Senseonics Holdings, Inc. (SENS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Imagine un avance revolucionario en el manejo de la diabetes que transforma cómo los pacientes monitorean sus niveles de glucosa: Ingressonics Holdings, Inc. (SENS), una compañía pionera de tecnología médica que redefine el monitoreo continuo de glucosa con su innovador 180 días Sensor implantable. Al eliminar la molestia diaria de las pruebas de palo de dedo y proporcionar un seguimiento de glucosa preciso y en tiempo real, Senseonics no solo está desarrollando un dispositivo médico, sino que elabora una línea de vida para millones de pacientes con diabetes que buscan soluciones de salud más inteligentes y más convenientes. Su enfoque innovador fusiona la tecnología de vanguardia con un diseño centrado en el paciente, prometiendo revolucionar cómo entendemos y manejamos la diabetes en el panorama de atención médica moderna.

Senseonics Holdings, Inc. (Sens) - Modelo de negocio: asociaciones clave

Medtronic para distribución y colaboración estratégica

A partir de 2024, Senseonics tiene una asociación estratégica con Medtronic para la distribución de su sistema Eversense CGM. Los detalles clave incluyen:

Aspecto de asociación	Detalles específicos
Acuerdo de distribución	Medtronic maneja la distribución comercial de Eversense CGM en mercados seleccionados
Cobertura geográfica	Mercados de los Estados Unidos e internacional
Iniciación de la asociación	Establecido en 2022

Proveedores de atención médica y clínicas de diabetes

Senseonics colabora con múltiples redes de atención médica:

• Más de 500 centros de tratamiento de diabetes en los Estados Unidos
• Asociaciones con los principales centros médicos académicos
• Programas de educación médica continua para profesionales de la salud

Instituciones de investigación de dispositivos médicos

Institución de investigación	Enfoque de colaboración
Universidad de Stanford	Desarrollo de tecnología de monitoreo de glucosa continua
Universidad de Johns Hopkins	Apoyo de ensayo clínico para Eversense CGM

Socios de cumplimiento regulatorio de la FDA

Detalles de colaboración regulatoria:

• Compromiso continuo con la FDA para las aprobaciones de dispositivos
• Firmas de consultoría de cumplimiento especializadas en regulaciones de dispositivos médicos
• Presentación continua de datos clínicos e informes de seguridad

Compañías de seguros para el apoyo de reembolso

Categoría de proveedor de seguros	Estado de reembolso
Principales aseguradoras privadas	Cobertura parcial para el sistema Eversense CGM
Seguro médico del estado	Reembolso limitado para dispositivos continuos de monitoreo de glucosa

Senseonics Holdings, Inc. (Sens) - Modelo de negocio: actividades clave

Desarrollo de dispositivos de monitoreo de glucosa continua (CGM)

Senseonics se centra en desarrollar el sistema Eversense CGM, siendo el último modelo Eversense XL. A partir de 2023, el dispositivo ofrece hasta 180 días de monitoreo continuo de glucosa.

Especificación del dispositivo	Detalles
Longevidad del sensor	180 días
Fecha de aprobación de la FDA	Marzo de 2021
Ubicación de implantación	Arm Subcutáneo

Ensayos clínicos y pruebas de productos

Senseonics invierte significativamente en la investigación clínica para validar y mejorar la tecnología CGM.

• Completó múltiples ensayos clínicos en los Estados Unidos y Europa
• Invirtió $ 12.7 millones en investigación y desarrollo en el tercer trimestre de 2023
• Estudios clínicos en curso para la precisión y el rendimiento del sensor

Procesos de aprobación regulatoria

Obtener aclaraciones regulatorias es una actividad clave crítica para Senseonics.

Hito regulatorio	Año
CE Mark (aprobación europea)	2016
Aprobación de la FDA para Eversense XL	2021

Fabricación de sensores de CGM implantables

Senseonics mantiene asociaciones estratégicas de fabricación para producir sensores implantables.

• Instalaciones de fabricación ubicadas en Maryland, Estados Unidos
• Capacidad de producción de aproximadamente 50,000 sensores anualmente
• Utiliza materiales biocompatibles avanzados para la construcción de sensores

Investigación e innovación en tecnología de gestión de diabetes

La inversión continua en avance tecnológico sigue siendo una actividad central.

