Q2 2026 Senseonics Holdings Inc Earnings Call

August 6, 2026

Speaker #1: Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero and a member of our team will be happy to help you.

Operator: Good day, everyone, and welcome to the Senseonics Q2 2026 earnings call. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note today's call will be recorded, and I'll be standing by should you need any assistance. It is now my pleasure to turn the conference over to Jeremy Feffer from LifeSci Advisors. Please go ahead.

Speaker #1: assistance. It is now my pleasure to turn the conference over to Jeremy Feffer, from LifeSci Advisors. Please go ahead.

Speaker #2: you. This is Jeremy Feffer from LifeSci Advisors. Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, company performance, and other matters, and speak only as of the date hereof.

Jeremy Feffer: Thank you. This is Jeremy Feffer from LifeSci Advisors. Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, company performance, and other matters, and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. A list of the factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under risk factors and elsewhere in our annual report on Form 10-K for the year ended 31 December 2025, our 10-Q for the period ended 30 June 2026, and our other reports filed with the SEC. These documents are available on the investor relations section of our website at www.senseonics.com.

Speaker #2: Good day, everyone, and welcome to the Senseonics second quarter 2026 earnings call. Later, you will have the opportunity to ask questions during the question and answer session.

Speaker #2: To register to ask a question at any time, please press star one on your telephone keypad. Please note today's call will be recorded and I'll be standing by should you need any assistance.

Speaker #2: uncertainties. A list of the factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under Risk Factors and Elsewhere in our annual report on Form 10-K for the year ended December 31, 2025, our 10-Q for the period ended June 30, 2026, and our other reports filed with the SEC.

Speaker #2: It is now my pleasure to turn the conference over to Jeremy Feffer, from LifeSci Advisors. Please go ahead.

Speaker #3: Thank you. This is Jeremy Feffer from LifeSci Advisors. Before we begin today, let me remind you that the company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, company performance, and other matters and speak only as of the date hereof.

Speaker #2: These documents are available on the Investor Relations section of our website at www.senseonics.com. We undertake no obligation to update publicly or revise these forward-looking statements for any reason except as required by law.

Jeremy Feffer: We undertake no obligation to update publicly or revise these forward-looking statements for any reason except as required by law. Joining me today from Senseonics are Tim Goodnow, President and Chief Executive Officer, and Rick Sullivan, Chief Financial Officer. Brian Hansen, Chief Commercial Officer, and Mukul Jain, Chief Operating Officer, will also be available during the Q&A. Now I'll turn the call over to Tim.

Speaker #2: Joining me from today from Senseonics are Tim Goodnow, President and Chief Executive Officer; and Rick Sullivan, Chief Financial Officer. Brian Hansen, Chief Commercial Officer; and Mukul Jain, Chief Operating Officer, will also be available during the Q&A.

Speaker #3: These forward-looking statements involve a number of risks and uncertainties. A list of the factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under risk factors and elsewhere in our annual report on Form 10-K for the year ended December 31, 2025, our 10-Q for the period ended June 30, 2026, and our other reports filed with the SEC.

Speaker #2: And now, I'll turn the call over to Tim.

Speaker #3: Thanks, Jeremy. And thank you all for joining us today. I have to say this is an exciting call to be giving today. Because as an outstanding quarter for Senseonics, we're redefining what a CGM can be for people with diabetes and a second quarter showed just how much momentum that mission is building.

Tim Goodnow: Thanks, Jeremy, thank you all for joining us today. I have to say this is an exciting call to be giving today because it was an outstanding quarter for Senseonics. We are redefining what a CGM can be for people with diabetes, the Q2 showed just how much momentum that mission is building. This was another strong quarter for Senseonics, we are once again raising our full year 2026 global net revenue guidance now to $62 million to $66 million from $60 million to $64 million, representing year-over-year growth of about 80%. I will keep my remarks focused here, as a quarter like this deserves a moment to properly highlight it. Q2 revenue grew approximately 120% year-over-year, with US revenue growing more than 150% with strong performance in both the DTC and HCP channels.

Speaker #3: These documents are available on the investor relations section of our website at www.senseonics.com. We undertake no obligation to update publicly or revise these forward-looking statements for any reason except as required by law.

Speaker #3: This was another strong quarter for Senseonics. And we are once again raising our full-year 2026 global net revenue guidance, now to $62 million to $66 million from $60 million to $64 million, representing year-over-year growth of about 80%.

Speaker #3: Joining me from today from Senseonics are Tim Goodnow, president and chief executive officer, and Rick Sullivan, chief financial officer. Brian Hansen, chief commercial officer, and Mukul Jain, chief operating officer, will also be available during the Q&A.

Speaker #3: I'll keep my remarks focused here, as a quarter like this deserves a moment to properly highlight it. Second quarter revenue grew approximately 120% year-over-year, with U.S. revenue growing more than 150%, supported by strong performance in both the DTC and HCP channels.

Speaker #3: And now, I'll turn the call over to Tim.

Speaker #4: Thanks, Jeremy. And thank you all for joining us today. I have to say this is an exciting call to be giving today. Because it was an outstanding quarter for Senseonics.

Speaker #4: We're redefining what a CGM can be for people with diabetes and a second quarter showed just how much momentum that mission is building. This was another strong quarter for Senseonics.

Speaker #3: We also completed the commercial transition of our business in Europe from Ascensia, effective June 1, and consistent with the timeline we gave you in May.

Tim Goodnow: We also completed the commercial transition of our business in Europe from Ascensia, effective 1 June and consistent with the timeline we gave you in May. I want to thank the team led by Brian Hansen, our Chief Commercial Officer, for the continued execution of this strategy. We continued to scale Eon Care ahead of schedule, enabling broader and faster access to Eversense for prescribing clinicians and their patients. It is also important that I spend a moment on the margins because this is one of the most important stories for the Q2. Gross margin came in at 59%, above the guiding range we gave you in June, the strongest organic performance by the company in its history. I want to give real credit to our commercial, manufacturing, and supply chain teams for that execution.

Speaker #4: And we are once again raising our full-year 2026 global net revenue guidance, now to $62 million to $66 million from $60 million to $64 million.

Speaker #3: I want to thank the team led by Brian Hansen, our Chief Commercial Officer, for the continued execution of this strategy. At the same time, we continue to scale EN Care, ahead of schedule, enabling broader and faster access to ever since for prescribing clinicians and their patients.

Speaker #4: Representing year-over-year growth of about 80%. I'll keep my remarks focused here as a quarter like this deserves a moment to properly highlight it. Second quarter revenue grew approximately 120% year over year.

Speaker #3: In addition to the strong revenue performance, it's also important that I spend a moment on the margins because this is one of the most important stories for the quarter.

Speaker #4: With US revenue growing more than 150%, with strong performance in both the DTC and HCP channels. We also completed the commercial transition of our business in Europe from Ascensia, effective June 1, and consistent with the timeline we gave you in May.

Speaker #3: Gross margin came in at $59%, above the guiding range we gave you in June, and the strongest organic performance by the company in its history.

Speaker #3: And I want to give real credit to our commercial, manufacturing, and supply chain teams for that execution. This kind of consistency does not happen by accident.

Speaker #4: I want to thank the team led by Brian Hansen, our chief commercial officer, for the continued execution of this strategy. At the same time, we continue to scale Eion Care, ahead of schedule, enabling broader and faster access to ever since for prescribing clinicians and their patients.

