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Information Technology : Semiconductors & Semiconductor Equipment | Mid Cap Blend
Company profile

ON Semiconductor Corporation offers a portfolio of sensors, power management, connectivity, custom and system on chip (SoC), analog, logic, timing, and discrete devices. The Company's segments include Power Solutions Group, Analog Solutions Group and Image Sensor Group. The Power Solutions Group offers a range of discrete, module and integrated semiconductor products. The Analog Solutions Group designs and develops analog, mixed-signal and logic application specific integrated circuits (ASICs) and application specific standard products (ASSPs), and power solutions. The Image Sensor Group designs and develops complementary metal oxide semiconductor (CMOS) and charge-coupled device (CCD) image sensors, as well as proximity sensors, image signal processors, and actuator drivers for autofocus and image stabilization for various end users in the automotive, industrial, consumer, wireless, medical, and aerospace/defense markets.

Closing Price
$37.78
Day's Change
0.01 (0.03%)
Bid
--
Ask
--
B/A Size
--
Day's High
38.28
Day's Low
37.50
Volume
(Below Average)
Volume:
4,232,072

10-day average volume:
4,984,001
4,232,072

Senseonics Holdings, Inc. Reports First Quarter 2021 Financial Results

4:05 pm ET May 13, 2021 (BusinessWire) Print

Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and commercialization of long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes, today reported financial results for the quarter ended March 31, 2021.

Recent Highlights & Accomplishments:

Generated first quarter 2021 revenue of $2.85 million primarily driven by sales in the E.U. FDA review resumed in mid-April with the assignment of a lead reviewer to the Eversense(R) 180-day PMA supplement application. "The PROMISE Study: An Evaluation of the Safety and Accuracy of the Next Generation 180-Day Long-term Implantable Eversense CGM System" to be presented in June at the ATTD and ADA conferences and manuscript submitted to major diabetes journal. Teamed with University Hospitals Accountable Care Organization as the first ACO to adopt Eversense for use in their Medicare population. Strengthened balance sheet by raising $175 million of proceeds from financing transactions. Decreased first quarter 2021 operating loss by $32.52 million compared to the prior year period.

Advanced commercial collaboration with Ascensia Diabetes Care

Ascensia assumed full commercialization for the Eversense(R) CGM in the U.S. on April 1, 2021 and for the Eversense(R) XL CGM in select European markets on February 1, 2021. Ascensia completed the hiring and training of 25 Eversense sales professionals in the U.S. and additional support roles including inside sales, clinical support, market access and customer care professionals in addition to the existing commercial organization of over 250 professionals in European countries active with Eversense. Ascensia launched a U.S. direct-to-consumer advertising campaign for Eversense in early Q2.

"We are very pleased with our start to 2021 including the transfer of worldwide Eversense commercial activity to Ascensia. In the U.S. there are now 25 sales representatives trained and actively calling on existing Eversense accounts and targeting top insulin prescribers to further drive adoption of our CGM system," said Tim Goodnow, PhD, President and Chief Executive Officer of Senseonics. "As part of their U.S. commercial efforts, Ascensia has launched a direct-to-consumer ad campaign aimed at raising awareness of the differentiating capabilities and benefits of Eversense that in most cases is offered at a comparable annual co-pay to patients' other choices. We are excited that this collaboration enables further patient access to the only long-term implantable CGM solution with a sensor that lasts for months not days."

First Quarter 2021 Results:

Total revenue for the quarter was $2.85 million compared to $0.04 million for the first quarter of 2020. U.S. revenue was $0.31 million and revenue outside the U.S. was $2.53 million.

First quarter 2021 gross profit increased by $20.16 million year-over-year, to $0.53 million. The positive gross margin in the quarter was primarily due to the ability to fill resupply orders with existing written off inventory as existing patient reinsertion rates were above the expectations established in the first quarter of 2020 amid the onset of the COVID-19 pandemic.

First quarter 2021 sales and marketing expenses decreased by $9.53 million year-over-year, to $1.61 million. The decrease was primarily due to the strategic changes in our go-to-market strategy with the Ascensia global collaboration.

First quarter 2021 research and development expenses decreased by $2.11 million year-over-year, to $5.26 million. The decrease was primarily driven by lower clinical study costs and personnel related expenses.

First quarter 2021 general and administrative expenses decreased by $0.72 million year-over-year, to $4.97 million. The decrease was primarily due to a decrease in personnel related costs.

Net loss was $249.51 million, or $0.68 per share, in the first quarter of 2021, compared to $42.59 million, or $0.21 per share, in the first quarter of 2020. Net loss increased by $206.92 million due to a $239.44 million increase to other expenses primarily related to non-cash accounting charges resulting from the accounting for embedded derivatives related to certain of the company financings, partially offset by a $32.52 million decrease in loss from operations.

