Senseonics (SENS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $6.6 million, up 37% year-over-year, driven by Eversense 365 adoption, expanded DTC marketing, and a 79% increase in U.S. new patient starts.

• Gross margin improved to 46.9% from 6.1% year-over-year, aided by favorable product mix and a one-time VAT recovery.

• Net loss narrowed to $14.5 million ($0.02/share) from $20.3 million ($0.03/share) year-over-year.

• Raised $77.8 million in Q2, including $20.3 million from Abbott, strengthening the balance sheet and supporting product launches.

• Management no longer considers there to be substantial doubt about the company's ability to continue as a going concern over the next 12 months.

Financial highlights

• Q2 2025 net revenue grew 37% year-over-year to $6.6 million, with $4.9 million from the U.S. and $1.7 million OUS.

• Gross profit was $3.1 million, up from $0.3 million, with gross margin at 46.9% (vs. 6.1% prior year), aided by a $0.7 million one-time VAT recovery.

• Net loss narrowed to $14.5 million ($0.02/share), improved from $20.3 million ($0.03/share) in Q2 2024.

• Cash, restricted cash, and equivalents totaled $126.7 million as of June 30, 2025; debt and accrued interest at $35.3 million.

• R&D expenses decreased to $7.7 million in Q2 2025; SG&A expenses increased to $9.7 million.

Outlook and guidance

• Full-year 2025 global net revenue expected at $34–38 million, with two-thirds of revenue anticipated in H2 due to patient growth and seasonality.

• Gross profit margin guidance raised to 32.5–37.5% for 2025.

• Cash utilization for 2025 projected at ~$60 million.

• Sufficient liquidity is expected to meet operating needs for at least the next 12 months.

• Anticipates doubling the global patient base in 2025 versus 2024.