Senseonics Holdings Inc (SENS) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to Senseonics fourth quarter and full year 2025 earnings call. (Operator Instructions) Please note, today's call will be recorded. (Operator Instructions)

大家好，歡迎參加 Senseonics 2025 年第四季及全年財報電話會議。（操作員說明）請注意，今天的通話將會被錄音。（操作說明）

It is now my pleasure to turn the conference over to Jeremy Feffer from LifeSci Advisors. Please go ahead.

現在我很高興將會議交給來自 LifeSci Advisors 的 Jeremy Feffer。請繼續。

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.

謝謝。我是來自 LifeSci Advisors 的 Jeremy Feffer。在今天會議開始之前，請允許我提醒各位，該公司的聲明中包含前瞻性陳述。這些聲明反映了管理層對未來事件、營運計劃、監管事項、產品改進、公司業績和其他事項的預期，並且僅代表截至本聲明發布之日的情況。這些前瞻性陳述涉及許多風險和不確定性。

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, and our 10-Qs and our other reports filed with the SEC.

可能導致實際結果與任何前瞻性聲明所表達或暗示的結果存在重大差異的因素列表，詳見截至 2025 年 12 月 31 日止年度的 10-K 表格年度報告的“風險因素”部分及其他部分，以及我們向美國證券交易委員會提交的 10-Q 表格和其他報告。

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.

這些文件可在我們網站 www.senseonics.com 的「投資者關係」欄位中查閱。除法律要求外，我們不承擔因任何原因公開更新或修訂這些前瞻性聲明的義務。

Joining me today from Senseonics are Tim Goodnow, President and Chief Executive Officer; Rick Sullivan, Chief Financial Officer; and Brian Hansen, Chief Commercial Officer.

今天與我一同出席的來自 Senseonics 的嘉賓有：總裁兼執行長 Tim Goodnow；財務長 Rick Sullivan；以及首席商務長 Brian Hansen。

And now I'll turn the call over to Tim.

現在我把電話交給提姆。

Thanks, Jeremy, and I appreciate everyone joining us today. Looking back over 2025, it's hard to believe how much has changed at Senseonics. This time last year, Eversense 365 had only been available in the United States for a few months, and we were partnered with Ascensia Diabetes Care for all commercialization and sales operations globally. And we were conducting feasibility studies for our Gemini product.

謝謝傑里米，也感謝今天所有到場的各位。展望 2025 年，很難相信 Senseonics 發生瞭如此巨大的變化。去年這個時候，Eversense 365 在美國上市才幾個月，我們與 Ascensia Diabetes Care 合作開展全球所有商業化和銷售業務。我們當時正在對我們的 Gemini 產品進行可行性研究。

On the financial front, our gross margins were hovering around 25%, annual revenue was less than $23 million, and we were in the process of executing a successful cost savings initiative to lower operating expenses.

在財務方面，我們的毛利率徘徊在 25% 左右，年收入不到 2,300 萬美元，我們正在執行一項成功的成本節約計劃，以降低營運費用。

Today, just one year later, Senseonics is a fully integrated developer, manufacturer and once again, seller of Eversense. We have an exceptional sales and marketing team led by Brian Hansen, our new Chief Commercial Officer, and Eversense 365 is now approved in both the United States and in the European Union.

僅僅一年之後，Senseonics 就成為了一家集開發、製造和銷售於一體的綜合企業，再次成為 Eversense 的銷售商。我們擁有一支由新任首席商務官 Brian Hansen 領導的傑出的銷售和行銷團隊，Eversense 365 目前已獲得美國和歐盟的批准。

In 2025, we achieved full-year revenue of over $35 million, growing approximately 60% year-over-year. Our year-long sensor, our continued partnership with health care providers and our enhanced direct-to-consumer marketing strategy have delivered tangible results with a doubling of patients on Eversense in the US, with new patient starts growing 103%, and we have already accomplished margin improvements to greater than 50% to finish the year.

2025 年，我們實現了全年收入超過 3,500 萬美元，年增約 60%。我們為期一年的感測器研發、與醫療保健提供者的持續合作以及我們加強的直接面向消費者的行銷策略，都取得了切實的成果：美國使用 Eversense 的患者數量翻了一番，新患者數量增長了 103%，並且我們已經實現了利潤率提高 50% 以上，為年底做好了準備。

2025 was certainly a year of transformation at Senseonics. The strategic decisions we made last year established a strong foundation for growth in 2026 and beyond. The biggest decision we made in 2025 was to transition all commercial activities from Ascensia Diabetes Care back to Senseonics, removing a layer of complexity from our operations and providing us with a new level of control and agility to execute on our focused strategy.

