SENS — Senseonics Holdings, Inc.

Summary of Senseonics Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Q4 2025 Revenue: $14.3 million, a 72% increase from $8.3 million in Q4 2024.
• Full-Year 2025 Revenue: $35.3 million, up from $22.5 million in 2024, representing approximately 60% year-over-year growth.
• Gross Profit: $7.7 million in Q4 2025, leading to a gross margin improvement to over 50% for the year.
• Net Loss: $20.8 million in Q4 2025 ($0.46 loss per share), compared to a net loss of $15.5 million ($0.40 loss per share) in Q4 2024. Full-year net loss was $69.1 million, an improvement from $78.6 million in 2024.
• Cash Position: As of December 31, 2025, cash and equivalents totaled $94.3 million.

2. Strategic Updates and Business Highlights

• Transitioned all commercial activities from Ascensia Diabetes Care back to Senseonics, enhancing operational control and eliminating revenue sharing.
• Eversense 365 received CE marking and is set for launch in Germany, Italy, Spain, and Sweden in 2026.
• Significant integration with Sequel's twiist automated insulin delivery system, enhancing patient experience by allowing seamless glucose monitoring for a year.
• The direct-to-consumer (DTC) marketing strategy proved effective, with a 103% increase in new patient starts and a doubling of U.S. patients using Eversense.
• Expansion of the EON Care inserter network, with plans to increase from 60 to 100 providers in 2026.

3. Forward Guidance and Outlook

• 2026 Revenue Guidance: Expected to be between $58 million and $62 million, reflecting growth of 65% to 76% year-over-year.
• Anticipated gross profit margin for 2026 to remain above 50%, with a back-end loaded revenue expectation similar to 2025.
• Operating expenses projected to increase to $150 million - $160 million, primarily due to the integration of commercial operations and the Gemini pivotal trial costs.

4. Bad News, Challenges, or Points of Concern

• Increased net loss in Q4 2025 attributed to higher sales commissions and costs related to the transition from Ascensia.
• The company faces challenges with seasonality affecting Q1 revenue due to insurance deductible resets, which may lead to a softer start to the year.
• The transition in Europe is ongoing, with potential delays due to local purchase agreements and tender processes.
• The company must manage the complexity of integrating new pump partnerships while ensuring continued growth and awareness.

5. Notable Q&A Insights

• Early 2026 trends show continued strong interest in new patient starts, although January is typically a softer month due to deductible resets.
• The integration of the commercial organization has been largely seamless, with high retention of sales staff from Ascensia.
• The company is focusing on increasing the number of prescribers and enhancing patient retention, with expectations for retention rates to improve as patients become accustomed to the Eversense system.
• Future pump partnerships are being explored, but no specific timelines or announcements were made regarding new collaborations.
• The DTC marketing strategy will be more evenly distributed throughout the year to maximize efficiency and effectiveness, leveraging insights gained from previous campaigns.

Overall, Senseonics demonstrated significant growth and strategic advancements in 2025, positioning itself for continued success in 2026, despite some operational challenges and market dynamics.