Senseonics (SENS) Stifel 2024 Healthcare Conference summary

Financial and operational highlights

• Q3 revenues were $4.3 million, in line with expectations, reflecting Eversense E3 destocking ahead of the 365-day product transition.

• Received FDA approval for the 365-day CGM, with early Q4 financing to strengthen the balance sheet and pay down debt.

• Acquired Nurse Practitioner Group assets to expand the inserter network, supporting broader product access.

• Margins expected to improve in Q4 and 2025, targeting 30% with 365 and up to 50% at scale, though revenue sharing with Ascensia impacts reported margins.

• Ended the quarter with $75 million in cash, sufficient to fund operations through 2025.

Product innovation and differentiation

• The 365-day CGM features a small, implantable sensor with a transmitter, offering a full year of use and reduced calibration to one fingerstick per week.

• Key differentiators include long duration, minimal patient interaction, and improved user interface, driving strong patient and clinician interest.

• Two-thirds of current users are Type 2 diabetics, with the product appealing to those seeking less daily management.

• Early launch data shows DTC leads up over 200% and medical channel leads up over 250% post-launch.

• Over 600 new accounts and 1,600 professionals have engaged with the product since launch.

Strategic partnerships and market expansion

• Ascensia handles commercial operations, while internal teams focus on design, development, and manufacturing.

• Expanded inserter network through Eoncare, leveraging nurse practitioners as flexible, efficient contractors.

• Remote patient monitoring collaboration with Mercy targets 30,000 insulin-using patients, integrating with Epic and leveraging reimbursement for procedures and monitoring.

• Mercy partnership serves as a replicable case study for other ACOs, aiming to demonstrate A1C reduction and clinical benefit.

• Additional institutional partnerships are in discussion, with a U.S. installed base of about 5,000 and significant growth potential.