As of March 31, 2021, cash and cash equivalents were $178.6 million and outstanding indebtedness was $110.6 million.

2021 Financial Outlook

The company continues to expect that global net revenue to Senseonics for the full year 2021 is expected to be in the range of $12.0 million to $15.0 million.

Conference Call and Webcast Information:

Company management will host a conference call at 4:30 pm (Eastern Time) today, May 13, 2021, to discuss these financial results and recent business developments. This conference call can be accessed live by telephone or through Senseonics' website.

                                                                                                                     Live Webcast Information:                                                                                                        Live Webcast Information:                                                                                                        Live Webcast Information:
   Live Teleconference Information:       Live Teleconference Information:       Live Teleconference Information:    Visit http://www.senseonics.com and select the "Investor Relations" section Visit http://www.senseonics.com and select the "Investor Relations" section Visit http://www.senseonics.com and select the "Investor Relations" section
   Dial in number: 888-317-6003           Dial in number: 888-317-6003           Dial in number: 888-317-6003
   Entry Number: 6107459                  Entry Number: 6107459                  Entry Number: 6107459
   International dial in: 412-317-6061    International dial in: 412-317-6061    International dial in: 412-317-6061
-------------------------------------- -------------------------------------- -------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------

A replay of the call can be accessed on Senseonics' website http://www.senseonics.com under "Investor Relations."

About Senseonics

Senseonics Holdings, Inc. is a medical technology company focused on the design, development and commercialization of transformational glucose monitoring products designed to help people with diabetes confidently live their lives with ease. Senseonics' CGM systems, Eversense(R) and Eversense(R) XL, include a small sensor inserted completely under the skin that communicates with a smart transmitter worn over the sensor. The glucose data are automatically sent every 5 minutes to a mobile app on the user's smartphone.

Forward Looking Statements

Any statements in this press release about future expectations, plans and prospects for Senseonics, including the revenue projections under "2021 Financial Outlook," statements about the potential benefits of the Ascensia commercialization and collaboration agreement, including the ability of Ascensia to grow the market for Eversense, the future increase in patient and provider awareness of Eversense, reductions in patient costs and expansion of access to Eversense, and other statements containing the words "believe," "expect," "intend," "may," "projects," "will," "planned," 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 for the 180-day Eversense product, uncertainties inherent in the commercial launch and commercial expansion of the product, uncertainties inherent in the transition of commercialization responsibilities to Ascensia, uncertainties in insurer, regulatory and administrative processes and decisions, uncertainties in the duration and severity of the COVID-19 pandemic, 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, 2019, Senseonics' Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 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.

                                                                                                                                                                               Senseonics Holdings, Inc.
                                                                                                                                                                              Consolidated Balance Sheets
                                                                                                                                                                  (in thousands, except for share and per share data
                                                                                                                                                                                                                                                         
                                                                                                            March 31,                                                                                                                  March 31,                              March 31,                            December 31,                        December 31,
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------
                                                                                                              2021                                                                                                                       2021                                   2021                                   2020                                2020
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------
                                                                                                                                                                                                                                                         
Assets
Current assets:
                                                                                                                                                                                                                                                    $                    $        178,610                      $                    $   18,005  
   Cash and cash equivalents
                                                                                                                                                                                                                                       --       -- --                  200                  200                  200      200
   Restricted cash
                                                                                                                                                                                                                                                  334                  334            334                  565                  565                  565      565
   Accounts receivable, net
                                                                                                                                                                                                                                                1,352                1,352          1,352                2,421                2,421                2,421    2,421
   Accounts receivable - related parties
                                                                                                                                                                                                                                                6,584                6,584          6,584                5,281                5,281                5,281    5,281
   Inventory, net
                                                                                                                                                                                                                                              4,451          3,774  
   Prepaid expenses and other current assets
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                                                                                            191,331         30,246  
      Total current assets
                                                                                                                                                                                                                                                                                       
Option                                                                                                                                                                                                                                          1,104                1,104          1,104                1,886                1,886                1,886    1,886
Deposits and other assets                                                                                                                                                                                                                     2,049          2,229  
Property and equipment, net                                                                                                                                                                                                                   1,463          1,557  
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                                                                                                    $                    $        195,947                      $                    $   35,918  
      Total assets
                                                                                                                                                                                                                                 ==================== ==================== ============== ==================== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                                                       
Liabilities and Stockholders' Deficit                                                                                                                                                                                                                                          
Current liabilities:                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                    $                    $            930                      $                    $    1,762  
   Accounts payable
                                                                                                                                                                                                                                              9,635         11,674  
   Accrued expenses and other current liabilities
                                                                                                                                                                                                                                                5,123                5,123          5,123                3,202                3,202                3,202    3,202
   Term Loans, net
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------
                                                                                                                                                                                                                                             15,688         16,638  
      Total current liabilities
                                                                                                                                                                                                                                                                                       
