Transitioned from a partnered model with Ascensia to a fully integrated developer, manufacturer, and direct seller to gain agility and eliminate revenue sharing.

Achieved 60% year-over-year revenue growth in 2025, driven by a 103% increase in new patient starts following the U.S. launch of Eversense 365.

Improved gross margins to over 50% by year-end 2025, aided by the shift toward a consignment sales model and higher-margin 365-day sensor sales.

Expanded the domestic prescriber base by over 80% year-over-year, reflecting increased clinical confidence in the long-term implantable CGM system.

Successfully integrated with Sequel's twiist automated insulin delivery system, marking the company's first entry into the Type 1 pump-integrated market.

Internalized the EON Care Group inserter network to address clinical bottlenecks, with approximately 25% of U.S. insertions now performed by this in-house team.

Projecting 2026 revenue between $58 million and $62 million, assuming a doubling of the patient base through renewals and new starts.

Anticipating a Q2 2026 launch of Eversense 365 in Europe (Germany, Italy, Spain, and Sweden) following recent CE Mark approval.

Planning to maintain gross margins above 50% for the full year 2026, with sequential expansion expected as global operations consolidate.

Targeting completion of Gemini pivotal trials by year-end 2025 for a 2027 launch, featuring integrated battery and transmitter-free flash monitoring.

Allocating $12 million to $15 million for DTC marketing in 2026, shifting to a more level-loaded spend across the year to improve lead quality and conversion.

Operating expenses are expected to rise to $150 million–$160 million in 2026 as the company absorbs the full commercial infrastructure previously funded by Ascensia.

Cash utilization for 2026 is forecasted at $110 million–$120 million, supported by a debt facility with Hercules Capital providing up to $65 million in additional capital.

Revenue remains highly seasonal, with the first quarter expected to be the softest due to insurance deductible resets and patient assistance program utilization.

The European transition involves higher complexity than the U.S., requiring new hiring and the management of local tender agreements through the second half of 2026.

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Management expects the patient mix to shift back toward Type 1 diabetics following the pump integration; currently, the base is approximately 70% Type 2.

The partnership is economically neutral per unit compared to MDI patients, as Senseonics recognizes sensor revenue independently of pump sales.

There are no structural barriers to expanding the network beyond the 100-provider year-end goal; expansion is strictly gated by regional patient volume.

The network is strategically deployed to 'prescriber-only' areas where physicians prefer not to perform the insertion procedure themselves.

Management expects the FDA to require iCGM compliance for both the flash (transmitter-free) and near-field modes.

Because the underlying chemistry is identical to the 365-day sensor, the company anticipates maintaining its approximately 8% MARD across both modalities.

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