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Here are 1-3 brief analogies to describe Senseonics (SENS):

• Senseonics is like Dexcom or Abbott, but for implantable continuous glucose monitoring (CGM) systems.
• Senseonics is like Medtronic, but specialized in long-term implantable glucose sensors for diabetes management.

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• Eversense E3 Continuous Glucose Monitoring (CGM) System: This system provides long-term continuous glucose monitoring for people with diabetes through an implantable sensor, a smart transmitter, and a mobile application.

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Major Customers of Senseonics (SENS)

Senseonics (SENS) primarily sells its Eversense continuous glucose monitoring (CGM) system to other companies for distribution, rather than directly to individuals. The company operates through a global commercialization partnership.

Senseonics' major customer, and indeed its sole commercial partner for the distribution of Eversense, is:

• Ascensia Diabetes Care Holdings AG

  Ascensia Diabetes Care is responsible for the global commercialization, sales, marketing, and distribution of the Eversense system. Ascensia Diabetes Care is a subsidiary of PHC Holdings Corporation.

  PHC Holdings Corporation is a public company with the symbol 6523 listed on the Tokyo Stock Exchange (TSE).

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• Flex Ltd. (FLEX)
• Integer Holdings Corporation (ITGR)
• PHC Holdings Corporation (6523)

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Timothy T. Goodnow, PhD, President & CEO
Timothy Goodnow joined the Senseonics Board of Directors in December 2010 and was named President & CEO in March 2011. He has been instrumental in commercializing the Eversense CGM System in Europe and the U.S.. Prior to Senseonics, Dr. Goodnow was Vice President of Technical Operations at Abbott Diabetes Care. He also held executive positions at TheraSense, Verax Biomedical, Dade Behring, and Baxter Healthcare. TheraSense, a company he worked at, was acquired by Abbott Laboratories, leading to the formation of Abbott Diabetes Care. Before joining Abbott Diabetes Care, he served as Vice President of Research and Development for ZymeQuest, Inc., a start-up company, and for Verax Biomedical Incorporated, another blood safety start-up company. From 1983 to 1998, he held various positions at Baxter Healthcare/Dade Behring, including Vice President of Research and Development.

Rick Sullivan, Chief Financial Officer
Rick Sullivan was appointed Chief Financial Officer of Senseonics in September 2022, succeeding Nick Tressler. He first joined Senseonics in 2011 and has held various finance roles, including Vice President of Finance, Treasurer, Head of Strategy and Financial Reporting, and Corporate Controller. Prior to rejoining Senseonics in 2020, Sullivan served as Chief Financial Officer for RoosterBio, Inc., a privately held regenerative medicine company, and as the Principal of Hike Financial, LLC, an advisory firm providing financial, accounting, and administrative services to early growth, life sciences, and technology companies.

Mukul Jain, PhD, Chief Operating Officer
Mukul Jain is the Chief Operating Officer at Senseonics, Inc., 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, working on active implantable devices in the CRDM and Neuromodulation space, where he managed the development of Neurostimulator systems.

Francine R. Kaufman, M.D., Chief Medical Officer
Dr. Francine R. Kaufman is the Chief Medical Officer at Senseonics, Inc., where she focuses on driving the innovation platform and clinical value proposition of the Eversense CGM system. With nearly 40 years in diabetes care, she is recognized as a leading endocrinologist and brings a deep understanding of the global medical, research, and clinical diabetes community. Dr. Kaufman previously served as Chief Medical Officer and Vice President of Global Clinical, Regulatory and Medical Affairs at Medtronic Diabetes. She was also formerly the president of the American Diabetes Association in 2003 and chair of the National Diabetes Education Program from 2008 to 2009.

