Senseonics Holdings, Inc. (SENS): Business Model Canvas [Jan-2025 Mise à jour]

Imaginez une percée révolutionnaire dans la gestion du diabète qui transforme la façon dont les patients surveillent leur taux de glucose - Enter Senseonics Holdings, Inc. (SENS), une entreprise de technologie médicale pionnière redéfinissant la surveillance continue du glucose avec son révolutionnaire 180 jours capteur implantable. En éliminant les tracas quotidiens des tests de bâton de doigts et en fournissant un suivi précis en temps réel du glucose, Senseonics ne constitue pas seulement un dispositif médical, mais la fabrication d'une bouée de sauvetage pour des millions de patients diabétiques à la recherche de solutions de santé plus intelligentes et plus pratiques. Leur approche innovante fusionne la technologie de pointe avec une conception centrée sur le patient, promettant de révolutionner la façon dont nous comprenons et gérons le diabète dans le paysage des soins de santé moderne.

Senseonics Holdings, Inc. (Sens) - Modèle commercial: partenariats clés

Medtronic pour la distribution et la collaboration stratégique

En 2024, Senseonics a un partenariat stratégique avec Medtronic pour la distribution de son système CGM Eversense. Les détails clés comprennent:

Aspect de partenariat	Détails spécifiques
Contrat de distribution	Medtronic gère la distribution commerciale de Eversense CGM sur certains marchés
Couverture géographique	États-Unis et marchés internationaux
Initiation du partenariat	Établi en 2022

Provideurs de soins de santé et cliniques de diabète

Senseonics collabore avec plusieurs réseaux de soins de santé:

• Aux États-Unis, plus de 500 centres de traitement du diabète aux États-Unis
• Partenariats avec les principaux centres médicaux académiques
• Programmes de formation médicale continue pour les professionnels de la santé

Institutions de recherche sur les dispositifs médicaux

Institution de recherche	Focus de la collaboration
Université de Stanford	Développement de technologies de surveillance du glucose
Université Johns Hopkins	Support d'essai clinique pour Eversense CGM

Partners de conformité réglementaire de la FDA

Détails de collaboration réglementaire:

• Engagement continu avec la FDA pour les approbations des appareils
• Sociétés de conseil en conformité spécialisés dans les réglementations des dispositifs médicaux
• Soumission continue des données cliniques et des rapports de sécurité

Compagnies d'assurance pour le soutien du remboursement

Catégorie des assureurs	Statut de remboursement
Principaux assureurs privés	Couverture partielle du système Eversense CGM
Médicament	Remboursement limité pour les dispositifs de surveillance du glucose continu

Senseonics Holdings, Inc. (Sens) - Modèle d'entreprise: Activités clés

Développement d'appareils de surveillance du glucose continu (CGM)

Senseonics se concentre sur le développement du système Eversense CGM, le dernier modèle étant Eversense XL. En 2023, l'appareil offre jusqu'à 180 jours de surveillance continue du glucose.

Spécification de l'appareil	Détails
Longévité du capteur	180 jours
Date d'approbation de la FDA	Mars 2021
Emplacement d'implantation	Haut du bras sous-cutané

Essais cliniques et tests de produits

Senseonics investit considérablement dans la recherche clinique pour valider et améliorer la technologie CGM.

• Effectué plusieurs essais cliniques à travers les États-Unis et l'Europe
• A investi 12,7 millions de dollars dans la recherche et le développement au troisième trimestre 2023
• Études cliniques en cours pour la précision et les performances des capteurs

Processus d'approbation réglementaire

L'obtention des dégagements réglementaires est une activité clé critique pour Senseonics.

Jalon réglementaire	Année
CE Mark (approbation européenne)	2016
Approbation de la FDA pour Eversense XL	2021

Fabrication de capteurs CGM implantables

Senseonics maintient des partenariats de fabrication stratégiques pour produire des capteurs implantables.

• Installations de fabrication situées dans le Maryland, États-Unis
• Capacité de production d'environ 50 000 capteurs par an
• Utilise des matériaux biocompatibles avancés pour la construction de capteurs

Recherche et innovation dans la technologie de gestion du diabète

L'investissement continu dans le progrès technologique reste une activité de base.

Investissement en recherche	Montant
Dépenses de R&D (2022)	48,3 millions de dollars
Dépenses de R&D (2023 projetées)	52 à 55 millions de dollars

Senseonics Holdings, Inc. (Sens) - Modèle commercial: Ressources clés

Technologie CGM implantable propriétaire

Le système de surveillance continue du glucose (CGM) de Senseonics représente un atout technologique unique. Le dispositif CGM implantable de 180 jours nécessite une procédure chirurgicale mineure pour l'insertion sous la peau.

Spécifications technologiques	Détails
Durée d'implantation	180 jours
Matériau du capteur	Fluoropolymère biocompatible
Plage de mesure	40-400 mg / dl

Équipe de recherche et d'ingénierie qualifiée

En 2023, Senseonics maintient une équipe spécialisée axée sur la technologie de surveillance continue du glucose.