2025年對Senseonics來說無疑是變革之年。我們去年做出的策略決策為2026年及以後的成長奠定了堅實的基礎。我們在 2025 年做出的最大決定是將所有商業活動從 Ascensia Diabetes Care 轉移回 Senseonics，從而減少了我們營運的複雜性，並為我們提供了新的控制水平和靈活性，以執行我們專注的策略。

By bringing the sales, customer service, marketing and sales operations functions in-house, we both eliminate revenue sharing with Ascensia and have the opportunity to respond quickly to meet the needs of people with diabetes. This change also brings an impressive team of commercial professionals to Senseonics.

透過將銷售、客戶服務、行銷和銷售營運職能納入公司內部，我們既消除了與 Ascensia 的收入分成，也有機會快速回應糖尿病患者的需求。這項變革也為 Senseonics 帶來了一支優秀的商業專業團隊。

This end-to-end responsibility for Eversense 365 unlocks operational efficiency, enhances our financial profile, enables more integration between our corporate objectives and commercial results. Additionally, this change simplifies revenue recognition and provides critical insights into the effectiveness of our DTC efforts.

對 Eversense 365 的端到端責任釋放了營運效率，提升了我們的財務狀況，使我們的企業目標與商業成果更加緊密地結合起來。此外，這項變更簡化了收入確認，並為我們 DTC 工作的有效性提供了重要的見解。

PHC remains a meaningful shareholder in Senseonics and will continue to support the European commercialization of Eversense under transition service agreements through the anticipated closing in Europe in the second quarter and establishment of our own in-country operations. To implement this commercial evolution and drive long-term revenue growth, Brian Hansen transitioned to Senseonics and brought with him his complete leadership and sales force team.

PHC 仍然是 Senseonics 的重要股東，並將繼續透過過渡服務協議支持 Eversense 在歐洲的商業化，直到預計第二季在歐洲完成交易並建立我們自己的國內營運。為了實現這項商業變革並推動長期收入成長，布萊恩漢森轉投 Senseonics，並帶來了他完整的領導團隊和銷售團隊。

Brian was formerly the Head of Ascensia's CGM division and prior to that, the Chief Commercial Officer for Tandem, bringing a tremendous amount of experience and expertise from his accomplished career in diabetes care. In just a few minutes, I'll turn the call over to Brian so that he can give you a firsthand account of what has been a smooth and successful commercial transition. He'll also give his thoughts on our growth trajectory, which he will be instrumental in driving.

Brian 曾擔任 Ascensia 的 CGM 部門主管，在此之前，他曾擔任 Tandem 的首席商務官，憑藉其在糖尿病護理領域卓有成就的職業生涯，帶來了豐富的經驗和專業知識。幾分鐘後，我將把電話轉給布萊恩，讓他親自向大家介紹這次順利而成功的商業過渡。他也會就我們的發展軌跡發表自己的看法，他將在推動這一發展中發揮重要作用。

Excitedly, our integration with Sequel's twiist automated insulin delivery system was another significant milestone in 2025, not just for us, but for the diabetes community at large. Patients utilizing the twiist insulin pump can now use Eversense 365 to send glucose readings seamlessly to their pump for an entire year. This means eliminating a CGM change every 10 to 15 days and providing our type 1 patients with reliable and accurate glucose monitoring 365 days at a time. Our collaboration with Sequel combines the world's most sophisticated glucose sensing, algorithm control and pumping technologies and is just the first of many collaborations we hope to establish with pump partners.

令人興奮的是，我們與 Sequel 的 twiist 自動胰島素輸送系統的整合是 2025 年的另一個重要里程碑，這不僅對我們而言，而且對整個糖尿病群體而言也是如此。使用 Twiist 胰島素泵的患者現在可以利用 Eversense 365 將血糖讀數無縫發送到他們的胰島素泵，持續一整年。這意味著無需每 10 到 15 天更換一次 CGM，即可為我們的 1 型糖尿病患者提供 365 天可靠、準確的血糖監測。我們與 Sequel 的合作結合了世界上最先進的血糖感測、演算法控制和泵送技術，而這僅僅是我們希望與泵浦合作夥伴建立的眾多合作關係中的第一個。

Finally, in 2025, we made improvements in our financials, raised capital from institutional investors and strategic partners, executed a reverse stock split and began trading on the NASDAQ exchange. Similar to our other transformation initiatives, we believe these accomplishments set Senseonics up for long-term growth and disciplined financial execution.

