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Senseonics sees Q2 revenue increase, offers stocks, notes
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A Germantown company that makes an implantable glucose monitor saw increased revenue in the second quarter, according to unaudited numbers it announced.
Senseonics Holdings Inc. said in a news release that it expects its preliminary net revenue for the quarter to be around $4.4 million to $4.7 million, up from $3.6 million in the prior quarter. About $1 million of that is from the United States. The rest is from overseas.
Tim Goodnow, President and Chief Executive Officer of Senseonics, said demand among patients for the company’s Eversense continuous glucose monitoring system is strong and the company expects stronger adoption of the product in the second half of 2019.
Senseonics also announced that it had begun a registered underwritten public offering of $25.0 million worth of its common stock and said it plans giving the underwriter of the offering a 30-day option to buy up to $3.75 million more in stock.
The company also announced an offer to sell $80 million in bonds. The new 5.25% senior notes would be due in 2025, and could be converted to common stock. The offer is contingent on holders of debt due in 2023 consenting to Senseonics taking on the new debt and on the closing of the public stock offering, among other factors.
