Senseonics Holdings, Inc.

Net revenue in Q1 2026 was $11.7 million, up 85% year over year from $6.3 million. Gross profit was $6.9 million, and gross margin was 58%; management said gross margin would still have been about 54% excluding a one-time $0.5 million COGS benefit. U.S. revenue was $9.3 million and revenue outside the U.S. was $2.4 million. Net loss was $32.3 million, or $0.71 per share, versus a net loss of $14.3 million, or $0.40 per share, a year ago. Full-year 2026 global net revenue guidance was raised to $60 million-$64 million from $58 million-$62 million, with gross margin now expected at 55% to 58%, operating expenses at $150 million-$160 million, and cash utilization at $110 million-$120 million. Management said revenue should be about 40% in the first half and 60% in the second half of the year.

Tim Goodnow framed the quarter as evidence that bringing the commercial organization in-house is working, saying the first quarter validated the company’s integrated model through both revenue growth and margin expansion. He highlighted strong DTC momentum, Eon Care’s expanding insertion network, and early uptake of the first AID partnership with Sequel Med Tech. His tone was upbeat and confident, emphasizing that Senseonics now has the right team, structure, pipeline, and capital to accelerate growth.

Rick Sullivan focused on the mechanics behind the quarter and the outlook. He said roughly 60% of U.S. volume is now coming through bundled pay, the company plans to keep DTC spend around $13 million this year, and 40% of U.S. volume is expected to come from reorders in 2026. He also cited Q1 gross profit of $6.9 million, cash, restricted cash and cash equivalents of $64.6 million as of March 31, and debt and accrued interest of $35.2 million; after the financing actions, total debt outstanding rose to $55 million. He said the $92 million equity raise plus the expanded Hercules facility position the company to fund Eversense 365, Gemini, and Freedom development.

Analysts focused on whether the U.S. Ascensia transition could create a lag in site activation or patient growth, but management said the transition had been seamless and did not expect a meaningful delay in the U.S.; they noted any lag would be more likely in the four European countries as the new team is hired. Questions also centered on DTC efficiency and spending cadence, with management saying 2026 spend will stay around $13 million but be better targeted than in 2025, improving cost per workable lead and conversion. Other questions covered bundled-pay mix, future pump partnerships, and Freedom risk; management said bundled-pay looks like the right near-term target at about 60/40, partnership discussions are ongoing with no announcement yet, and Freedom is now viewed as ready for a first-in-human feasibility study outside the U.S. later this year.