最終，在 2025 年，我們改善了財務狀況，從機構投資者和策略合作夥伴那裡籌集了資金，進行了反向股票分割，並開始在納斯達克交易所交易。與其他轉型計劃類似，我們相信這些成就將為 Senseonics 的長期成長和嚴謹的財務執行奠定基礎。

Moving on to the leading indicators for 2026. I'll start with a quick reminder that our business is seasonal. The fourth quarter is typically our strongest quarter due to insurance deductibles being met. Further, a higher number of existing customers are available for reorders of Eversense in the quarter because the US commercial launch of Eversense 365 took place in the fourth quarter of 2024. So early adopters translate into annual reorders beginning in this fourth quarter.

接下來是2026年的領先指標。首先我要提醒大家，我們的業務有季節性。第四季通常是我們業績最好的季度，因為保險自付額已經達到上限。此外，由於 Eversense 365 在美國的商業發布是在 2024 年第四季度，因此本季度有更多現有客戶可以重新訂購 Eversense。因此，早期用戶將從第四季開始轉換為年度複購訂單。

Through this, we saw meaningful quarter-over-quarter growth for the entirety of 2025, including growth in leads, conversions, new patient starts and prescribers of our sensor for the first time. We expect this momentum to continue in 2026, buoyed by our growth initiatives and investments, the twiist integration and expansion of Eversense into new markets.

透過這種方式，我們看到 2025 年全年實現了有意義的季度環比增長，包括潛在客戶、轉換率、新患者開戶量以及我們感測器的處方醫生數量的首次增長。我們預計這一勢頭將在 2026 年繼續保持，這得益於我們的成長計劃和投資，以及 Eversense 向新市場的快速整合和擴張。

In January, we received CE marking for Eversense 365, and we expect to launch global product to Germany, Italy, Spain and Sweden in the coming months with our own dedicated European sales force. We recognize that patients and providers in Europe have been waiting for us to deliver on our promise of one year, 1 CGM in their markets, and we now have the approval. We anticipate a similar uptake in interest in new patients on Eversense as we had in the United States.

今年一月，我們獲得了 Eversense 365 的 CE 認證，我們預計將在未來幾個月內透過我們自己的歐洲銷售團隊，向德國、義大利、西班牙和瑞典推出全球產品。我們意識到，歐洲的患者和醫療服務提供者一直期待我們兌現一年內在其市場推出 1 台 CGM 的承諾，現在我們已獲得批准。我們預計，Eversense 在其他國家也會像在美國一樣，吸引更多新患者。

On the product pipeline front, we continue to advance development of both the Gemini and Freedom products. We expect to complete the Gemini pivotal trials before the end of the year with the launch expected to follow in 2027. Gemini improves on the capabilities of Eversense 365 with an integrated one-year battery and flash glucose monitoring capabilities without a transmitter. And Freedom is close behind with launch planned for 2028.

在產品研發方面，我們將持續推動 Gemini 和 Freedom 兩款產品的開發。我們預計在年底前完成雙子座關鍵試驗，並計劃於 2027 年發射升空。Gemini 在 Eversense 365 的基礎上進行了改進，整合了一年電池，並且無需發射器即可進行瞬時血糖監測。Freedom 也緊跟在後，計劃於 2028 年發布。

The Freedom system further improves on Gemini, incorporating direct wireless communication between the sensor and the patient's phone. I'm confident that our decisions on execution in 2025 will form the foundation of our 2026 growth. We have the right team, the right financial structure and the world's first and only year-long CGM to improve and simplify the lives of millions of patients worldwide.

Freedom 系統在 Gemini 系統的基礎上進行了進一步改進，實現了感測器與患者手機之間的直接無線通訊。我相信，我們在 2025 年做出的執行決策將為我們 2026 年的成長奠定基礎。我們擁有合適的團隊、合適的財務結構，以及世界上第一個也是唯一一個全年持續血糖監測系統，可以改善和簡化全球數百萬患者的生活。

And with that, I'll now turn the call over to Brian.

