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    SENS
    Earnings call· Jun 2026(Q2 FY26)

    Senseonics Holdings Q2 FY26 earnings call SENS

    Aug 6, 2026 Source

    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

    13
    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

    3
    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%——

    Operational metrics

    21
    Gross profit
    $8.6 millionvs $3.1 million in Q2 FY25
    Q2 FY26

    Reflects strong execution of manufacturing and supply chain teams and favorable reimbursement mix.

    Gross margin
    59%vs 47% in Q2 FY25
    Q2 FY26

    Strongest organic performance in company history, above guided range, and a clean number without one-time investments.

    Research and development expenses
    $11.6 millionvs $7.7 million in Q2 FY25
    Q2 FY26

    Increase primarily driven by ongoing clinical trials for Gemini and development efforts for Freedom.

    Selling, general and administrative expenses
    $32.9 millionvs $9.7 million in Q2 FY25
    Q2 FY26

    Increase due to the transition of commercialization back in-house from Ascensia and related operational responsibilities.

    Cash, restricted cash and cash equivalents
    $143 million
    as of June 30, 2026

    Strong balance sheet position after recent financing.

    Debt and accrued interest
    $55.5 million
    as of June 30, 2026

    Total debt and accrued interest.

    Equity offering net proceeds
    approximately $90 million
    Q2 FY26

    Generated from common stock and prefunded warrants offering in early May.

    Credit facility expansion
    $140 millionfrom $100 million
    Q2 FY26

    Amendment with Hercules Capital, providing additional liquidity.

    Eon Care network providers
    more than 90added 28 new providers
    Q2 FY26

    Ahead of pace to deliver goal of 100 by end of 2026.

    Eon Care U.S. population reach
    60%
    by year-end 2026

    Expected to have an Eon provider within 30 miles of 60% of the U.S. population.

    Eon Care insertion volume
    approximately 40%
    Q2 FY26

    Performing approximately 40% of all Eversense insertions in the U.S., expected to account for more than half by year-end.

    Reimbursement channel mix
    60% bundled pay, 40% DME
    Q2 FY26

    Holding constant and consistent with expectations, contributing to higher average selling prices.

    Eversense 365 real-world system use
    93%
    real-world data

    Average system use, reinforcing compelling clinical benefit through strong adherence.

    Mean time in range (open-loop)
    66%
    real-world data

    Consistent glucometrics across first and second 6 months of use.

    Hypoglycemia targets achieved
    more than 81%
    real-world data

    Percentage of users achieving their hypoglycemia targets.

    Mean time in range (partnered AID system)
    approximately 76%
    real-world data

    Observed among users on partnered AID system.

    Freedom Bluetooth communication success (animal study)
    100%
    recent animal study

    Encouraging results supporting move towards human testing for Freedom.

    Freedom Bluetooth communication success (animal study)
    up to 83%
    recent animal study

    Encouraging results supporting move towards human testing for Freedom.

    U.S. active regions
    43
    current

    No new regions turned on after capital raise, focus on increasing DTC in existing regions.

    U.S. internal conversion staff
    about 55
    current

    Staff responsible for converting DTC efforts.

    Patient mix (Type 2)
    moderating somefrom 80%-85% Type 2
    current

    Impact of twiist partnership improving penetration into Type 1 diabetes.

    Industry KPIs

    6
    MetricValueDetails
    System utilization93%%
    Procedure volume growth40%%
    Installed base system placementsRecordunits
    Segment franchise organic growth120%%
    Sales force commercial capacity build130%%
    Pivotal trial clinical evidence milestones100%%

    Product announcements

    1
    ProductTypeDetails
    Next-generation Eversense 365 appupdate

    Deals & partnerships

    1
    WelldocStrategic 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

    2
    European tender updates and commercial transition delaysQ2 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 phaseFull 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

    5

    European OUS Revenue Acceleration

    Q3 and Q4 FY26
    Current$1.9M (Q2 FY26), 12% YoY growth, lower than modeled.
    TargetAcceleration 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.

    Q&A highlights

    4

    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 read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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).

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.