Release Date: November 05, 2025
Positive Points
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Senseonics Holdings Inc (SENS) reported a 90% year-over-year revenue growth in Q3 2025, driven by a 160% increase in new patient shipments.
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The company successfully executed a memorandum of understanding with Cynthia Diabetes Care to reassume control of Eversense commercialization, allowing for strategic control and investment.
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Direct-to-consumer (DTC) marketing investments led to a 300% year-over-year increase in patient leads, with 60% of new patients originating from DTC advertising.
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The installed base of Eversense 365 grew over 150% year-over-year, reflecting accelerating adoption among patients and providers.
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Gross profit margins improved significantly, with expectations to reach approximately 70% at scale for the unified business.
Negative Points
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Despite the revenue growth, Senseonics Holdings Inc (SENS) reported a net loss of $19.5 million in Q3 2025, though this was an improvement from the previous year.
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Research and development expenses decreased due to the completion of clinical trials, but selling, general, and administrative expenses increased by $7 million due to higher personnel and promotional costs.
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The transition of commercialization from Ascencia Diabetes Care may lead to temporary inventory dynamics, affecting revenue recognition in 2026.
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The European launch of Eversense 365 is delayed until the first half of 2026, pending the establishment of a dedicated sales force.
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The company faces challenges in transitioning private payers to bundled payment reimbursement, with ongoing efforts to align with CMS’s lead.
Q: Can you provide insights into the growth opportunities from direct-to-consumer (DTC) marketing and the demographics of new patient implants? A: We are seeing a significant increase in the number of patients switching from existing CGM systems, with about 90% of new patients coming from DTC efforts. Approximately 60-65% of these switchers are from Dexcom and 35-40% from Libre. The demographic is still largely commercial pay, with a notable portion from Medicare.
Q: How is the integration with the Twist insulin delivery system progressing, and when will it impact your financials? A: We expect the first patients to start using the Twist system in early 2026, with a ramp‑up throughout the year. Initial contributions will be limited by pump availability, but we anticipate significant growth in the second half of the year.
Q: Can you elaborate on the evolution of the inserter network and the role of Eon Care in expanding access to Eversense 365? A: Eon Care is crucial for expanding access, especially in primary care settings. We are seeing growth in trained inserters, and Eon Care helps facilitate insertions where providers may not have the capacity. The network is expanding, with a focus on providing a seamless experience for patients and providers.
Q: What is the status of private payers adopting bundled payment reimbursement, and how is the mix between endocrinologists and primary care providers evolving? A: We are seeing a transition toward bundled payments, with major payers like United adopting this model. The mix is still more heavily weighted toward endocrinologists, but primary care is growing, especially with Medicare expansion.
Q: How will the transition from Ascencia impact your revenue and margin expectations for 2026? A: We expect some inventory dynamics as we reduce channel inventory from 60-90 days to about 30 days, which will impact revenue recognition. However, we anticipate margin improvements, with gross margins expected to reach 50% in 2026.