接下來，我將把電話交給布萊恩。

Thanks, Tim, and hello to everybody on today's call. I would like to begin by expressing my excitement to be part of Senseonics and my gratitude to the US commercial team that has transitioned to Senseonics from Ascensia. Here in the United States, the move was fairly straightforward, and we were very happy to see nearly 100% of the employees transition with us. We were also able to recognize a few synergies in the move as well as shifting several roles around to better align our teams for success in the new year. The same effort is underway in Europe, where I expect the same result, and we have the launch of Eversense 365 right around the corner. More on that later.

謝謝提姆，也向今天參加電話會議的各位問好。首先，我非常興奮能夠成為 Senseonics 的一員，並感謝從 Ascensia 過渡到 Senseonics 的美國商業團隊。在美國，搬遷過程相當順利，我們很高興看到幾乎 100% 的員工都和我們一起完成了過渡。我們還發現，這項調整帶來了一些協同效應，並重新調整了幾個角色，以便更好地協調團隊，為新的一年取得成功做好準備。歐洲也在進行同樣的努力，我預計也會得到同樣的結果，Eversense 365 的發布也指日可待。稍後會詳細說明。

As Tim mentioned, the strategic decisions taken in 2025 sets us up for continued success in 2026 and beyond. Our direct-to-consumer spend was a big growth driver for us in 2025, and we will continue to invest heavily in that channel this year. It was clear with our revamped DTC campaign and enhanced spend that we could drive significant lead volume and leads drive awareness, patient interest, prescriptions and ultimately new insertions translating into top line revenue.

正如提姆所提到的，2025 年所做的策略決策為我們在 2026 年及以後的持續成功奠定了基礎。2025 年，我們的直接面向消費者的支出是我們成長的主要動力，今年我們將繼續大力投資該通路。透過改善我們的 DTC 行銷活動並增加投入，我們顯然可以帶來大量的潛在客戶，而潛在客戶可以提高知名度、提高患者興趣、增加處方量，並最終帶來新的產品植入，從而轉化為收入。

There were multiple learnings from our work in 2025. Last year's back-end loaded DTC spend showed there is a sweet spot of investment for us. While we plan to spend a similar amount this year of roughly $12 million to $15 million, we will spend it a little more evenly over the entire year, building into the third and fourth quarters. This should allow us to be more efficient with our resources, targeting higher quality opportunities, a higher close rate and a lower cost per lead.

我們在 2025 年的工作中獲得了多項經驗教訓。去年後端 DTC 支出表明，我們有一個最佳投資點。雖然我們計劃今年花費的金額與去年相近，約為 1200 萬至 1500 萬美元，但我們將其更均勻地分配到全年，並在第三季度和第四季度逐步增加支出。這將使我們能夠更有效地利用資源，瞄準更高品質的商機，獲得更高的成交率和更低的獲客成本。

Another important initiative for 2026 is patient retention. While we are early in the renewals from our first patients on the Eversense 365 sensor, we are happy to report that patient retention is in line with our expectations. This is and will continue to become a more meaningful part of our business going forward. Programs put in place in 2025, as well as allocating resources to refine and enhance the patient journey with our product and our company, have positioned us nicely for the upcoming year.

2026 年的另一項重要措施是提高病患留存率。雖然我們目前還處於 Eversense 365 感測器首批患者續訂的早期階段，但我們很高興地報告，患者留存率符合我們的預期。這現在是，而且將來也必將成為我們業務中越來越重要的組成部分。2025 年制定的計劃，以及為改進和提升患者使用我們產品和公司的體驗而投入的資源，使我們為即將到來的一年做好了充分的準備。

I would also like to express my gratitude to the legacy employees of Senseonics that have built such an amazing product. Not only does it last a full year as expected, its performance is unsurpassed. We've also been working diligently to support the Sequel twiist, Eversense 365 rollout and expect to see an increase in the type 1 patients we serve as a result.

我也要向Senseonics的元老級員工表達我的感激之情，他們打造瞭如此出色的產品。它不僅如預期般持續使用整整一年，而且性能也無與倫比。我們也一直在努力支持 Sequel twiist 和 Eversense 365 的推廣，並預計這將導致我們服務的 1 型糖尿病患者數量增加。

As Tim mentioned, this collaboration enables us to combine 2 of the world's leading diabetes technologies to simplify life for patients requiring insulin. Anecdotally, I can tell you that from the team being at the Sequel Annual Sales Meeting held earlier this month, we are both aligned and excited.

