Senseonics Holdings, Inc. (NYSE:SENS) Q1 2019 Earnings Conference Call - Final Transcript

May 09, 2019 • 04:30 pm ET


Senseonics Holdings, Inc. (NYSE:SENS) Q1 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the Senseonics' First Quarter 2019 Earnings Call. Today's conference is being recorded. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions). I would now like to turn the conference over to Mr. Trip Taylor. Please go ahead sir.

Philip Taylor

Thank you very much, and welcome to the Senseonics first quarter 2019 earnings call. This is Trip Taylor from the Gilmartin Group. Before we begin today, let me remind you that the Company's remarks include forward-looking statements.

These statements reflects management's expectations about future events, operating plans, regulatory matters, product enhancements, Company performance and other matters and speak only as of the date hereof.

These forward-looking statements involve a number of risks and uncertainties. A list of these factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under Risk Factors and elsewhere in our annual report on Form 10-K and our other reports filed with the SEC.

These documents are available in the Investor Relations section of our website at We undertake no obligation to update publicly or revise these forward-looking statements for any reasons, except as required by law. Also, on this call we will be discussing our full year 2019 revenue guidance, which was also included in the press release.

In light of regulation FD, we advise you that it is Senseonics' policy not to comment on our financial guidance other than in public communications.

Joining me from Senseonics' are Tim Goodnow, President and Chief Executive Officer; and Jon Isaacson, Chief Financial Officer. With that, I would like to turn the call over to Tim Goodnow, President and CEO. Tim?

Tim Goodnow

Thank you, Trip, and thank you all for joining us this afternoon. On the call today, I'll provide a brief update on our business. First, discussing progress on our initiatives in the US, and then sharing developments on the regulatory pipeline and European fronts.

Jon will provide details on our financial results and outlook and then we'll open up the call to questions. We started the year with a solid first quarter achieving total revenue of $3.4 million including U.S. revenue of $800,000 and European revenue of $2.6 million, with revenues for both the U.S. and Europe in line with expectations based on contractual timing obligation with our distribution partners as well as considerations of our new patient bridge access program.

We continue to expect revenues for 2019 to range between $25 million and $30 million. The quarter was marked by several accomplishments. Most significantly, we launched our bridge access program and we are incredibly excited about the early impact we are seeing in the market.

The response from both patients and prescribers is very positive. While the program was only available for ten days in Q1, we saw a meaningful immediate impact and are gaining momentum carrying into the current quarter. As you recall, the bridge program is designed to make Eversense available to those patients