Inve US ▾
SESENS

Senseonics (SENS) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 6, 2026

Source: earnings call transcript

Executive summary

Senseonics Q2 FY26 — Record Revenue and Margin Expansion

Senseonics delivered a strong Q2 FY26, marked by record revenue growth and significant gross margin expansion, driven by successful commercialization efforts in the U.S. and the expanding Eon Care network. While European revenue saw a temporary delay due to tender updates, the company remains confident in its full-year outlook and product pipeline, including Gemini and Freedom, which are advancing towards future launches.

Highlights

5

  • Global net revenue guidance for FY26 raised to $62M-$66M, representing 80% year-over-year growth.

  • Q2 FY26 net revenue increased approximately 120% year-over-year to $14.5 million.

  • U.S. revenue grew more than 150% year-over-year to $12.6 million.

  • Gross margin reached 59% in Q2 FY26, the strongest organic performance in company history, leading to a full-year guidance raise to 58%-61%.

  • Eon Care network expanded to over 90 providers, ahead of the year-end goal of 100, and now performs approximately 40% of U.S. Eversense insertions.

Concerns

2

  • Outside U.S. revenue of $1.9 million, up 12% year-over-year, was lower than modeled due to slight delays in European tender updates and commercial transition.

  • Net loss for Q2 FY26 was $36.7 million, or $0.63 per share.

Guidance & targets

CategoryTargetConfidence
Full-year 2026 global net revenue
$62 million to $66 million
high materiality
High
Full-year 2026 gross margin
58% to 61%
high materiality
High
Eon Care network providers
beyond 100
medium materiality
High
Eon Care U.S. population reach
60% within 30 miles
low materiality
High
Eon Care insertion volume contribution
more than half
medium materiality
High
Europe revenue contribution
approximately 20%
medium materiality
High
Gemini 510(k) submission
Q1 of 2027
high materiality
High
Freedom first in-human study
later this year
medium materiality
High
Next-gen Eversense 365 app launch (U.S.)
second half of this year
low materiality
High
Next-gen Eversense 365 app launch (Europe)
early 2027
low materiality
High
Full-year 2026 operating expenses
$150 million to $160 million
medium materiality
High
Full-year 2026 cash utilization
$110 million to $120 million
medium materiality
High
Full-year 2026 revenue weighting
40% in the first half and 60% in the second half
low materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
U.S.
Driven by strong performance in both DTC and HCP channels, leading to record unit shipments and an all-time high in active prescribers. Eon Care network expansion is a key contributor to volume. Patient retention remains in line with expectations.
Active prescribers: up approximately 130% year-over-yearEon Care insertions: approximately 40% of all Eversense insertionsNew patients from existing CGM users: approximately 90%
$12.6 millionmore than 150%——
Outside U.S. (Europe)
Lower than modeled due to slight delay in tender updates to the 365-day product and finalization of the commercial transition from Ascensia. Revenue is expected to accelerate in Q3 and Q4, with no impact on the full-year European revenue contribution, which is still expected to be approximately 20% of total.
$1.9 millionapproximately 12%——
Total Global
Overall revenue growth driven by continued Eversense 365 adoption in the U.S., the elimination of the Ascensia revenue share, and a favorable reimbursement mix.
$14.5 millionapproximately 120%——

Product announcements

ProductTypeDetails
Next-generation Eversense 365 appupdate

Deals & partnerships

Welldoc Strategic partnership to develop the next-generation Eversense 365 app.

The partnership aims to enhance the Eversense 365 app with improved integration with tools like Apple Health and Google Health Connect, making diabetes management easier and more convenient.

Risks & headwinds

European tender updates and commercial transition delays Q2 FY26, impacting Q3 and Q4 revenue timing.

OUS revenue of $1.9 million in Q2 FY26, up 12% YoY, was lower than modeled.

Mitigation:Revenue associated with tender updates is expected to shift to Q3 and Q4, with no expected impact on full-year European revenue (still expected to be ~20% of total).

High operating expenses and cash utilization due to investment phase Full year 2026.