Tim Goodnow: This kind of consistency does not happen by accident. This Q2's margin doesn't include any one-time adjustments. This is a clean number, I think that makes it an even stronger proof point. It is the second consecutive Q that we've delivered margins at or near the high end of our range since bringing commercial operations fully in-house, that's exactly the kind of proof point that validates our decision we made to take control of our own commercialization in the first place. We are also raising our full year gross margin guidance to the range of 58% to 61% from the prior range of 55% to 58%. Every point of margin we deliver today is a point that over time helps us fund our own operating expenses and moves us closer to being a business that can fund itself.

Speaker #3: Importantly, this quarter's margin doesn't include any one-time adjustments. This is a clean number. And I think that makes it an even stronger proof point.

Speaker #3: It's a second consecutive quarter that we've delivered margin at or near the high end of our range since bringing commercial operations fully in-house. And that's exactly the kind of proof point that validates our decision we made to take control of our own commercialization in the first place.

Speaker #4: In addition to the strong revenue performance, it's also important that I spend a moment on the margins because this is one of the most important stories for the quarter.

Speaker #4: Gross margin came in at 59%, above the guiding range we gave you in June. And the strongest organic performance by the company in its history.

Speaker #3: Given this performance, we $58 to $61% from the prior range of $55 to $58%. Every point of margin we deliver today is a point that over time helps us fund our own operating expenses and moves us closer to being a business that can fund itself.

Speaker #4: And I want to give real credit to our commercial, manufacturing, and supply chain teams for that execution. This kind of consistency does not happen by accident.

Speaker #4: Importantly, this quarter's margin doesn't include any one-time adjustments. This is a clean number. And I think that makes it an even stronger proof point.

Speaker #3: This is our clear objective and that is the whole thesis behind the commercial transition. We now have all the pieces. We own the tactics and we own the strategies.

Tim Goodnow: This is our clear objective, that is the whole thesis behind the commercial transition. We now have all the pieces. We own the tactics, we own the strategies. Q2 showed another quarter of progress from the transition, our team is delivering quarter after quarter, I couldn't be prouder of the execution. During Q2, we also presented additional real-world data on Eversense 365 at the ADA Scientific Sessions in June. The data reinforced compelling clinical benefit through strong adherence with real-world system use averaging 93% and consistent loop metrics across the first and second six months of sensor wear, including a mean time and range of 66% in open loop use, with more than 81% of our users achieving their hypoglycemia targets. Among those on a partnered AID system, we saw a mean time and range of approximately 76%.

Speaker #4: It's a second consecutive quarter that we've delivered margin at or near the high end of our range since bringing commercial operations fully in-house. And that's exactly the kind of proof point that validates our decision we made to take control of our own commercialization in the first place.

Speaker #3: Q2 showed another quarter of progress from the transition, and our team is delivering quarter after quarter, and I couldn't be prouder of the execution.

Speaker #3: During Q2, we also presented additional real-world data on Eversense 365 at the ADA Scientific Sessions in June. The data reinforced compelling clinical benefit through strong adherence, with real-world system use averaging 93%, and consistent glucometrics across the first and second six months of sensor wear.

Speaker #4: Given this performance, we are also raising our full-year gross margin guidance to the range of $58 to $61% from the prior range of $55 to $58%.

Speaker #4: Every point of margin we deliver today is a point that over time helps us fund our own operating expenses and moves us closer to being a business that can fund itself.

Speaker #3: Including a mean time in range of 66% in open-loop use, with more than 81% of our users achieving their hypoglycemia targets. Among those on our partnered AID system, we saw a mean time in range of approximately 76%. ADA the high-quality performance and survivability of ever since for a full year which we showed to be a meaningful differentiator in the quality aspects of our product compared to other available transcutaneous sensors which clearly disappoint some of the users.

Speaker #4: This is our clear objective and that is the whole thesis behind the commercial transition. We now have all the pieces. We own the tactics and we own the strategies.

Speaker #4: Q2 showed another quarter of progress from the transition and our team is delivering quarter after quarter and I couldn't be prouder of the execution.

Tim Goodnow: We also highlighted at the ADA the high-quality performance and survivability of Eversense for a full year, which we showed to be a meaningful differentiator in the quality aspects of our product compared to other available transcutaneous sensors, which clearly disappoint some of the users. We're pleased that the product continues to perform in the real world, which excites our users and meets their needs. We're at the most exciting stage of our journey yet. This quarter is exactly the kind of proof point that demonstrates our strategy is working, bringing our commercial organization in-house, scaling Eon Care, driving Eversense 365 adoption, and developing the next generation of products to redefine CGM. Let me provide a bit more color on each of these areas before turning the call over to Rick. In the United States, our commercial momentum has continued to build, frankly, it's exciting to watch.

Speaker #4: During Q2, we also presented additional real-world data on ever since 365 at the ADA Scientific sessions in June. The data reinforced compelling clinical benefit through strong adherence with real-world system use averaging 93% and consistent glucometrics across the first and second six months of sensor wear.

Speaker #4: Including a mean time in range of 66% in open-loop use, with more than 81% of our users achieving their hypoglycemia targets. Among those on our partnered AID system, we saw a mean time in range of approximately 76%.

Speaker #3: our journey yet. In this quarter, it's We also highlighted at the exactly the kind of proof point that demonstrates our strategy is working, bringing our commercial organization in-house scaling EN Care, driving ever since 365 adoption, and to redefine CGM.

Tim Goodnow: This quarter is exactly the kind of proof point that demonstrates our strategy is working, bringing our commercial organization in-house, scaling Eon Care, driving Eversense 365 adoption, and developing the next generation of products to redefine CGM. Let me provide a bit more color on each of these areas before turning the call over to Rick. In the United States, our commercial momentum has continued to build, frankly, it's exciting to watch.

Speaker #4: We also highlighted at the ADA the high-quality performance and survivability of ever since for a full year which we showed to be a meaningful differentiator in the quality aspects of our product compared to other available transcutaneous sensors which clearly disappoint some of the users.

Speaker #3: Let me provide a bit more color on each of these areas before turning the call over to Rick. In the United States, our commercial momentum has continued to build, and frankly, it's exciting to watch.

Tim Goodnow: We shipped more units in Q2 than in any other quarter in our history, the number of active prescribers writing for Eversense reached an all-time high, up approximately 130% year-over-year. Direct to consumer remains our largest source of new patient growth. At the same time, our healthcare provider channel continues to expand as our sales force gains productivity, awareness expands, we are continuing to see strong results from the Eversense 365 integration with twiist in one pump. twiist footprint is roughly 100 sales territories and has meaningfully amplified our own commercial reach, we continue to see the combination bring new patients to both products. As we noted at our ADA analyst event, approximately 90% of our new patients continue to come from the installed base of existing CGM users switching to Eversense. This speaks to the quality and differentiation of our sensor.

Speaker #3: in the second quarter than in any other quarter in our history. And the number of active prescribers writing for Eversense reached an all-time high, up approximately 130% year-over-year.

Speaker #4: We're pleased that the product continues to perform in the real world with excites our users and meets their needs. We're at the most exciting stage of our journey yet.

Speaker #3: Direct-to-consumer remains our largest source of new patient We ship more units growth. At the same time, our healthcare provider channel continues to expand as our sales force gains productivity, awareness expands, and we are continuing to see strong results from the ever since 365 integration with the Twist insulin pump.

