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 prior year period.

• Transitioned all commercial activities from Ascensia Diabetes Care in-house, improving operational efficiency and financial control.

• Eversense 365 approved in both 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: $7.4 million.

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

• Full-year 2025 gross profit: $15.8 million, up from $0.5 million in 2024, reflecting improved product margins.

• Q4 2025 net loss: $20.8 million ($0.46/share); full-year net loss: $69.1 million (improved from $78.6 million 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.

• Full-year 2026 gross profit margin expected to exceed 50%, with sequential improvement.

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

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

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