Senseonics (SENS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $11.7 million, up 87% year-over-year, driven by Eversense 365 adoption, direct-to-consumer marketing, and U.S. commercial integration.

• Gross margin improved to 59%, reflecting manufacturing efficiencies, favorable product mix, and elimination of revenue share to Ascensia.

• Completed U.S. commercial integration and initiated European asset acquisitions, with closings expected by June 30, 2026.

• Over $100 million in new growth capital raised through equity and debt, including a $92 million public offering and expanded Hercules Capital facility.

• Advanced pivotal studies for Gemini and Freedom products and launched first AID partnership with Sequel Med Tech's twiist insulin pump.

Financial highlights

• Net revenue for Q1 2026 was $11.7 million, up from $6.3 million in Q1 2025, driven by U.S. direct sales and consignment growth.

• Gross profit was $6.9 million (59.3% margin), including a $0.5 million one-time benefit from the Eversense 365 Europe launch.

• Net loss widened to $32.3 million ($0.71/share) from $14.3 million ($0.40/share) year-over-year, mainly due to higher SG&A and R&D expenses.

• Cash, cash equivalents, and investments totaled $64.6 million as of March 31, 2026; debt and accrued interest at $35.2 million.

• Net cash used in operating activities was $32.0 million for Q1 2026.

Outlook and guidance

• Full-year 2026 global net revenue guidance raised to $60–$64 million, representing 70–82% year-over-year growth.

• Gross profit margin expected between 55% and 59% for 2026, improving in the second half.

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

• Management expects sufficient liquidity for at least 12 months following recent financings.

• Revenue expected to be 40% weighted in H1 and 60% in H2 due to seasonality and investment cadence.