Speaker #4: In this quarter is exactly the kind of proof point that demonstrates our strategy is working. Bringing our commercial organization in-house scaling Eion Care, driving ever since 365 adoption, and developing the next generation of products to redefine CGM.

Speaker #4: Let me provide a bit more color on each of these areas before turning the call over to Rick. In the United States, our commercial momentum has continued to build.

Speaker #3: Twist's footprint is roughly 100 sales territories, and it has meaningfully amplified our own commercial reach. We continue to see the combination bring new patients to both products.

Tim Goodnow: twiist footprint is roughly 100 sales territories and has meaningfully amplified our own commercial reach, we continue to see the combination bring new patients to both products. As we noted at our ADA analyst event, approximately 90% of our new patients continue to come from the installed base of existing CGM users switching to Eversense. This speaks to the quality and differentiation of our sensor.

Speaker #4: And frankly, it's exciting to watch. We ship more units in the second quarter than in any other quarter in our history. And the number of active prescribers writing for ever since reached an all-time high.

Speaker #3: As we noted at our ADA analyst event, approximately 90% of our new patients continue to come from the installed base, with existing CGM users switching to Eversense.

Speaker #4: Up approximately 130% year over year. Direct-to-consumer remains our largest source of new patient growth. At the same time, our healthcare provider channel continues to expand as our sales force gains productivity, awareness expands, and we are continuing to see strong results from the ever since 365 integration with the Twist insulin pump.

Speaker #3: This speaks to the quality and differentiation of our sensor. Patient retention has also remained in line with our expectations. Simply put, our U.S. business is executing at a high level across every part of the model, performing consistent with the high-growth plan we've laid out.

Tim Goodnow: Patient retention has also remained in line with our expectations. Simply put, our US business is executing at a high level across every part of the model, performing consistent with the high growth plan we've laid out, we expect that strength to continue through the back half of the year. I also want to spend a few minutes on Eon because it has quickly become a strong asset for growth today. At its core, Eon makes Eversense easy to get. It gives patients simple, convenient, and affordable access to the sensor, it partners with prescribers so they can bring the benefit of Eversense to their patients without having to build the insertion procedures into their own practice. That model matters because it means any prescriber, not just trained inserters, can say yes to Eversense. The network's momentum in Q2 was outstanding.

Speaker #3: And we expect that strength to continue through the back half of the year. I also want to spend a few minutes on EN because it has quickly become a strong asset for growth today.

Speaker #4: Twist footprint is roughly 100 sales territories and it has meaningfully amplified our own commercial reach. And we continue to see the combination bring new patients to both products.

Speaker #3: At its core, EN makes ever since easy to get. It gives patients simple, convenient, and affordable access to the sensor. And it partners with prescribers so they can bring the benefit of ever since to their patients without having to build the insertion procedures into their own practice.

Tim Goodnow: At its core, Eon makes Eversense easy to get. It gives patients simple, convenient, and affordable access to the sensor, it partners with prescribers so they can bring the benefit of Eversense to their patients without having to build the insertion procedures into their own practice. That model matters because it means any prescriber, not just trained inserters, can say yes to Eversense. The network's momentum in Q2 was outstanding.

Speaker #4: As we noted at our ADA analyst event, approximately 90% of our new patients continue to come from the installed base of existing CGM users switching to ever since.

Speaker #4: This speaks to the quality and differentiation of our sensor. Patient retention has also remained in line with our expectations. Simply put, our US business is executing at a high level across every part of the model, performing consistent with the high-growth plan we've laid out.

Speaker #3: That model matters. Because it means any prescriber, not just trained inserters, can say yes to ever since. The network's momentum in the second quarter was outstanding.

Speaker #3: We added 28 new providers bringing us to more than 90 nurse already well ahead of pace to deliver our goal of 100 by the end of 2026.

Tim Goodnow: We added 28 new providers, bringing us to more than 90 nurses, already well ahead of pace to deliver our goal of 100 by the end of 2026, we have plans in place to push beyond that target. By year-end, we expect to have an Eon provider within 30 miles of 60% of the US population. That reach is showing up directly in volume. Eon has performed more insertions in Q2 than in any other quarter in its history. June was the highest volume month ever. Today, Eon is performing approximately 40% of all Eversense insertions in the United States, we expect to account for more than half by year-end. Eon aligns tightly with our direct-to-consumer strategy. Most patients who come to us through DTC channels have primary care prescribers who are not Eversense-trained inserters. Eon closes that gap.

Speaker #4: And we expect that strength to continue through the back half of the year. I also want to spend a few minutes on Eion. Because it has quickly become a strong asset for growth today.

Speaker #3: And we have plans in place to push beyond that target. By year-end, we expect to have an EN provider within 30 miles of 60% of the US population.

Speaker #4: At its core, Eion makes ever since easy to get. It gives patients simple, convenient, and affordable access to the sensor. And it partners with prescribers so they can bring the benefit of ever since to their patients without having to build the insertion procedures into their own practice.

Speaker #3: That reach is showing up directly in volume. EN performed more insertions in the second quarter than in any other quarter in its history, and June was the highest volume month ever.

Speaker #4: That model matters. Because it means any prescriber, not just trained inserters, can say yes to ever since. The network's momentum in the second quarter was outstanding.

Speaker #3: Today, EN is performing approximately 40% of all ever since insertions in the United States. And we expect to come from more than half by year-end.

Speaker #4: We added 28 new providers bringing us to more than 90 nurses already well ahead of pace to deliver our goal of 100 by the end of 2026.

Speaker #3: EN aligns tightly with our direct-to-consumer strategy, most patients who come to us through DTC channels that primary care trained inserters. EN closes that gap.

Speaker #4: And we have plans in place to push beyond that target. By year-end, we expect to have an Eion provider within 30 miles of 60% of the US population.

Speaker #3: It is what makes getting ever since convenient and affordable for exactly those patients. And while EN's primary focus remains enabling sensor adoption, it is expected to become a contributor to Senseonics economics in its own right.

Tim Goodnow: It is what makes getting Eversense convenient and affordable for exactly those patients. While Eon's primary focus remains enabling sensor adoption, it is expected to become a contributor to Senseonics' economics in its own right. Simply put, Eon is a key element powering Eversense growth today, it will be essential to the rapid acceleration and adoption we expect with Gemini and Freedom tomorrow. On the reimbursement side, our channel mix remains a real strength for us. Holding constant at approximately 60% of our volume flowing through bill-to-pay and the remaining 40% through our DME channel, in line with our expectations. We continue to expect this split to hold for the remainder of the year.

Speaker #4: That reach is showing up directly in volume. Eion performed more insertions in the second quarter than in any other quarter in its history. And June was the highest volume month ever.

Speaker #3: Simply put, EN is a key element powering ever since growth today. And it will be essential to the rapid acceleration and adoption we expect with Gemini and freedom tomorrow.

Speaker #4: Today, Eion is performing approximately 40% of all ever since insertions in the United States. And we expect to come from more than half by year-end.

Speaker #3: On the reimbursement side, our channel mix remains a real strength for us. Holding constant at approximately 60% of our volume, flowing through bundled pay and the remaining 40% through our DME channel.

Speaker #4: Eion aligns tightly with our direct-to-consumer strategy, most patients who come to us through DTC channels that primary care prescribers who are not ever since trained inserters.

Speaker #3: In line with our expectations. We continue to expect this split to hold for the remainder of the year. In Europe, we completed the commercial transition of the business from a Censia during the second quarter.

