Senseonics Holdings, Inc. Reports Second Quarter 2024 Financial Results
Recent Highlights & Accomplishments:
-
Generated revenue of
$4.9 million in the second quarter of 2024, representing growth of more than 18% compared to the prior year period - FDA review of the 510(k) submission for the next-generation 365-day Eversense® system and operational readiness activities continue to advance for planned fourth quarter 2024 product launch
- Continued to advance the collaboration with Mercy healthcare system on the first-of-its-kind initiative for a large-scale implementation of Eversense and the launch of our remote patient monitoring service, aimed at improving clinical outcomes and reducing healthcare costs, with initial insertions planned for Q3 2024.
-
Established Eon Care Services, a wholly owned subsidiary of
Senseonics , to provide Eversense insertion procedures and training to complement theNurse Practitioner Group in order to support and expand access to Eversense - 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
“During the second quarter, the Eversense user base in the
Second Quarter 2024 Results:
Total revenue for the second quarter of 2024 was
Second quarter 2024 gross profit of
Second quarter 2024 sales and marketing and general and administrative expenses increased by
Second quarter 2024 research and development expenses decreased by
Net loss was
Cash, cash equivalents, restricted cash and short-term investments were
Full Year 2024 Financial Outlook
Conference Call and Webcast Information:
Company management will host a conference call at
Live Teleconference Information: Dial in number: 888-317-6003 Entry Number: 4740206 International dial in: 412-317-6061 |
Live Webcast Information: Visit http://www.senseonics.com and select the "Investor Relations" section |
A replay of the call can be accessed on
About
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for
Condensed Consolidated Balance Sheets (in thousands, except share and per share data) |
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2024 |
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2023 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
34,853 |
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$ |
75,709 |
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Restricted cash |
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318 |
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— |
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Short term investments, net |
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49,774 |
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33,747 |
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Accounts receivable, net |
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1,277 |
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808 |
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Accounts receivable, net - related parties |
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3,075 |
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3,724 |
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Inventory, net |
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7,215 |
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8,776 |
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Prepaid expenses and other current assets |
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6,502 |
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7,266 |
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Total current assets |
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103,014 |
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130,030 |
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Deposits and other assets |
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5,241 |
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7,006 |
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Property and equipment, net |
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3,306 |
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1,184 |
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Total assets |
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$ |
111,561 |
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$ |
138,220 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,331 |
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$ |
4,568 |
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Accrued expenses and other current liabilities |
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11,916 |
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11,744 |
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Accrued expenses and other current liabilities, related parties |
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1,226 |
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945 |
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Note payable, current portion, net |
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18,642 |
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— |
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Total current liabilities |
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33,115 |
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17,257 |
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Long-term debt and notes payables, net |
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34,202 |
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41,195 |
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Derivative liabilities |
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— |
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102 |
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Other liabilities |
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6,010 |
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6,214 |
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Total liabilities |
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73,327 |
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64,768 |
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Preferred stock and additional paid-in-capital, subject to possible redemption: |
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37,656 |
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37,656 |
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Total temporary equity |
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37,656 |
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37,656 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, |
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535 |
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530 |
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Additional paid-in capital |
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908,472 |
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904,535 |
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Accumulated other comprehensive loss |
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(7 |
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(11 |
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Accumulated deficit |
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(908,422 |
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(869,258 |
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Total stockholders’ equity |
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578 |
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35,796 |
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Total liabilities and stockholders’ equity |
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$ |
111,561 |
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$ |
138,220 |
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Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) |
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Three Months Ended |
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Six Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue, net |
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$ |
778 |
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$ |
437 |
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$ |
1,367 |
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$ |
750 |
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Revenue, net - related parties |
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4,087 |
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3,689 |
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8,545 |
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7,513 |
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Total revenue |
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4,865 |
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4,126 |
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9,912 |
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8,263 |
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Cost of sales |
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4,567 |
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3,709 |
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9,279 |
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7,433 |
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Gross profit |
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298 |
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417 |
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633 |
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830 |
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Expenses: |
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Research and development expenses |
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10,800 |
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12,830 |
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21,238 |
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25,235 |
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Selling, general and administrative expenses |
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8,991 |
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7,455 |
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17,119 |
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15,173 |
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Operating loss |
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(19,493 |
) |
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(19,868 |
) |
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(37,724 |
) |
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(39,578 |
) |
Other (expense) income, net: |
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Interest income |
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1,190 |
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1,311 |
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2,574 |
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2,420 |
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Exchange related gain, net |
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— |
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— |
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— |
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18,776 |
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Interest expense |
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(2,085 |
) |
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(2,310 |
) |
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(4,133 |
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(6,962 |
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Gain on change in fair value of derivatives |
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102 |
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289 |
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102 |
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6,067 |
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Other (expense) income |
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(1 |
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155 |
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17 |
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178 |
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Total other (expense) income, net |
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(794 |
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(555 |
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(1,440 |
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20,479 |
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Net Loss |
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(20,287 |
) |
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(20,423 |
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(39,164 |
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(19,099 |
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Other comprehensive loss |
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Unrealized (loss) gain on marketable securities |
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(5 |
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100 |
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4 |
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558 |
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Other comprehensive (loss) gain |
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(5 |
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100 |
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4 |
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558 |
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Total comprehensive loss |
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$ |
(20,292 |
) |
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$ |
(20,323 |
) |
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$ |
(39,160 |
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$ |
(18,541 |
) |
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Basic net loss per common share |
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$ |
(0.03 |
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$ |
(0.04 |
) |
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$ |
(0.06 |
) |
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$ |
(0.04 |
) |
Basic weighted-average shares outstanding |
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616,585,664 |
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567,125,022 |
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615,587,105 |
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532,499,776 |
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Diluted net loss per common share |
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$ |
(0.03 |
) |
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$ |
(0.04 |
) |
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$ |
(0.06 |
) |
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$ |
(0.04 |
) |
Diluted weighted-average shares outstanding |
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616,585,664 |
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567,125,022 |
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615,587,105 |
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532,499,776 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240808590774/en/
Investor Contact
415-937-5406
Investors@senseonics.com
Source: