Senseonics Holdings, Inc. (NYSE:SENS) Q4 2019 Earnings Conference Call - Final Transcript

Mar 12, 2020 • 04:30 pm ET


Senseonics Holdings, Inc. (NYSE:SENS) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Senseonics Fourth Quarter and Full Year 2019 Earnings Conference Call. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions].

I'd now like to turn the conference over to Philip Taylor, Investor Relations. Please go ahead.

Philip Taylor

Thank you very much, and welcome to the Senseonics Fourth Quarter and Full Year 2019 Earnings Call. This is Philip Taylor from the Gilmartin Group.

Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect 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 for the year-ended December 31, 2018, our quarterly report on Form 10-Q for the quarter-ended September 30, 2019, and other reports filed with the SEC.

These documents are available within the Investor Relations section of our website at We undertake no obligation to update publicly or revise these forward-looking statements for any reason, except as required by law. Also, on this call, we will be discussing our full year 2020 revenue guidance on a gross and net basis, 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. On this call, we will be providing investors with U.S. GAAP net revenues and gross revenue measures to provide meaningful supplemental information regarding our performance and provide better transparency on our impact of reimbursement in the Eversense Bridge Program.

In accordance with U.S. GAAP, Senseonics reports revenue in its financial statements on a net basis, which includes gross-to-net reductions, primarily related to the Eversense Bridge Program. Gross revenue measures do not reflect the gross-to-net reductions and accordingly may be considered to be non-GAAP financial measures. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with U.S. GAAP and Senseonics' non-GAAP measures may be different from non-GAAP measures used by other companies.

For more information on these non-GAAP financial measures, please see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures in this afternoon's earnings release, which is available on our corporate website at Joining me from Senseonics are Tim Goodnow, President and Chief Executive Officer; and Nick Tressler, Chief Financial Officer.

With that, I'd like to turn the call over to Tim Goodnow, President and CEO. Tim?

Timothy T. Goodnow

Thank you, Trip. Good afternoon, and thank you all for joining us. On the call today, I'll provide a recap of our accomplishments in 2019,