In September, the company won FDA clearance for the Eversense 365 one-year implantable CGM. With the clearance, it became the world’s first 365-day CGM system. Senseonics and its global distribution partner, Ascensia Diabetes Care, announced the launch for Eversense 365 on Oct. 1.
Ascensia began shipping product in November and Senseonics now reports “strong interest” in Eversense 365. Direct-to-consumer (DTC) leads more than doubled compared to pre-launch months, the company said. It also reported new patient shipments reaching the highest level compared to any month since inception of the Ascensia partnership.
Since launch, Eversense 365 delivered a 42% increase in the number of providers prescribing Eversense, according to a news release. The company reports a 69% increase in prescriptions from top prescribers compared to the pre-launch rate in 2024. A third of Eversense 365 prescribers are new, first-time Eversense prescribers.
Senseonics says the number of patients switching to Eversense monthly from competitive CGMs is up 47% since the launch.The company remains on target to hit annual growth of about 50% in its patient installed base at the end of 2024. It reiterates its 2024 revenue guidance for about $22 million.
“We are thrilled to have a world-class product that so fully addresses patient needs for a long-term CGM, with minimal data disruptions and complete flexibility,” said Brian Hansen, president of Ascensia’s CGM division. “Patients have been elated with Eversense 365’s reduction in calibration and ease of use, and providers are getting the consistent flow of data required to manage their patients’ disease. We believe this is driving the double-digit growth in monthly patients since 365 launch switching from competitive CGMs–and a triple-digit increase in Type 2 basal only patients, the largest market segment opportunity.
“Eversense 365 is really a win-win for everyone, and our strong early launch performance indicators are showing meaningful improvement in the key metrics we track.”
More on the launch and future business moves from Senseonics
Senseonics President and CEO Tim Goodnow called 2024 “a landmark year” for the company. He said the company intends to continue providing updates on the launch and its portfolio development. That includes insulin pump connectivity, additional healthcare systems and an outside-the-U.S. launch for Eversense 365. Eversense 365 received approval for integration with automated insulin delivery systems after Senseonics won initial iCGM approval in April.
Hansen explained the company’s future plans at ADA 2024 earlier this year.
Goodnow also says the company plans to execute a reverse stock split at the start of 2025.
“Additionally, in an effort to enhance Senseonics’ appeal to institutional and other investors, we are seeking to execute a reverse stock split, pending shareholder approval, in January 2025,” said Goodnow. “We understand that many institutional investors and other funds have internal policies and practices that limit their ability to invest in low-priced stocks, and we are seeking a reserve stock split to overcome these limitations, which we believe will address this impediment and make it easier for these investors to invest in Senseonics stock.”
