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1. Senseonics is like Dexcom (DXCM), but with a unique, long-term implantable glucose sensor.

2. Senseonics is like Abbott's FreeStyle Libre (ABT), but for an under-the-skin glucose monitor that lasts up to six months.

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• Eversense: An implantable continuous glucose monitoring (CGM) system designed to measure glucose levels for real-time diabetes monitoring and management.
• Eversense XL: An implantable continuous glucose monitoring (CGM) system providing long-term glucose level measurement and management for people with diabetes.

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Senseonics (SENS) primarily sells its continuous glucose monitoring (CGM) systems to other companies that act as intermediaries in its sales process. Its major customers are its network of distributors and strategic fulfillment partners. These partners facilitate the reach of Senseonics' products to healthcare providers and ultimately to patients with diabetes.

The background information provided does not list the specific names of these major customer companies or their stock symbols.

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• Phillips-Medisize Corporation
• Jabil Inc. (JBL)

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Timothy T. Goodnow, PhD. President & Chief Executive Officer

Timothy T. Goodnow has served as President and Chief Executive Officer of Senseonics since March 2011, having joined the company's Board of Directors in December 2010. Under his leadership, Senseonics has been instrumental in commercializing the Eversense continuous glucose monitoring (CGM) systems in both Europe and the United States. Before his tenure at Senseonics, Dr. Goodnow was the Vice President of Technical Operations at Abbott Diabetes Care from 2000 to 2011. He also held executive positions at other notable companies in the medical technology sector, including TheraSense, Verax Biomedical, Dade Behring, and Baxter Healthcare.

Rick Sullivan. Chief Financial Officer

Rick Sullivan was appointed Chief Financial Officer of Senseonics on September 1, 2022. He initially joined Senseonics in 2011 and has held various key financial roles within the company, including Vice President of Finance, Treasurer, Head of Strategy and Financial Reporting, and Corporate Controller. Prior to rejoining Senseonics in 2020, Sullivan gained experience as the Chief Financial Officer for RoosterBio, Inc., a privately held regenerative medicine company. He also served as the Principal of Hike Financial, LLC, an advisory firm specializing in financial and accounting services for early-growth, life sciences, and technology companies.

Mukul Jain, PhD. Chief Operating Officer

As Chief Operating Officer at Senseonics, Mukul Jain is responsible for overseeing Quality, Regulatory, Product Development, and Global Operations, including manufacturing and supply chain. Before joining Senseonics, Dr. Jain spent 13 years at Medtronic, where he focused on active implantable devices within the Cardiac Rhythm Disease Management (CRDM) and Neuromodulation sectors. His work at Medtronic included managing the development of Neurostimulator systems and contributing to critical components for implantable devices.

Francine R. Kaufman, M.D. Chief Medical Officer

Dr. Francine R. Kaufman serves as the Chief Medical Officer at Senseonics, a role she assumed in March 2019, also becoming a director in November 2019. She plays a crucial role in advancing the innovation platform and clinical value proposition of the Eversense CGM system. With a career spanning nearly 40 years in diabetes care, Dr. Kaufman previously held the position of Chief Medical Officer and Vice President of Global Clinical, Regulatory and Medical Affairs at Medtronic Diabetes from 2009 to January 2019. From 1991 to 2009, she directed the Comprehensive Childhood Diabetes Center and headed the Center for Endocrinology, Diabetes and Metabolism at Children's Hospital Los Angeles. Dr. Kaufman is also a former president of the American Diabetes Association.

Brian B. Hansen. Chief Commercial Officer

Brian B. Hansen holds the titles of Director and Chief Commercial Officer at Senseonics. In his commercial leadership role, he has expressed confidence in the company's strategic focus on direct-to-consumer marketing for Eversense and set a goal to significantly grow the patient base. He has also reported substantial year-over-year growth in the number of providers prescribing Eversense.

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Key Risks to Senseonics (SENS)

• Intense Competition and Market Adoption Challenges: The continuous glucose monitoring (CGM) market is highly competitive, dominated by well-established players like DexCom and Abbott Laboratories. While Senseonics offers a differentiated implantable CGM system with a long wear time (up to 365 days for Eversense 365), it faces significant challenges in gaining widespread market adoption against less invasive, widely accepted alternatives. Senseonics operates at a fraction of the scale of its larger rivals, which possess immense financial resources for R&D, global sales, and marketing infrastructure, and deeply entrenched relationships with healthcare providers and insurers. The implantable nature of Eversense requires an in-office procedure, which can be a barrier to adoption compared to patch-based systems.
• Commercialization and Regulatory Execution Hurdles: As a medical technology company, Senseonics's success hinges on obtaining and maintaining regulatory approvals for its products and effectively commercializing them. The company has recently transitioned to taking back commercialization and distribution in-house from its previous partner, Ascensia Diabetes Care, which presents both opportunities for margin expansion and risks related to execution in building out its sales organization and commercial efforts. Delays or failures in securing regulatory approvals for new products or expanded indications, as well as challenges in effectively driving sales, marketing, and securing adequate reimbursement from third-party payers, pose significant risks to growth and profitability.
• Financial Health and Need for Capital: Senseonics has a history of incurring significant net losses from operations and negative cash flow, making it highly dependent on capital markets to fund its operations and growth. The company's Altman Z-Score indicates financial distress, suggesting a potential risk of bankruptcy in the near future. While Senseonics has shown revenue growth, it is currently unprofitable and not forecasted to achieve profitability in the short term, requiring continuous funding for its operations and growth initiatives.

