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On Wednesday, H.C. Wainwright analyst Vernon Bernardino reaffirmed a Buy rating on Senseonics Holdings (NYSE:SENS) with a steady $2.00 price target. According to InvestingPro data, this target represents significant upside potential, with analyst targets ranging from $0.30 to $2.50. The stock has shown notable volatility, delivering a 97% return over the past six months despite a recent 20% decline in the past week. Bernardino highlighted the company’s financial performance and the successful reception of its Eversense 365 continuous glucose monitor (CGM) system. Senseonics reported fourth-quarter revenue for 2024 of $8.3 million on March 3, marking a significant increase from $4.3 million in the third quarter. The full-year revenue for 2024 was $22.5 million, closely aligning with the previous year’s $22.4 million. InvestingPro analysis reveals the company maintains a healthy current ratio of 2.35, though it faces profitability challenges with negative EBITDA of $73.4 million in the last twelve months.
The analyst pointed out the approval of the Eversense 365 as a pivotal moment for Senseonics in 2024, which led to a 56% growth in its patient base to approximately 6,000 global patients compared to 2023. The company’s projections indicate the potential to double this patient base in 2025. Bernardino also noted that 81% of new Eversense 365 users were switching from competing CGM systems, suggesting strong momentum for the product’s market penetration.
Senseonics, in partnership with Ascensia Diabetes Care (ADC), a subsidiary of Japan-based PHC Holdings Corporation, has expanded its marketing efforts for Eversense 365 to over 2,400 annual prescribers, the majority of whom are new to prescribing the device. Bernardino observed that while these new prescribers currently have only one to two patients on E365, he anticipates growth driven by increasing awareness and significant contributions from the partnership with Mercy Health system.
Mercy Health, with up to 30,000 potential patients within its 3 million-member system, could significantly contribute to the adoption of Eversense’s CGM systems. Bernardino concluded by emphasizing the opportunity for Senseonics to penetrate large clinics with high prescription volumes, reinforcing the Buy rating and maintaining the price target of $2.00. For deeper insights into SENS’s market position and growth potential, InvestingPro subscribers can access comprehensive analysis, including 14 additional ProTips and detailed financial metrics in the Pro Research Report, helping investors make more informed decisions about this emerging medical technology company.
In other recent news, Senseonics Holdings reported fourth-quarter earnings that exceeded analyst expectations, posting a loss of $0.02 per share compared to the anticipated $0.03 loss. The company achieved revenue of $8.3 million, surpassing the consensus estimate of $7.79 million and reflecting a 3.75% increase from the previous year’s fourth quarter. Stifel analysts maintained a Buy rating on Senseonics, highlighting the company’s adjusted gross margin of 28.3%, which exceeded their expectations. They project sustained gross margin improvements through 2025, with revenue guidance for that year ranging between $34 million and $38 million.
Raymond (NSE:RYMD) James, however, reaffirmed an Underperform rating on Senseonics, citing concerns over the company’s execution and guidance for 2025, which fell below their expectations. Despite the anticipated growth of the Eversense 365 product, Raymond James maintains a cautious outlook due to past performance issues. Senseonics’ patient base grew by 56% year-over-year in 2024, reaching approximately 6,000 global patients, largely due to the successful U.S. launch of the Eversense 365 CGM system.
The company also provided guidance for full-year 2025 global net revenue, anticipating growth alongside an increase in gross margins to between 25-30%. Stifel analysts believe 2025 will be a significant growth year, driven by the 365-day product, while Raymond James remains conservative in their projections. Senseonics aims to continue expanding its market presence with future product launches, including the Gemini and Freedom products.
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