Senseonics Holdings, Inc. Common Stock NASDAQ: SENS raised its full-year 2026 revenue outlook after reporting first-quarter growth tied to adoption of its Eversense 365 continuous glucose monitoring system and the integration of its U.S. commercial organization.
President and CEO Tim Goodnow said 2026 was “off to a very strong start” commercially and strategically, citing first-quarter revenue of $11.7 million and gross margin of 58%. The company increased its full-year global net revenue guidance to a range of $60 million to $64 million, up from a prior range of $58 million to $62 million. The new forecast represents year-over-year growth of 70% to 82%, according to management.
Goodnow said the quarter offered early evidence that bringing the commercial organization in-house can improve Senseonics’ financial performance as the company scales. The U.S. commercial transition from Ascensia Diabetes Care took effect Jan. 1, making the first quarter the first full period under the new structure.
Revenue Rises as Eversense 365 Adoption Expands
Chief Financial Officer Rick Sullivan said first-quarter net revenue rose 85% year-over-year to $11.7 million, compared with $6.3 million in the prior-year period. U.S. revenue was $9.3 million, while revenue outside the U.S. totaled $2.4 million.
Gross profit increased to $6.9 million, up $5.4 million from the year-earlier period. Sullivan said the increase reflected higher U.S. revenue from continued adoption of Eversense 365, higher average selling prices as more business shifted to bundled pay reimbursement, and a more streamlined manufacturing and supply chain. He noted the quarter included a one-time $0.5 million benefit in cost of goods sold related to raw materials used for continued commercialization of Eversense E3 outside the U.S.; excluding that benefit, gross margin would have been about 54%.
Goodnow said Eversense sales continued to grow and that the company believes it remains on track to double patients in the U.S. this year. Direct-to-consumer sourced new patient shipments grew nearly 100% compared with the first quarter of 2025 and accounted for roughly 60% of all new patient shipments in the quarter, he said. The healthcare professional channel also expanded, with March producing the most HCP sales leads in company history.
Commercial Integration and Reimbursement Mix Drive Margin Focus
Sullivan outlined three primary U.S. sales channels: direct-to-consumer, healthcare providers and reorders. He said direct-to-consumer is currently the largest channel, accounting for about 60% of new patient growth, while healthcare providers account for about 40% of new patient growth. Patient reorders are expected to represent 40% of U.S. volume in 2026.
The company also pointed to reimbursement channel mix as a factor in the quarter. Sullivan said approximately 60% of volume is now flowing through the bundled pay channel, where the insertion procedure and Eversense 365 sensor are combined into a single payment. He described bundled pay as the company’s most profitable reimbursement channel. The remainder of volume flows through the durable medical equipment channel.
In response to an analyst question, Sullivan said the company has historically been about evenly split between bundled pay and DME, but has focused direct-to-consumer spending and inside sales efforts on bundled pay. He said a 60/40 bundled pay-to-DME mix is an “appropriate target” for now. Goodnow added that some commercial payers are moving toward bundled pay, but said he expects that transition to occur over a couple of years rather than within 2026.
Eon Care Expansion and Europe Launches Continue
Goodnow said Eon Care, Senseonics’ insertion services subsidiary, now has more than 70 nurses available for insertions and is on track toward a goal of 100 nurses by year-end. Eon Care performs more than one-third of all Eversense insertion procedures and has been established in 34 states, he said.
Management also discussed the company’s European commercial transition from Ascensia. Goodnow said Senseonics inserted its first patients in Sweden in April, followed by Spain earlier in the week of the call, with Germany and Italy on track. The company is working to finalize business systems and transfer contracts, tenders and employees into the new Senseonics organization, with plans to close the European transition during the quarter.
Asked about the commercial transition, Goodnow said the U.S. integration had been smooth, with sales representatives continuing to call on the same accounts. Chief Commercial Officer Brian Hansen said any lag would be in the four European countries, where the company is moving from Ascensia’s blood glucose monitoring sales efforts to hiring dedicated sales representatives for the CGM business.
Pipeline Updates Include Gemini, Freedom and Pump Integration
Goodnow said Senseonics remains on schedule to launch Gemini in the first half of 2027. He described Gemini as a one-year sensor with a battery for continuous and optional on-demand readings. The company also plans to begin the first in-human trial for Freedom in the second half of the year. Freedom is intended to be a one-year sensor with built-in Bluetooth that connects directly to a user’s phone and insulin pump without a transmitter.
Chief Operating Officer Mukul Jain said Senseonics is conducting a second preclinical animal study for Freedom and believes it has taken enough risk out of the product to move into humans. He said the first-in-human feasibility study will be conducted outside the U.S., after which the company plans to use the data to begin discussions with the FDA and seek a pivotal study IDE by the end of the year.
Goodnow also highlighted Senseonics’ integration with Sequel Med Tech’s twiist insulin pump, announced in February, calling it the first automated insulin delivery system to integrate with a year-long CGM. He said the company has seen good early adoption and “exceptional anecdotal feedback” from initial users. Management said it continues to pursue additional pump integrations but had no new partnership announcements.
Expenses Rise as Company Funds Commercial Expansion
First-quarter research and development expense rose to $8.6 million from the prior-year period, an increase of $1.3 million. Sullivan said the increase was mainly due to new R&D projects, the ramp-up of new clinical trials and higher headcount. Selling, general and administrative expense increased to $30.2 million from $7.7 million, driven by the integration of the commercial organization, personnel costs, transition support services from Ascensia, direct-to-consumer marketing and other operating costs.
Senseonics reported a first-quarter net loss of $32.3 million, or $0.71 per share, compared with a net loss of $14.3 million, or $0.40 per share, in the first quarter of 2025. Sullivan said the larger loss was primarily due to costs related to taking over commercialization and distribution of Eversense.
As of March 31, 2026, the company had $64.6 million in cash, restricted cash and cash equivalents, and $35.2 million in debt and accrued interest. Management said Senseonics recently expanded its Hercules Capital credit facility from $100 million to $140 million, drew an additional $20 million, and completed a public offering that raised $92 million in gross proceeds through common stock and pre-funded warrants.
Sullivan said the company expects full-year 2026 gross margin of 55% to 58%, with improvement in the second half of the year. Operating expenses are expected to range from $150 million to $160 million, and cash utilization is expected to be between $110 million and $120 million. He said the company believes it now has financing in place to reach the anticipated launch of Freedom in 2028.
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.
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