Speaker #4: Eion closes that gap. It is what makes getting ever since convenient and affordable for exactly those patients. And while Eion's primary focus remains enabling sensor adoption, it is expected to become a contributor to Senseonics economics in its own right.

Tim Goodnow: In Europe, we completed the commercial transition of the business from Ascensia during Q2, bringing over the full commercial organization, including all local employees, and standing up of our own dedicated sales force across Germany, Italy, Spain, and Sweden. That transition landed a little later in the quarter than we had originally planned, which slightly affected our tender-driven markets. In each of our tender countries, we need to both transfer ownership of the existing tender from Ascensia to Senseonics and simultaneously request the upgrade from our legacy 180-day Eversense E3 product to Eversense 365. The underlying commercial transition landed later in the quarter, that work in Italy and a handful of other markets got slightly pushed out as well.

Speaker #3: Bringing over the full commercial organization, including all local employees, and establishing our own dedicated sales force across Germany, Italy, Spain, and Sweden.

Speaker #4: Simply put, Eion is a key element powering ever since growth today. And it will be essential to the rapid acceleration and adoption we expect with Gemini and freedom tomorrow.

Speaker #3: That transition landed a little later in the quarter than we had originally planned, which slightly affected our tender-driven markets. In each of our tender countries, we need to transfer ownership of the existing tender from Ascensia to Senseonics and simultaneously request the upgrade from our legacy 180-day Eversense E3 product to Eversense 365.

Speaker #4: On the reimbursement side, our channel mix remains a real strength for us. Holding constant at approximately 60% of our volume, flowing through bundle pay and the remaining 40% through our DME channel.

Speaker #4: In line with our expectations. We continue to expect this split to hold for the remainder of the year. In Europe, we completed the commercial transition of the business from a Sensia during the second quarter bringing over the full commercial organization including all local employees and standing up of our own dedicated sales force across Germany, Italy, Spain, and Sweden.

Speaker #3: Because the underlying commercial transition landed later in the quarter, that work in Italy and a handful of other markets got slightly pushed out as well.

Speaker #3: That timing, together with a small purchase of ever since inventory back from a Censia, as we finalized the transition, similar to adjustments we've made in the US in the past, is why our OUS revenue came in slightly lower than we had modeled for the quarter.

Tim Goodnow: That timing, together with a small purchase of Eversense inventory back from Ascensia as we finalized the transition, similar to adjustments we've made in the US in the past, is why our OUS revenue came in slightly lower than we had modeled for the quarter. None of this changes our confidence in the opportunity in front of us in Europe. It's purely a matter of timing, we expect the revenue associated with these tender updates to shift to Q3 and Q4. We do not expect an impact on the full year revenue in Europe, it will slightly push some of this revenue into Q3 and Q4. We continue to expect Europe to represent approximately 20% of our total revenue for the full year. Turning to our product pipeline, our additional major pillar for Senseonics' growth.

Speaker #4: That transition landed a little later in the quarter than we had originally planned. Which slightly affected our tender-driven markets. In each of our tender countries, we need to both transfer ownership of the existing tender from a Sensia to Senseonics and simultaneously request the upgrade from our legacy 180-day ever since E3 product to ever since 365.

Speaker #3: None of this changes our confidence in the opportunity in front of us in Europe. Is truly a matter of timing. And we expect the revenue associated with these tender updates to shift to the third and fourth quarter.

Speaker #3: We do not expect an impact on the full-year revenue in Europe. But it will slightly push some of this revenue into Q3 and Q4.

Speaker #4: Because the underlying commercial transition landed later in the quarter, that work in Italy and a handful of other markets got slightly pushed out as well.

Speaker #3: We continue to expect Europe to represent approximately 20% of our total revenue for the full year. Turning to our product pipeline, our additional major pillar for Senseonics growth, both Gemini and Freedom continue to advance in line with our expectations.

Speaker #4: That timing together with a small purchase of ever since inventory back from a Sensia as we finalized the transition, similar to adjustments we've made in the US in the past, is why our OUS revenue came in slightly lower than we had modeled for the quarter.

Tim Goodnow: Both Gemini and Freedom continue to advance in line with our expectations, I want to take a moment to remind everyone just how exciting this roadmap is. Our mission has always been to push the boundaries of sensing technology and make diabetes less visible. Both Gemini and Freedom are how we get there. Gemini is on track for the 510(k) submission to the agency in Q1 of 2027, launch soon after its clearance. It will be the first CGM with an optional on-body transmitter, giving us two distinct products from a single platform. A flash-style mode where patients can scan for a reading just using their smartphone, a full continuous mode for patients who choose to keep the transmitter on.

Speaker #3: And I want to take a moment to remind everyone just how exciting this roadmap is. Our mission has always been to push the boundaries of sensing technology and make diabetes less visible both Gemini and Freedom are how to get there.

Speaker #4: None of this changes our confidence in the opportunity in front of us in Europe. It's truly a matter of timing. And we expect the revenue associated with these tender updates to shift to the third and fourth quarter.

Speaker #3: Gemini is on track for the 510K submission to the agency in Q1 of 2027. And launch soon after it's clearance. It will be the first CGM with an optional on-body transmitter.

Speaker #4: We do not expect an impact on the full-year revenue in Europe. But it will slightly push some of this revenue into Q3 and Q4.

Speaker #4: We continue to expect Europe to represent approximately 20% of our total revenue for the full year. Turning to our product pipeline, our additional major pillar for Senseonics growth, both Gemini and Freedom continue to advance in line with our expectations.

Speaker #3: Giving us two distinct products from a single platform. A flash-style mode where patients can scan for a reading just using their smartphone and a full continuous mode for patients who choose to keep the transmitter on.

Speaker #4: And I want to take a moment to remind everyone just how exciting this roadmap is. Our mission has always been to push the boundaries of sensing technology and make diabetes less visible both Gemini and Freedom are how we get there.

Speaker #3: Freedom is right behind it. And we're preparing to begin our first in-human study later this year. And important next step towards our ambition of eliminating the on-body transmitter entirely.

Tim Goodnow: Freedom is right behind it. We're preparing to begin our first in-human study later this year, an important next step towards our ambition of eliminating the on-body transmitter entirely. That timing is supported by encouraging results from a recent animal study that we shared at the ADA, where we saw 100% Bluetooth communication success within 8 feet of the implanted sensor and up to 83% with connections at 25 feet, giving us confidence in the antenna and protocol choices we've made as we move toward human testing. We remain incredibly excited about the progress that we've made on both Gemini and Freedom. We continue to be on track to deliver the most revolutionary advancements in diabetes technology. Advancing the platform in June, we announced a strategic partnership with Welldoc to develop the next generation Eversense 365 app.

Speaker #3: That timing is supported by encouraging results from a recent animal study that we shared at the ADA, where we saw 100% Bluetooth communication success within 8 feet of the implanted sensor, and up to 83% with connections at 25 feet.

Speaker #4: Gemini is on track for the 510K submission to the agency in Q1 of 2027. And launch soon after it's clearance. It will be the first CGM with an optional on-body transmitter.

Speaker #4: Giving us two distinct products from a single platform. A flash-style mode where patients can scan for a reading just using a smartphone and a full continuous mode for patients who choose to keep the transmitter on.

Speaker #3: Giving us confidence in the antenna and protocol choices we've made and as we move toward human testing. We remain incredibly excited about the progress that we've made on both Gemini and Freedom.

