Senseonics (SENS) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered record results with net revenue of $14.5M, up 120% year-over-year, and U.S. revenue up over 150%, driven by Eversense 365 adoption and commercial execution.

• Gross margin reached 59% (59.1%), the highest in company history, reflecting favorable product mix and elimination of revenue share with Ascensia.

• Net loss widened to $36.7M ($0.63/share) from $14.5M ($0.36/share) in Q2 2025, primarily due to increased SG&A and R&D expenses from commercialization transition.

• Completed transition of U.S. and European commercialization from Ascensia, now recognizing 100% of related revenues and deploying a dedicated sales force.

• Eon Care Network scaled to over 90 nurses, performing 40% of U.S. insertions and targeting 100+ by year-end.

Financial highlights

• Q2 2026 net revenue: $14.5M (U.S.: $12.6M, OUS: $1.9M); six-month revenue: $26.2M, up from $12.9M in 2025.

• Gross profit: $8.6M (59% margin) in Q2; six-month gross profit: $15.5M (59.2% margin).

• R&D expenses: $11.6M; SG&A expenses: $32.9M in Q2 2026, reflecting investment in product development and commercial integration.

• Cash, restricted cash, and equivalents: $143M as of June 30, 2026; debt and accrued interest: $55.5M.

• Net loss for H1 2026: $69.0M; operating loss: $67.8M.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $62M–$66M (76%–87% growth); gross margin guidance raised to 58%–61%.

• Revenue expected to be 40% H1, 60% H2, with Europe contributing ~20% of full-year revenue.

• Operating expenses expected at $150M–$160M; cash utilization $110M–$120M for 2026.

• Management expects existing cash and anticipated cash flows to fund operations into 2028.