Senseonics Holdings, Inc (SENS) saw its loss widen to $43.93 million, or $0.49 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $29.88 million, or $4.32 a share.
Revenue during the year surged 773.68 percent to $0.33 million from $0.04 million in the previous year.
Operating loss for the year was $42.43 million, compared with an operating loss of $28.81 million in the previous year.
"We are pleased with our clinical, regulatory and commercial achievements in 2016, the submission of our PMA to the FDA represented a major milestone for the company as we move closer to bringing the Eversense system to people with diabetes in the United States." said Tim Goodnow, president and chief executive officer of Senseonics. "In the year ahead, we look forward to continuing this momentum throughout 2017 with the completion of significant regulatory milestones in the United States and meaningful commercial sales ramp in Europe."
Working capital turns positive
Working capital of Senseonics Holdings, Inc has turned positive to $9.81 million on Dec. 31, 2016 from negative $2.37 million on Dec. 31, 2015. Current ratio was at 1.84 as on Dec. 31, 2016, up from 0.68 on Dec. 31, 2015.
Debt increases substantially
Senseonics Holdings, Inc has witnessed an increase in total debt over the last one year. It stood at $19.07 million as on Dec. 31, 2016, up 94.17 percent or $9.25 million from $9.82 million on Dec. 31, 2015. Total debt was 85.61 percent of total assets as on Dec. 31, 2016, compared with 178.79 percent on Dec. 31, 2015.
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