Abhi Chavan, PhD, Vice President, Engineering, R&D
Abhi Chavan is the Vice President of Engineering, Research and Development at Senseonics, Inc., bringing over 30 years of experience to his role. He is responsible for the next generation of implantable continuous glucose monitoring products and has been instrumental in the CGM system development and creating the IoT-based infrastructure for the Eversense system. Before Senseonics, Dr. Chavan held leadership roles at Medtronic Diagnostics, including Senior Director of R&D and Vice President of Research, Product Development, and Manufacturing Operations for Corventis. He also worked at Boston Scientific in Research & Product Development and held management and engineering positions at General Motors and Delphi Electronics.

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The key risks to Senseonics' (SENS) business include its ongoing financial distress and the resultant need for capital, intense competition in the continuous glucose monitoring (CGM) market, and its heavy reliance on a commercialization partner for market penetration and reimbursement.

1. Financial Distress, Lack of Profitability, and Shareholder Dilution
Senseonics has consistently reported net losses and negative free cash flow for an extended period, with profitability not expected in the near future. This consistent cash burn necessitates ongoing external financing, leading to a significant expansion of shares outstanding and substantial dilution for existing shareholders. The company's Altman Z-Score indicates a high risk of financial distress, suggesting a potential for bankruptcy within the next two years.

2. Intense Competition and Market Penetration Challenges
The continuous glucose monitoring market is highly competitive and dominated by much larger players such as Dexcom and Abbott. Senseonics' implantable Eversense system, while innovative, requires a minor outpatient procedure for sensor insertion and removal, and also necessitates specialized training for healthcare providers. These factors create significant barriers to adoption and limit the company's ability to effectively compete against more widely adopted, less-invasive alternatives offered by its larger rivals.

3. Dependence on Commercialization Partner and Reimbursement
Senseonics' commercial success is heavily dependent on its exclusive global distribution partnership with Ascensia Diabetes Care. Uncertainties inherent in the execution of commercial initiatives by Ascensia, along with the critical need for patients to obtain adequate coverage and reimbursement from third-party payors or government agencies, pose significant risks to Senseonics' revenue generation and market penetration.

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The clear emerging threat for Senseonics (SENS) stems from the relentless innovation and market dominance of its primary competitors, Dexcom and Abbott, in the non-implantable continuous glucose monitoring (CGM) market.

While Senseonics differentiates with its 6-month implantable Eversense E3 system, requiring a minor medical procedure for insertion and removal, competitors such as Dexcom (with G6 and G7) and Abbott (with FreeStyle Libre 2 and Libre 3) continue to launch progressively smaller, simpler, and easier-to-apply non-implantable devices. These competing systems offer superior convenience for many users due to their self-application, minimal invasiveness, and high accuracy, effectively eroding the perceived benefit of Senseonics' longer-term wear that comes with an initial procedural barrier.

The market trend increasingly favors ease of use, discreetness, and self-management, making the continuous improvement and broad adoption of "peel-and-stick" type CGM devices a significant challenge to Senseonics' unique value proposition. This ongoing evolution of competitive offerings threatens to marginalize the implantable approach for a substantial portion of the diabetes population.

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Senseonics' main product is the Eversense Continuous Glucose Monitoring (CGM) system, including both its 180-day and 365-day implantable sensors. The addressable markets for this product are as follows:

Global Continuous Glucose Monitoring Market

• In 2024, the global continuous glucose monitoring devices market was estimated at approximately USD 13.66 billion and is projected to reach USD 49.87 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 15.44% from 2025 to 2033.
• Another estimate valued the global continuous glucose monitoring market at USD 10.9 billion in 2024, with a projection to grow to USD 47.1 billion by 2034, demonstrating a CAGR of 16% from 2025 to 2034.
• The market is also estimated to be valued at USD 12,690.7 million in 2025 and is projected to reach USD 54,553.1 million by 2035, with a CAGR of 15.7% over the forecast period.