Speaker #3: And we continue to be on track to deliver the most revolutionary advancements in diabetes technology. Also advancing the platform in June, we announced a strategic partnership with WellDoc to develop the next generation ever since 365 app.

Speaker #4: Freedom is right behind it. And we're preparing to begin our first in-human study later this year. And important next step towards our ambition of eliminating the on-body transmitter entirely.

Speaker #3: The new app will preserve everything patients rely on today while adding improved integration with tools like Apple Health and Google Health Connect. And it lays the groundwork for future AI-powered features leveraging WellDoc's healthcare-ready AI platform.

Tim Goodnow: The new app will preserve everything patients rely on today while adding improved integration with tools like Apple Health and Google Health Connect. It lays the groundwork for future AI-powered features leveraging Welldoc's healthcare-ready AI platform. We expect to launch the new app in the US in the H2 of this year, with European availability to follow in early 2027. All part of our mission to make it easier and more convenient for people to manage their diabetes. With that, I'll now turn the call over to Rick to walk through our financial results.

Speaker #4: That timing is supported by encouraging results from a recent animal study that we shared at the ADA. Where we saw 100% Bluetooth communication success within 8 feet of the implanted sensor and up to 83% with connections at 25 feet.

Speaker #3: We expect to launch the new app in the US in the second half of this year. With European availability to follow in early 2027.

Speaker #4: Giving us confidence in the antenna and protocol choices we've made and as we move toward human testing. We've remained incredibly excited about the progress that we've made on both Gemini and Freedom.

Speaker #3: All part of our mission to make it easier and more convenient for people to manage their diabetes. With that, I'll now turn the call over to Rick to walk through our financial results.

Speaker #4: And we continue to be on track to deliver the most revolutionary advancements in diabetes technology. Also advancing the platform in June, we announced a strategic partnership with WellDoc to develop the next generation ever since 365 app.

Speaker #1: Thanks, Tim. And thanks, everyone, for joining us this afternoon. I'll keep my comments on our sales and reimbursement channels brief today since the mechanics remain in line with what we have previously shared and touch on the headlines before moving into our results.

Rick Sullivan: Thanks, Tim. Thanks, everyone, for joining us this afternoon. I'll keep my comments on our sales and reimbursement channels brief today, since the mechanics remain in line with what we have previously shared, touch on the headlines before moving into our results. I'm happy to go deeper into any of it during Q&A. Direct-to-consumer remains our largest US sales channel, followed by our healthcare provider channel and patient reorders, which continue to grow as our installed base matures. On reimbursement, as Tim just described, our bundled pay and DME mix held at approximately 60/40 this year, consistent with our expectations. Let's turn to the financials for the quarter.

Speaker #4: The new app will preserve everything patients rely on today while adding improved integration with tools like Apple Health and Google Health Connect. And it lays the groundwork for future AI-powered features leveraging WellDoc's healthcare-ready AI platform.

Speaker #1: I'm happy to go deeper into any of it during Q&A. Direct-to-consumer remains our largest US sales channel, followed by our healthcare provider channel and patient reorders, which continue to grow as our installed base matures.

Speaker #4: We expect to launch the new app in the US in the second half of this year. With European availability to follow in early 2027.

Speaker #1: And on reimbursement, as Tim just described, our bundled pay and DME mix held at approximately 60/40 this year, consistent with our expectations. Now, let's turn to the financials for the quarter.

Speaker #4: All part of our mission to make it easier and more convenient for people to manage their diabetes. With that, I'll now turn the call over to Rick to walk through our financial results.

Speaker #1: Net revenue for the second quarter was $14.5 million and increase of approximately $120% compared to $6.6 million in the second quarter of 2025, driven by the continued ever since 365 adoption in the US, the elimination of the Essentia revenue share, and a favorable reimbursement mix.

Rick Sullivan: Net revenue for Q2 was $14.5 million, an increase of approximately 120% compared to $6.6 million in Q2 2025, driven by the continued Eversense 365 adoption in the US, the elimination of the Ascensia revenue share, a favorable reimbursement mix. US revenue was $12.6 million, up more than 150% from $4.9 million in the prior year period. Revenue outside the US was $1.9 million, up approximately 12% from $1.7 million in Q2 2025. A smaller increase than we'd expect on a full year basis, reflecting the slight delay in tender updates to the 365-day product in Europe as we finalize the transition that Tim described, which is purely a matter of timing and not demand. Those tenders update, we'd expect OUS revenue to accelerate in Q3 and Q4, still landing at approximately 20% of full year revenue.

Speaker #2: Thanks, Tim. And thanks, everyone, for joining us this afternoon. I'll keep my comments on our sales and reimbursement channels brief today since the mechanics remain in line with what we have previously shared and touch on the headlines before moving into our results.

Speaker #2: I'm happy to go deeper into any of it during Q&A. Direct-to-consumer remains our largest US sales channel, followed by our healthcare provider channel and patient reorders, which continue to grow as our installed base matures.

Speaker #1: US revenue was $12.6 million, up more than 150% from $4.9 million in the prior year period. Revenue outside the US was $1.9 million, up approximately 12% from $1.7 million in the second quarter of 2025.

Speaker #2: And on reimbursement, as Tim just described, our bundled pay and DME mix held at approximately 60/40 this year, consistent with our expectations. Now let's turn to the financials for the quarter.

Speaker #1: A smaller increase than we'd expect on a full-year basis, reflecting the slight delay in tender updates to the 365-day product in Europe as we finalize the transition that Tim described.

Speaker #2: Net revenue for the second quarter was $14.5 million and increase of approximately $120% compared to $6.6 million in the second quarter of 2025, driven by the continued ever since 365 adoption in the US, the elimination of the Essentia revenue share, and a favorable reimbursement mix.

Speaker #1: Which is purely a matter of timing and not demand. As those tenders update, we'd expect OUS revenue to accelerate in the third and fourth quarters, still landing at approximately 20% of full-year revenue.

Speaker #1: A big highlight for us in Q2 is our gross profit margin. Gross profit for the second quarter of 2026 was $8.6 million, representing a gross margin of approximately 59%.

Rick Sullivan: A big highlight for us in Q2 is our gross profit margin. Gross profit for the second quarter of 2026 was $8.6 million, representing a gross margin of approximately 59%. This is compared with gross profit of $3.1 million and a gross margin of approximately 47% for the second quarter of 2025. This reflects both the strong execution of our manufacturing and supply chain teams as we continue to increase lot sizes and make improvements throughout the manufacturing process, and the reimbursement mix with about 60% of the business continuing to flow through the bundled pay reimbursement channel with higher average selling prices.

Speaker #2: US revenue was $12.6 million, up more than $150% from $4.9 million in the prior year period. Revenue outside the US was $1.9 million, up approximately 12% from $1.7 million in the second quarter of 2025.

Speaker #1: This is compared with gross profit of $3.1 million and a gross margin of approximately 47% for the second quarter of 2025. This reflects both the strong execution of our manufacturing and supply chain teams as we continue to increase lot sizes and make improvements throughout the manufacturing process, and the reimbursement mix, with about 60% of the business continuing to flow through the bundled pay reimbursement channel with higher average selling prices.

Speaker #2: A smaller increase than we'd expect on a full-year basis, reflecting the slight delay in tender updates to the 365-day product in Europe as we finalize the transition that Tim described.