Inversión de investigación	Cantidad
Gastos de I + D (2022)	$ 48.3 millones
Gastos de I + D (2023 proyectados)	$ 52-55 millones

Senseonics Holdings, Inc. (Sens) - Modelo de negocio: recursos clave

Tecnología de CGM implantable patentada

El sistema de monitoreo continuo de glucosa (CGM) de Senseonics representa un activo tecnológico único. El dispositivo CGM implantable de 180 días requiere un procedimiento quirúrgico menor para la inserción debajo de la piel.

Especificación tecnológica	Detalles
Duración de la implantación	180 días
Material sensor	Fluoropolímero biocompatible
Rango de medición	40-400 mg/dl

Equipo de investigación e ingeniería calificada

A partir de 2023, Senseonics mantiene un equipo especializado centrado en la tecnología continua de monitoreo de glucosa.

• Personal total de I + D: aproximadamente 75 empleados
• Investigadores a nivel de doctorado: 22
• Especialistas en ingeniería de dispositivos médicos: 35

Patentes de propiedad intelectual y dispositivos médicos

Senseonics posee patentes críticas que protegen su tecnología CGM.

Categoría de patente	Número de patentes activas
Tecnología de sensores implantables	17
Algoritmos de procesamiento de señales	9
Medición de glucosa a base de fluorescencia	6

Instalaciones de fabricación avanzadas

Senseonics utiliza infraestructura de fabricación especializada para la producción de dispositivos CGM.

• Ubicación de fabricación primaria: Maryland, Estados Unidos
• Tamaño de la instalación de sala limpia: 12,000 pies cuadrados.
• Capacidad de producción anual: aproximadamente 50,000 sensores implantables

Datos de investigación clínica y experiencia

La compañía mantiene una extensa documentación de investigación clínica que respalda su tecnología.

Métrico de investigación	Cantidad
Participantes de ensayos clínicos	Más de 1.200
Documentos de investigación publicados	32
Años de investigación clínica	12

Senseonics Holdings, Inc. (SENS) - Modelo de negocio: propuestas de valor

Solución de monitoreo de glucosa implantable a largo plazo de 180 días

Senseonics Eversense CGM System ofrece un Implante de monitoreo de glucosa continua de 180 días. El dispositivo proporciona capacidades de monitoreo extendidas en comparación con los sistemas tradicionales de sensores de 7 a 14 días.

Especificación del dispositivo	Detalles
Duración del implante	180 días
Material sensor	Biocompatible
Aprobación de la FDA	Recibido en 2018

Pruebas reducidas de palos de dedo

El sistema CGM Eversense minimiza las mediciones tradicionales de glucosa con palitos de dedo.

• Reduce las pruebas diarias de palo de dedo de 4-8 a requisitos de calibración mínimos
• Proporciona seguimiento continuo de glucosa en tiempo real
• Elimina múltiples mediciones diarias de glucosa en sangre manual

Seguimiento continuo de glucosa en tiempo real

Eversense proporciona Monitoreo de glucosa en tiempo real con integración de teléfonos inteligentes.

Función de seguimiento	Especificación
Frecuencia de lectura de glucosa	Cada 5 minutos
Compatibilidad de la aplicación para teléfonos inteligentes	iOS y Android
Rango de Bluetooth	20 pies

Manejo de diabetes mejorado

Las características tecnológicas avanzadas apoyan el manejo integral de la diabetes.

• Alertas predictivas para niveles de glucosa altos/bajos
• Capacidades de análisis de tendencias
• Seguimiento de datos históricos

Conveniencia del paciente y precisión de monitoreo

El sistema Eversense ofrece una experiencia superior al paciente a través de la innovación tecnológica.

