Senseonics Holdings, Inc. Q4 FY2025 earnings call

Tim Goodenough discussed the transformation at Senseonics over 2025, including transitioning commercial activities back in-house, achieving revenue growth, margin improvements, and progress on products like Eversense 365 and Gemini. Brian Hanson talked about the commercial transition in the U.S. and Europe, DTC spend strategy, patient retention, and collaboration with Sequel. Rick Sullivan walked through financial numbers and guidance.

In 2025, full-year revenue was over $35 million, growing ~60% year-over-year. Gross margins improved to greater than 50% to finish the year. Fourth quarter 2025 net revenue grew 72% to $14.3 million, with U.S. revenue $12.1 million and outside U.S. $2.2 million. Full-year 2025 total revenue was $35.3 million vs $22.5 million in 2024. U.S. revenue in 2025 was $27.9 million vs $15.3 million prior year, and outside U.S. was $7.4 million vs $7.2 million in 2024.

Expect full-year 2026 global net revenue to be approximately 58 to 62 million, representing year-over-year growth of 65 to 76%. Due to seasonality, expect majority of revenue in second half of 2026. Expect full-year 2026 gross profit margin to be greater than 50%, beginning slightly lower and increasing sequentially. Expect total operating expenses in 2026 to be between $150 million and $160 million, with increases primarily in SG&A and smaller increase in R&D for Gemini Pivotal trial. Expect cash utilization in 2026 to be between $110 and $120 million.

Q: Anthony Petroni with Mizuho Group asked about trends early in 2026, new patient starts and contribution of Europe and Twist to top line guide.

A: Tim Goodenough and Rick Sullivan responded on new patient starts, contribution of Europe and Twist.

Q: Josh Jennings with T.D. Cowan asked about commercial effort takeover, prescriber base growth.

A: Tim Goodenough and Brian Hanson answered on seamless transition, prescriber base growth.

Q: Matt Mixick with Barclays asked about DTC spend, constraints in growth.

A: Brian Hanson and Tim Goodenough discussed DTC spend, insertion constraints.

Q: Marie Tebalt with BTIG asked about EonCare Inserter Network expansion, operating spend.

A: Tim Goodenough and Rick Sullivan answered on EonCare expansion and operating spend.

Q: John Block with Stiefel asked about pump partnerships timing.

A: Tim Goodenough and Rick Sullivan responded on pump partnerships.

Q: Ben Hainer with Lake Street Capital Markets asked about DTC marketing lessons, prescriber behavior.

A: Brian Hanson and Tim Goodenough discussed DTC marketing, prescriber behavior.

Q: Sean Lee with HC Wainwright asked about European market rollout timeline and Gemini study approval.

A: Tim Goodenough and Rick Sullivan answered on European market rollout and Gemini study