Speaker #2: Which is purely a matter of timing and not demand. As those tenders update, we'd expect OUS revenue to accelerate in the third and fourth quarters, still landing at approximately 20% of full-year revenue.

Speaker #1: Research and development expenses for the second quarter of 2026 were $11.6 million, compared with $7.7 million for the prior year period, an increase of 3.9 million primarily driven by ongoing clinical trials for the Gemini product and development efforts for our Freedom product, making progress towards our vision of eliminating the on-body transmitter entirely.

Rick Sullivan: Research and development expenses for the second quarter of 2026 were $11.6 million, compared with $7.7 million for the prior year period, an increase of $3.9 million, primarily driven by ongoing clinical trials for the Gemini product and development efforts for our Freedom product, making progress towards our vision of eliminating the on-body transmitter entirely. Selling, general, and administrative expenses for the second quarter of 2026 were $32.9 million, compared with $9.7 million for the prior year period. The increase is due to the transition of commercialization back to us from Ascensia and the assumed operational responsibilities related to the commercial integration in the US and Europe. Included in these amounts are transition service agreement expenses paid to Ascensia, most of which were concluded by the end of the second quarter.

Speaker #2: A big highlight for us in Q2 is our gross profit margin. Gross profit for the second quarter of 2026 was $8.6 million, representing a gross margin of approximately 59%.

Speaker #2: This is compared with gross profit of $3.1 million and a gross margin of approximately 47% for the second quarter of 2025. This reflects both the strong execution of our manufacturing and supply chain teams as we continue to increase lot sizes and make improvements throughout the manufacturing process and the reimbursement mix with about 60% of the business continuing to flow through the bundled pay reimbursement channel with higher average selling prices.

Speaker #1: Selling general and administrative expenses for the second quarter of 2026 were $32.9 million, compared with $9.7 million for the prior year period. The increase is due to the transition of commercialization back to us from Essentia and the assumed operational responsibilities related to the commercial integration in the US and Europe.

Speaker #2: Research and development expenses for the second quarter of 2026 were $11.6 million, compared with $7.7 million for the prior year period, an increase of 3.9 million primarily driven by ongoing clinical trials for the Gemini product and development efforts for our Freedom product, making progress towards our vision of eliminating the on-body entirely.

Speaker #1: Included in these amounts are transition service agreement expenses paid to Essentia, most of which were concluded by the end of the second quarter. Net loss was $36.7 million, or 63 cents per share, compared to a net loss of $14.5 million, or 36 cents per share, in the second quarter of 2025.

Rick Sullivan: Net loss was $36.7 million, or $0.63 per share, compared to a net loss of $14.5 million or $0.36 per share in the second quarter of 2025. As a reminder, as you've heard today, we are in a period of investment in Eversense commercialization and our next wave of CGM innovation, and we believe those investments have clearly begun to pay dividends. We are taking a long-term view of the business, and we believe our decisive actions so far this year are laying a strong foundation for a commercially and financially sustainable enterprise. As of 30 June 2026, cash, restricted cash, and cash equivalents totaled $143 million, and debt and accrued interest was $55.5 million. I also want to take a moment to reemphasize the financing we completed earlier in the second quarter, because it's a real strategic asset heading into the back half of the year.

Speaker #1: As a reminder, and as you've heard today, we are in a period of investment in ever since commercialization in our next wave of CGM innovation, and we believe those investments have clearly begun to pay dividends.

Speaker #2: Selling general and administrative expenses for the second quarter of 2026 were $32.9 million, compared with $9.7 million for the prior year period. The increase is due to the transition of commercialization back to us from Essentia and the assumed operational responsibilities related to the commercial integration in the US and Europe.

Speaker #1: We are taking a long-term view of the business, and we believe our decisive actions so far this year are laying a strong foundation for a commercially and financially sustainable enterprise.

Speaker #1: As of June 30th, 2026, cash, restricted cash, and cash equivalents totaled $143 million, and debt and accrued interest was $55.5 million. I also want to take a moment to reemphasize the financing we completed earlier in the second quarter, because it's a real strategic asset heading into the back half of the year.

Speaker #2: Included in these amounts are transition service agreement expenses paid to Essentia, most of which were concluded by the end of the second quarter. Net loss was $36.7 million, or 63 cents per share, compared to a net loss of $14.5 million, or 36 cents per share, in the second quarter of 2025.

Speaker #2: As a reminder, and as you've heard today, we are in a period of investment in ever since commercialization in our next wave of CGM innovation, and we believe those investments have clearly begun to pay dividends.

Speaker #1: In early May, we raised more than $100 million in gross capital in two steps: an equity offering of common stock and pre-funded warrants that generated approximately $90 million in net proceeds—led by a handful of institutional investors with strong conviction in the Senseonics story—and an amendment to our credit facility with Hercules Capital that expanded the facility from $100 million to $140 million, giving us access to an additional $20 million immediately with up to $85 million more available over the next 18 months, subject to meeting certain conditions.

Rick Sullivan: In early May, we raised more than $100 million in gross capital in two steps. An equity offering of common stock and pre-funded warrants that generated approximately $90 million in net proceeds, led by a handful of institutional investors with strong conviction in the Eversense story. An amendment to our credit facility with Hercules Capital that expanded the facility from $100 million to $140 million, giving us access to an additional $20 million immediately, with up to $85 million more available over the next 18 months, subject to meeting certain conditions. On top of the cash balance I just described, I believe our balance sheet is well-positioned to support our commercial strategy and pipeline investments.

Speaker #2: We are taking a long-term view of the business, and we believe our decisive actions so far this year are laying a strong foundation for a commercially and financially sustainable enterprise.

Speaker #2: As of June 30th, 2026, cash, restricted cash, and cash equivalents totaled $143,00,00 and debt and accrued interest was $55.5 million. I also want to take a moment to re-emphasize the financing we completed earlier in the second quarter, because it's a real strategic asset heading into the back half of the year.

Speaker #1: On top of the cash balance I just described, I believe our balance sheet is well-positioned to support our commercial strategy and pipeline investments.

Speaker #1: Given the strength we saw this quarter, as Tim highlighted, we are raising full-year 2026 revenue guidance to $62 million to $66 million, up from our prior range of $60 million to $64 million.

Rick Sullivan: Given the strength we saw this quarter, as Tim highlighted, we are raising full year 2026 revenue guidance to $62 million to 66 million, up from our prior range of $60 million to 64 million. We are also raising our margin guidance and now expect our full year gross margin to be in a range of 58% to 61%. The momentum we are seeing through two quarters gives us confidence in these expectations. As in prior years, we expect revenue to be weighted toward the back half of 2026, with approximately 40% in H1 and 60% in H2, a seasonal pattern that has historically held true independent of the European timing dynamics Tim described. We continue to expect operating expenses of $150 million to 160 million and cash utilization of $110 million to 120 million for the year.

Speaker #2: In early May, we raised more than $100,000,000 in gross capital in two steps. And equity offering of common stock and pre-funded warrants that generated approximately $90,000,000 in net proceeds led by a handful of institutional investors with strong conviction in the ever since story, and an amendment to our credit facility with Hercules Capital that expanded the facility from $100,000,000 to $140,000,000, giving us access to an additional $20,000,000 immediately with up to $85,000,000 more available over the next 18 months subject to meeting certain conditions.

Speaker #1: We are also raising our margin guidance, and now expect our full-year gross margin to be in a range of 58% to 61%. The momentum we are seeing through two quarters gives us confidence in these expectations.

