SENS Earning Date, Transcript Summary & Report

Earnings Surprise Report: Senseonics Holdings, Inc. beats earnings expectations with reported EPS of $-0.02, exceeding expectations of $-0.03.

Continuous Glucose Monitor Approval: The US approval of Eversense 365, the world’s first and only once yearly continuous glucose monitor, marks a significant milestone for the company.

Positive Feedback on Eversense 365: Positive reception and feedback from both providers and patients regarding Eversense 365 since its launch in November.

CE Mark Approval Plans: The company has filed for CE Mark approval for Eversense 365, with plans for a European launch in the second half of 2025.

Patient Base Expansion: The patient base increased by 56% to approximately 6,000 global patients, exceeding the target growth of 50%.

Eversense Prescriber Growth: The number of annual US Eversense prescribers increased by 73% to over 2,400, indicating strong market interest.

Direct-to-Consumer Lead Surge: Direct-to-consumer leads increased by 40% compared to 2023, with average monthly leads more than doubling after the launch of Eversense 365.

Patient Base Transition: Approximately 81% of the patient base switched from other CGMs, demonstrating strong competitive positioning.

Gross Profit Surge: The gross profit for Q4 2024 was $4 million, significantly up from $1.1 million in the prior-year period, driven by increased margins on the 365-day product.

2025 Revenue Projections: The company expects full year 2025 global net revenue to be approximately $34 million to $38 million, reflecting growth potential as they transition US patients to Eversense 365.

Increased Net Loss: Net loss increased by $18.2 million in 2024 compared to 2023, primarily due to a reduction in gains from the exchange of existing notes and changes in the fair value of derivatives.

Gross Profit Decline: Gross profit for 2024 was only $0.5 million, a decrease from $3.1 million in 2023, largely due to $4.8 million in one-time charges related to the transition from Eversense E3 to Eversense 365.

SG&A Expense Increase: Selling, general and administrative expenses increased by $4.3 million year-over-year to $34.2 million, driven by personnel costs, consulting fees, sales commissions, and legal expenses.

Patient Growth vs. Revenue Stagnation: Despite a 56% increase in patient base, total revenue remained relatively flat at $22.5 million in 2024 compared to $22.4 million in 2023, indicating challenges in converting patient growth into revenue.

Cash Utilization Forecast: The company expects cash utilization in 2025 to be between $50 million and $60 million, indicating a significant cash burn as they transition to the new product.

Gross Profit Margin Outlook: The gross profit margin for the full year 2024 would be more than 16% excluding one-time product transition costs, which is relatively low for a medical device company.

Impact of Patient Assistance Programs: The company anticipates a noticeable impact on average selling price and revenue in the first half of 2025 due to patient assistance programs, which may affect profitability.