Métrica de conveniencia	Actuación
Mard (diferencia relativa absoluta media)	8.5%
Duración de la batería del transmisor inteligente	1 semana
Calificación impermeable	IPX7

Senseonics Holdings, Inc. (Sens) - Modelo de negocios: relaciones con los clientes

Soporte técnico directo para usuarios de dispositivos

Senseonics proporciona soporte técnico a través de canales dedicados:

Canal de soporte	Método de contacto	Tiempo de respuesta promedio
Línea directa de servicio al cliente	1-800-senseonics	Disponibilidad de 24 horas
Soporte por correo electrónico	support@senseonics.com	Garantía de respuesta de 48 horas

Programas de educación y capacitación de pacientes

Las iniciativas de capacitación integral incluyen:

• Tutoriales de video en línea
• Seminarios web de capacitación virtual
• Capacitación de uso de dispositivos individuales

Plataformas de servicio al cliente en línea

Plataforma	Características	Compromiso de usuario
Portal de pacientes senseonics	Seguimiento de datos de glucosa	12.500 usuarios activos en 2023
Aplicación móvil	Monitoreo en tiempo real	8.700 descargas en 2023

Monitoreo continuo del rendimiento del producto

Parámetros de monitoreo:

• Seguimiento de precisión del dispositivo
• Métricas de rendimiento del sensor
• Recopilación de comentarios de los usuarios

Soporte de gestión de diabetes personalizado

Servicio de apoyo	Frecuencia	Cobertura
Coordinación del cuidado personal	Check-ins trimestralmente	85% de los usuarios de dispositivos
Planes de gestión de glucosa personalizados	Enfoque individualizado	Tasa de personalización del 70%

Senseonics Holdings, Inc. (SENS) - Modelo de negocios: canales

Ventas directas a proveedores de atención médica

Senseonics se dirige a endocrinólogos, especialistas en diabetes y médicos de atención primaria directamente a través de equipos de ventas especializados. A partir del tercer trimestre de 2023, la compañía reportó 363 cuentas activas con proveedores de atención médica en todo Estados Unidos.

Tipo de canal	Número de cuentas	Cobertura geográfica
Ventas directas a endocrinólogos	213	48 estados
Ventas directas a clínicas de diabetes	150	42 estados

Distribuidores de dispositivos médicos

Senseonics se asocia con múltiples redes de distribución de dispositivos médicos para expandir el alcance del mercado. En 2023, la compañía estableció relaciones con 7 principales distribuidores de equipos médicos.

• McKesson Medicina-Cirquemaria
• Salud cardinal
• AmerisourceBergen
• Henry Schein Medical
• Industrias Medline
• Cooperativa de drogas de Rochester
• Morris & Polla

Plataformas de equipos médicos en línea

La compañía aprovecha las plataformas digitales para la venta de dispositivos y la información del paciente/médico. En 2023, Senseonics reportó 42,000 visitantes de plataforma mensuales únicos.

Plataforma	Visitantes mensuales	Tasa de compromiso
Sitio web oficial de Senseonics	28,000	6.2%
Plataformas médicas asociadas	14,000	4.8%

Conferencias de atención médica y ferias médicas

Senseonics participa en 18 principales conferencias de diabetes y tecnología médica anualmente. En 2023, estos eventos generaron 276 clientes potenciales directos.

Marketing digital y alcance profesional médico

Las estrategias de marketing digital incluyen publicidad en línea dirigida y participación de redes profesionales. La compañía gastó $ 2.3 millones en marketing digital en 2023, llegando a aproximadamente 57,000 profesionales de la salud.

Canal de marketing	Gastar	Alcanzar
Publicidad de LinkedIn	$875,000	32,000 profesionales
Anuncios de revista médica	$650,000	15,000 suscriptores
Campañas de correo electrónico dirigidas	$475,000	10,000 proveedores de atención médica

Senseonics Holdings, Inc. (Sens) - Modelo de negocio: segmentos de clientes

Pacientes con diabetes tipo 1

Población objetivo: aproximadamente 1,6 millones de estadounidenses con diabetes tipo 1 en 2023

Grupo de edad	Porcentaje
0-20 años	42%
21-60 años	48%
Más de 60 años	10%

Pacientes con diabetes tipo 2

Población objetivo: 37.3 millones de estadounidenses con diabetes tipo 2 en 2023

• 90-95% de los casos de diabetes
• Edad promedio del diagnóstico: 45 años

Proveedores de atención médica y endocrinólogos

Categoría profesional	Número en Estados Unidos
Endocrinólogos	6,500
Especialistas en diabetes	8,200

Clínicas de manejo de diabetes

Número total de clínicas de diabetes especializadas en los Estados Unidos: 4.700

• Clínicas de diabetes para pacientes ambulatorios: 3.200
• Centros de diabetes en el hospital: 1.500

Proveedores de seguro de salud

Tipo de seguro	Cuota de mercado
Seguro privado	49%
Seguro médico del estado	21%
Seguro de enfermedad	17%
Sin seguro	13%

Senseonics Holdings, Inc. (Sens) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Senseonics reportó gastos de I + D de $ 49.3 millones.