U.S. Continuous Glucose Monitoring Market

• The U.S. continuous glucose monitoring devices market was estimated at USD 1.51 billion in 2023 and is expected to reach USD 1.62 billion in 2024. It is projected to grow to USD 2.39 billion by 2030, at a CAGR of 6.68% from 2024 to 2030.
• Another report indicates the U.S. continuous glucose monitoring market size was approximately USD 4.9 billion in 2024 and is expected to grow from USD 5.7 billion in 2025 to USD 22 billion in 2034, at a CAGR of 16.2%.
• The U.S. market was also valued at USD 3.7 billion in 2024 and is projected to reach around USD 8.4 billion by 2033, with a CAGR of 9.5% from 2025 to 2033.

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Here are 3-5 expected drivers of future revenue growth for Senseonics (SENS) over the next 2-3 years:

1. Expanded Adoption of Eversense 365 in the U.S. and Europe: Senseonics anticipates significant growth from its Eversense 365 continuous glucose monitoring (CGM) system. The company aims to approximately double its global patient base during 2025 and 2026. In the U.S., the successful launch and adoption of Eversense 365 has already contributed to substantial revenue increases. Furthermore, the planned European launch of Eversense 365 in the first half of 2026, following an anticipated CE mark approval by the end of 2025, is expected to further bolster international revenue streams.
2. Direct-to-Consumer (DTC) Marketing Strategy: Senseonics' enhanced direct-to-consumer marketing campaigns have proven effective in generating patient leads and increasing new patient shipments. This strategy has led to a 300% increase in patient leads year-over-year and contributed to record new patient starts, with approximately 60% of new patients acquired through DTC advertising in Q3 2025. Continued investment in DTC marketing is expected to accelerate awareness, competitiveness, and growth for Eversense 365.
3. Transition to Direct Commercialization: Effective January 1, 2026, Senseonics will re-assume commercial responsibility for its Eversense CGM system from Ascensia Diabetes Care. This strategic transition is projected to positively impact the company's gross margins, with expectations to reach over 50% in 2026 and approximately 70% at scale. Taking commercialization in-house is also expected to better support growth and operational integration.
4. Integration with Automated Insulin Delivery (AID) Systems: Senseonics is actively working on integrating its Eversense 365 CGM with insulin pumps to create a closed-loop system. A commercial development agreement with Sequel Med Tech for integration with their twiist™ automated insulin delivery system is underway, with a launch expected in Q4 (presumably Q4 2025 based on current reporting). This integration is anticipated to be a significant growth driver for 2026, enabling patients to benefit from real-time insulin delivery adjustments based on Eversense data.
5. Future Product Pipeline (Gemini and Freedom Systems): Beyond Eversense 365, Senseonics has next-generation products in its pipeline that are expected to contribute to long-term growth. The Gemini transmitter-less CGM is described as an impressive innovation that will enhance Senseonics' competitive position. Additionally, the Freedom sensor, planned for release in the second half of 2027, is anticipated to improve form factor and usability, further appealing to physicians and patients.

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Share Issuance

• In May 2025, Senseonics closed a public offering of 115 million shares of common stock, generating gross proceeds of $57.5 million.
• Concurrently, Abbott Laboratories acquired 40.5 million shares in a private placement for approximately $20.3 million.
• Senseonics announced a 1-for-20 reverse stock split of its outstanding shares, effective October 17, 2025, reducing the number of issued shares from approximately 816 million to about 41 million.

Inbound Investments

• Abbott Laboratories made a strategic investment of approximately $20.3 million in May 2025 through a private placement, acquiring 40.5 million shares.
• The total capital raised from the May 2025 public offering and the private placement with Abbott Laboratories was approximately $77.8 million.

Capital Expenditures

• Senseonics reported quarterly capital expenditures of $124,000 for June 2025.
• Net proceeds from recent offerings are intended to fund the launch of Eversense 365, continued development of pipeline products, working capital, and general corporate purposes.
• As of September 2025, the company had a significant negative free cash flow of -$30.87 million, indicating ongoing investments in product development and market expansion.