Senseonics Holdings (NYSE:SENS), Inc. (NYSE American:SENS), a company specializing in industrial instruments for measurement, display, and control, announced today the resignation of board member Anthony Raab, effective immediately. Raab stepped down to dedicate more time to his professional investment career, other board responsibilities, and family. The company, with a market capitalization of approximately $502 million, has seen its stock surge over 86% in the past six months, according to InvestingPro data.
The company, headquartered in Germantown, MD, filed the report with the Securities and Exchange Commission on January 17, 2025, confirming the change in its board composition. Senseonics has not yet announced a successor or provided details on how Raab's resignation will affect the board's structure or its strategic direction moving forward.
In other recent news, medical technology company Senseonics Holdings, Inc. experienced a decrease in net revenue for the third quarter of 2024, reporting $4.3 million down from $6.1 million year-over-year. However, with the FDA approval of its Eversense 365 product, the company anticipates a stronger performance ahead. This latest continuous glucose monitor is predicted to boost patient starts and the installed base, with the full revenue impact expected in the first quarter of 2025.
In addition to these developments, Senseonics has begun a partnership with Mercy Health System for Eversense 365 and has also undertaken restructuring efforts to reduce operating expenses by over $10 million in 2025. Although the company reported a net loss for Q3 2024, it has strengthened its financial position through strategic financing and restructuring.
Analysts project a doubling of new patient starts and a 50% increase in the global installed base for the full year 2024. Furthermore, the company expects gross margins to increase to nearly 30% in 2025. Despite the challenges, the recent FDA approval and positive early feedback on Eversense 365 indicate promising prospects for Senseonics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.