Senseonics (SENS) Q4 2024 earnings summary

Executive summary

• Achieved FDA approval and U.S. launch of Eversense 365, the first once-yearly CGM, in Q4 2024, targeting both Type 1 and Type 2 diabetes patients, with strong early adoption and positive feedback from patients and providers.

• Filed for CE Mark for Eversense 365, targeting a European launch in H2 2025, leveraging established distribution channels and collaborations with health systems.

• Expanded partnerships and technology integration, including with Mercy Health and SweetSpot, to broaden access and improve diabetes management.

• Global patient base grew 56% in 2024 to 6,000, with 81% switching from competitive CGMs and 73% of new users being type 2 diabetes patients.

• Early U.S. launch metrics included record new patient shipments and over 2,400 annual U.S. prescribers, most of whom are new.

Financial highlights

• Q4 2024 net revenue was $8.3 million, up from $8 million year-over-year; U.S. revenue was $6.2 million, OUS revenue $2.1 million.

• Full-year 2024 revenue was $22.5 million, nearly flat versus 2023, with U.S. revenue at $15.3 million and OUS at $7.2 million.

• Q4 2024 gross profit rose to $4 million from $1.1 million, driven by higher margins on the 365-day product and $1.6 million in previously expensed manufacturing costs.

• Full-year gross profit was $0.5 million, down from $3.1 million, impacted by $4.8 million in one-time transition charges; adjusted gross margin would exceed 16%.

• Net loss for Q4 2024 was $15.5 million ($0.02/share), improved from $17.2 million ($0.03/share) in Q4 2023; full-year net loss was $78.6 million ($0.12/share), up from $60.4 million ($0.11/share) in 2023.

Outlook and guidance

• 2025 global net revenue expected to be $34–38 million, driven by U.S. transition to Eversense 365 and planned European launch, assuming a doubling of the global patient base.

• Expects revenue seasonality, with one-third in H1 and two-thirds in H2, and gross margins projected to rise to 25–30% for 2025.

• Cash utilization for 2025 forecasted at $50–60 million, with cash runway extended into mid-2026 after recent capital actions.

• Guidance reflects regulatory timelines, marketing spend, reimbursement transitions, and patient assistance program utilization.