Senseonics (NYSE:SENS) shares took a large dip today on first-quarter losses that came in well short of the consensus forecast.
The Germantown, Md.-based implantable continuous glucose monitor maker posted losses of -$42.6 million, or -21¢ per share, on sales of $31,000 for the three months ended March 31, 2020, for a 45% bottom-line slide on a sales decline of 97.5%.
Adjusted to exclude one-time items, losses per share were also listed at -21¢, 8¢ behind Wall Street projections.
“In the second half of March we began to experience significant dislocation in the market because of the isolation efforts to prevent the transmission of COVID-19,” Senseonics president & CEO Tim Goodnow said in a news release. “As part of the public health considerations in response to the pandemic, most endocrinology clinics transitioned to telehealth interactions with patients, greatly limiting in-person visits and significantly reducing health care providers’ ability to insert sensors for patients. These challenging market circumstances in combination with our financial situation led the board to the decision to explore strategic alternatives for the company.
“Concurrent with this process we took steps to reorganize and reprioritize our corporate initiatives. To operate in the most efficient manner moving forward we have temporarily suspended commercial activities in the U.S. for new patients and have shifted our focus to long-term value creation through product development and market access. We remain committed to supporting our current patient base and ensuring the success of Eversense in the marketplace.”
Senseonics withdrew its 2020 financial guidance in March as a result of the uncertainties brought on by the COVID-19 pandemic. In April, the company entered into a $20 million credit facility and, the following week, announced that it received $5.8 million from the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
SENS shares were down -14.4% at 44¢ per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.5%.