Senseonics Holdings, Inc.

What they do

Senseonics designs, develops, and commercializes the Eversense CGM system, which includes an under-the-skin sensor, a removable and rechargeable smart transmitter, and a mobile app. The Eversense E3 sensor lasts up to six months and the Eversense 365 sensor lasts up to twelve months, compared to 7-15 days for non-implantable CGM systems. The company sells directly in the U.S. and through a partially integrated European operation, with manufacturing and development ongoing for next-generation products.

Revenue drivers

• Eversense 365 (U.S. direct sales) — Primary growth driver after taking over U.S. commercialization in January 2026; Q2 2026 U.S. revenue was $12.6 million, up over 150% year-over-year.
• Eversense E3 (U.S. and Europe) — Six-month sensor sold in the U.S. and European territories; remains a meaningful revenue stream, especially in Europe where the company now retains 100% of revenue.
• International sales (Europe) — Revenue outside the U.S. was $1.9 million in Q2 2026, up 12% year-over-year, with Europe expected to be about 20% of full-year revenue.
• Insertion procedures and Eon Care — Eon Care, a clinical support service, drives procedure volume; it scaled past 90 nurses and now supports approximately 40% of Eversense insertions.

Recent performance

In Q2 2026, total revenue was $14.5 million, up approximately 120% year-over-year, with U.S. revenue of $12.6 million and international revenue of $1.9 million. Gross margin was approximately 59%, up from 47% in Q2 2025, and net loss narrowed to $36.7 million from $14.5 million in Q2 2025, reflecting increased SG&A and R&D spending. Full-year 2025 revenue was $35.3 million, with annual net loss of $69.1 million. Cash and cash equivalents were $44.8 million at June 30, 2026, but the company raised over $100 million in Q2 2026, including equity proceeds and an expanded credit facility, bringing total cash, restricted cash, and equivalents to $143.0 million.

Strategy

The company is focused on scaling its direct U.S. commercial organization, having transitioned from Ascensia, and integrating European operations in-house. It is investing heavily in Eon Care, a clinical support team, to drive insertion procedures and patient adoption. R&D is centered on developing Gemini, a 2-in-1 CGM and flash glucose monitoring system, and Freedom, a sensor with integrated Bluetooth to eliminate the on-body transmitter. Management is also pursuing reimbursement expansion and partnerships, including the twiist Automated Insulin Delivery system, to broaden the product's appeal.

Risks

• Integration and execution risk — The transition of U.S. and European commercial operations from Ascensia may face delays or underperformance, directly impacting revenue and margins.
• Intense competition — Large, established competitors in the CGM market could erode adoption of Eversense, which has a shorter sensor life and requires insertion procedures.
• Sustained operating losses — The company has incurred significant losses since inception and expects continued losses, requiring additional financing to fund operations.
• Regulatory and reimbursement hurdles — Future product approvals and reimbursement coverage are uncertain; failure to secure or maintain coverage could limit market access.

Outlook

Management raised full-year 2026 revenue guidance to $62-$66 million, representing 76%-87% growth, and gross margin guidance to 58%-61%. They expect European revenue timing to normalize in Q3 and Q4, with Europe still about 20% of full-year revenue. They also reiterated a year-end goal of scaling Eon Care to 100 nurses and are advancing Gemini and Freedom development programs.