Senseonics Holdings, Inc. Common Stock Q2 Earnings Call Highlights

Senseonics Holdings, Inc. Common Stock (NASDAQ:SENS) raised its full-year 2026 revenue and gross-margin outlook after reporting second-quarter revenue growth of approximately 120% and its highest organic gross margin to date.

Net revenue for the second quarter totaled $14.5 million, compared with $6.6 million in the same period of 2025. U.S. revenue rose more than 150% year over year to $12.6 million, while revenue outside the U.S. increased about 12% to $1.9 million.

President and Chief Executive Officer Tim Goodnow said the company shipped more units during the quarter than in any prior quarter and saw its number of active Eversense prescribers reach an all-time high, up approximately 130% from a year earlier.

“The second quarter showed just how much momentum that mission is building,” Goodnow said, pointing to adoption of the company’s Eversense 365 continuous glucose monitoring system, direct-to-consumer marketing activity, healthcare-provider channel expansion and the commercial transition from Ascensia.

Guidance Raised as Margin Expands

Senseonics increased its 2026 global net revenue guidance to $62 million to $66 million, from a prior range of $60 million to $64 million. The updated outlook implies approximately 80% year-over-year growth, according to management.

The company also raised its full-year gross-margin outlook to 58% to 61%, from 55% to 58%. Second-quarter gross profit was $8.6 million, representing a gross margin of approximately 59%, compared with gross profit of $3.1 million and a 47% margin a year earlier.

Chief Financial Officer Rick Sullivan attributed the margin improvement to manufacturing and supply-chain execution, including increased lot sizes and manufacturing-process improvements, as well as reimbursement mix. About 60% of the company’s business flowed through its bundled-pay reimbursement channel, which carries higher average selling prices, with the remaining 40% through the durable medical equipment channel.

“This is a clean number,” Goodnow said of the quarter’s gross margin, noting it did not include one-time adjustments.

Operating expenses increased as Senseonics took back commercialization responsibilities from Ascensia. Research and development expenses rose to $11.6 million from $7.7 million in the prior-year quarter, primarily reflecting Gemini clinical trials and Freedom development work. Selling, general and administrative expenses increased to $32.9 million from $9.7 million, driven by the commercial transition in the U.S. and Europe and related operational responsibilities.

The company reported a net loss of $36.7 million, or $0.63 per share, compared with a net loss of $14.5 million, or $0.36 per share, in the second quarter of 2025.

Commercial Network and European Transition

Goodnow said direct-to-consumer activity remained the company’s largest source of new patient growth, while the healthcare-provider channel continued to expand. Approximately 90% of new patients are existing continuous glucose monitor users switching to Eversense, according to the company.

Senseonics operated in 43 active regions and had not opened new regions following its capital raise, Goodnow said during the question-and-answer session. Instead, the company has increased direct-to-consumer activity within existing regions.

The Eon Care Network, which helps connect patients and prescribers with trained insertion providers, added 28 providers in the second quarter. The network now includes more than 90 nurses, ahead of the company’s goal of 100 providers by the end of 2026. By year-end, Senseonics expects to have an Eon provider within 30 miles of 60% of the U.S. population.

Eon performed a record number of insertions during the quarter, with June representing its highest-volume month, Goodnow said. The network currently conducts approximately 40% of U.S. Eversense insertions, and the company expects that share to exceed half by year-end.

In Europe, Senseonics completed the commercial transition from Ascensia effective June 1, bringing commercial employees and sales operations in Germany, Italy, Spain and Sweden under the company’s control. However, the timing of the transition delayed some tender updates from the legacy 180-day Eversense E3 product to Eversense 365, particularly in Italy and other tender-driven markets.

Sullivan said the delay was a timing issue rather than a demand issue. Senseonics expects related revenue to shift into the third and fourth quarters, with Europe still expected to account for approximately 20% of full-year revenue.

Pipeline and Balance Sheet

The company said its Gemini product remains on track for a 510(k) submission in the first quarter of 2027. Chief Operating Officer Mukul Jain said management expects Gemini data to be available by next summer, following completion of the study at the end of 2026 and the anticipated regulatory filing.

Gemini is designed to offer an optional on-body transmitter, allowing either a smartphone-scanned mode or continuous mode. Senseonics also plans to begin its first in-human study for its Freedom product later this year. Freedom is intended to eliminate the on-body transmitter.

Senseonics also announced a partnership with Welldoc to develop a next-generation Eversense 365 app. The company expects to launch the app in the U.S. during the second half of 2026, followed by European availability in early 2027.

As of June 30, Senseonics had $143 million in cash, restricted cash and cash equivalents, while debt and accrued interest totaled $55.5 million. During the second quarter, the company raised more than $100 million in growth capital through an equity offering and an amended Hercules Capital credit facility.

For the full year, Senseonics continues to expect operating expenses of $150 million to $160 million and cash utilization of $110 million to $120 million. Management expects approximately 60% of annual revenue to occur in the second half of 2026.

About Senseonics Holdings, Inc. Common Stock (NASDAQ:SENS)

Senseonics Holdings, Inc develops and commercializes long-term implantable continuous glucose monitoring (CGM) systems for people with diabetes. The company’s primary product family is the Eversense system, which combines a small subcutaneously implanted sensor, a removable external transmitter, and companion smartphone applications to provide continuous glucose readings and alerts. Senseonics positions its technology as an alternative to wearable patch-style CGMs by offering multi-month sensor longevity and on-body vibration alerts delivered through the transmitter.

Senseonics supports clinical and commercial activities that include research and development, regulatory engagement, manufacturing and distribution, and training for healthcare providers who perform sensor insertion and removal.