Senseonics Holdings, Inc. (NYSE MKT:SENS) Q3 2018 Earnings Conference Call - Final Transcript

Nov 08, 2018 • 04:30 pm ET


Senseonics Holdings, Inc. (NYSE MKT:SENS) Q3 2018 Earnings Conference Call - Final Transcript


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Good afternoon, everyone, and welcome to the Senseonics Third Quarter 2018 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference call over to Mr. Don Elsey, Chief Financial Officer. Sir, please go ahead.

Don Elsey

Thank you very much, and welcome to the Third Quarter 2018 Senseonics' Earnings Call. Joining me on today's call are Tim Goodnow, President and Chief Executive Officer; and Mike Gill, Vice President and General Manager of the U.S. region.

(Forward-Looking Cautionary Statements)

With that, I will now turn the call over to Tim Goodnow. Tim?

Timothy Goodnow

Thank you, Don. The third quarter saw the biggest milestone for the company to date, the U.S. commercialization of the Eversense continuous glucose monitoring system. We began clinic onboarding and first patient insertions at the end of July and have had very positive real-world feedback from our initial users on the conveniences and benefits of Eversense. We're excited to share with you our early experiences not only with these patients, but with the health care providers and payers who are motivated and eager to bring this life-changing technology to people with diabetes.

In the past few months, we have learned a tremendous amount about the processes to integrate Eversense into the field and have started to establish best practices, which can be replicated as we scale. These are focused on integrating the product and procedures into clinical practices by incorporating a seamless process for clinician certification, patient insertions as well as establishing clinical and reimbursement support.

To speak to our early progress, I'll ask Mike Gill, our Vice President and General Manager of the U.S. region, to provide more detail on the initial U.S. launch and to provide some early details of the successes that we are having.

Michael Gill

Thanks, Tim. Needless to say, since our last conference call, we have been incredibly busy. Bringing Eversense into the U.S. market is an amazing and transformational experience. We are seeing strong interest and demand from both the health care provider community and from patients. Our dialogues range from answering simple training and technical questions to certifying physicians on their first insertions or driving payer coverage policies to celebrating patient sensor removals and reinsertions 90 days later.

The Eversense Mobile Clinic continues to create the strong initial awareness that we anticipated. To remind you, the Eversense Mobile Clinic, or EMC, is a state-of-the-art diabetes clinic and product training suite. It is focused on the technology and procedure with didactic and hands-on proctoring, which has proven to be a very efficient method for initial training. We have taken the EMC to over 20 major cities and have completed initial procedure training for approximately 2,000 attendees. And it has been a monumental tool to begin the educational process on Eversense and bring health care providers up the learning curve rapidly.

Our initial focus remains on the top-300 physicians across the country. Some of our early successes include institutions such as the Barbara Davis Center, Atlanta Diabetes Associates, University of Washington, A&M Diabetes, the Grunberger