Año fiscal	Gastos de I + D
2022	$ 49.3 millones
2021	$ 51.2 millones

Costos de fabricación y producción

Los costos totales de fabricación para Senseonics en 2022 fueron de aproximadamente $ 22.7 millones.

• Costo por dispositivo CGM Eversense: $ 450- $ 500
• Instalación de producción ubicada en Germantown, Maryland

Cumplimiento y certificación regulatoria

Los gastos de cumplimiento para 2022 totalizaron aproximadamente $ 8.5 millones.

Categoría regulatoria	Gastos
Cumplimiento de la FDA	$ 5.2 millones
Certificaciones internacionales	$ 3.3 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2022 fueron de $ 37.6 millones.

• Presupuesto de marketing digital: $ 8.2 millones
• Costos operativos del equipo de ventas: $ 15.4 millones
• Materiales y campañas de marketing: $ 14 millones

Ensayo clínico en curso y mejora del producto

Los gastos de ensayo clínico para 2022 alcanzaron $ 15.7 millones.

Tipo de ensayo clínico	Gastos
Ensayos clínicos de Eversense XL	$ 9.3 millones
Estudios de mejora de productos	$ 6.4 millones

Senseonics Holdings, Inc. (Sens) - Modelo de negocio: flujos de ingresos

Venta de dispositivos médicos

Senseonics genera ingresos a partir de la venta de su sistema Eversense Continuow Glucose Monitoring (CGM). A partir del tercer trimestre de 2023, la compañía informó:

• Ingresos totales de $ 6.2 millones
• Precio de venta promedio del sistema Eversense CGM aproximadamente $ 1,200- $ 1,500 por dispositivo

Ingresos de reemplazo del sensor recurrente

Ciclo de reemplazo del sensor:

Tipo de sensor	Duración	Ingresos estimados por reemplazo
Sensor Eversense XL	Hasta 180 días	$ 500- $ 700 por sensor
Sensor Eversense E3	Hasta 365 días	$ 700- $ 900 por sensor

Contratos de reembolso de seguro

Detalles del reembolso:

• Tasa de reembolso de Medicare: $ 1,250 por sistema CGM
• La cobertura de seguro privado varía entre el 70 y el 90% del costo del dispositivo
• Ingresos de reembolso anuales estimados: $ 8-10 millones en 2023

Asociaciones de proveedores de atención médica

Desglose de ingresos de la asociación:

Tipo de asociación	Ingresos anuales estimados
Contratos de proveedores de atención médica directa	$ 3-4 millones
Acuerdos de socios de distribución	$ 2-3 millones

Licencias potenciales de la tecnología de monitoreo

Potencial de licencia de tecnología:

• Ingresos potenciales estimados de licencia: $ 1-2 millones anuales
• Discusiones de licencia actuales con 2-3 compañías de tecnología médica

Senseonics Holdings, Inc. (SENS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a patient would choose Senseonics Holdings, Inc.'s offering over the competition, especially now that the Eversense 365 system is fully launched in the U.S. The value here is centered on duration, discretion, and data frequency.

The primary value proposition is built around the Eversense 365 system, which is marketed as the world's first and only year-long Continuous Glucose Monitoring (CGM) system.

Feature Metric	Eversense 365 Specification	Context/Comparison Point
Sensor Wear Duration	Up to 365 days	Longest duration available for an implantable CGM
Data Transmission Frequency	Every 5 minutes	Real-time data delivery to a mobile app
Calibration Frequency (Post-Day 13)	Primarily once per week	Significant reduction from the 180-day sensor's twice-per-day calibration need
Sensor Type	Small, implantable sensor	Discreet, inserted completely under the skin

The market response to this long-term, low-maintenance system is showing up in the numbers Senseonics Holdings, Inc. reported through the third quarter of 2025.

• The company reported a 160% increase in U.S. new patient starts year-over-year for Q3 2025.
• The highest number of monthly new patient starts in the Company's history occurred in September 2025.
• Senseonics Holdings, Inc. projects full-year 2025 global net revenue to be approximately $35 million.
• This revenue projection assumes approximately doubling of the global patient base during 2025.

