Strong Q1 Revenue and Year-over-Year Growth
Net revenue of $11.7 million in Q1 2026, an 85% increase versus $6.3 million in Q1 2025; U.S. revenue $9.3 million and international $2.4 million.
Senseonics Holdings
· SENS
May 7th, 2026
Summary
- Earnings Call Date:
- 2026-05-07
- Change Since:
- +6.34%
- Next Earnings Date:
- 2026-08-06
Earnings Call Sentiment
PositiveThe call highlighted strong commercial momentum and validating financial results: Q1 revenue of $11.7M (up 85% YoY), a 58% gross margin, rapid DTC growth (~100% YoY) and successful U.S. commercial integration. Management raised 2026 revenue guidance to $60M–$64M (70%–82% growth) and advanced pipeline milestones (Gemini and Freedom) while adding substantial growth capital ($92M equity + expanded $140M credit facility with a $20M draw). Offsetting these positives are materially higher operating expenses and an expanded net loss driven by in‑house commercialization, significant planned cash burn ($110M–$120M for 2026), increased debt, and remaining execution risk in the European transition and competitive landscape. On balance, the highlights from stronger-than-expected top-line performance, margin expansion and financing to fund growth outweigh the near-term cost and cash challenges, but execution through the rest of 2026 will be key.
Company Guidance
Senseonics raised full‑year 2026 global net revenue guidance to $60–$64 million (from $58–$62M), implying year‑over‑year growth of ~70%–82%; Q1 revenue was $11.7M (up 85% YoY from $6.3M) with gross profit $6.9M and a 58% gross margin (adjusted ~54%), and the company now expects full‑year gross profit margin of 55%–58% with seasonality ~40% H1 / 60% H2. Management guided 2026 operating expenses of $150–$160M and cash utilization of $110–$120M; cash at March 31 was $64.6M, debt and accrued interest $35.2M (total debt outstanding $55M after a $20M draw), the Hercules facility was expanded from $100M to $140M with up to $85M additional availability, and the company raised $92M in gross equity proceeds. Key commercial metrics: planned DTC spend ~ $13M in 2026, DTC drove ~60% of Q1 new patient shipments (HCP ~40%), bundled‑pay now ~60% of volume, reorders expected to be ~40% of U.S. volume, Eon Care performs >1/3 of insertions, and Senseonics expects to double U.S. patients this year.
Improved Gross Margin and Profitability Trajectory
Reported gross margin of 58% in Q1 2026 (approximately 54% excluding a one-time $0.5M COGS benefit); gross profit of $6.9 million, up $5.4 million year-over-year; full-year 2026 gross margin guidance raised to 55%–58%.
Raised Full-Year Revenue Guidance
Updated 2026 global net revenue guidance increased to $60M–$64M from $58M–$62M, representing projected year-over-year growth of 70%–82%.
Direct Commercial Integration Driving Execution
Completed integration of the U.S. commercial organization (transition from Ascensia effective Jan 1); company attributes strong Q1 performance and margin expansion to in‑house commercial control and alignment.
Direct-to-Consumer Channel Acceleration
DTC new patient shipments grew nearly 100% in Q1 versus Q1 2025 and accounted for roughly 60% of all new patient shipments in the quarter; company maintaining ~ $13M DTC spend for 2026 to scale awareness with improved cost per lead and conversion.
Eon Care Scale and Insertion Capacity
Eon Care now has over 70 nurses, performs more than one‑third of all Eversense insertions, established presence in 34 states, and targets 100 nurses by year-end—reducing geographic access barriers and creating a scalable service infrastructure.
Product Pipeline and Clinical Progress
Gemini on schedule for first-half 2027 (1‑year sensor with battery); Freedom planned to begin first in‑human trial in second half of 2026 (1‑year sensor with built-in Bluetooth); ongoing app enhancements with planned AI features later in 2026.
Strengthened Balance Sheet and Capital Raises
Expanded Hercules credit facility from $100M to $140M and drew an additional $20M (total debt outstanding $55M after draw); closed a public offering raising $92M gross proceeds; cash, restricted cash and equivalents of $64.6M as of March 31, 2026.
Commercial Partnerships and Clinical Data Momentum
Launched first automated insulin delivery (AID) partnership with Sequel Med Tech's twiist pump integrating with Eversense 365, with encouraging early uptake and positive ATTD data; additional real-world Eversense 365 data to be presented at ADA.
Retention and Reorder Trends
Patient reorders tracking above plan in Q1; historical retention cited as ~75% first‑to‑second sensor, ~85% second‑to‑third, with third‑sensor retention in the 90s—early Q1 signals stronger-than-modeled retention for the 1‑year sensor.
Operator
Good day, everyone, and welcome to Senseonics First Quarter 2026 Earnings Call. [Operator Instructions] Please note today's call will be recorded and I'll be standing by should you need any assistance. It is now my pleasure to turn the conference over to Jeremy Feffer from LifeSci Advisors. Please go ahead.
Jeremy Feffer
Thank you. This is Jeremy Feffer from LifeSci Advisors. Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, company performance and other matters and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. A list of the factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under Risk Factors and elsewhere in our annual report on Form 10-K for the year ended December 31, 2025, and our 10-Qs and our other reports filed with the SEC. These documents are available on the Investor Relations section of our website at www.senseonics.com. We undertake no obligation to update publicly or revise these forward-looking statements for any reason, except as required by law.
Joining me today from Senseonics are Tim Goodnow, President and Chief Executive Officer; and Rick Sullivan, Chief Financial Officer. Brian Hansen, Chief Commercial Officer, will also be available during the Q&A. Now I'll turn the call over to Tim.
Tim Goodnow
Thanks, Jeremy, and I appreciate eve...
Subscribe to unlock transcripts
Get The Fly Pro 7 days for free