Senseonics (SENS) Stifel 2026 Healthcare Conference 2026 summary

Commercial transition and performance

• 2025 was a transition year; commercial responsibilities shifted in-house during 2026, enabling direct investment in Eversense awareness from late 2025.

• Third-quarter revenue and gross margin exceeded expectations; guidance was raised for the third time in 2026, with management expecting strong fourth-quarter performance.

• Bringing commercial operations together reduced intercompany complexity and improved efficiency; U.S. team retention was strong, and overseas commercial teams were fully staffed for 2027.

Commercial growth and market access

• Thousands of U.S. physicians prescribe Eversense 365; field teams are increasing utilization at larger accounts while direct-to-consumer advertising broadens reach, particularly among type 2 patients.

• DTC investment was $13–14 million in late 2025; the same spend was distributed across 2026, with 40% in H1 and 60% in H2, improving cost per workable lead and conversion metrics.

• DTC investment is expected to continue in 2027, with further guidance planned early in the year; European outreach will vary by country, combining permitted DTC, insertion-network support and field activity.

• European CE marking is more than a year behind the U.S. process, delaying Eversense 365 implementation; international revenue is expected to remain near or below its current share of sales initially.

• EON Network is expected to reach 120 nurses by year-end 2026; 40% of third-quarter insertions used the network, with reimbursement funding the initiative.

Financial outlook

• 2026 cash burn is expected at $120 million; $127 million of cash plus $85 million of Hercules facility capacity provides more than $200 million, with the next tranche accessible in Q4 2026 and the remainder drawable during 2027.

• 2027 revenue above $100 million remained management’s expectation; gross margin is forecast above 60%, with operating leverage and lower cash burn as revenue grows.

• 2027 SG&A investment may support DTC, inside sales follow-up and selected territory additions; management expects cash and facility capacity to fund operations through Freedom.

• Freedom’s gross margin is expected to exceed 70% and to be a catalyst for cash-flow breakeven; a $60 million quarterly revenue level in 2028 was described as attainable, citing a Q4 2026 revenue guide of $23 million.