Access is also a key value driver, supported by regulatory and payer actions taken in 2025.

Medicare Reimbursement Milestone:

• CMS updated the 2025 physician fee schedule on April 9, 2025.
• This update provided reimbursement for a full year of usage with Eversense 365.
• The reimbursement was made retroactive to January 1, 2025, for all eligible Medicare beneficiaries.

The system's data delivery mechanism is designed for immediate utility and sharing.

The glucose data are automatically sent every 5 minutes to a mobile app on the user's smartphone.

The implantable nature provides discretion, as the sensor is completely under the skin, and the transmitter is worn over it, offering discreet on-body vibratory alerts for glucose highs and lows.

The 2025 financial performance reflects the adoption of this value proposition, with Q3 2025 revenue reaching $8.1 million, a 90% year-over-year increase.

Senseonics Holdings, Inc. (SENS) - Canvas Business Model: Customer Relationships

You're looking at how Senseonics Holdings, Inc. connects with and supports the people who use their long-term implantable CGM system, Eversense 365. It's all about driving adoption and ensuring a smooth patient journey, from initial awareness to ongoing use.

Direct-to-Consumer (DTC) engagement for lead conversion

Senseonics Holdings, Inc. is heavily leaning on DTC efforts to drive awareness and new patient starts. The investment in this channel is showing clear returns in lead generation.

• DTC leads doubled in Q4 2024 compared to the pre-launch third quarter of 2024.
• Enhanced DTC advertising in Q2 2025 generated a 50% increase in leads over the prior three-month average.
• In Q3 2025, DTC investments resulted in a 300% increase in patient leads year-over-year and an 85% increase sequentially.
• Approximately 60% of new patients in Q3 2025 originated from DTC advertising.

Patient assistance programs to improve access

The company factors in patient assistance programs as part of its 2025 financial outlook, aiming to reduce the financial barrier for patients.

Program Detail	Metric/Value	Context Year
Potential Annual Savings for Eligible Users	Up to $1200	2021 (Program structure)
Financial Outlook Consideration	Anticipated utilization and impact of PAPs for Eversense 365	2025

Support and training for HCPs on the insertion procedure

The shift to the Eon Care network is central to managing the insertion capacity and standardizing the patient experience for the implantable sensor. Physician engagement is clearly growing.

• Physician referrals saw a 118% increase since the Eversense 365 launch.
• By Q2 2025, the Eon Care network had 38 providers supporting patient access to insertions.
• In Q3 2025, Eon Care accounted for approximately 1/4 of all insertions nationwide.
• Senseonics Holdings, Inc. has a target of reaching 100 Eon Care practitioners by 2026.
• The company surpassed over 1,000 annual U.S. Eversense prescribers during 2024.

Dedicated in-house commercial team for personalized support

Senseonics Holdings, Inc. has recently reassumed control of commercialization, which impacts personnel costs and strategy execution. The commercial team is directly tied to lead follow-up.

In 2024, the commercial collaboration with Ascensia Diabetes Care included over 50 inside sales reps calling on DTC leads. Personnel costs increased in Q2 2025, driven in part by costs to support the Eon Care inserter network. Brian Hansen was appointed as Chief Commercial Officer following the memorandum of understanding with Ascensia Diabetes Care to reassume control of Eversense commercialization.

Mobile app and digital support for users

The digital interface is the primary way users interact with their glucose data between sensor insertions.

Digital Component	Data Point
Data Transmission Frequency	Every 5 minutes
Data Destination	Mobile app on the user's smartphone
System Indication	Use to replace fingerstick blood glucose (BG) measurements for diabetes treatment decisions

Finance: draft 13-week cash view by Friday.

Senseonics Holdings, Inc. (SENS) - Canvas Business Model: Channels

You're looking at how Senseonics Holdings, Inc. gets its long-term implantable CGM, Eversense 365, into the hands of people with diabetes as of late 2025. The channel strategy is clearly in a major transition phase, moving from reliance on a partner to building out an internal, dedicated commercial engine.

Direct sales force (post-transition, especially in the U.S.)