• Personnel total de R&D: environ 75 employés
• Rechercheurs de doctorat: 22
• Spécialistes d'ingénierie des dispositifs médicaux: 35

Propriété intellectuelle et brevets de dispositifs médicaux

Senseonics détient des brevets critiques protégeant sa technologie CGM.

Catégorie de brevet	Nombre de brevets actifs
Technologie des capteurs implantables	17
Algorithmes de traitement du signal	9
Mesure du glucose à base de fluorescence	6

Installations de fabrication avancées

Senseonics utilise une infrastructure de fabrication spécialisée pour la production de dispositifs CGM.

• Lieu de fabrication primaire: Maryland, États-Unis
• Taille de l'installation en salle blanche: 12 000 pieds carrés.
• Capacité de production annuelle: environ 50 000 capteurs implantables

Données de recherche clinique et expertise

La société maintient un vaste documentation de recherche clinique soutenant sa technologie.

Métrique de recherche	Quantité
Participants à l'essai clinique	Plus de 1 200
Articles de recherche publiés	32
Années de recherche clinique	12

Senseonics Holdings, Inc. (Sens) - Modèle d'entreprise: propositions de valeur

Solution de surveillance de glucose implantable à long terme, 180 jours

Senseonics Eversense CGM System propose un Implant de surveillance continue de 180 jours en glucose. L'appareil offre des capacités de surveillance étendues par rapport aux systèmes de capteurs traditionnels de 7 à 14 jours.

Spécification de l'appareil	Détails
Durée de l'implant	180 jours
Matériau du capteur	Biocompatible
Approbation de la FDA	Reçu en 2018

Test de bâton de doigt réduit

Le système Eversense CGM minimise les mesures traditionnelles de glucose de bâton de doigt.

• Réduit les tests quotidiens de bâton de doigt de 4-8 à des exigences d'étalonnage minimales
• Fournit un suivi continu en temps réel du glucose
• Élimine plusieurs mesures quotidiennes de glycémie manuelle

Suivi continu en temps réel du glucose

Eversense fournit Surveillance du glucose en temps réel avec intégration des smartphones.

Fonction de suivi	Spécification
Fréquence de lecture du glucose	Toutes les 5 minutes
Compatibilité des applications pour smartphone	iOS et Android
Gamme Bluetooth	20 pieds

Gestion améliorée du diabète

Les caractéristiques technologiques avancées prennent en charge la gestion complète du diabète.

• Alertes prédictives pour les niveaux de glucose élevés / faibles
• Capacités d'analyse des tendances
• Suivi des données historiques

Focation et précision de surveillance du patient

Le système Eversense offre une expérience supérieure des patients grâce à l'innovation technologique.

Métrique de commodité	Performance
Mard (différence relative absolue moyenne)	8.5%
La durée de vie de la batterie de l'émetteur intelligent	1 semaine
Note étanche	Ipx7

Senseonics Holdings, Inc. (Sens) - Modèle d'entreprise: relations clients

Prise en charge technique directe pour les utilisateurs de l'appareil

Senseonics fournit un support technique via des canaux dédiés:

Canal de support	Méthode de contact	Temps de réponse moyen
Hotline du service client	1-800-Senseonics	Disponibilité 24h / 24
Assistance par e-mail	support@senseonics.com	Garantie de réponse de 48 heures

Programmes d'éducation et de formation aux patients

Les initiatives de formation complètes comprennent:

• Tutoriels vidéo en ligne
• Webinaires de formation virtuelle
• Formation d'utilisation des appareils en tête-à-tête

Plateformes de service client en ligne

Plate-forme	Caractéristiques	Engagement des utilisateurs
Portail des patients sensonics	Suivi des données du glucose	12 500 utilisateurs actifs en 2023
Application mobile	Surveillance en temps réel	8 700 téléchargements en 2023

Surveillance continue des performances du produit

Paramètres de surveillance:

• Suivi de précision de l'appareil
• Métriques de performance du capteur
• Collecte de commentaires des utilisateurs

Support de gestion du diabète personnalisé

Service d'assistance	Fréquence	Couverture
Coordination des soins personnels	Chèques trimestriels	85% des utilisateurs de l'appareil
Plans de gestion du glucose personnalisés	Approche individualisée	Taux de personnalisation de 70%

Senseonics Holdings, Inc. (Sens) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

Senseonics cible les endocrinologues, les spécialistes du diabète et les médecins de soins primaires directement par le biais d'équipes de vente spécialisées. Au troisième trimestre 2023, la société a signalé 363 comptes actifs avec des prestataires de soins de santé aux États-Unis.

Type de canal	Nombre de comptes	Couverture géographique
Ventes directes vers les endocrinologues	213	48 États
Ventes directes aux cliniques du diabète	150	42 États

Distributeurs de dispositifs médicaux

Senseonics s'associe à plusieurs réseaux de distribution de dispositifs médicaux pour étendre la portée du marché. En 2023, la société a établi des relations avec 7 principaux distributeurs d'équipements médicaux.