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The continuous innovation and increasing wear duration of non-implantable, self-applied continuous glucose monitoring (CGM) systems offered by major competitors such as Dexcom and Abbott. As these competitors extend their sensor wear times while maintaining or improving ease of use, self-application, factory calibration, and accuracy, they directly erode Senseonics' primary competitive advantage of long-duration wear for its implantable system, which requires a medical procedure for insertion and removal.

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The addressable markets for Senseonics' continuous glucose monitoring (CGM) systems, Eversense and Eversense XL (now Eversense 365), span the United States, Europe, and the Middle East and Africa.

United States Market

The continuous glucose monitoring market in the United States was estimated to be approximately USD 4.9 billion in 2024. Projections indicate significant growth, with the market expected to reach USD 5.7 billion in 2025 and an estimated USD 22 billion by 2034, at a compound annual growth rate (CAGR) of 16.2% from 2025 to 2034. Other estimates place the U.S. CGM market size at USD 7.43 billion in 2026, with a forecast of USD 17.16 billion by 2031. Senseonics itself identifies the U.S. total addressable market for CGMs as more than USD 20 billion, noting that it is a rapidly growing segment of diabetes technology and remains significantly underpenetrated.

Europe Market

In Europe, the continuous glucose monitoring market was valued at approximately USD 2.9 billion in 2024. Other reports indicate the European CGM device market generated USD 4.1169 billion in revenue in 2024. This market is anticipated to expand, with projections suggesting it could reach USD 9.9352 billion by 2031, growing at a CAGR of 14.4% from 2025 to 2031. The approval of Eversense 365 in Europe is expected to expand Senseonics' total addressable market by over 30 million patients living with diabetes in the European Union.

Middle East and Africa Market

The continuous glucose monitoring device market in the Middle East & Africa was estimated at USD 389.6 million in 2024. Another estimate for the Middle East & Africa continuous glucose monitoring devices market size in 2024 was USD 391.7 million, with a projected growth to USD 1,072.2 million by 2033 at a CAGR of 11.8% from 2025 to 2033. Other sources estimate the market size at USD 261.03 million in 2024, expected to reach USD 477.33 million by 2029 at a CAGR of 12.83%.

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Expected Drivers of Future Revenue Growth for Senseonics (SENS)

Over the next 2-3 years, Senseonics Holdings, Inc. (SENS) is anticipated to drive future revenue growth through several key strategic initiatives and product advancements:

1. Transition to Direct Commercialization: Effective January 1, 2026, Senseonics has assumed full global commercialization and distribution responsibilities for its Eversense 365 continuous glucose monitoring (CGM) system from its previous partner, Ascensia Diabetes Care. This strategic shift is expected to eliminate revenue sharing agreements, allowing Senseonics to recognize 100% of product revenue and significantly improve gross margins. By integrating sales, customer service, marketing, and sales operations in-house, the company aims to enhance operational efficiency and responsiveness to market needs.
2. Increased Adoption and Patient Growth of Eversense 365: The Eversense 365 (one-year CGM) is a primary growth engine. Senseonics is focusing on expanding its direct-to-consumer marketing efforts to increase awareness and adoption of this long-term implantable CGM system. Management has set a goal to double its patient base again in 2026, building on a reported 103% increase in new U.S. patient starts and an over 80% growth in active prescribers year-over-year in Q4 2025.
3. International Expansion in European Markets: Following CE Mark approval for Eversense 365 in January 2026, Senseonics is poised to expand its presence significantly in Europe. The company plans to launch the Eversense 365 system in key European markets, including Germany, Italy, Spain, and Sweden, in the coming months. This expansion is expected to contribute to top-line revenue growth by broadening its total addressable market.
4. Integration with Automated Insulin Delivery (AID) Systems: The integration of Eversense 365 with automated insulin delivery (AID) systems, such as Sequel's twiist system launched in February 2026, represents another significant revenue driver. This compatibility is expected to attract more users, particularly those with Type 1 diabetes, by offering a combined, long-duration CGM and insulin pump solution.

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Share Issuance

• In May 2025, Senseonics completed a public offering of 115,000,000 shares of common stock at $0.50 per share, generating aggregate gross proceeds of $57.5 million.
• The company raised $77.8 million in total gross proceeds in May 2025, which included the public offering and a concurrent private placement.
• In October 2025, Senseonics executed a 1-for-20 reverse stock split, reducing the number of outstanding shares from approximately 816 million to about 41 million.

Inbound Investments

• In May 2025, Abbott Laboratories invested approximately $20.3 million by purchasing 40,539,265 shares in a private placement, representing 4.99% of Senseonics' outstanding common stock post-offering.
• As of December 31, 2025, Senseonics expanded its debt facility with Hercules Capital to up to $100 million, providing access to approximately $65 million of additional non-dilutive capital.

Capital Expenditures

• A significant portion of capital raised, including the $77.8 million in gross proceeds from the May 2025 public offering and private placement, was designated to fund the ongoing launch of Eversense 365 and the continued development of pipeline products.
• Research and development expenses for 2025 were $31.6 million, a decrease of $9.5 million year-over-year, primarily attributed to the completion of Eversense 365 clinical trials and development efforts.