Senseonics Holdings, Inc. Common Stock (NASDAQ:SENS) reported record third-quarter revenue and raised its 2026 sales outlook for the third time this year, as new patient starts for its Eversense 365 continuous glucose monitor drove growth in the United States and abroad.
Revenue rose approximately 140% to $19.6 million from $8.1 million a year earlier, the company said on its earnings call. The result marked a second consecutive quarterly revenue record. U.S. sales climbed approximately 160% to $16.8 million, while revenue outside the U.S. increased about 65% to $2.8 million.
Senseonics now expects full-year revenue of $68 million to $70 million, up from its previous forecast of $62 million to $66 million. Chief Financial Officer Rick Sullivan said the company would provide formal 2027 guidance at the beginning of next year, but added, “We will certainly be a $100 million company next year.”
Patient Starts and Access Drive Growth
Chief Executive Officer Tim Goodnow attributed the quarter’s performance to record new patient starts for Eversense 365, a continuous glucose monitoring system that uses a yearlong sensor and a removable transmitter. Chief Commercial Officer Brian Hansen said approximately nine out of 10 new insertions involved patients switching from a competing sensor.
Direct-to-consumer advertising remained the company’s largest source of new patient starts, Hansen said, while the number of active prescribers increased more than 90% year over year. He added that the majority of the company’s direct-to-consumer conversion metrics improved in the third quarter.
The EON Care insertion network surpassed its year-end goal of 100 inserters during the quarter, and Senseonics now expects it to reach approximately 120 by year-end. EON accounted for more than 40% of U.S. Eversense insertions in the third quarter, Hansen said.
Goodnow said roughly 94% of patients use their sensor for its full term. He added that, historically, about 75% of patients move from a first sensor to a second, about 85% move from a second to a third, and retention is well into the 90% range after the third sensor.
Pump Partnerships and Freedom Development
Senseonics expects the commercial launch of its integration with Beta Bionics’ iLet Bionic Pancreas in the coming weeks, with the first patients possible before year-end. The company already has an integration with Sequel’s twiist pump and expects the additional partnership to support growth in 2027.
Goodnow said Senseonics is also in discussions with other major pump companies, though it is not ready to announce additional agreements. He said he would expect those partnerships in the 2028 time period.
The company began human testing on Oct. 26 of Freedom, a system designed to provide continuous glucose monitoring without an on-body component. The early feasibility study is evaluating safety and device function, including direct Bluetooth communication, to inform a pivotal study expected to begin in 2027. Senseonics is targeting a potential launch in 2028.
Margins Improve as Loss Widens
Third-quarter gross profit increased to $12.1 million, or approximately 62% of revenue, from $3.5 million, or 43%, a year earlier. Sullivan attributed the improvement partly to a higher share of bundled-pay sales, initial European sales of Eversense 365 and the company bringing commercial operations in-house.
Senseonics raised its full-year gross margin outlook to more than 60%. Sullivan said he expects fourth-quarter margin to be close to the third-quarter level and modest improvement in 2027. He also said the company expects Freedom’s gross margin to exceed 70%.
The net loss widened to $32.7 million, or $0.50 per share, from $19.5 million, or $0.43 per share, a year earlier. Research and development expenses rose to $11.7 million from $7.8 million, while selling, general and administrative expenses increased to $32.3 million from $15.3 million.
Senseonics expects full-year operating expenses slightly above the high end of its previous $150 million to $160 million range and cash utilization of approximately $120 million, at the high end of its prior forecast. Cash equivalents, restricted cash and short-term investments totaled $126.6 million as of Sept. 30.
Based on the current plan, Sullivan said the company expects to reach cash flow breakeven shortly after Freedom’s launch, with the product’s planned margin profile serving as a major catalyst.
Senseonics also reduced its estimate for Europe’s share of 2026 revenue to approximately 15% from 20%. Hansen said the European commercial transition and Eversense 365 launch took longer than expected, while U.S. growth outpaced the business outside the country.
About Senseonics Holdings, Inc. Common Stock (NASDAQ:SENS)
Senseonics Holdings, Inc is a medical technology company focused on developing and commercializing long-term, implantable continuous glucose monitoring (CGM) systems for people with diabetes. Its CGM technology is designed to measure glucose levels continuously through a small sensor inserted under the skin, with readings transmitted to an external smart transmitter and mobile application.
The company’s primary product is the Eversense CGM system. Unlike many conventional CGM systems that use an externally worn sensor, Eversense uses an implantable sensor and a removable, rechargeable transmitter worn over the sensor site.
