Senseonics (NYSE:SENS) saw shares rise 5.6% today after it released preliminary financial results for the 4th quarter, beating analysts’ expectations on Wall Street.
The Germantown, Md.-based company said it expects a total revenue of $0.3 million for Q4 and for the year ended December 31, 2016, ahead of consensus on The Street, where analysts were looking for sales of $0.2 million.
“We achieved many significant milestones in 2016 including the receipt of the CE Mark and launch of Eversense in Europe, as well as the completion of the U.S. pivotal trial and submission of our PMA to the FDA,” president & CEO Tim Goodnow said in prepared remarks. “We anticipate continuing this rapid pace of submissions and commercialization efforts, and we are aiming to deliver important milestones throughout 2017.”
Senseonics pegged its full year revenue for 2017 between $6.0 and $7.0 million.
SENS shares were trading at $2.83 apiece in mid-afternoon trading, up +5.6%.
In December, the company expanded its exclusive distribution agreement with Roche (PINK:RHHBY) for its implantable continuous glucose monitoring system for people with diabetes. The new agreement includes all of Europe, the Middle East and Africa, excluding Scandinavia, Finland and Israel.
According to the agreement, Senseonics has given Roche exclusive rights to promote, market and sell the Eversense system in specified territories. Senseonics will still be responsible for product development, regulatory approval, quality management and manufacturing, while Roche will take over commercializing the system.
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