Senseonics Announces Extension of Distribution Agreement with Roche Diabetes Care
Reports Preliminary Fourth Quarter and Full Year 2018 Revenue
Results and Issues 2019 Financial Guidance
Conference Call Monday, February 4, 2019 at 8:00 a.m. ET
GERMANTOWN, Md.--(BUSINESS WIRE)--
Senseonics Holdings, Inc. (NYSE-American: SENS), a medical technology
company focused on the development and commercialization of a long-term,
implantable continuous glucose monitoring (CGM) system for people with
diabetes, today announced an extension of its distribution agreement
with Roche Diabetes Care. As extended, the agreement now runs through
January 31, 2021. Under terms of the extended agreement, Roche will
continue its role as Senseonics exclusive distributor in Europe, the
Middle East and Africa, excluding Scandinavia and Israel. In addition,
the agreement has been expanded to provide Roche with exclusive
distribution rights in 17 additional countries, including Brazil,
Russia, India and China, as well as select markets in the Asia Pacific
and Latin American regions.
Senseonics also announced preliminary revenue results for fourth quarter
and full year 2018. Unaudited preliminary revenue is expected to be $8.0
million for the fourth quarter of 2018 and $19.7 million for the full
year 2018, compared to $2.9 million for the fourth quarter of 2017 and
$6.4 million for the full year 2017. As of December 31, 2018, cash and
cash equivalents were $136.8 million and outstanding indebtedness was
$67.7 million.
“We are excited about the ongoing and incremental commitment from Roche,
both from a geographic expansion and volume perspective. We believe that
the positive reception that the Eversense® CGM System has received in
Europe is validation that patients and clinicians are experiencing the
transformative power of a long-term CGM system. We look forward to our
expanded relationship with Roche in which we have made market expansion,
with access and volume in existing and new countries, a strategic
priority,” said Tim Goodnow, President and Chief Executive Officer.
Mr. Goodnow continued, “We are also pleased with our fourth quarter and
full year revenue results. In 2018 we achieved several significant
accomplishments including the launch of Eversense in the U.S. and the
extended life Eversense® XL system in Europe. The U.S. launch is
progressing along with our expectations – feedback from patients has
been encouraging, and we are more inspired now than ever about the
potential life-enhancing benefits this product offers people with
diabetes.”
2019 Financial Outlook
Management projects revenue for full year 2019 to be in the range of
$28.0 million to $32.0 million.
Conference Call and Webcast Information
Management will host a conference call at 8:00 a.m. (Eastern Time)
February 4, 2019 to discuss this announcement. The conference call will
be concurrently webcast. The link to the webcast will be available on
the Senseonics Holdings, Inc. website at www.senseonics.com
by navigating to “Investor Relations,” and then “Events & Publications,”
and will be archived there for future reference. To listen to the
conference call, please dial 888-632-5004 (US/Canada) or 786-789-4762
(International), passcode 855588, approximately ten to five minutes
prior to start time.
Note about Preliminary Results
The financial results presented in this release are preliminary and may
change. This preliminary financial information includes calculations or
figures that have been prepared internally by management and have not
been reviewed or audited by Senseonics’ auditors. There can be no
assurance that Senseonics’ actual results for the periods presented
herein will not differ from the preliminary financial data presented
herein and such changes could be material. This preliminary financial
data should not be viewed as a substitute for full financial statements
prepared in accordance with U.S. GAAP and is not necessarily indicative
of the results to be achieved for any future periods.
About Senseonics
Senseonics Holdings, Inc. is a medical technology company focused on the
design, development and commercialization of transformative glucose
monitoring products designed to help people with diabetes confidently
live their lives with ease. From its inception, Senseonics has been
advancing the integration of novel, fluorescence sensor technology with
smart wearable devices. The Eversense® CGM System received PMA approval
from the FDA for up to 90 days of continuous use and is available in the
United States. The Eversense® XL CGM System received CE mark for up to
180 days of continuous use and is available in Europe. For more
information on Senseonics, please visit www.senseonics.com.
Forward Looking Statements
Any statements in this press release about future expectations, plans
and prospects for Senseonics, including statements about the expanded
relationship with Roche Diabetes care, the potential commercialization
of Eversense in additional markets, Senseonics’ 2019 financial guidance,
the ongoing commercialization of Eversense in Europe, the continuing
launch of Eversense in the U.S., and the potential life-enhancing
benefits Eversense offers people with diabetes, and other statements
containing the words “believe,” “expect,” “intend,” “may,” “projects,”
“will,” and similar expressions, constitute forward-looking statements
within the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors,
including: uncertainties in the development and regulatory approval
processes, uncertainties inherent in the commercial launch and
commercial expansion of the product, and such other factors as are set
forth in the risk factors detailed in Senseonics’ Annual Report on Form
10-K for the year ended December 31, 2017, Senseonics’ Quarterly Report
on Form 10-Q for the quarter ended September 30, 2018, and Senseonics’
other filings with the SEC under the heading “Risk Factors.” In
addition, the forward-looking statements included in this press release
represent Senseonics’ views as of the date hereof. Senseonics
anticipates that subsequent events and developments will cause
Senseonics’ views to change. However, while Senseonics may elect to
update these forward-looking statements at some point in the future,
Senseonics specifically disclaims any obligation to do so except as
required by law. These forward-looking statements should not be relied
upon as representing Senseonics’ views as of any date subsequent to the
date hereof.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190203005028/en/
INVESTOR CONTACT
Lynn Lewis or Philip Taylor
Investor
Relations
415-937-5406
[email protected]
Source: Senseonics Holdings, Inc.