正如提姆所提到的，這項合作使我們能夠將世界上兩種領先的糖尿病技術結合起來，從而簡化需要胰島素的患者的生活。就我個人觀察而言，從本月初舉行的 Sequel 年度銷售會議來看，我們團隊上下意見一致，而且都非常興奮。

Sequel has a large commercial presence in the United States, and I can confidently say that both teams have fully bought into this partnership. And now with Eversense 365 compatibility, Sequel is able to offer customers choice in selecting the continuous glucose monitor that works best for them. As a company, we more than doubled the number of Eversense users in the United States from 2024 to 2025.

Sequel 在美國擁有龐大的商業影響力，我可以自信地說，雙方團隊都完全投入這項合作。現在，憑藉與 Eversense 365 的兼容性，Sequel 能夠為客戶提供更多選擇，讓他們能夠選擇最適合自己的連續血糖監測儀。作為一家公司，我們使 2024 年至 2025 年間美國 Eversense 用戶數量增加了一倍多。

And for this year, our goal is to continue that momentum and double our patient base once again. We believe that we can accomplish this through successful renewal of our existing customers, driving new patient starts in the US and abroad and having pump integration, which patients have requested for years. Acknowledging we are only a few weeks into the general availability of the combined offering, the results have exceeded my expectations.

今年，我們的目標是保持這一勢頭，再次將患者數量翻倍。我們相信，透過成功續約現有客戶、推動美國和海外新患者的治療以及實現患者多年來一直要求的輸液泵整合，我們可以實現這一目標。雖然我們才剛開始全面推廣這項組合產品幾週，但結果已經超出了我的預期。

We have detailed the success of our DTC campaign from last year. So let's turn to our health care provider channel that continues to grow as well. The number of providers actively prescribing Eversense grew more than 80% year-over-year, reflecting broadening awareness and confidence in the 365-day system. Access to the diabetes centers continues to grow, and we look forward to working closely with the Sequel commercial team to expand our combined reach.

我們詳細介紹了去年 DTC 行銷活動的成功。那麼，讓我們把目光轉向同樣持續成長的醫療保健服務提供者管道。積極開立 Eversense 處方的醫療服務提供者數量年增超過 80%，反映出人們對該 365 天系統的認識和信心不斷增強。糖尿病中心的覆蓋範圍不斷擴大，我們期待與 Sequel 商業團隊緊密合作，擴大我們共同的服務範圍。

We also saw continued expansion of the EON Care Group, our in-house inserter network. We finished the year with approximately 60 providers performing nearly one-fourth of all US Eversense insertions. We will continue to add to this team in 2026, planning to end the year with approximately 100 providers driving an even greater percentage of the US procedures.

我們也看到 EON Care Group（我們的內部插入服務網路）持續擴張。到年底，大約有 60 家醫療機構完成了美國 Eversense 植入手術近四分之一。2026 年，我們將繼續擴充團隊，計劃在年底前擁有約 100 名醫療服務提供者，從而推動美國更大比例的醫療手術。

Turning to the European launch and transition for a moment. We are in the final stage of completing our European arrangements with Ascensia, and both companies teams are collaborating well to smoothly transition the European CGM business. Our team is working to establish the full organization we need in Europe, and we will utilize transition agreements with Ascensia in countries where we are currently building out our capabilities.

接下來我們來談談歐洲的發布和過渡情況。我們與 Ascensia 的歐洲合作安排已進入最後階段，兩家公司的團隊正在密切合作，以順利過渡歐洲 CGM 業務。我們的團隊正在努力在歐洲建立所需的完整組織架構，我們將利用與 Ascensia 達成的過渡協議，在我們目前正在拓展業務能力的國家開展工作。

Overall, we made great progress with the transition since the announcement in early September. Coming off our national sales meeting to unveil the new Senseonics, the team is energized and off to a good start to the year. This is a testament to our employees' hard work in getting here, their dedication, their belief in the product as well as the potential future growth ahead of us.

總體而言，自 9 月初宣布過渡計畫以來，我們在過渡方面取得了巨大進展。在全國銷售會議上發布了新款 Senseonics 產品後，團隊士氣高昂，為新的一年開了個好頭。這證明了我們員工為取得今天的成就所付出的辛勤努力、他們的奉獻精神、他們對產品的信心，以及他們對未來發展潛力的信心。

I'll now turn the call over to Rick to walk through the numbers.

