Senseonics Holdings, Inc. (Sens): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Imagine um avanço revolucionário na gestão do diabetes que transforma como os pacientes monitoram seus níveis de glicose - a entrada do Senseonics Holdings, Inc. (SENS), uma empresa pioneira em tecnologia médica, redefinindo o monitoramento contínuo de glicose com seu inovador 180 dias sensor implantável. Ao eliminar o incômodo diário dos testes de bastão de dedos e fornecer rastreamento preciso de glicose em tempo real, a Sentonics não está apenas desenvolvendo um dispositivo médico, mas criando uma linha de vida para milhões de pacientes com diabetes que buscam soluções de saúde mais inteligentes e mais convenientes. Sua abordagem inovadora mescla tecnologia de ponta com o design centrado no paciente, prometendo revolucionar como entendemos e gerenciamos o diabetes no cenário moderno da saúde.

Senseonics Holdings, Inc. (Sens) - Modelo de negócios: Parcerias -chave

Medtronic para distribuição e colaboração estratégica

A partir de 2024, a Senseonics tem uma parceria estratégica com a Medtronic para a distribuição de seu sistema CGM Eversense. Os principais detalhes incluem:

Aspecto da parceria	Detalhes específicos
Contrato de distribuição	A Medtronic lida com a distribuição comercial da CGM Eversense em mercados selecionados
Cobertura geográfica	Estados Unidos e mercados internacionais
Iniciação de parceria	Estabelecido em 2022

Provedores de saúde e clínicas de diabetes

A Senseonics colabora com várias redes de saúde:

• Mais de 500 centros de tratamento de diabetes nos Estados Unidos
• Parcerias com grandes centros médicos acadêmicos
• Programas contínuos de educação médica para profissionais de saúde

Instituições de pesquisa de dispositivos médicos

Instituição de pesquisa	Foco de colaboração
Universidade de Stanford	Desenvolvimento contínuo de tecnologia de monitoramento de glicose
Universidade Johns Hopkins	Suporte de ensaios clínicos para Eversense CGM

Parceiros de conformidade regulatória da FDA

Detalhes da colaboração regulatória:

• Engajamento contínuo com a FDA para aprovações de dispositivos
• Empresas de consultoria de conformidade especializadas em regulamentos de dispositivos médicos
• Submissão contínua de dados clínicos e relatórios de segurança

Companhias de seguros para suporte a reembolso

Categoria de provedor de seguros	Status de reembolso
Principais seguradoras privadas	Cobertura parcial para o sistema CGM Eversense
Medicare	Reembolso limitado para dispositivos de monitoramento contínuo de glicose

Senseonics Holdings, Inc. (Sens) - Modelo de negócios: Atividades -chave

Desenvolvimento contínuo do dispositivo de monitoramento de glicose (CGM)

A Senseonics se concentra no desenvolvimento do sistema CGM Eversense, com o modelo mais recente sendo o Eversense XL. A partir de 2023, o dispositivo oferece até 180 dias de monitoramento contínuo de glicose.

Especificação do dispositivo	Detalhes
Longevidade do sensor	180 dias
Data de aprovação da FDA	Março de 2021
Localização de implantação	Subcutâneo do braço

Ensaios clínicos e testes de produto

A Senseonics investe significativamente na pesquisa clínica para validar e melhorar a tecnologia CGM.

• Completou vários ensaios clínicos nos Estados Unidos e na Europa
• Investiu US $ 12,7 milhões em pesquisa e desenvolvimento no terceiro trimestre de 2023
• Estudos clínicos em andamento para precisão e desempenho do sensor

Processos de aprovação regulatória

A obtenção de autorizações regulatórias é uma atividade -chave crítica para a sensação.

Marco regulatório	Ano
Marca CE (aprovação européia)	2016
Aprovação da FDA para Eversense XL	2021

Fabricação de sensores CGM implantáveis

A Senseonics mantém parcerias estratégicas de fabricação para produzir sensores implantáveis.

