Senseonics (SENS) Q4 2025 earnings summary

Executive summary

• Achieved full-year 2025 revenue of $35.3 million, up 60% year-over-year, with Q4 revenue of $14.3 million, a 72% increase from the prior year period.

• Transitioned all commercial activities from Ascensia Diabetes Care in-house, resulting in operational efficiencies and improved financial control.

• Eversense 365 approved in both the U.S. and EU, with patient base doubling in the U.S. and new patient starts up 103% year-over-year.

• Integration with Sequr Med Tech's twiist Automated Insulin Delivery System completed, expanding product ecosystem.

• Raised capital, executed a reverse stock split, and began trading on Nasdaq.

Financial highlights

• Q4 2025 net revenue: $14.3 million (up 72% YoY); U.S. revenue: $12.1 million; OUS revenue: $2.2 million.

• Full-year 2025 revenue: $35.3 million (vs. $22.5 million in 2024); U.S. revenue: $27.9 million; OUS revenue: $7.4 million.

• Q4 2025 gross profit: $7.7 million (up $3.7 million YoY); gross margin improved to over 50% by year-end.

• Full-year 2025 gross profit: $15.8 million, up from $0.5 million in 2024, reflecting improved product margins and absence of prior year transition charges.

• Q4 2025 net loss: $20.8 million ($0.46/share) vs. $15.5 million ($0.40–$0.46/share) prior year; full-year net loss: $69.1 million ($1.66/share), improved from $78.6 million ($2.50/share) in 2024.

• SG&A expenses for 2025: $52.5 million (up $18.3 million YoY); R&D expenses: $31.6 million (down $9.5 million YoY).

• Cash, restricted cash, and equivalents at year-end: $94.3 million; debt and accrued interest: $35.3 million.

Outlook and guidance

• 2026 global net revenue expected at $58–$62 million, representing 65–76% YoY growth.

• Europe expected to contribute ~20% of 2026 revenue, with Eversense 365 launch in Q2.

• Gross profit margin for 2026 projected at or above 50%, improving sequentially.

• Operating expenses for 2026 expected at $150–$160 million, with cash utilization of $110–$120 million.

• Majority of 2026 revenue anticipated in H2 due to seasonality and renewals.

• Gemini pivotal trials to complete in 2026, with launch in 2027; Freedom system launch planned for 2028.