現在我將把電話交給瑞克，讓他來逐一講解這些數字。

Thanks, Brian, and thanks to everyone joining us this afternoon. Starting with the quarterly results. In the fourth quarter of 2025, net revenue grew 72% to $14.3 million compared to $8.3 million in the prior year period on the continued strength of top line Eversense 365 revenue. US revenue for the fourth quarter was $12.1 million and revenue outside the US was $2.2 million. Importantly, in Q4 of 2025, we continued to recognize revenue through the collaboration agreement with Ascensia.

謝謝布萊恩，也謝謝今天下午所有到場的各位。首先來看季度業績。2025 年第四季度，淨收入成長 72%，達到 1,430 萬美元，而去年同期為 830 萬美元，這主要得益於 Eversense 365 營收的持續強勁成長。第四季美國營收為 1,210 萬美元，美國以外地區營收為 220 萬美元。重要的是，在 2025 年第四季度，我們繼續透過與 Ascensia 的合作協議確認收入。

We anticipate recognizing 100% of revenues going forward. We expect a similar channel mix going through our two primary sales channels in the US, direct shipments to DME distributors and through bundled payment of the procedure and product, primarily through our consignment program. Outside the US, we will sell both through tender agreements and to distributors depending on the region.

我們預計未來將確認 100% 的收入。我們預計在美國的兩個主要銷售管道中，通路組合將類似：直接向DME經銷商出貨，以及透過手術和產品捆綁付款的方式銷售，主要透過我們的寄售計畫進行。在美國以外，我們將根據不同地區的情況，透過招標協議和分銷商兩種方式進行銷售。

In Q4 2025, gross profit was $7.7 million, an increase of $3.7 million from the prior year period. This increase in gross profit was primarily driven by a full year of sales of Eversense 365 with more of our business going through our consignment sales channel where we recognized 100% of the revenue and recorded a sales commission expense to Ascensia based on the current year's revenue sharing percentage.

2025 年第四季，毛利為 770 萬美元，比去年同期增加了 370 萬美元。毛利的成長主要得益於 Eversense 365 全年的銷售，我們的更多業務是透過寄售管道實現的，我們確認了 100% 的收入，並根據當年的收入分成比例向 Ascensia 提列了銷售佣金費用。

Research and development expenses in Q4 2025 were $8.8 million, a decrease of $0.6 million compared to the prior year period. The decrease was primarily due to the completion of the Eversense 365 system clinical trials and development efforts as well as a reduction in headcount. Fourth quarter 2025 selling, general and administrative expenses were $19.8 million, an increase of $10.9 million compared to $8.9 million in the prior year period, primarily driven by higher selling and marketing personnel costs, promotional expenses mainly due to the DTC investments, sales commission expenses as our consignment program expanded and other general and administrative costs, including transition costs incurred to support the commercial transition from Ascensia.

2025 年第四季研發費用為 880 萬美元，比去年同期減少了 60 萬美元。下降的主要原因是 Eversense 365 系統臨床試驗和開發工作的完成以及人員數量的減少。2025 年第四季銷售、一般及行政費用為 1,980 萬美元，比上年同期的 890 萬美元增加了 1,090 萬美元，主要原因是銷售和行銷人員成本增加、促銷費用（主要由於 DTC 投資）、隨著寄售計劃的擴大而增加的銷售佣金費用以及其他一般及行政費用，包括為支持商業及行政費用，包括為支持從 Ascensia 進行商業費用的費用

Net loss was $20.8 million or a $0.46 loss per share in the fourth quarter of 2025 compared to a net loss of $15.5 million or a $0.40 loss per share in the fourth quarter of 2024. Net loss increased by $5.3 million, primarily due to increased sales commissions and other costs related to taking over the commercialization and distribution of Eversense.

2025 年第四季淨虧損為 2,080 萬美元，即每股虧損 0.46 美元，而 2024 年第四季淨虧損為 1,550 萬美元，即每股虧損 0.40 美元。淨虧損增加了 530 萬美元，主要是由於銷售佣金增加以及接管 Eversense 的商業化和分銷相關的其他成本增加。

For the full year, total revenue was $35.3 million compared to $22.5 million in 2024. US revenue was $27.9 million in 2025 compared to $15.3 million in the prior year, and the revenue outside the US was $7.4 million in 2025 compared to $7.2 million in 2024.