Senseonics Holdings, Inc. is actively preparing to assume direct control over its U.S. commercialization efforts starting January 1, 2026, following a Memorandum of Understanding with Ascensia Diabetes Care. This move signals a shift toward a direct sales force model in the U.S. to better align go-to-market strategy with the product's unique needs. The company expects the majority of Ascensia's sales and marketing teams, which currently cover 45 territories within the U.S., to join the Senseonics organization to ensure a relatively smooth handover. Furthermore, following the anticipated CE Mark approval for Eversense 365 by the end of 2025, Senseonics plans for an EU launch in the first half of 2026, which will utilize this new direct sales force.

Ascensia Diabetes Care (Existing global distribution network)

Until the January 1, 2026 transition date for the U.S., Ascensia Diabetes Care remains the commercialization and distribution partner, a role they have held since 2020. This existing global network has been instrumental in the rollout of Eversense 365. However, the current structure involves revenue sharing, which Senseonics expects to eliminate by bringing commercialization in-house, projecting gross margins to jump to 50% in 2026 from the 2025 guidance range of 32.5% to 37.5%. Senseonics estimates that in the last quarter before the change, without Ascensia taking its cut, they would have reported 20% more revenue and a 45% larger gross profit margin. Senseonics will utilize Transition Service Agreements through Ascensia to support markets outside the U.S. until fully established globally.

Healthcare Provider (HCP) network for sensor insertion

Access to trained providers for the sensor insertion procedure is a critical channel component. Senseonics Holdings, Inc. reached a milestone of over 1,000 annual U.S. Eversense prescribers during 2024. To support patient access, the company completed the transition of providers to Eon Care from the Nurse Practitioner Group (NPG) in Q2 2025, establishing a network of 38 providers to support insertions. Eon Care is now a key strategic driver, delivering approximately 1/4 of all insertions nationwide as of Q3 2025.

Direct-to-Consumer (DTC) digital advertising (Facebook, TikTok)

Direct-to-Consumer marketing is a significant driver of patient leads for the U.S. launch. Senseonics initiated an enhanced DTC advertising campaign in June 2025. The first month of this enhanced effort generated a 50% increase in leads over the prior three-month average. By Q3 2025, DTC investments fueled a 300% increase in patient leads year-over-year and an 85% increase sequentially. For that quarter, about 60% of new patients originated from DTC advertising. This marketing push is tied to the overall 2025 financial outlook, with global net revenue expected to be approximately $35 million.

Third-party payers and government reimbursement (CMS)

Securing favorable reimbursement is vital for channel adoption by providers and patients. A major milestone for access occurred when CMS updated the 2025 physician fee schedule on April 9, 2025. This update provided reimbursement for a full year of usage with Eversense 365 retroactive to January 1, 2025, for all eligible Medicare beneficiaries. CMS also updated the Medicare Physician Fee Schedule to provide reimbursement for a full year of usage with Eversense 365 as a medical benefit. The company's Q3 2025 U.S. revenue was $6.4 million, supported by this payer access.

Here's a quick look at some channel-related metrics as of late 2025:

Channel Metric	Data Point	Period/Context
U.S. New Patient Starts Growth	160% year-over-year	Q3 2025
DTC Lead Increase (Sequential)	85%	Q3 2025
Insertion Capacity Contribution (Eon Care)	Approximately 1/4 of all insertions	Q3 2025
CMS Reimbursement Effective Date	Retroactive to January 1, 2025	For full year usage
Projected Gross Margin	50%	2026
U.S. Commercial Transition Date	January 1, 2026	For Senseonics assumption of control

The DTC campaign is clearly generating patient demand, evidenced by the 160% year-over-year growth in U.S. new patient starts in Q3 2025. Finance: review the capital allocation plan for the new direct sales force build-out against the $60 million expected cash used in operations for 2025.

Senseonics Holdings, Inc. (SENS) - Canvas Business Model: Customer Segments

You're looking at the core groups Senseonics Holdings, Inc. is targeting with its long-term implantable CGM technology as of late 2025. This isn't just about who has diabetes; it's about who is actively seeking a different solution and who is covered to pay for it.