Long-term debt and notes payables, net                                                                                                                                                                                                         52,948               52,948         52,948               57,216               57,216               57,216   57,216
Derivative liabilities                                                                                                                                                                                                                      243,018         62,119  
Options                                                                                                                                                                                                                                        68,923               68,923         68,923               39,734               39,734               39,734   39,734
Other liabilities                                                                                                                                                                                                                               1,269                1,269          1,269                1,483                1,483                1,483    1,483
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------
                                                                                                                                                                                                                                            381,846        177,190  
      Total liabilities
                                                                                                                                                                                                                                                                                       
Preferred stock and additional paid-in-capital, subject to possible redemption: $0.001 par value per share; 0 shares issued and outstanding as of March 31, 2021 and 3,000 shares issued and outstanding as of December 31, 2020       --       -- --          2,811  
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                                                                                       --       -- --                2,811                2,811                2,811    2,811
      Total temporary equity
                                                                                                                                                                                                                                                                                       
Commitments and contingencies                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                       
Stockholders' deficit:                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                428            266  
   Common stock, $0.001 par value per share; 900,000,000 shares authorized; 427,914,984 and 265,582,688 shares issued and outstanding as of March 31, 2021 and December 31, 2020
                                                                                                                                                                                                                                            711,698        504,162  
   Additional paid-in capital
                                                                                                                                                                                                                                           (898,025 )                        (648,511 )
   Accumulated deficit
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                                                                                           (185,899 )                        (144,083 )
      Total stockholders' deficit
                                                                                                                                                                                                                                 -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                           Senseonics Holdings, Inc.
                                                                         Consolidated Statements of Operations and Comprehensive Loss
                                                                              (in thousands, except for share and per share data)
                                      
                  Three Months Ended                   Three Months Ended                                                          Three Months Ended
                       March 31,                            March 31,                                                                   March 31,
----------------------------------------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------
                         2021                                 2021                                 2021                                                     2020
----------------------------------------------------- -------------------- --------------------------------------------------                        ------------------------------------------------------
Revenue, net                                          $                    $                           487                        $             31  
Revenue, net - related parties                                       2,359                2,359      2,359                      5                    5              5  
                                                      -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                     2,846                2,846      2,846                     36                   36             36  
   Total revenue
Cost of sales                                                        2,320                2,320      2,320                 19,670               19,670         19,670  
                                                      -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- --------------------
Gross profit (loss)                                              526              (19,634 )
                                                         
Expenses:
                                                               1,613               11,145  
   Sales and marketing expenses
                                                               5,255                7,362  
   Research and development expenses
                                                               4,974                5,690  
   General and administrative expenses
                                                      -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- --------------------
Operating loss                                               (11,316 )                               (43,831 )
Other (expense) income, net:
                                                                         9                    9          9                    209                  209            209  
   Interest income
                                                                   (52,675              (52,675    (52,675 )                          --       -- --  
   Loss on fair value adjustment of options
                                                                 330               (4,546 )
   Gain (Loss) on extinguishment of debt and option
                                                                    (4,058               (4,058     (4,058 )                                  (4,373               (4,373         (4,373 )
   Interest expense
                                                                  (180,899             (180,899   (180,899 )                                  10,311               10,311         10,311  
   Gain (Loss) on change in fair value of derivatives
                                                                      (782                 (782       (782 )                          --       -- --  
   Impairment costs
                                                                (123 )                                  (363 )
   Other expense
                                                      -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- --------------------
                                                            (238,198 )                                 1,238  
      Total other (expense) income, net
                                                      -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- --------------------
                                                         
Net loss                                                          (249,514             (249,514   (249,514 )                                 (42,593              (42,593        (42,593 )
Total comprehensive loss                              $                    $                      (249,514 )                                       $                    $        (42,593 )
                                                      ==================== ==================== ========== ==================== ==================== ==================== ============== ====================
                                                         
Basic and diluted net loss per common share           $                    $                         (0.68 )                                       $                    $          (0.21 )
                                                      ==================== ==================== ========== ==================== ==================== ==================== ============== ====================

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005931/en/

SOURCE: Senseonics Holdings, Inc.

Investor Contact 
Lynn Lewis or Philip Taylor
Investor Relations
415-937-5406
Investors@senseonics.com

Senseonics Media Contact: 
Mirasol Panlilio
301-556-1631
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