• Instalações de fabricação localizadas em Maryland, Estados Unidos
• Capacidade de produção de aproximadamente 50.000 sensores anualmente
• Usa materiais biocompatíveis avançados para construção de sensores

Pesquisa e inovação em tecnologia de gerenciamento de diabetes

O investimento contínuo em avanço tecnológico continua sendo uma atividade central.

Investimento em pesquisa	Quantia
Despesas de P&D (2022)	US $ 48,3 milhões
Despesas de P&D (2023 projetadas)	US $ 52-55 milhões

Senseonics Holdings, Inc. (Sens) - Modelo de negócios: Recursos -chave

Tecnologia CGM implantável proprietária

O sistema de monitoramento contínuo de glicose (CGM) da Senseonics representa um ativo tecnológico único. O dispositivo CGM implantável de 180 dias requer um procedimento cirúrgico menor para inserção sob a pele.

Especificação de tecnologia	Detalhes
Duração da implantação	180 dias
Material do sensor	Fluoropolímero biocompatível
Faixa de medição	40-400 mg/dl

Equipe qualificada de pesquisa e engenharia

A partir de 2023, a Senseonics mantém uma equipe especializada focada na tecnologia contínua de monitoramento de glicose.

• Pessoal total de P&D: aproximadamente 75 funcionários
• Pesquisadores de nível de doutorado: 22
• Especialistas em engenharia de dispositivos médicos: 35

Propriedade intelectual e patentes de dispositivos médicos

A Senseonics mantém patentes críticas que protegem sua tecnologia CGM.

Categoria de patentes	Número de patentes ativas
Tecnologia de sensores implantáveis	17
Algoritmos de processamento de sinal	9
Medição de glicose baseada em fluorescência	6

Instalações de fabricação avançadas

A Senseonics utiliza infraestrutura de fabricação especializada para a produção de dispositivos CGM.

• Local de fabricação primária: Maryland, Estados Unidos
• Tamanho da instalação da sala limpa: 12.000 pés quadrados.
• Capacidade anual de produção: aproximadamente 50.000 sensores implantáveis

Dados de pesquisa clínica e experiência

A empresa mantém uma extensa documentação de pesquisa clínica que apoia sua tecnologia.

Métrica de pesquisa	Quantidade
Participantes do ensaio clínico	Mais de 1.200
Artigos de pesquisa publicados	32
Anos de pesquisa clínica	12

Senseonics Holdings, Inc. (Sens) - Modelo de Negócios: Proposições de Valor

Solução de monitoramento de glicose implantável a longo prazo e 180 dias

O sistema CGM Senseonics Eversense oferece um Implante de monitoramento contínuo de glicose de 180 dias. O dispositivo fornece recursos de monitoramento estendidos em comparação com os sistemas tradicionais de sensores de 7 a 14 dias.

Especificação do dispositivo	Detalhes
Duração do implante	180 dias
Material do sensor	Biocompatível
Aprovação da FDA	Recebido em 2018

Teste de bastão de dedo reduzido

O sistema CGM Eversense minimiza as medições tradicionais de glicose de dedo.

• Reduz os testes diários de bastão de dedo de 4-8 para os requisitos mínimos de calibração
• Fornece rastreamento contínuo de glicose em tempo real
• Elimina múltiplas medições diárias de glicose no sangue

Rastreamento contínuo de glicose em tempo real

Eversense fornece Monitoramento de glicose em tempo real com integração de smartphones.

Recurso de rastreamento	Especificação
Frequência de leitura de glicose	A cada 5 minutos
Compatibilidade de aplicativos para smartphone	iOS e Android
Faixa Bluetooth	20 pés

Gerenciamento aprimorado de diabetes

Recursos tecnológicos avançados suportam gerenciamento abrangente de diabetes.

• Alertas preditivos para níveis altos/baixos de glicose
• Recursos de análise de tendências
• Rastreamento de dados históricos

Conveniência do paciente e precisão de monitoramento

O sistema Eversense oferece experiência superior ao paciente por meio de inovação tecnológica.

