Shares of Senseonics Holdings, Inc. (NYSE: SENS) surged 8.71% on Tuesday, November 7, 2024, driven by the successful launch of its newly approved Eversense 365 continuous glucose monitoring (CGM) system for diabetes patients and its third-quarter 2024 financial results.

In the third quarter, Senseonics received FDA approval for Eversense 365, a long-term, implantable CGM system that can monitor glucose levels for up to 365 days. The company has begun commercialization of the product in partnership with Ascensia Diabetes Care, a subsidiary of PHC Holdings Corporation.

Senseonics reported total revenue of $4.3 million for the third quarter, with $2.4 million coming from the U.S. market. While total revenue declined year-over-year due to the transition from its previous Eversense E3 system to Eversense 365, the company recorded a one-time charge of $4.8 million related to this transition. As a result, Senseonics reported a net loss of $24 million for the quarter, compared to a net loss of $24.1 million in the same period last year.

Looking ahead, Senseonics expects full-year 2024 global net revenue to be approximately $22 million, driven by the initial demand for Eversense 365 and the launch of a collaboration with the Mercy health system. The company anticipates more than doubling U.S. new patient starts and increasing its global installed base by approximately 50% in 2024 compared to 2023.