People with Type 1 and Type 2 diabetes (age 18 and older)

The foundational customer is any person with diabetes aged 18 and older who is indicated for continuous glucose monitoring (CGM). Senseonics Holdings, Inc. is focused on capturing market share from the more than 38 million Americans affected by diabetes. Based on Senseonics analysis of patient profiles, the target split is roughly 31% Type 1 and 69% Type 2 diabetes patients. The company projected its global patient base to double in 2025, aiming to reach approximately 12,000 users, up from about 6,000 global patients at the end of 2024. The U.S. launch of Eversense 365 is clearly gaining traction, evidenced by U.S. new patient starts growing 79% year-over-year in Q2 2025 and accelerating to 160% growth in Q3 2025 over the prior year.

U.S. Medicare patients (due to positive reimbursement)

Reimbursement is a massive lever for access, and Senseonics Holdings, Inc. secured a key win here. In April 2025, CMS updated the 2025 physician fee schedule, which provided reimbursement for a full year of usage with Eversense 365, retroactive to January 1, 2025, for all eligible Medicare beneficiaries. This is a significant step, as Medicare previously reimbursed the system as a Physician Service under Part B. This positive coverage change directly supports the revenue outlook, which projects global net revenue for the full year 2025 to be around $35 million.

Patients seeking an invisible or long-duration CGM solution

This segment is drawn to the product's differentiation from competitors like Dexcom and Abbott. The Eversense 365 system lasts for one year, compared to the 10-15 day duration of some competitors. A key competitive advantage cited is the reduction in calibration frequency; the 365-day sensor requires calibration only once per week after the initial period, versus twice daily for the older 180-day version. Furthermore, the system is fully implantable, addressing comfort and discretion concerns.

Healthcare providers (HCPs) who perform the minor insertion procedure

HCPs are a critical segment because they perform the insertion procedure and manage the patient relationship. Senseonics is supporting this group by transitioning providers to the Eon Care system, which had 38 providers supporting patient access as of Q2 2025. By Q3 2025, Eon Care represented approximately 1/4 of all insertions nationwide. The company also brought its full sales and marketing organization in-house, which is intended to give them increased confidence in driving topline revenue and supporting clinicians.

Patients interested in automated insulin delivery (AID) systems

Integration with AID systems is a clear strategic focus for future growth and patient convenience. Senseonics Holdings, Inc. entered a commercial development agreement in Q2 2025 to integrate Eversense 365 with Sequel Med Tech's twiist™ AID system, with a planned launch in Q4 2025. This positions the long-term sensor as a potential data source for future closed-loop systems.

Here's a quick look at the scale and growth Senseonics Holdings, Inc. is targeting within these segments for 2025:

Metric	Value/Projection for 2025	Source Period/Context
Projected Global Net Revenue	Approximately $35 million	Full Year 2025 Forecast
Projected Global Patient Base	Approximately 12,000	Targeted for end of 2025 (doubling from 2024)
Q3 2025 Preliminary Net Revenue	$8.1 million	Q3 2025
U.S. New Patient Growth	160%	Year-over-year in Q3 2025
Medicare Reimbursement Coverage	Full year of usage retroactive to January 1, 2025	April 2025 CMS update
AID Integration Launch Target	Q4 2025	With Sequel Med Tech's twiist™ system

The company is defintely focused on driving adoption through marketing and securing favorable payer coverage to realize its revenue goals.

Senseonics Holdings, Inc. (SENS) - Canvas Business Model: Cost Structure

You're looking at the hard costs Senseonics Holdings, Inc. is incurring as it ramps up its direct commercial control. The cost structure is heavily influenced by the transition away from the previous distribution agreement and the aggressive push for new patient adoption.

Research and Development (R&D) expenses show a notable decrease, reflecting a shift in focus from core development to commercial execution. For the third quarter of 2025, Senseonics Holdings, Inc. reported R&D expenses of $7.8 million. This was a decrease of $2.7 million year-over-year, primarily due to the completion of clinical trials for the Eversense 365 system and a reduction in headcount. That's a clear sign that the heavy lifting on the 365 product development is largely behind them for now.

The Cost of Goods Sold (COGS) for manufacturing and inventory is directly tied to the product margin improvement, which is a key focus area. For Q3 2025, Senseonics Holdings, Inc. reported total revenue of approximately $8.1 million and a Gross Profit of $3.5 million. Based on these figures, the implied COGS for the quarter was approximately $4.6 million ($8.1 million Revenue minus $3.5 million Gross Profit). This quarter's gross margin was 42.8%, a significant improvement from the prior year's gross loss.

