Senseonics Holdings, Inc. SENS recently announced the commercial launch of the Eversense Bridge Patient Access Program in the United States. This program will enable diabetic patients access the company’s newly-approved Eversense continuous glucose monitoring (CGM) system, for $99, in addition to the cost of sensor placement.
The program is in sync with Senseonics’ strategy to offer advanced and affordable medical care to diabetic patients.
Senseonics is a global medical technology company specializing in the innovation and commercialization of implantable CGM systems for people living with diabetes.
More on the Eversense CGM System
The Eversense CGM system is an upgraded version of traditional CGM model in the market as it is the first and only implantable CGM sensor that is designed to last up to 90 days. It is equipped with a smart transmitter and a mobile app that facilitate discreet vibratory data alerts for high and low levels of blood glucose.
About the Eversense Bridge Program
The primary goal of the Eversense Bridge program is to enable easy access to this advanced diabetes management technology by confirming patients’ insurance coverage benefits, acquiring their authorization prior to sensor placement and helping them with appeals of denied claims.
The global market of continuous glucose monitoring system is projected to reach a worth of $4.9 billion at a CAGR of 22.9% during the forecasted period of 2018-2024.
Since Senseonics’ receipt of FDA approval for Eversense CGM system last July, the company is constantly expanding it commercially. In November, the company received FDA approval to expand Eversense CGM certification to nurse practitioners and physician assistants.
More recently, Senseonics integrated Eversense CGM data into the diabetes data management platform of Glooko. The company also announced a partnership with Geo-Med, LLC,a verified Service-Disabled Veteran-Owned Small Business, to extend coverage of its Eversense CGM to more than 9 million insured U.S. veterans and government staff. Last October, Aetna, the third-largest health insurance provider in the United States, agreed to provide coverage for the Eversense CGM system.
Over the past year, Sensonic has underperformed the industry it belongs to. The stock declined 16.5%, whereas the industry rallied 6%.
Zacks Rank and Key Picks
Sensonics currently has a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are Varian Medical Systems, Inc. VAR, Penumbra, Inc. PEN and Masimo, Inc. MASI. Notably, each of these stocks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Varian’s long-term earnings growth rate is projected at 8%
Penumbra’s long-term earnings growth rate is estimated at 20.93%.
Masimo’s long-term earnings are projected to grow 15.60%.
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