全年總收入為 3,530 萬美元，而 2024 年為 2,250 萬美元。2025 年美國收入為 2,790 萬美元，而前一年為 1,530 萬美元；2025 年美國以外地區的收入為 740 萬美元，而 2024 年為 720 萬美元。

Net loss for 2025 was $69.1 million, a decrease of $78.6 million in 2024. The decrease in net loss was primarily driven by improved margins in our business from Eversense 365. Selling, general and administrative expenses for 2025 increased by $18.3 million year-over-year to $52.5 million. The increase was primarily driven by our direct-to-consumer campaign investments, sales commission expenses as we increased consignment sales and costs related to the Ascensia transition.

2025 年淨虧損為 6,910 萬美元，比 2024 年減少了 7,860 萬美元。淨虧損減少主要是由於 Eversense 365 業務利潤率的提高。2025 年的銷售、一般及行政費用比前一年增加 1,830 萬美元，達 5,250 萬美元。成長主要由我們的直接面向消費者的行銷活動投資、寄售銷售增加帶來的銷售佣金支出以及與 Ascensia 過渡相關的成本所驅動。

Research and development expenses for 2025 decreased by $9.5 million from 2024 to $31.6 million. The decrease was primarily due to the completion of the Eversense 365 system clinical trials and development efforts as well as a reduction in headcount. As of December 31, 2025, cash, restricted cash and cash equivalents totaled $94.3 million, and debt and accrued interest was $35.3 million.

2025 年的研發費用比 2024 年減少了 950 萬美元，降至 3,160 萬美元。下降的主要原因是 Eversense 365 系統臨床試驗和開發工作的完成以及人員數量的減少。截至 2025 年 12 月 31 日，現金、受限現金及現金等價物總額為 9,430 萬美元，債務及應計利息為 3,530 萬美元。

We expect full year 2026 global net revenue to be approximately $58 million to $62 million, representing year-over-year growth of 65% to 76% as the company completes the transition of Eversense commercialization from Ascensia and brings the entire sales and marketing infrastructure in-house. Due to the seasonality of our business with deductibles resetting at the beginning of the year and higher utilization of patient assistance programs, we expect to receive the majority of our revenue in the second half of 2026, consistent with what we saw in 2025.

我們預計 2026 年全年全球淨收入約為 5,800 萬美元至 6,200 萬美元，年增 65% 至 76%，因為公司完成了從 Ascensia 向 Eversense 商業化的過渡，並將整個銷售和行銷基礎設施納入公司內部。由於我們的業務具有季節性，年初免賠額會重置，而且患者援助計劃的使用率也會更高，因此我們預計 2026 年下半年將獲得大部分收入，這與 2025 年的情況一致。

Taking into consideration our margin performance to date, along with the planned launch of Eversense 365 in Europe, which will allow us to be on a single product globally, we expect full year 2026 gross profit margin to be greater than 50% beginning slightly lower and increasing sequentially. We are excited to simplify our business model, the integration of the commercial organization and will recognize improvements in our top line and the expansion of our gross profit margins.

考慮到我們迄今為止的利潤率表現，以及計劃在歐洲推出 Eversense 365，這將使我們能夠在全球範圍內使用單一產品，我們預計 2026 年全年毛利率將超過 50%，年初略低，之後逐年增長。我們很高興能夠簡化業務模式，整合商業組織，並期待看到營收成長和毛利率擴大。

Due to the integration of the commercial organization and supporting transition service agreements from Ascensia, we expect operating expenses to increase by about $70 million, consistent with Ascensia's prior commercial spend. In 2026, we expect total operating expenses to be between $150 million and $160 million with increases primarily in SG&A and a smaller increase in R&D for the Gemini pivotal trial.

由於整合了商業組織以及與 Ascensia 簽訂了過渡服務協議，我們預計營運費用將增加約 7,000 萬美元，與 Ascensia 先前的商業支出一致。2026 年，我們預計總營運支出將在 1.5 億美元至 1.6 億美元之間，主要成長來自銷售、一般及行政費用，而 Gemini 關鍵性試驗的研發支出成長較小。

We expect cash utilization in 2026 to be between $110 million and $120 million, largely as a result increasing SG&A due to bringing the sales and marketing teams in-house. Last year, we expanded our debt facility with Hercules Capital up to $100 million, providing access for up to an additional $65 million of non-dilutive capital to help fund our increased operating expenses for the integrated business.

我們預計 2026 年現金使用量將在 1.1 億美元至 1.2 億美元之間，這主要是由於將銷售和行銷團隊納入公司內部導致銷售、一般及行政費用增加。去年，我們將與 Hercules Capital 的債務融資額度擴大至 1 億美元，從而可以獲得高達 6,500 萬美元的額外非稀釋性資本，以幫助支付我們綜合業務不斷增長的營運費用。

With that, I'll turn it back to Tim.

