Medical technology firm Senseonics Holdings Inc. (SENS:NYSE), which designs, manufactures, and markets long-term, implantable continuous glucose monitoring (CGM) systems for individuals with diabetes, yesterday announced that "Anthem is providing coverage for implantable CGM, which includes the Eversense® CGM System."
The company indicated that the decision by Anthem will open up access to these long-term implantable CGM devices to over 45,000,000 covered lives. Senseonics Holdings advised that including the addition of these Anthem members, its systems are now available through several leading insurance payors to about 250,000.000 covered lives. The firm noted that in addition to payment for the device, the insurers also agree to pay for the healthcare provider's time for inserting the sensor which can be done in the doctor's office.
Senseonics stated that this allows its global commercial partner Ascensia Diabetes Care to make the Eversense CGM System available to a greater number of people living with diabetes.
The company pointed out that Anthem, which is now called Elevance Health, operates in 14 states and is the second biggest U.S. health insurance firm. Senseonics noted that numerous other leading insurers have already authorized reimbursement for its CGMs including Aetna Cigna, Humana, HCSC Blue Cross Blue Shield, and other large commercial payers.
Senseonics Holdings' President and CEO Tim Goodnow, Ph.D. stated, "Anthem is dedicated to delivering better care to its members and improving the health of the communities it serves. We are excited for Anthem members to have the ability to effectively manage their diabetes through the only long-term implantable CGM system available."
"Eversense provides patients with actionable glucose data, enabling users to proactively manage their glucose levels. With its six-month sensor life, sustained accuracy, on-body vibratory alerts, and remote monitoring capability, Eversense E3 offers patients an advanced CGM to help effectively manage their diabetes and experience healthier outcomes," CEO Goodnow added.
Senseonics advised that its Eversense® E3 Continuous Glucose Monitoring (CGM) System is approved for use for up to six months for continuous measuring of glucose levels in adult diabetes patients. The Eversense CGM System is only available via prescription from licensed health care providers who are trained and certified in sensor insertion and removal procedures.
Senseonics is a medical technology firm based in Germantown, Md. The company designs, engineers, manufactures, and sells continuous glucose monitoring (CGM) systems for use by patients diagnosed with diabetes. The firm's latest line of products is sold under the Eversense® brand name and is the first and only line of long-term implantable CGM systems to incorporate glucose management technology.
The firm indicated that each of its Eversense®, Eversense® XL, and Eversense® E3 systems come with "a small sensor inserted completely under the skin that communicates with a smart transmitter worn over the sensor." The devices are designed to continually and accurately measure patients' glucose levels and automatically transmit the data via a mobile app on the user's smartphone every five minutes where data can be collected, monitored, and analyzed by a patient's care team.
A key differentiator for the Eversense® line of implantable CGMs is that the device offers real-time diabetes monitoring and management for a period of up to 90-180 days, compared to other non-implantable CGM systems on the market that typically last for only seven to 14 days.
Senseonics started the day with a market cap of around $773.65 million with approximately 463.26 million shares outstanding and a short interest of about 16.8%. SENS shares opened more than 20% higher today at $2.01 (+$0.34, +20.36%) over yesterday's $1.67 closing price. The stock has traded today between $1.72 and $2.06 per share and is currently trading at $1.75 (+$0.08, +4.79%).
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