The following is a summary of the Senseonics Holdings, Inc. (SENS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 net revenue was $4.3 million, a decrease from $6.1 million in the previous year, primarily due to inventory adjustments for the Eversense 365 launch.

• Gross loss for Q3 2024 was $4.1 million, down from a gross profit of $1.2 million year-over-year, influenced by one-time charges linked to the new product transition.

• Operating loss for the nine months ending September 2024 increased to $22.8 million from $19 million, with a third-quarter net loss of $24 million.

Business Progress:

• FDA approval of Eversense 365, a one-year continuous glucose monitor, significantly builds on product advancement.

• Launch of Eversense 365 with early positive feedback and strong healthcare provider adoption.

• Strategic moves including acquisition of Eversense Insertion Network assets and plans for cost reductions in 2025 to enhance financial stability.

• Progress on the development of next-generation sensors, Gemini and Freedom, which offer battery power and direct phone communication respectively.

Opportunities:

• Eversense 365 coverage by nearly all U.S. insurers and Medicare, enhancing accessibility.

• Expanded partnerships with health systems, such as Mercy, expected to improve patient outcomes and reduce care costs.

• Anticipated revenue growth from Eversense 365 in 2025 with improved unit economics.

Risks:

• Transitioning to Eversense 365 impacts short-term revenue due to inventory management and product switchovers, particularly affecting Q3 and possibly extending into early 2025.

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