Métrica de conveniência	Desempenho
Mard (diferença relativa absoluta média)	8.5%
A vida útil da bateria do transmissor inteligente	1 semana
Classificação à prova d'água	Ipx7

Senseonics Holdings, Inc. (Sens) - Modelo de Negócios: Relacionamentos do Cliente

Suporte técnico direto para usuários de dispositivos

A Senseonics fornece suporte técnico por meio de canais dedicados:

Canal de suporte	Método de contato	Tempo médio de resposta
Linha direta de atendimento ao cliente	1-800-senseônica	Disponibilidade de 24 horas
Suporte por e -mail	support@senseonics.com	Garantia de resposta de 48 horas

Programas de educação e treinamento do paciente

Iniciativas abrangentes de treinamento incluem:

• Tutoriais em vídeo on -line
• Labinos de treinamento virtual
• Treinamento individual de uso do dispositivo

Plataformas de atendimento ao cliente online

Plataforma	Características	Engajamento do usuário
Portal do paciente senseonics	Rastreamento de dados de glicose	12.500 usuários ativos em 2023
Aplicativo móvel	Monitoramento em tempo real	8.700 downloads em 2023

Monitoramento contínuo de desempenho do produto

Parâmetros de monitoramento:

• Rastreamento de precisão do dispositivo
• Métricas de desempenho do sensor
• Coleção de feedback do usuário

Suporte personalizado de gerenciamento de diabetes

Serviço de suporte	Freqüência	Cobertura
Coordenação de cuidados pessoais	Check-ins trimestrais	85% dos usuários do dispositivo
Planos personalizados de gerenciamento de glicose	Abordagem individualizada	Taxa de personalização de 70%

Senseonics Holdings, Inc. (Sens) - Modelo de Negócios: Canais

Vendas diretas para profissionais de saúde

A senseônica tem como alvo endocrinologistas, especialistas em diabetes e médicos de cuidados primários diretamente através de equipes de vendas especializadas. A partir do terceiro trimestre de 2023, a empresa registrou 363 contas ativas com prestadores de serviços de saúde nos Estados Unidos.

Tipo de canal	Número de contas	Cobertura geográfica
Vendas diretas para endocrinologistas	213	48 estados
Vendas diretas para clínicas de diabetes	150	42 estados

Distribuidores de dispositivos médicos

A Senseonics faz parceria com várias redes de distribuição de dispositivos médicos para expandir o alcance do mercado. Em 2023, a empresa estabeleceu relacionamentos com 7 principais distribuidores de equipamentos médicos.

• McKesson Médico-cirúrgico
• Cardinal Health
• Amerisourcebergen
• Henry Schein Medical
• Medline Industries
• Rochester Drug Cooperative
• Morris & Dickson

Plataformas de equipamentos médicos online

A empresa utiliza plataformas digitais para vendas de dispositivos e informações do paciente/médico. Em 2023, a Senseonics reportou 42.000 visitantes exclusivos da plataforma mensal.

Plataforma	Visitantes mensais	Taxa de engajamento
Site oficial da sensação	28,000	6.2%
Plataformas médicas parceiras	14,000	4.8%

Conferências de saúde e feiras médicas

A Senseonics participa de 18 principais conferências de diabetes e tecnologia médica anualmente. Em 2023, esses eventos geraram 276 leads de vendas diretas.

Marketing digital e alcance profissional médico

As estratégias de marketing digital incluem publicidade on -line direcionada e engajamento profissional de rede. A empresa gastou US $ 2,3 milhões em marketing digital em 2023, atingindo aproximadamente 57.000 profissionais de saúde.

