Senseonics Holdings, Inc. (SENS) saw its loss widen to $13.07 million, or $0.14 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $11.22 million, or $0.15 a share.
Revenues for the quarter were $0.55 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was negative 88.97 percent.
Operating loss for the quarter was $12.40 million, compared with an operating loss of $10.93 million in the previous year period.
"We are excited about our strong start in 2017, building and expanding our commercial presence in Europe. With CE mark approval for our second generation smart transmitter, we are also moving forward on clinical and regulatory milestones," said Tim Goodnow, president and chief executive officer of Senseonics. "We continue to work closely with the FDA towards the approval of our PMA for Eversense, and we are pleased to begin building the infrastructure for initial commercial launch preparation in the United States. We look to accelerate this positive momentum throughout the rest of the year."
Working capital drops significantly
Senseonics Holdings, Inc. has witnessed a decline in the working capital over the last year. It stood at $4.44 million as at Mar. 31, 2017, down 84.39 percent or $23.99 million from $28.43 million on Mar. 31, 2016. Current ratio was at 1.40 as on Mar. 31, 2017, down from 3.73 on Mar. 31, 2016.
Debt increases substantially
Senseonics Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $24.08 million as on Mar. 31, 2017, up 143.18 percent or $14.18 million from $9.90 million on Mar. 31, 2016. Total debt was 148.38 percent of total assets as on Mar. 31, 2017, compared with 25.21 percent on Mar. 31, 2016.
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