Senseonics Holdings, Inc., announced it will extend its agreement with Roche Diabetes Care to sell its implantable continuous glucose monitoring (CGM) system for people with diabetes, today to 17 other countries including Brazil, Russia, India, and China.
Under the agreement, Roche will continue its role as Senseonics exclusive distributor in Europe, the Middle East, and Africa, excluding Scandinavia and Israel.
In addition, the agreement has been expanded to provide Roche with exclusive distribution rights in 17 additional countries, including Brazil, Russia, India, and China, as well as select markets in the Asia Pacific and Latin American regions.
The new agreement runs until January 2021.
“We are excited about the ongoing and incremental commitment from Roche, both from a geographic expansion and volume perspective,” said Tim Goodnow, President, and Chief Executive Officer. “We believe that the positive reception that the Eversense® CGM System has received in Europe is validation that patients and clinicians are experiencing the transformative power of a long-term CGM system.”
Last year was a big year for the medical technology company, releasing its 90-day Eversense system in the U.S. and its 180-day Eversense XL system in Europe.
“The U.S. launch is progressing along with our expectations – feedback from patients has been encouraging, and we are more inspired now than ever about the potential life-enhancing benefits this product offers people with diabetes.”
Goodnow also expressed his satisfaction with Senseonics’ preliminary revenue results for fourth quarter and full year 2018.
Unaudited preliminary revenue is expected to be $8.0 million for the fourth quarter of 2018 and $19.7 million for the full year 2018, compared to $2.9 million for the fourth quarter of 2017 and $6.4 million for the full year 2017.
As of December 31, 2018, cash and cash equivalents were $136.8 million and outstanding indebtedness was $67.7 million.