BTIG Reiterates Neutral Rating on Senseonics Holdings (SENS)

BTIG analyst Marie Thibault reiterated a Neutral rating on Senseonics Holdings (NYSE: SENS)

The analyst comments "We are updating our Senseonics model following this past weekend's business update at the American Diabetes Association (ADA) conference. SENS reaffirmed 1H24 sales guidance of $10M, a ~21% increase compared to 1H23. The company also provided full-year revenue guidance of $22M-$24M (consensus: $26M). This assumes U.S. new patient starts more than double compared to 2023 and an increase in the global installed base of ~50% from ~4K in 2023 to ~6K in 2024. SENS has already generated >200% more new patient starts in the U.S. in 1H24 compared to 1H23. For FY24, SENS guided to gross margins of 10.0%-15.0% and operating expenses of $77.5M-$82.5M (vs. ~$80M from the Q1 earnings call). The company anticipates cash usage for 2024 to be around $70M, roughly in line with 2023 levels. SENS expects inventory dynamics associated with the 365-day, once-weekly calibration, Eversense system to impact Q3 product sales. The company intends on launching the 365-day system on October 1st, which is expected to help accelerate product sales in Q4. Additionally, the full-scale launch of the Mercy Health (Private) collaboration is expected to bear a positive impact on Q4 sales as well."

For an analyst ratings summary and ratings history on Senseonics Holdings click here. For more ratings news on Senseonics Holdings click here.

Shares of Senseonics Holdings closed at $0.38 yesterday.

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