Timothy T. Goodnow, President and CEO of Senseonics Holdings, Inc. (AMEX:NYSE:SENS), recently purchased 315,000 shares of the company's common stock. The transaction, which took place on December 10, was executed at a weighted average price of $0.31 per share, amounting to a total investment of $97,650. According to InvestingPro data, this purchase represents approximately 0.17% of the company's $184.55M market capitalization. The stock has declined 46% year-to-date, though its current ratio of 2.47 indicates strong short-term liquidity position.
This acquisition increases Goodnow's direct ownership to 11,310,355 shares. The purchase was made in multiple transactions, with share prices ranging from $0.2959 to $0.3139. InvestingPro analysis reveals several key factors about SENS, including that the company is quickly burning through cash. Subscribers can access 7 additional ProTips and comprehensive financial analysis through the Pro Research Report, available exclusively on InvestingPro.
In other recent news, medical technology company, 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 recent FDA approval of its Eversense 365 product, the first one-year continuous glucose monitor (CGM). This approval is expected to boost patient starts and the installed base, with a full revenue impact anticipated in the first quarter of 2025.
In addition to the FDA approval, Senseonics has also begun a partnership with Mercy Health System for Eversense 365 and completed a strategic restructuring expected to reduce operating expenses by over $10 million in 2025. Despite a net loss for the quarter, Senseonics has strengthened its financial position and expects a full-year 2024 global net revenue of $22 million.
These are recent developments, with the company projecting a doubling of new patient starts and a 50% increase in the global installed base for the full year 2024. Gross margins are anticipated to increase to nearly 30% in 2025. However, the company reported a gross loss in Q3 2024 of $4.1 million, and a total net loss for the quarter at $24 million.
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