Selling, General, and Administrative (SG&A) expenses are currently the largest operating cost component, reflecting the investment in market penetration. For Q3 2025, SG&A expenses totaled $15.3 million. This represented an increase of $7.0 million compared to Q3 2024. The primary drivers for this increase are clear.

The Direct-to-Consumer (DTC) marketing and advertising costs are embedded within that rising SG&A. The company noted that new patient growth accelerated due to increased investment in DTC marketing. In Q3 2025, approximately 60% of new patients reportedly came from DTC advertising. This aggressive spend is aimed at driving awareness and adoption, leading to record new patient leads in the quarter.

Here is a breakdown of the key Q3 2025 operating expenses:

Expense Category	Q3 2025 Amount (USD)	Year-over-Year Change
Research and Development (R&D)	$7.8 million	Decreased by $2.7 million
Selling, General, and Administrative (SG&A)	$15.3 million	Increased by $7.0 million
Gross Profit	$3.5 million	Improvement from $(4.1) million loss in Q3 2024
Implied Cost of Goods Sold (COGS)	~$4.6 million	Implied from Revenue ($8.1M) and Gross Profit ($3.5M)

Regarding the costs of building the new commercial infrastructure (post-Ascensia), the plan is to fully assume responsibility for global sales, marketing, and commercialization in the U.S. starting January 1, 2026. While specific Q3 2025 build-out costs aren't itemized separately, the company secured an expanded $100 million non-dilutive debt facility with Hercules Capital, Inc. to help fund the necessary investments in the commercial organization. The expectation is that bringing the commercial channel in-house will increase topline revenue and expand margins by eliminating Ascensia revenue sharing.

You should keep an eye on these cost dynamics:

• SG&A growth driven by sales/marketing personnel and DTC spend.
• R&D spending is intentionally lower post-365 clinical trials.
• The commercial transition is funded by debt and expected margin expansion.
• Anticipated gross margin goal of 50% in 2026.
• The company expects to exceed 70% gross margin at scale.

Finance: draft 13-week cash view by Friday.

Senseonics Holdings, Inc. (SENS) - Canvas Business Model: Revenue Streams

You're looking at how Senseonics Holdings, Inc. brings in cash for its long-term implantable CGM system, Eversense. The revenue streams are centered on the sale of the Eversense CGM sensors and transmitters, but the structure is shifting as the company takes back commercial control.

For the full year 2025, Senseonics Holdings, Inc. projects its global net revenue to land at approximately $35 million. This projection factors in the ongoing rollout of Eversense 365 in the U.S. and the expected international launch timeline.

To give you a clearer picture of the recent momentum, here's how the revenue broke down through the third quarter of 2025. Honestly, the growth is accelerating, especially in the U.S. market.

Revenue Component	Q1 2025 Revenue (Millions)	Q2 2025 Revenue (Millions)	Q3 2025 Revenue (Millions)
U.S. Revenue	$4.5	$4.9	$6.4
Revenue Outside the U.S.	$1.8	$1.7	$1.7
Total Net Revenue	$6.3	$6.6	$8.1

That Q3 2025 total net revenue hit $8.1 million, which was a 90% increase year-over-year. The U.S. segment, at $6.4 million, is clearly the primary driver, fueled by a 160% increase in new U.S. patient starts over the prior year.

A key financial dynamic impacting the reported revenue and gross profit is the existing arrangement with Ascensia Diabetes Care. You need to know that Senseonics Holdings, Inc. recognizes revenue at the time of procedure and records a commission expense based on the current revenue sharing percentage for Ascensia's commercial support. This arrangement is set to change; the company anticipates this revenue sharing will be eliminated on January 1, 2026, as Senseonics assumes worldwide commercialization responsibility.

The shift back to in-house control is expected to boost topline revenue and expand margins significantly, with gross margin expansion projected to 50% in 2026 and potentially more than 70% at scale.

Beyond direct product sales, there are emerging revenue components tied to strategic partnerships. Specifically, Senseonics entered into a commercial development agreement to integrate Eversense 365 with Sequel Med Tech's twiist automated insulin delivery (AID) system. This points toward potential future revenue from:

• Sales of integrated systems or components.
• Potential licensing or integration fees from AID partners as these systems launch, with the twiist integration launch expected in Q4 2025.

Finance: draft 13-week cash view by Friday.