Senseonics Holdings, Inc. (SENS): Business Model Canvas [Dec-2025 Updated]

You're digging into Senseonics Holdings, Inc. (SENS) right now, trying to figure out the engine behind the world's only year-long implantable continuous glucose monitor, especially as they execute a major strategic shift. Honestly, the core of their model is the transition: they are moving away from Ascensia's distribution to build their own direct commercial team starting in January 2026, all while managing R&D for the next-gen Gemini product with an IDE submission targeted for late 2025. We need to watch how they deploy their $111.3 million in cash (as of Sep 2025) to scale the value proposition-discreet, 365-day monitoring-and hit their projected full-year 2025 global net revenue of approximately $35 million; here is the precise breakdown of the nine building blocks defining their path forward.

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

You're looking at the critical relationships Senseonics Holdings, Inc. relies on to push Eversense 365 into the market, and the numbers behind those deals show a clear pivot toward direct control.

Ascensia Diabetes Care (Distribution transition through 2025)

The relationship with Ascensia Diabetes Care, which held exclusive worldwide distribution rights for Eversense products since 2020, is undergoing a major shift. Senseonics Holdings, Inc. signed a Memorandum of Understanding to take back all global sales, marketing, and commercialization in the U.S. starting January 1, 2026. This move is expected to increase topline revenue and expand gross margins by eliminating the revenue sharing with Ascensia. Senseonics projects gross margin expansion to 50% in 2026, with a plan to exceed 70% at scale. For the full year 2025, Senseonics maintains its global net revenue outlook of approximately $34-38 million. As part of the transition, Brian Hansen, Ascensia's President of CGM, will join Senseonics as Chief Commercial Officer on January 1, 2026. To be fair, Ascensia plans to continue holding the 10% stake in Senseonics it currently owns.

Hercules Capital (Expanded $100 million non-dilutive debt facility)

To fund the build-out of the commercial organization following the Ascensia transition, Senseonics Holdings, Inc. expanded its non-dilutive debt facility with Hercules Capital. This facility now totals up to $100 million. The agreement specifies an initial term loan component of $35 million, and the maturity date for these loans is set for September 3, 2029. Honestly, this capital is key to funding the in-house commercial efforts Senseonics is prioritizing.

Sequel's twiist AID (Integration for automated insulin delivery)

Senseonics Holdings, Inc. entered a commercial development agreement with Sequel Med Tech, LLC, to integrate the twiist Automated Insulin Delivery (AID) System with the Eversense 365 CGM. This integration is significant because it makes twiist the first AID system compatible with the one-year CGM. The companies started integration work, expecting the combined offering to be commercially available in the third quarter of 2025. The twiist system is cleared for people ages six and up with type 1 diabetes.

Eon Care network (Trained providers for sensor insertion)

Removing the hurdle of in-office insertion is a core part of Senseonics Holdings, Inc.'s scaling strategy, which is supported by the Eon Care network-a turn-key national service for providers who prefer not to insert the sensor themselves. As of the second quarter of 2025, the network had nearly 40 practitioners, handling approximately 20% of Eversense 365 insertions. The company has a clear ramp-up plan: they aim to reach 50 practitioners by the end of 2025 and hit a target of 100 by the end of 2026. Revenue directly from Eon Care service is currently a 'low single-digit percentage' of total revenue, but it's expected to grow as the network expands.

Here's a quick look at the key metrics tied to these partnerships:

Insulin pump manufacturers (Ongoing talks for system integration)

The agreement with Sequel Med Tech for the twiist AID integration is the most concrete example of Senseonics Holdings, Inc.'s push for system integration with insulin pumps, which is vital for the Eversense 365 to function as an integrated CGM (iCGM). Management also anticipates providing future positive updates on other potential pump integrations. The Eversense 365 itself received FDA clearance as an iCGM system in 2024. The company is also advancing its next-generation device, Gemini, with plans to submit an Investigational Device Exemption (IDE) pivotal trial application by the end of 2025.

• Senseonics expects to double its global patient base during 2025.
• U.S. new patient starts grew 79% year-over-year in Q2 2025.
• The enhanced direct-to-consumer (DTC) advertising campaign generated a 50% increase in leads in its first month over the prior three-month average.
• The company raised $77.8 million in total gross proceeds in Q2 2025, including $57.5 million in a public offering.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Senseonics Holdings, Inc. right now, late in 2025. These are the things the company absolutely must execute on to hit its 2026 goals, especially with the commercial transition looming.

