Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Medical Technology company Senseoonics Holdings (NYSE AMERICAN: SENS) shares are rallying premarket on Christmas eve after it said its fourth-quarter 2020 net revenue is expected to be approximately $3.5 million, above its prior expectation of $2.5 million.
The company’s strong performance was driven by sales in Europe and supported by Ascencia’s initial US sales. Seseonics and Ascencia formed a strategic partnership which saw Ascensia become the exclusive worldwide distributor of Senseonics’ Eversense CGM systems.
Senseonics said it expects its full-year 2021 revenue to be between $12 to $15 million.
Elsewhere the company said it received communication from the FDA that the marketing application review for its Eversense 180-day product, will be delayed by at least 60 days.
Finally, Senseonics has reached an agreement with Roche to facilitate the transition of distribution to Ascensia, as Roche sales conclude January 31, 2021, including final purchases, transition support activities, and resolution of other matters.
“In the first quarter of next year our top priority is executing an orderly commercial transition in Europe from Roche to Ascensia while maintaining uninterrupted patient and provider service,” commented Tim Goodnow, President and CEO of Senseonics.
Senseonics shares are trading 79% higher premarket at $1.16 following Wednesday’s close at $0.6470.
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