Senseonics Holdings, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant challenges in revenue generation and profitability. The company generated revenue of $955,000 for the three months ended September 30, 2024, an increase from $426,000 in the same period of 2023. However, total revenue for the nine months ended September 30, 2024, was $14.175 million, slightly down from $14.360 million in the prior year.

The cost of sales for the third quarter rose sharply to $8.314 million, compared to $4.925 million in the same quarter of 2023, leading to a gross loss of $4.051 million, a significant decline from a gross profit of $1.172 million in the prior year. The operating loss for the third quarter increased to $22.847 million from $19.022 million year-over-year, while the net loss for the quarter was $23.976 million, a marginal improvement from a net loss of $24.103 million in 2023.

For the nine-month period, the company reported a net loss of $63.140 million, compared to a net loss of $43.202 million in the same period of 2023. The accumulated deficit as of September 30, 2024, stood at $932.4 million. The company’s cash and cash equivalents decreased significantly to $27.106 million from $75.709 million at the end of 2023, reflecting ongoing liquidity challenges.

Strategically, Senseonics has been active in securing financing to support its operations. In September 2023, the company entered into a Loan and Security Agreement for up to $50 million, with an initial loan of $25 million funded. The second tranche of $10 million was funded in January 2024. Additionally, the company has engaged in equity financing, raising approximately $4.2 million from the sale of shares under an Equity Distribution Agreement with Goldman Sachs.

The company’s reliance on a single customer, Ascensia, remains high, with 84% of total revenue for the nine months ending September 30, 2024, derived from this source, down from 92% in the previous year. The company is focused on the commercialization of its Eversense continuous glucose monitoring systems, including the recently FDA-approved Eversense 365, which is expected to enhance its market position.

Overall, Senseonics continues to face significant financial and operational challenges, necessitating additional funding to sustain its operations and support its strategic initiatives in the competitive diabetes management market.