Manufacturing implantable Eversense CGM sensors and transmitters

Senseonics Holdings, Inc. focuses on producing the long-term implantable sensors and the removable transmitters. The success of the Eversense 365 system is directly tied to this activity. The preliminary unaudited revenue for the third quarter of 2025 hit approximately $8.1 million, which was a 90% increase year-over-year from Q3 2024. This reflects increased sensor output and shipment velocity. The company projects full-year 2025 global net revenue to total approximately $35 million. Gross profit for Q3 2025 was $3.5 million, translating to a gross margin of about 42.8%, showing improved economics over the prior year's E3 transition period.

Here's a snapshot of the recent operational scale:

R&D for next-generation Gemini product (IDE submission by late 2025)

Research and Development is centered on pipeline advancement, using the Eversense 365 as a foundation. Management has targeted an FDA Investigational Device Exemption (IDE) submission for the next-generation Gemini transmitter-less CGM by the end of 2025. This is a critical gate to start pivotal trials. R&D expenses in the second quarter of 2025 were $7.7 million, which was a decrease of $3.1 million from the prior year period, partly due to the completion of 365-day product trials. For the third quarter of 2025, R&D expenses were $7.8 million.

Direct-to-Consumer (DTC) marketing to generate patient leads

The investment in DTC marketing is clearly driving patient acquisition. In the third quarter of 2025, these investments resulted in a 300% increase in patient leads year-over-year and an 85% increase sequentially. To be fair, about 60% of all new patients in Q3 2025 came directly from DTC advertising efforts. This focus is key because new patient starts are accelerating; the highest number of monthly new patient starts in the Company's history occurred in September 2025.

• DTC Lead Growth (YoY Q3 2025): 300% increase
• New Patients from DTC (Q3 2025): Approximately 60%
• Selling, General and Administrative (SG&A) Expenses (Q3 2025): Rose to $15.3 million, driven by promotional and sales commission expenses related to DTC investments

Transitioning global commercial operations in-house (starting January 2026)

Senseonics Holdings, Inc. executed a Memorandum of Understanding to take back global commercialization and distribution from Ascensia Diabetes Care, effective January 1, 2026. This is a major operational shift. Brian Hansen was appointed Chief Commercial Officer, set to join on January 1, 2026, to lead this new in-house sales force. The financial expectation tied to this activity is significant margin expansion; management projects gross margins to hit 50% in 2026, growing to over 70% at scale. The company also secured an expanded debt facility up to $100 million with Hercules Capital to fund this build-out.

Securing and maintaining regulatory approvals (e.g., CE Mark for 365)

Maintaining regulatory standing and expanding geographically are essential. The company filed for the CE Mark registration for the Eversense 365 system in February 2025. Management anticipates receiving the CE Mark by year-end 2025. If approved, the European launch is planned for the first half of 2026, initially targeting Germany, Italy, Spain, Poland, Switzerland, and Sweden. The U.S. product, Eversense 365, was FDA-approved in September 2024 and launched in October 2024.

Finance: draft 13-week cash view by Friday.

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

Eversense 365/E3 long-term implantable CGM technology

• The system is the world's first and only One Year CGM system.
• Eversense E3 received FDA approval in February 2022.
• Eversense 365 received FDA clearance on September 17, 2024.
• The technology requires fingerstick BG measurements for calibration primarily one time per week after day 14 for Eversense® 365.

Financial and Operational Metrics as of Late 2025:

Intellectual property and patents for implantable sensors

• Senseonics Holdings has a total of 755 patents globally.
• Out of the total, 366 patents are granted as of March 10, 2025.
• The company is planning an FDA IDE submission by the end of 2025 to start a pivotal trial for the Gemini device.

Eon Care network of trained healthcare providers

• The Eon Care network supports patient access to insertions.
• As of Q2 2025, the network included 38 providers after the transition from the Nurse Practitioner Group.
• Legal entities Eon Care Services, LLC and Eon Management Services, LLC were established in April 2024 and July 2024, respectively.

Dedicated R&D team and clinical trial data

• Research and development expenses for the third quarter ended September 30, 2025, were $7.8 million.
• The ENHANCE pivotal study for Eversense 365 completed enrollment and data analysis.
• The data from the ENHANCE study supported an FDA 510(k) submission for a new product with a 365-day duration and once per week calibration.

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.

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.

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.

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:

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:

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:

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.

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.