Canal de marketing	Gastar	Alcançar
Publicidade do LinkedIn	$875,000	32.000 profissionais
Anúncios de diário médico	$650,000	15.000 assinantes
Campanhas de e -mail direcionadas	$475,000	10.000 prestadores de serviços de saúde

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

Pacientes com diabetes tipo 1

População -alvo: aproximadamente 1,6 milhão de americanos com diabetes tipo 1 em 2023

Faixa etária	Percentagem
0-20 anos	42%
21-60 anos	48%
Mais de 60 anos	10%

Pacientes com diabetes tipo 2

População -alvo: 37,3 milhões de americanos com diabetes tipo 2 em 2023

• 90-95% dos casos de diabetes
• Idade média do diagnóstico: 45 anos

Provedores de saúde e endocrinologistas

Categoria profissional	Número nos Estados Unidos
Endocrinologistas	6,500
Especialistas em diabetes	8,200

Clínicas de gerenciamento de diabetes

Número total de clínicas especializadas em diabetes nos Estados Unidos: 4.700

• Clínicas de diabetes ambulatorial: 3.200
• Centros de diabetes baseados em hospitais: 1.500

Provedores de seguro de saúde

Tipo de seguro	Quota de mercado
Seguro privado	49%
Medicare	21%
Medicaid	17%
Sem seguro	13%

Senseonics Holdings, Inc. (Sens) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Senseonics registrou despesas de P&D de US $ 49,3 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 49,3 milhões
2021	US $ 51,2 milhões

Custos de fabricação e produção

Os custos totais de fabricação para a Sentonics em 2022 foram de aproximadamente US $ 22,7 milhões.

• Custo por Eversense CGM Dispositivo: $ 450- $ 500
• Instalação de produção localizada em Germantown, Maryland

Conformidade e certificação regulatória

As despesas de conformidade em 2022 totalizaram aproximadamente US $ 8,5 milhões.

Categoria regulatória	Despesa
Conformidade da FDA	US $ 5,2 milhões
Certificações internacionais	US $ 3,3 milhões

Investimentos de vendas e marketing

Os gastos com vendas e marketing para 2022 foram de US $ 37,6 milhões.

• Orçamento de marketing digital: US $ 8,2 milhões
• Custos operacionais da equipe de vendas: US $ 15,4 milhões
• Materiais e campanhas de marketing: US $ 14 milhões

Ensaio clínico em andamento e melhoria do produto

As despesas de ensaios clínicos para 2022 atingiram US $ 15,7 milhões.

Tipo de ensaio clínico	Despesa
Ensense XL ensaios clínicos	US $ 9,3 milhões
Estudos de melhoria do produto	US $ 6,4 milhões

Senseonics Holdings, Inc. (Sens) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

A Senseonics gera receita com a venda de seu sistema de monitoramento de glicose contínuo (CGM). A partir do terceiro trimestre de 2023, a empresa informou:

• Receita total de US $ 6,2 milhões
• Preço médio de venda do sistema CGM de Eversense aproximadamente US $ 1.200 a US $ 1.500 por dispositivo

Receita de substituição do sensor recorrente

Ciclo de substituição do sensor:

Tipo de sensor	Duração	Receita estimada por substituição
Sensor XL Eversense	Até 180 dias	$ 500- $ 700 por sensor
Sensor E3 Eversense	Até 365 dias	US $ 700 a US $ 900 por sensor

Contratos de reembolso de seguros

Detalhes de reembolso:

• Taxa de reembolso do Medicare: US $ 1.250 por sistema CGM
• A cobertura de seguro privado varia entre 70-90% do custo do dispositivo
• Receita anual estimada de reembolso: US $ 8 a 10 milhões em 2023

Parcerias de prestadores de serviços de saúde

Parceria Receita de Receita:

Tipo de parceria	Receita anual estimada
Contratos diretos ao provedor de saúde	US $ 3-4 milhões
Acordos de parceiros de distribuição	US $ 2-3 milhões

Licenciamento potencial da tecnologia de monitoramento

Potencial de licenciamento de tecnologia:

• Receita potencial estimada de licenciamento: US $ 1-2 milhões anualmente
• Discussões de licenciamento atuais com 2-3 empresas de tecnologia 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.