Shares of Senseonics Holdings (NYSEMKT:SENS) soared 80.4% on Tuesday after the medical technology company struck a deal with one of the largest nonprofit health plans in the country.
EmblemHealth said it would provide coverage for Senseonics' Eversense continuous glucose monitoring (CGM) system, effective immediately. The move grants Senseonic access to roughly 2.9 million EmblemHealth members in New York, New Jersey, and Connecticut.
"We are excited to see additional coverage for Eversense and appreciate the payer community's recognition that CGM is now standard of care for patients using insulin to manage their diabetes," Senseonics CEO Tim Goodnow said in a press release. "Improved glucose control has always been the goal for healthcare professionals and patients."
Senseonics' Eversense system helps adults with diabetes track their glucose levels. It uses a sensor that's inserted subcutaneously in the upper arm by a medical professional. A smart device worn over the sensor transmits data to a mobile app that displays glucose values and alerts.
"Eversense offers patients a new choice among the CGM class that delivers industry-leading accuracy, an improved patient experience, and an array of unique features intended to afford people the opportunity to achieve improved health outcomes," Goodnow said.