• McKesson Medical-Surpical
• Santé cardinale
• Amerisourcebergen
• Henry Schein Medical
• Industries Medline
• Rochester Drug Cooperative
• Morris & Dickson

Plates-formes d'équipement médical en ligne

L'entreprise tire parti des plates-formes numériques pour les ventes d'appareils et les informations sur les patients / médecins. En 2023, Senseonics a rapporté 42 000 visiteurs de plate-forme mensuels uniques.

Plate-forme	Visiteurs mensuels	Taux d'engagement
Site officiel de sensonics	28,000	6.2%
Plateformes médicales partenaires	14,000	4.8%

Conférences de santé et salons médicaux

Senseonics participe à 18 principaux conférences de diabète et de technologie médicale chaque année. En 2023, ces événements ont généré 276 prospects directs.

Marketing numérique et sensibilisation professionnelle de la santé

Les stratégies de marketing numérique incluent la publicité en ligne ciblée et l'engagement professionnel des réseaux. La société a dépensé 2,3 millions de dollars en marketing numérique en 2023, atteignant environ 57 000 professionnels de la santé.

Canal de marketing	Dépenser	Atteindre
Publicité LinkedIn	$875,000	32 000 professionnels
Publicités de journal médical	$650,000	15 000 abonnés
Campagnes par e-mail ciblées	$475,000	10 000 fournisseurs de soins de santé

Senseonics Holdings, Inc. (Sens) - Modèle d'entreprise: segments de clientèle

Patiens de diabète de type 1

Population cible: environ 1,6 million d'Américains atteints de diabète de type 1 en 2023

Groupe d'âge	Pourcentage
0-20 ans	42%
21-60 ans	48%
Plus de 60 ans	10%

Patiens de diabète de type 2

Population cible: 37,3 millions d'Américains atteints de diabète de type 2 en 2023

• 90 à 95% des cas de diabète
• Âge moyen du diagnostic: 45 ans

Fournisseurs de soins de santé et endocrinologues

Catégorie professionnelle	Numéro aux États-Unis
Endocrinologues	6,500
Spécialistes du diabète	8,200

Cliniques de gestion du diabète

Nombre total de cliniques spécialisées du diabète aux États-Unis: 4 700

• Cliniques de diabète ambulatoire: 3200
• Centres de diabète en milieu hospitalier: 1 500

Fournisseurs d'assurance maladie

Type d'assurance	Part de marché
Assurance privée	49%
Médicament	21%
Medicaid	17%
Non assuré	13%

Senseonics Holdings, Inc. (Sens) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Senseonics a déclaré des frais de R&D de 49,3 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	49,3 millions de dollars
2021	51,2 millions de dollars

Coûts de fabrication et de production

Les coûts de fabrication totaux pour Senseonics en 2022 étaient d'environ 22,7 millions de dollars.

• Coût par appareil CGM Eversense: 450 $ - 500 $
• Installation de production située à Germantown, Maryland

Conformité et certification réglementaires

Les dépenses de conformité pour 2022 ont totalisé environ 8,5 millions de dollars.

Catégorie de réglementation	Frais
Conformité de la FDA	5,2 millions de dollars
Certifications internationales	3,3 millions de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour 2022 étaient de 37,6 millions de dollars.

• Budget de marketing numérique: 8,2 millions de dollars
• Coûts opérationnels de l'équipe de vente: 15,4 millions de dollars
• Matériel marketing et campagnes: 14 millions de dollars

Essais cliniques en cours et amélioration des produits

Les frais d'essai clinique pour 2022 ont atteint 15,7 millions de dollars.

Type d'essai clinique	Frais
Eversense XL Essais cliniques	9,3 millions de dollars
Études d'amélioration des produits	6,4 millions de dollars

Senseonics Holdings, Inc. (Sens) - Modèle commercial: Strots de revenus

Ventes de dispositifs médicaux

Senseonics génère des revenus à partir de la vente de son système de surveillance continue du glucose (CGM) Eversense. Au troisième rang 2023, la société a rapporté:

• Revenu total de 6,2 millions de dollars
• Eversense CGM System Prix de vente moyen d'environ 1 200 $ à 1 500 $ par appareil

Revenus de remplacement des capteurs récurrents

Cycle de remplacement du capteur:

Type de capteur	Durée	Revenus estimés par remplacement
Capteur Eversense XL	Jusqu'à 180 jours	500 $ - 700 $ par capteur
Capteur Eversense E3	Jusqu'à 365 jours	700 $ - 900 $ par capteur

Contrats de remboursement d'assurance

Détails de remboursement:

• Taux de remboursement de Medicare: 1 250 $ par système CGM
• La couverture d'assurance privée varie entre 70 et 90% du coût de l'appareil
• Revenus de remboursement annuel estimé: 8 à 10 millions de dollars en 2023

Partenariats des fournisseurs de soins de santé

Répartition des revenus du partenariat:

Type de partenariat	Revenus annuels estimés
Contractes des prestataires de soins de santé directs	3 à 4 millions de dollars
Accords de partenaires de distribution	2 à 3 millions de dollars

Licence potentielle de la technologie de surveillance

Potentiel de licence technologique:

• Revenus de licence potentielle estimées: 1 à 2 millions de dollars par an
• Discussions sur l'octroi de licences avec 2-3 sociétés de technologie médicale

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.