Douglas A. Roeder, a director at Senseonics Holdings, Inc. (AMEX:NYSE:SENS), has increased his stake in the company with the purchase of common stock worth approximately $135,500. The transactions were executed on December 12 and December 13, according to a recent SEC filing. The timing is notable, as InvestingPro data shows the stock has achieved a significant 54.6% return over the past week.
On December 12, Roeder acquired 300,000 shares at a weighted average price of $0.41 per share. The following day, he purchased an additional 25,000 shares at a weighted average price of $0.50 per share. These purchases were made at prices ranging from $0.4061 to $0.50 per share. According to InvestingPro analysis, the stock is currently trading at $0.44, with technical indicators suggesting overbought conditions.
Following these transactions, Roeder's total direct ownership in Senseonics increased to 1,413,087 shares. The company, known for its continuous glucose monitoring systems, is headquartered in Germantown, Maryland. With a market capitalization of $261.35 million, Senseonics maintains strong liquidity with a current ratio of 2.47, though InvestingPro analysis indicates challenging profitability metrics in recent quarters.
In other recent news, Senseonics Holdings, Inc. reported a decrease in net revenue for the third quarter of 2024, with earnings of $4.3 million, down from $6.1 million year-over-year. However, the company anticipates a stronger performance following the FDA approval of its Eversense 365 product, a continuous glucose monitor. This approval is expected to increase patient starts and the installed base, with full revenue impact predicted in the first quarter of 2025.
Senseonics also announced a partnership with Mercy Health System for Eversense 365 and a restructuring plan aiming to reduce operating expenses by over $10 million in 2025. Despite a net loss for the quarter, the company has $74.8 million in cash, allowing for debt repayment and extended cash runway into late 2025.
These are recent developments that highlight the company's strategic moves to improve its financial position and increase its market presence. The company's outlook includes a projection of a doubling of new patient starts and a 50% increase in the global installed base for the full year 2024. Lastly, Senseonics anticipates gross margins to increase to nearly 30% in 2025.
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