Q2 FY26 R&D expenses were $11.6 million (vs $7.7 million prior year), SG&A expenses were $32.9 million (vs $9.7 million prior year). Full-year operating expenses expected to be $150 million-$160 million, and cash utilization $110 million-$120 million. Net loss was $36.7 million.

Mitigation:Investments are believed to be paying dividends, laying a strong foundation for a sustainable enterprise. The company completed a financing round raising over $100 million and expanded its credit facility, resulting in $143 million in cash and equivalents.

What to watch in Q3 FY26

European OUS Revenue Acceleration

Q3 and Q4 FY26
Current $1.9M (Q2 FY26), 12% YoY growth, lower than modeled.
Target Acceleration in Q3 and Q4, contributing ~20% of full-year revenue.

Why it matters

Verifies successful resolution of tender update delays and commercial transition in Europe, impacting full-year revenue targets.

As those tenders update, we'd expect OUS revenue to accelerate in the third and fourth quarters, still landing at approximately 20% of full year revenue.

Find out whether SENS delivers this. Inve re-checks your case every morning.

Q&A highlights

What are the key drivers behind the strong U.S. new patient numbers, and how is the Eon Care network expanding, specifically regarding filling white space or growing presence in key areas?

Tim Goodnow explained that growth is driven by new patient starts, primarily through DTC channels (60%) and HCPs (40%). DTC effectiveness is improving through better ad response, lower costs, and improved conversion. Sales reps are deepening penetration as awareness grows. Eon Care is accelerating, with new nurses quickly trained and placed in geographies showing commercial success, creating a synergistic effect where commercial success drives demand for inserters and vice versa.

“So it's really building on each other. As we show more commercial success, there's a more greater need for inserters. And obviously, we're great insertion depth, we can push harder and harder with the commercial. So it really is a rising tide is floating all the boats.”

asked by Colin Clark · answered by Tim Goodnow

2 min read 5 chapters

Detailed narrative

Commercial Momentum & Eon Care Expansion

Senseonics achieved record unit shipments and an all-time high in active prescribers in Q2 FY26, with U.S. revenue growing over 150%. The Eon Care network significantly expanded, adding 28 new providers to reach over 90, exceeding the year-end goal of 100, and is now performing approximately 40% of all U.S. Eversense insertions. This expansion is critical for broader patient access, especially for DTC patients with primary care prescribers, and is expected to account for over half of U.S. insertions by year-end.

Gross Margin Strength

The company reported a Q2 FY26 gross margin of 59%, its strongest organic performance ever, driven by manufacturing efficiencies and a favorable reimbursement mix (60% bundled pay). This performance, which included no one-time investments, led to an increase in full-year gross margin guidance to 58%-61%. This validates the strategy of bringing commercial operations in-house and moves the company closer to its objective of self-funding operating expenses.

European Transition & Timing

The commercial transition from Ascensia in Europe was completed in Q2 FY26, bringing sales operations in-house across key markets like Germany, Italy, Spain, and Sweden. However, the timing of this transition slightly delayed tender updates for the 365-day product in Italy and other markets, causing OUS revenue to be lower than modeled for the quarter at $1.9 million (up 12% YoY). This is expected to shift revenue to Q3 and Q4, with no impact on the full-year European revenue contribution, which is still expected to be approximately 20% of total revenue.

Product Pipeline Advancements

Both Gemini and Freedom are progressing as planned, representing the company's next generation of CGM technology. Gemini, which will feature an optional on-body transmitter and flash mode, is on track for 510(k) submission in Q1 2027. Freedom, aiming to eliminate the on-body transmitter entirely, will begin its first in-human study later this year, supported by positive animal study results showing strong Bluetooth communication success (100% within 8 feet, up to 83% at 25 feet).

Strategic Partnership for App Development

Senseonics partnered with Welldoc in June to develop the next-generation Eversense 365 app. This new app will enhance integration with tools like Apple Health and Google Health Connect and lay the groundwork for future AI-powered features leveraging Welldoc's platform. The U.S. launch is expected in H2 2026, with European availability following in early 2027, aiming to make diabetes management easier and more convenient for patients.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.