Frederick T. Sullivan, the Chief Financial Officer of Senseonics Holdings, Inc. (AMEX:NYSE:SENS), recently acquired 124,933 shares of the company's common stock. The shares were purchased on December 12, 2024, at an average price of $0.38 per share, totaling $47,474. According to InvestingPro data, this insider purchase comes as the stock shows a significant 70% return over the last week. This transaction increases Sullivan's direct ownership to 2,478,844 shares. The shares were acquired in multiple transactions, with prices ranging from $0.363 to $0.40. While the company currently operates with moderate debt levels and maintains a healthy current ratio of 2.47, InvestingPro analysis indicates the stock is trading above its Fair Value. Subscribers can access 8 additional ProTips and comprehensive financial metrics in the Pro Research Report, available for over 1,400 US stocks.
In other recent news, medical technology company Senseonics reported its Q3 results, revealing a decrease in net revenue to $4.3 million, down from $6.1 million year-over-year. Despite this, the firm anticipates a stronger performance with the recent FDA approval of its Eversense 365 product, which is expected to significantly increase patient starts and the installed base. The full revenue impact of Eversense 365 is anticipated in the first quarter of 2025.
Notably, Senseonics has entered into a partnership with Mercy Health System for Eversense 365, and restructuring efforts are underway to reduce operating expenses by over $10 million in 2025. The company projects a doubling of new patient starts and a 50% increase in the global installed base for the full year 2024.
However, the company reported a gross loss of $4.1 million in Q3 2024, compared to a gross profit of $1.2 million in Q3 2023. Despite this, early feedback on Eversense 365 has been positive, and the company has $74.8 million in cash, allowing for debt repayment and extended cash runway into late 2025. These are some of the recent developments shaping the future trajectory of Senseonics.
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