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Gut Check: How Is Diabetes Tech Holding up in 2022?
Senseonics’ recent milestones show why the diabetes management space is having a stellar year.
August 10, 2022
2 Min Read
Image courtesy of Illia Uriadnikov / Alamy Stock Photo
There have been several significant achievements in the diabetes management space in 2022 – most occurring in rapid-fire succession. The speed and frequency of these milestones caused MD+DI to ask in February, if this could be diabetes tech’s biggest year, yet.
The answer is shaping up to be a resounding, yes. Senseonics, the developer of the Eversense continuous glucose monitoring (CGM) system, is the latest company in diabetes tech to accomplish high-level achievements. The firm beat the consensus $3.5 million estimate (for).
Senseonics had full-year revenue guidance of about $14 million to $18 million and now expected gross margins to be positive for the full year. Previously the expected approach was breakeven in 4Q22.
The company is adjusting its 365-day sensor based on findings from ongoing pilot studies but still anticipates starting a pivotal trial at the end of the year.
Marie Thibault, an analyst with BTIG, said “We are impressed by the recent string of recent regulatory and coverage wins, but with shares trading at ~42x EV/Sales, we remain at neutral due to valuation concerns.”
News of Senseonics’ strong quarter follows closely behind milestones from Insulet Corporation and Abbott Laboratories.
Last week, Acton, MA-based Insulet embarked on a full market launch of the Omnipod 5. The device is a tubeless Automated Insulin Delivery (AID) system that integrates with the Dexcom G6 CGM system to help protect against high and low glucose levels. Insulet won a nod from FDA for Omnipod 5 in January.
Abbott followed quickly with news of a high-profile partnership with WeightWatchers. The collaboration calls for WeightWatchers to integrate its diabetes-tailored weight management program with Abbott’s portfolio of FreeStyle Libre products.
The goal is that the combination will create an experience that will give people living with diabetes the information and insights needed to make healthy adjustments to their diet, improve their glucose levels, and, ultimately, gain more control of their health.
However, diabetes tech’s momentum slowed down some when it was announced approval of one of the most anticipated technologies in the space would be delayed. Dexcom closed out the month of July by saying its G7 CGM, which already has CE Mark, probably won’t win a nod from FDA until later this year.
Dexcom said the reason for the delay is because of a subtle change to the G7 software based on feedback from FDA. The San Diego, CA-based company originally submitted for FDA clearance late last year.
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