SENS

• Commercial Execution & U.S. Growth

  • Q2 2026 delivered record unit shipments and an all-time high number of active prescribers, which grew ~130% YoY.
  • Approximately 90% of new U.S. patients are switching to Eversense from competing CGM products, reflecting strong product differentiation. Patient retention meets management expectations.
  • The E.ON (EonCare) insertion network grew to over 90 providers in Q2, exceeding planned expansion and on track to surpass the 2026 full-year target of 100 providers. E.ON now performs ~40% of all U.S. Eversense insertions, and management expects that share to exceed 50% by the end of 2026. By year-end, an E.ON provider is expected to be within 30 miles of 60% of the U.S. population.
  • The partnership with Twist insulin pump has expanded commercial reach via Twist's 100 sales territories, driving new patient acquisition for both products.

• European Commercial Transition

  • The commercial transition from Essentia to in-house operations was completed effective June 1, 2026, bringing on all local employees and establishing a dedicated in-house sales force across key European markets.
  • A minor delay in the transition timeline pushed the tender transfer and Eversense 365 product upgrade process into Q3 and Q4 2026, leading to OUS revenue that came in slightly below Q2 forecasts. No full-year 2026 European revenue impact is expected, and Europe remains on track to represent ~20% of full-year 2026 total revenue.

• Pipeline & Product Development

  • Eversense 365 real-world data presented at the June 2026 ADA Scientific Sessions confirmed strong clinical performance: 93% average real-world adherence, 66% mean time in range for open-loop users, 76% mean time in range for partner AID system users, and consistent 12-month sensor performance that differentiates it from competing transcutaneous sensors.
  • Gemini (first CGM with an optional on-body transmitter) remains on track for 510(k) submission to the FDA in Q1 2027, with launch expected shortly after clearance.
  • Freedom (transmitter-free fully implanted CGM) completed encouraging preclinical animal studies demonstrating reliable Bluetooth connectivity, and remains on schedule to begin first-in-human studies in late 2026.
  • A strategic partnership with WellDoc was announced to develop a next-generation Eversense 365 app with improved health platform integration and future AI-powered features; the app is expected to launch in the U.S. in H2 2026, with European launch in early 2027.

• Financial Performance

  • Q2 2026 gross margin of 59% is the strongest organic gross margin in company history, with no one-time adjustments. This marks the second consecutive quarter of margins at/near the high end of guidance, validating the decision to bring commercialization in-house.
  • R&D expenses for Q2 2026 were $11.6 million, up $3.9 million YoY, driven by Gemini clinical trial work and Freedom product development. SG&A expenses were $32.9 million, up from $9.7 million YoY, due to in-house commercial transition costs, most of which concluded by the end of Q2.
  • The company raised over $100 million in growth capital in Q2 2026, resulting in a total cash, restricted cash and cash equivalents balance of $143 million as of June 30, 2026, with a well-positioned balance sheet to support commercial growth and pipeline investment.

• Full-year 2026 global net revenue guidance was raised to $62 million - $66 million, up from the prior guidance range of $60 million - $64 million, representing ~80% YoY revenue growth.
• Full-year 2026 gross margin guidance was raised to 58% - 61%, up from the prior guidance range of 55% - 58%.
• Revenue is still expected to be weighted toward the second half of 2026, with approximately 40% of full-year revenue generated in the first half and 60% generated in the second half, consistent with historical seasonal patterns.
• Full-year 2026 operating expense guidance is maintained at $150 million - $160 million, and full-year cash utilization guidance is maintained at $110 million - $120 million.
• Europe is expected to represent approximately 20% of full-year 2026 total revenue, unchanged from prior forecasts.

Senseonics reports total Q2 2026 net revenue of $14.5 million, a 120% year-over-year (YoY) increase from $6.6 million in Q2 2025. The U.S. segment generated $12.6 million in net revenue, representing 86.9% of total Q2 revenue, and grew more than 150% YoY from $4.9 million in the prior year period. The outside the U.S. (OUS) segment, primarily European operations, generated $1.9 million in net revenue, representing 13.1% of total Q2 revenue, and grew approximately 12% YoY from $1.7 million in Q2 2025. Gross profit for Q2 2026 was $8.6 million, translating to a gross margin of 59%, up from 47% gross margin in Q2 2025. By U.S. sales channel, Direct-to-Consumer (DTC) is the largest channel, followed by the healthcare provider (HCP) channel. By reimbursement channel, the mix held consistent at 60% through higher-margin Bundle Pay and 40% through the DME channel, matching management expectations.

Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from expectations, as detailed in the company's SEC filings (Form 10-K for 2025, Q2 2026 10-Q, and other regulatory filings). No new material operational risks or failures were discussed on the call beyond the previously disclosed risks included in public filings.

Q: What is driving strong U.S. new patient growth, and how is the EonCare network expansion rolling out across regions? / A: DTC drives 60% of new patient growth, and HCP channels drive 40%. Improved DTC ad effectiveness has lowered customer acquisition costs and expanded reach, while internal conversion rates continue to improve quarter-over-quarter. In-house commercial control allows management to make real-time adjustments to investment and geographic focus, driving consistent operational improvements. EonCare expansion has accelerated past original plans: training and onboarding new nurse providers is fast, and network growth is concentrated in high-demand geographies, creating a mutually reinforcing cycle of insertion capacity and commercial growth.

Q: How does the recurring Eversense 365 reorder revenue stream compare to current new patient adoption expectations for the second half of 2026? / A: Eversense 365 reinsertions have been ongoing since November 2025, building a strong track record of performance. Reorder retention and recurring revenue continues to meet all of management's original plan expectations, though no detailed quantitative breakdown of the revenue split was provided on this call.

Q: What is the mix of growth from new territory expansion versus the Twist pump integration, and how many new regions will be added with the new capital raised? / A: No new U.S. regions have been added post-capital raise; the company remains active in 43 existing regions, with increased DTC investment within these existing markets to drive growth. The Twist partnership has meaningfully improved Type 1 diabetes patient penetration, shifting the historical patient mix of ~80-85% Type 2 diabetes moderately, though the patient population remains predominantly Type 2. Additional pump partnerships are planned for the future to further expand Type 1 penetration.

Q: When will Gemini clinical trial data be publicly released, following study completion at the end of 2026? / A: Gemini clinical trial data is expected to be publicly available by summer 2027, aligned with the ADA Scientific Sessions conference. The trial will complete enrollment at the end of 2026, followed by 510(k) FDA submission in Q1 2027, with regulatory clearance expected approximately one quarter after submission.