Senseonics Looks to Stand Apart from the Big 3 in Diabetes Tech

Senseonics is planning to launch its 365-day continuous glucose monitor (CGM) in 4Q24.

The Germantown, MD-based company announced the launch plans for the Eversense 365 CGM and maintained its full-year guidance of $ 22 million to $24 million during a recent earnings call.  

“We are preparing for our next generation 365-day system launch in anticipation of FDA clearance,” Senseonics President and CEO Tim Goodnow, said according to a Seeking Alpha transcript of the earnings call. “We expect this system to again redefine the long-term CGM category by doubling sensor duration and generating important future growth opportunities for the company.”

According to a Seeking Alpha transcript of the call, Goodnow said, “Given that this product can be worn for a full year, the Eversense 365-day system will represent a groundbreaking development for patients with diabetes and marks a breakthrough milestone for CGMs. Diabetes management looks different for each patient, and we have continued to evolve our technology to ease the burden on patients and simplify solution options. With Eversense 365, we will double the current long-lasting CGM life to become the world's first one-year CGM system.”

Marie Thibault, an analyst with BTIG, noted how the upcoming device could impact sales.

“As previously discussed, inventory dynamics associated with the anticipated approval of the 365-day Eversense system are expected to impact Q3 product sales,” Thibault wrote in a research note. “However, management plans on launching the device in Q4, which is expected to help accelerate product sales. Ascensia Diabetes Care is already preparing for the commercial launch with new consumer and professional marketing initiatives to build awareness.”

The CGM sector of diabetes tech is highly competitive. Dexcom is one of the biggest players in the space and has gained significant movement with its G7 CGM sensor, which won a nod from FDA in December of 2022.

More recently, Medtronic and Abbott, two fierce rivals in the massive world of CGMs, formed a collaboration. The two said they will work on an integrated CGM based on Abbott’s FreeStyle Libre technology that will connect with Medtronic’s automated insulin delivery (AID) and smart insulin pen systems.

Senseonics has other tech on hand to compete in the market. The firm said it began first-in-human testing for the Gemini System, a fully implantable self-powering system designed to include a flash glucose monitor with no on-body component for people with type 2 diabetes.