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1. Company Snapshot

1.a. Company Description

Senseonics Holdings, Inc., a medical technology company, develops and commercializes continuous glucose monitoring (CGM) systems for people with diabetes in the United States, Europe, the Middle East, and Africa.The company's products include Eversense and Eversense XL, which are implantable CGM systems to measure glucose levels in people with diabetes through an under-the-skin sensor, a removable and rechargeable smart transmitter, and a convenient app for real-time diabetes monitoring and management for a period of up to six months.It serves healthcare providers and patients through a network of distributors and strategic fulfillment partners.


The company has a collaboration agreement with the University Hospitals Accountable Care Organization.Senseonics Holdings, Inc.was founded in 1996 and is headquartered in Germantown, Maryland.

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1.b. Last Insights on SENS

Senseonics Holdings' recent performance was negatively impacted by its Q3 2025 earnings report, which showed a loss of $0.43 per share, exceeding the estimated loss of $0.33. The company's revenue, however, beat estimates. The commercial operations transition of Eversense 365 from Ascensia Diabetes Care to Senseonics may pose execution risks. Additionally, the company's preliminary unaudited revenue of $8.1 million for Q3 2025 and record quarterly new patient starts may not be sufficient to offset concerns around its earnings.

1.c. Company Highlights

2. Senseonics' Q3 2025 Earnings: Strong Growth Amidst Continued Investment

Senseonics reported a significant 90% year-over-year increase in revenue to $8.1 million in Q3 2025, driven by a 160% growth in new patient shipments. The gross profit was $3.5 million, while the net loss was $19.5 million, or a loss per share of $0.43, missing estimates of -$0.33. The company's direct-to-consumer marketing investments yielded a 300% year-over-year increase in patient leads. With a current P/S Ratio of 8.26, the market is pricing in significant growth expectations.

Publication Date: Nov -23

📋 Highlights
  • Q3 2025 Revenue Growth:: Revenue surged 90% to $8.1M, driven by 160% growth in new patient shipments.
  • DTC Marketing Impact:: Direct-to-consumer investments boosted patient leads by 300% YoY and 85% sequentially, with 60% of new patients from DTC.
  • Installed Base Expansion:: Installed base grew 150% YoY and 40% sequentially, supporting future revenue scalability.
  • Gross Profit Margin Projections:: 2025 gross margin of 35–40%, expected to rise to >50% in 2026 and ~70% with scale.
  • 2025 Revenue Guidance:: Full-year 2025 revenue projected at $35M, with Eversense 365 CE mark approval expected by year-end.

Operational Highlights

The installed base grew over 150% year-over-year and nearly 40% sequentially, with approximately 60% of new patients coming from DTC advertising and 40% from healthcare provider referrals. The company is on track to double its global patient base in 2025 compared to 2024. Senseonics has made significant progress in resuming control of Eversense commercialization from Ascensia Diabetes Care, with nearly all U.S. employees joining Senseonics.

Guidance and Outlook

The company expects full-year 2025 global net revenue to be approximately $35 million, with gross profit margins between 35% and 40%. For 2026, Senseonics anticipates gross profit margins to be north of 50%, growing to approximately 70% or more with scale. Analysts estimate next year's revenue growth at 70.0%. The company has $111.3 million in cash, restricted cash, and cash equivalents, and $35.3 million in debt and accrued interest, providing sufficient runway for continued investment.

Product Development and Partnerships

Senseonics is working towards expanding its launch of Eversense 365 in Europe and expects to receive CE mark approval before the end of 2025. The company's partner, Sequel, is integrating Eversense 365 with its twiist insulin delivery system, with first patients expected to start using it in early Q1 2026. The development schedule for Freedom remains on track, with anticipated approval in Q4 2027 and commercial contribution in 2028.

Valuation and Growth Prospects

With a ROE of -135.21% and a ROIC of -51.65%, the company's return metrics are negative, reflecting its current stage of growth and investment. However, the EV/EBITDA ratio is -4.72, indicating that the market expects significant future improvement in earnings. As Senseonics continues to invest in DTC marketing and expand its product offerings, the key will be to monitor its progress in achieving scale and improving margins.

3. NewsRoom

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Senseonics Holdings, Inc. (SENS) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Senseonics Holdings (SENS) Reports Q3 Loss, Beats Revenue Estimates

Nov -06

Source: zacks.com

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Senseonics Holdings (SENS) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release

Oct -29

Source: zacks.com

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Senseonics Holdings, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call for November 5, 2025 at 4:30 P.M. Eastern Time

Oct -22

Source: globenewswire.com

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Senseonics Announces Preliminary Unaudited Revenue for Third Quarter 2025 and Provides Business Update

Oct -06

Source: globenewswire.com

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Senseonics Holdings, Inc. (SENS) Eversense 365 Commercial Update Call (Transcript)

Sep -04

Source: seekingalpha.com

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Ascensia Diabetes Care Signs MOU to Transfer Eversense® CGM Distribution to Strategic Partner Senseonics

Sep -03

Source: businesswire.com

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Senseonics Signs Memorandum of Understanding with Ascensia Diabetes Care to Take Over Commercialization and Distribution of Eversense 365

Sep -03

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.98%)

6. Segments

Glucose Monitoring Products

Expected Growth: 9.98%

Senseonics Holdings, Inc.'s glucose monitoring products are driven by increasing diabetes prevalence, growing demand for non-invasive and continuous glucose monitoring, and expanding reimbursement coverage. Additionally, the company's innovative Eversense CGM system, which offers a 90-day sensor life, is gaining traction among patients and healthcare providers, contributing to the 9.98% growth.

7. Detailed Products

Eversense CGM System

A continuous glucose monitoring system that provides real-time glucose data to people with diabetes.

Eversense XL CGM System

A long-term continuous glucose monitoring system that provides real-time glucose data to people with diabetes.

Eversense CGM System with Mobile App

A continuous glucose monitoring system that provides real-time glucose data to people with diabetes, paired with a mobile app for data tracking and analysis.

8. Senseonics Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Senseonics Holdings, Inc. faces moderate threat from substitutes due to the presence of alternative glucose monitoring systems.

Bargaining Power Of Customers

Customers have limited bargaining power due to the specialized nature of Senseonics Holdings, Inc.'s products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

Suppliers have moderate bargaining power due to the presence of multiple suppliers of raw materials and components, but Senseonics Holdings, Inc.'s dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for glucose monitoring systems and the potential for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors and the high stakes in the glucose monitoring market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.14%
Debt Cost 8.50%
Equity Weight 63.86%
Equity Cost 8.50%
WACC 8.50%
Leverage 56.59%

11. Quality Control: Senseonics Holdings, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.62$

Current Price

6.62$

Potential

-0.00%

Expected Cash-Flows