Speaker #1: As in prior years, we expect revenue to be weighted toward the back half of 2026, with approximately 40% in the first half and 60% in the second half.

Speaker #2: On top of the cash balance I just described, I believe our balance sheet is well positioned to support our commercial strategy and pipeline investments.

Speaker #1: A seasonal pattern that has historically held true independent of the European timing dynamics Tim described. We continue to expect operating expenses of $150 million to $160 million, and cash utilization of $110 to $120 million for the year.

Speaker #2: Given the strength we saw this quarter, as Tim highlighted, we are raising full-year 2026 revenue guidance to $62,000,000 to $66,000,000, up from our prior range of $60,000,000 to $64,000,000.

Speaker #1: With that, I'll turn it back to Tim for a few closing remarks.

Rick Sullivan: I'll turn it back to Tim for a few closing remarks.

Speaker #2: We are also raising our margin guidance and now expect our full-year gross margin to be in a range of $58,000 to $61,000,000. The momentum we are seeing through two quarters gives us confidence in these expectations.

Speaker #2: Thank you, Rick. To wrap up, I want to step back and frame where we stand. Because I think this was one of the strongest quarters in Senseonics history.

Tim Goodnow: Thank you, Rick. To wrap up, I want to step back and frame where we stand, because I think this was one of the strongest quarters in Senseonics' history. Coming into the year, our thesis was that bringing the commercial organization fully in-house, combined with the strength of Eversense 365, would unlock durable revenue growth and margin expansion. So far, we see this thesis is playing out ahead of expectations. Our Q2 results give us confidence. Revenue up approximately 120% year-over-year. Margin performance at the high end of our guided range. Continued strength in the US. A European transition that is operationally complete even as some of the associated revenue shifts later in the year. A meaningfully strengthened balance sheet and an Eon Care network that is on track to scale beyond our 100 provider goal.

Speaker #2: Coming into the year, our thesis was that bringing the commercial organization fully in-house combined with the strength of ever since 365 would unlock durable revenue growth and margin expansion.

Speaker #2: As in prior years, we expect revenue to be weighted toward the back half of 2026, with approximately 40% in the first half and 60% in the second half.

Speaker #2: And so far, we see this thesis is playing out ahead of expectations. Our second quarter results give us confidence. Revenue up approximately $120% year over year.

Speaker #2: A seasonal pattern that has historically held true independent of the European timing dynamics Tim described. We continue to expect operating expenses of $150,000,000 to $160,000,000 and cash utilization of $110,000,000 to $120,000,000 for the year.

Speaker #2: Margin performance at the high end of our guided range. Continued strength in the US. A European transition that is operationally complete even as some of the associated revenue shifts later in the year.

Speaker #2: With that, I'll turn it back to Tim for a few closing remarks.

Speaker #1: Thank you, Rick. To wrap up, I want to step back and frame where we stand. Because I think this is one of the strongest quarters in Senseonics history.

Speaker #2: A meaningfully strengthened balance sheet and an EonCare network that is on track to scale beyond our $100 patient per stock. An EonCare network that is on track to scale beyond our $100 provider goal.

Speaker #1: Coming into the year, our thesis was that bringing the commercial organization fully in-house combined with the strength of ever since 365 would unlock durable revenue growth and margin expansion.

Tim Goodnow: An Eon Care network that is on track to scale beyond our 100 provider goal, supporting maximizing our DTC strategy and opening up access across the US. We're not just growing the business, we're redefining what a CGM can be, and we believe this quarter is showing that. We remain confident in our plan for the year, and what we're seeing so far in 2026 gives us even more conviction. Thank you all for joining us today. With that, we'll now open up the line for questions.

Speaker #2: Supporting the maximization of our DTC strategy and opening up access across the U.S. We're not just growing the business; we're redefining what a CGM can be.

Speaker #1: And so far, we see this thesis is playing out ahead of expectation. Our second quarter results give us confidence. Revenue up approximately 120% year over year.

Speaker #2: And we believe this quarter is showing that. We remain confident in our plan for the year, and what we're seeing is so far in 2026 gives us even more conviction.

Speaker #1: Margin performance at the high end of our guided range. Continued strength in the US. A European transition that is operationally complete even as some of the associated revenue shifts later in the year.

Speaker #2: Thank you all for joining us today. And with that, we'll now open up the line for questions.

Speaker #1: A meaningfully strengthened balance sheet and an EonCare network that is on track to patient per stop. An EonCare network that is on track to scale beyond our 100 provider goal.

Speaker #3: Thank you. If you'd like to ask a question, press star 1 on your keypad. To leave the queue at any time, press star 2.

Operator: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star one to ask a question. We'll take our first question from Joshua Jennings with TD Cowen. Your line is open.

Speaker #3: Once again, that is star 1 to ask a question. And we'll take our first question from Joshua Jennings with TD Callan. Your line is open.

Speaker #1: Supporting maximizing our DTC strategy and opening up access across the US. We're not just growing the business, we're redefining what a CGM can be.

Speaker #1: Hi, Tim. Hi, Rick. Thanks for taking the question. This is Callan on for Josh. Congrats on the nice quarter as well.

[Analyst] (TD Cowen): Hi, Tim. Hi, Rick. Thanks for taking the question. This is Colin on for Josh. Congrats on the nice quarter as well.

Speaker #1: And we believe this quarter is showing that. We remain confident in our plan for the year, and what we're seeing is so far in 2026 gives us even more conviction.

Speaker #4: Thanks, Callan.

Tim Goodnow: Thanks, Colin. Appreciate it.

Rick Sullivan: Thanks, Colin. Appreciate it.

Speaker #2: Rick, thank you. How are you?

Brian Hansen: Thank you. How are you?

Speaker #1: I'm great. How about yourself?

[Analyst] (TD Cowen): I'm great. How about yourself?

Speaker #2: Doing well.

Brian Hansen: Doing well.

[Analyst] (TD Cowen): Can you talk about the drivers of the really strong US new patient number, as well as how you're rolling out the expansion of the Eon Care network, whether that be by filling some of the white space in any regions or growing your presence in different key areas?

Speaker #1: Can you talk about the drivers of the really strong U.S. new patient numbers, as well as how you're rolling out the expansion of the EonCare network — whether that be by filling some of the white space in any regions or growing your presence in different key areas?

Speaker #1: Thank you all for joining us today. And with that, we'll now open up the line for questions.

Speaker #3: Thank you. If you'd like to ask a question, press star 1 on your keypad. To leave the queue at any time, press star 2.

Speaker #3: Once again, that is star 1 to ask a question. And we'll take our first question from Joshua Jennings with TD Cowan. Your line is open.

Brian Hansen: Growth fundamentally is new patient starts, right? As we said, the approach, as you know, is through the DTC channel, which is about 60% of the growth, and the other 40% is coming from the HCPs. DTC, we've run a lot of commercials in social media. We're getting good response. We've increased the effectiveness of that, so taking the cost down, which allows us to get broader and broader reach. Through our internal procedures or their internal service teams, we're improving the conversion on each one of those. That's happening month over month, quarter over quarter. On the sales reps side, they're doing a great job at reaching out with folks. As Eversense becomes more and more aware at each one of their clinics, they're able to go penetrate deeper as well.

Speaker #2: Hi, Tim. Hi, Rick. Thanks for taking the question. This is Colin on for Josh. Congrats on the nice quarter as well.

Speaker #4: Thanks, Colin.

