development and commercialization of glucose-monitoring products designed to help people with diabetes, are down 29% this year.

The company said it received communication from the Food and Drug Administration explaining the reallocation of agency resources to address emergency use authorization applications for products related to the Covid-19 health emergency is affecting marketing application reviews, including the company's Eversense 180-day product that will be delayed by at least 60 days.

Senseonics said this is consistent with what it understands other medical technology companies have reported.