Senseonics (SENS) is due to report earnings on February 1, 2021. The company just announced that it has closed their $115MM Bought Deal Offering of common stock with option to purchase additional shares.
The Company intends to use the net proceeds from this offering for general corporate purposes, including product development, focused on working to complete clinical development, secure regulatory approval and support anticipated commercial launch of the 365-day product, supporting the collaboration with Ascensia Diabetes Care, and funding working capital and capital expenditures. With this round of fundraising completed, based on the Company’s current projections, expectations and business plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its business through cash flow breakeven from operations.
The offering is said to be raised due to demand, said Washington Business Journal. The company is utilizing breakthrough fluorescence sensing technology, Senseonics’ continuous glucose monitoring (CGM) system is being designed to be the first fully implantable CGM that is highly accurate and stable throughout its long sensor life.
The system consists of a very small sensor implanted under the skin, an external transmitter, and a mobile medical application, which allows for discreet, easy access to real-time glucose measurements without the need for a dedicated receiver.
Senseonics (SENS) Earnings Estimate
Analysts predict that Senseonics will report an average earnings per share (EPS) of -0.27, with a low earnings per share (EPS) of -0.42, and a high earnings per share of -0.19.