Speaker #1: Rick, thank you. How are you?

Speaker #2: I'm great. How about yourself? Can you talk about the drivers of the really strong US new patient number, as well as how you're rolling out the expansion of the EonCare network, whether that be by filling some of the white space in any regions or growing your presence in different key areas?

Speaker #1: So growth, fundamentally, is it's new patient starts, right? As we said, the approach, as you know, is through the DTC channel, which is about 60% of the growth, and the other 40 is coming from the ACPs.

Brian Hansen: Obviously, as we bring more folks in, especially with the DTC, they're able to go broader in the offices that they're able to call on. It's really just effectiveness of the entire commercial organization. Now that we have control of that, we're able to make all of the adjustments. We make the real-time, week-to-week adjustments in regards to what investments we want to make, in regards to what zip codes that we want to focus on. That's all directly within our control. Brian and his team are doing a great job at executing on all of those. Eon growth, as you see, we actually accelerated from what we said because we're just seeing great progress with that. It takes a relatively short amount of time period to bring new nurses up to do the procedure. We do the training on it.

Speaker #1: DTC, we run a lot of commercials in social media. We're getting good response. We've increased the effectiveness of that. So taking the cost down, which allows us to get broader and broader reach, and through our internal procedures or their internal service teams, we're improving the conversion on each one of those.

Speaker #1: And that's happening month over month, quarter over quarter. On the sales reps side, they're doing a great job at reaching out with folks as it becomes ever since becomes more and more aware.

Speaker #1: And each one of their clinics, they're able to go penetrate deeper as well. And then obviously, as we bring more folks in, especially with the DTC, they're able to go broader in the offices that they're able to call on.

Brian Hansen: We make sure that they're credentialed, we're putting in the geographies where we're showing the success in the commercial aspects as well. It's really building on each other. As we show more commercial success, there's a greater need for inserters. Obviously, where we have greater insertion depth, we can push harder and harder with the commercials. It really is a rising tide is floating all the boats.

Speaker #1: So it's really just effectiveness of the entire commercial organization. And now that we have control of that, we're able to make all of the adjustments.

Speaker #1: We make the real-time week-to-week adjustments in regards to what investments we want to make, in regards to what zip codes that we want to focus on.

[Analyst] (TD Cowen): That sounds great. Thank you. Maybe with the E 365 reinsertion cycle coming up here in the back half, can you put that recurring revenue stream of sorts into perspective versus your new patient adoption expectations? Thank you.

Speaker #1: That's all directly within our control. And Brian and his team are doing a great job at executing on all of those. EonGrowth, as you've seen, we actually accelerated from what we said because we're just seeing great progress with that.

Speaker #1: It takes a relatively short amount of time period to bring new nurses up to do the procedure. We do the training on it. We make sure that their credentials and we're putting in the geographies where we're showing the success in the commercial aspects as well.

Brian Hansen: Well, remember, we're certainly continuing to ramp on 365, we've been reinserting 365 now since last November. We've got a pretty good track record. It continues to hold exactly where we expect it would be. From a quantitation perspective, I don't know if we've broken that down yet, it continues to be right on our plan.

Speaker #1: So it's really building on each other as we show more commercial success. There's a greater need for inserters. And obviously, we're in a greater insertion depth.

Speaker #1: We can push harder and harder with the commercials. So it really is a rising tide is floating all the boats.

Speaker #2: That sounds great. Thank you. And maybe with the E365 reinsertion cycle coming up here in the back half, can you put that recurring revenue stream of sorts into perspective versus your new patient adoption expectations?

Operator: Once again, if you would like to ask a question, please press star one on your keypad now. We'll move next to Anthony Petrone with Mizuho Group. Your line is open.

Anthony Petrone: Congratulations on the solid quarter here. Maybe just a little bit on the complexion on the US side. How much was just new territories opening up versus twiist integration? As you look ahead, how many new regions with the capital raise do you expect to turn on into the end of the year? I'll have a follow-up. Thanks.

Speaker #2: Thank you.

Speaker #1: Well, remember, we're certainly continuing to ramp on 365, but the we've been reinserting 365 now since last November. So we've got a pretty good track record.

Speaker #1: It continues to hold exactly where we expect it would be. From a quantitation perspective, I don't know if we've broken that down yet, but it continues to be right on our plan.

Brian Hansen: Sure. Thanks, Anthony. We actually have not turned on any new regions after this capital raise. We have 43 regions that we are active in, and we continue to do that. We have increased some of the DTC in those regions, which was as we have planned. We're continuing to execute. As you may have heard us say, we've got 43 regions externally, and we've got about 55 or so people internally that do the conversions of those DTC efforts. We're very excited about the work that we're seeing and the progress that we're making with the Twist Bioscience partnership. Clearly, our penetration into Type 1 is improving. As a result of that, as you know, we were pretty much 80%, 85% Type 2. We're seeing that moderate some, but still very much predominantly a Type 2-focused company at this point.

Speaker #3: Once again, if you would like to ask a question. Please press star 1 on your keypad now. We'll move next to Anthony Petrone with Mizuho Group.

Speaker #3: Your line is open.

Speaker #5: Congratulations on the solid quarter here. Maybe just a little bit on the complexion on the US side. How much was just new territories opening up versus twists integration?

Speaker #5: And then as you look ahead, how many new regions with the capital raise do you expect to turn on into the end of the year?

Speaker #5: And then I'll have a follow-up. Thanks.

Speaker #1: Sure. Thanks, Anthony. We actually have not turned on any new regions after this capital raise. We have 43 regions that we are active in, and we continue to do that.

Speaker #1: We have increased some of the DTC in those regions, which was as we have planned. So we're continuing to execute. As you may have heard us say, we've got 43 regions externally that we've got about 55 or so people internally that do the conversions of those DTC efforts.

Brian Hansen: We do expect that'll change as we bring on other pump companies in the future.

Anthony Petrone: Thanks. The follow-up will be just on Gemini study expected to be completed by the end of the year. Just wondering on timing for when we could actually see the Gemini data next year. Would it be at ADA of 2027? Thanks again. Congrats.

Speaker #1: From a we're very excited about the work that we're seeing and the progress that we're making. With the twist partnership, clearly our penetration into type 1 is improving.

Mukul Jain: Hey, Anthony, this is Mukul. Yeah. That should be our expectation to see it by next summer. We will complete end of the year, submit Q1, and then a 510 submission followed by that clearance, hopefully within a quarter of that.

Speaker #1: As a result of that, as you know, we were pretty much 85, 80, 85 percent type 2. We're seeing that moderate some, but still very much predominantly a type 2 focused company at this point.

Operator: Once more, if you would like to ask a question, that is star one. We'll pause another moment. Thank you. At this time, there are no further questions in queue. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Speaker #1: We do expect that'll change as we bring on other pump companies in the future.

Speaker #5: Thanks. And the follow-up would be just on Gemini study expected to be completed by the end of the year. Just wondering on timing, for when we could actually see the Gemini data next year, would it be at ADA of 2027?

Speaker #5: Thanks again. Congrats.

Speaker #4: Hey, Anthony. This is Mukul. Yeah. So that should be our expectation to see it by next summer. We will complete end of the year, submit Q1, and then 5, 10K submission followed by that clearance.

Speaker #4: Hopefully within a quarter of that.

Speaker #3: And once more, if you would like to ask a question that is star 1, we'll pause another moment. Thank you. At this time, there are no further questions in Q.

Mhm.

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