Senseonics Holdings, Inc. Common Stock (NASDAQ:SENS) reported fourth-quarter and full-year 2025 results highlighted by the U.S. ramp of its Eversense 365 continuous glucose monitor (CGM), a major shift in commercial strategy, and an updated 2026 outlook that reflects the company’s move to bring sales and marketing operations in-house.
Management frames 2025 as a “transformation” year
President and CEO Tim Goodnow said the company’s position changed materially over the past year. He noted that at the start of 2025, Eversense 365 had only been available in the U.S. for a few months, Senseonics was still partnered with Ascensia Diabetes Care for global commercialization, and gross margins were around 25% with annual revenue under $23 million.
Goodnow described the company’s decision to transition commercial activities from Ascensia back to Senseonics as the most significant strategic move of 2025, citing greater operational control and the elimination of revenue sharing. He said PHC remains a meaningful shareholder and will continue to support European commercialization under transition service agreements as Senseonics establishes in-country operations, with a European closing anticipated in the second quarter.
Commercial execution: DTC marketing, prescriber growth, and retention
Chief Commercial Officer Brian Hansen, who previously led Ascensia’s CGM division, said the U.S. commercial transition was straightforward and that nearly 100% of employees moved to Senseonics. He said a similar effort is underway in Europe ahead of the Eversense 365 launch.
Hansen pointed to direct-to-consumer (DTC) marketing as a key growth driver in 2025 and said the company plans to invest roughly $12 million to $15 million in DTC again in 2026, but with spending more evenly distributed across the year and building into the third and fourth quarters. Management said the company learned from a back-end-loaded spend pattern in 2025 and aims to improve efficiency with higher-quality leads, higher close rates, and lower cost per lead.
Hansen also said early Eversense 365 renewals are “in line with expectations,” and management emphasized that retention is expected to become a more meaningful contributor over time. On the provider side, Hansen said the number of providers actively prescribing Eversense increased more than 80% year-over-year.
The company also highlighted growth in its EonCare in-house inserter network. Hansen said Senseonics ended 2025 with about 60 providers performing nearly a quarter of all U.S. Eversense insertions. The company plans to expand to approximately 100 providers in 2026, with management suggesting that volume, rather than operational barriers, will determine how far beyond that level the network could grow.
Integration with Sequel’s twiist AID system and evolving patient mix
Goodnow and Hansen described the integration with Sequel Med Tech’s twiist automated insulin delivery (AID) system as a major milestone. They said twiist users can pair the pump with Eversense 365 and receive glucose readings for a full year without changing a CGM every 10 to 15 days.
On the economics, management said there is no special revenue split: Senseonics sells the sensor and recognizes its associated economics, while Sequel sells the pump. In Q&A, management said early interest and new patient starts associated with twiist have been encouraging and that early results after general availability exceeded Hansen’s expectations.
Management also provided color on patient mix, stating the company exited 2025 with roughly 70% type 2 patients, influenced in part by reimbursement dynamics and go-to-market strategy, but expects that proportion to shift back toward type 1 as pump integration expands. The company said most patients are switching from transcutaneous CGMs, with about 15% to 20% new to the category.
Financial results: Q4 growth and full-year improvement
Chief Financial Officer Rick Sullivan reported fourth-quarter 2025 net revenue of $14.3 million, up 72% from $8.3 million in the prior-year quarter. U.S. revenue was $12.1 million and revenue outside the U.S. was $2.2 million. Sullivan said the company continued to recognize revenue through its collaboration agreement with Ascensia during the quarter, but anticipates recognizing 100% of revenues going forward.
Gross profit in Q4 was $7.7 million, up $3.7 million year-over-year, driven by a full year of Eversense 365 sales and a higher mix through the consignment channel, where the company recognizes 100% of revenue while recording sales commission expense to Ascensia under the revenue-sharing terms in effect during 2025.
Operating expense trends diverged by function:
- R&D expense: $8.8 million in Q4, down $0.6 million year-over-year, attributed to completion of Eversense 365 clinical trials and reduced headcount.
- SG&A expense: $19.8 million in Q4, up $10.9 million year-over-year, driven by higher selling and marketing personnel costs, DTC promotional spending, sales commissions tied to consignment expansion, and transition costs for the Ascensia handover.
Net loss for Q4 2025 was $20.8 million, or a loss of $0.46 per share, compared to a net loss of $15.5 million, or $0.40 per share, in Q4 2024.
For full-year 2025, total revenue was $35.3 million versus $22.5 million in 2024. U.S. revenue rose to $27.9 million from $15.3 million, while revenue outside the U.S. was $7.4 million compared with $7.2 million. Net loss for 2025 was $69.1 million, compared with a net loss of $78.6 million in 2024, which management attributed primarily to improved margins from Eversense 365.
Senseonics ended 2025 with $94.3 million in cash, restricted cash, and cash equivalents, and $35.3 million in debt and accrued interest.
2026 outlook: revenue growth, higher spend, and European launch plans
Sullivan guided for 2026 global net revenue of approximately $58 million to $62 million, representing 65% to 76% year-over-year growth. He said the company expects seasonality similar to 2025, with deductibles resetting early in the year and the majority of revenue arriving in the second half; he described a rough 40%/60% split between the first and second halves.
The company expects 2026 gross margin to be greater than 50%, starting slightly lower and increasing sequentially. Management also forecast higher expense levels due to the commercial buildout: total operating expenses of $150 million to $160 million and cash utilization of $110 million to $120 million in 2026, largely tied to bringing the sales and marketing teams in-house and transition service agreements. Sullivan also said the company expanded its Hercules Capital debt facility up to $100 million, providing access to up to an additional $65 million of non-dilutive capital.
In Europe, management said the company received CE marking for Eversense 365 in January and expects to begin launching in Germany, Italy, Spain, and Sweden in the coming months. In Q&A, management said the transition is expected to occur in the second quarter, with a rollout anticipated around mid-Q2, while some tender contracts could extend transitions into summer or early fall. Sullivan said Europe is expected to be about 20% of 2026 revenue.
Looking beyond 2026, Goodnow reiterated timelines for the company’s pipeline: management expects to complete pivotal trials for the Gemini product by the end of the year, with a planned launch in 2027, and said the Freedom system is planned for a 2028 launch.
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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