這樣，我就把麥克風交還給提姆了。

Thank you, Rick. These are exciting times for Eversense with the accelerating growth of our revolutionary 365-day product. We've delivered significant new patient additions and top line growth across 2025, driven by expanding awareness and adoption of Eversense in the US DTC investments continued to pay dividends as more people become aware of our compelling benefits of our product, and we now have access to a whole new population of patients following the launch of our first AID combination. Our margins are improving and the sales force continues to gain traction with a productive and energized sales force post transition.

謝謝你，里克。對於 Eversense 來說，這是一個令人興奮的時刻，我們革命性的 365 天產品正在加速成長。在2025年，我們實現了顯著的新患者增加和營收成長，這得益於Eversense在美國的知名度和普及程度的提高。隨著越來越多的人了解我們產品的顯著優勢，我們對DTC的投資繼續獲得回報，並且隨著我們首個AID組合產品的推出，我們現在可以接觸到全新的患者群體。轉型後，我們的利潤率正在提高，銷售團隊也持續取得進展，成為一支高效且充滿活力的銷售團隊。

We are already seeing encouraging retention with many early adopters now on their second year-long sensor, restarting the clock on 365 days of the best-in-class continuous glucose monitoring system. In our exciting pipeline, the disruptive Gemini and Freedom programs are advancing, and we look forward to updating the market on continued progress in due course.

我們已經看到令人鼓舞的用戶留存率，許多早期用戶現在正在使用第二個為期一年的傳感器，重新開始計時，持續使用這款一流的連續血糖監測系統 365 天。在我們令人興奮的研發管線中，顛覆性的 Gemini 和 Freedom 專案正在推進，我們期待在適當的時候向市場通報後續進展。

Overall, this was a record-breaking year for Senseonics, but is only just the beginning. Having demonstrated strong commercial progress, we have more confidence than ever in the clinical and commercial potential of Eversense. We also have the control of our destiny following the transition with the right strategy in place and the right people leading the charge.

總的來說，對 Senseonics 而言，今年是破紀錄的一年，但這只是個開始。在取得了強勁的商業進展之後，我們對Eversense的臨床和商業潛力比以往任何時候都更有信心。只要製定正確的策略，並由合適的人領導，我們就能在轉型後掌控自己的命運。

Thank you all for joining us today and for your continued support. We look forward to building on the momentum from the first year of Eversense 365 with another year of growth in 2026.

感謝各位今天蒞臨，也感謝你們一直以來的支持。我們期待在 Eversense 365 第一年取得的成長動能的基礎上，在 2026 年再創佳績。

With that, I'll now turn the call over to the operator to answer any questions that you may have. Thanks once again for your time today. Operator, let's go ahead and open up the call for questions.

接下來，我將把電話轉交給接線員，由他來回答您可能有的任何問題。再次感謝您今天抽出時間。接線員，我們現在開始接受提問。

(Operator Instructions)

（操作說明）

Anthony Petrone, Mizuho Group

瑞穗集團 Anthony Petrone

Thanks and, good afternoon and Congrats on a strong 2025 execution year. Maybe, Tim, Rick, Brian, I'll start with maybe perhaps some of the trends you're seeing here early in the year. You're coming off 2025, 103% new patient starts for the year, hits a new high in the fourth quarter. And I know, Rick, obviously, there's a little bit of seasonality on policy resets here as you start the year. But anything you can provide just in terms of U.S. new starts at the beginning of the year here? And then I'll have a couple of follow-ups.

謝謝，下午好，恭喜2025年執行順利。提姆、瑞克、布萊恩，或許我可以先從你們今年年初看到的一些趨勢說起。2025 年，新患者數量增加了 103%，在第四季度創下新高。我知道，瑞克，很顯然，在年初的時候，政策調整會受到一些季節性因素的影響。但您能否提供一些關於美國年初新開工項目的數據？然後我也會提出幾個後續問題。

Sure, Anthony. Thanks for the question and time. We continue to do very nice on new patient starts. 365 product continues to perform just as we expect. Excitedly, we're now into the more routine cycle of getting the reinsertions. So new patient growth continues as we've expected it to, as we planned it to.

當然可以，安東尼。感謝您的提問和寶貴時間。我們在新患者啟動方面繼續保持著非常好的勢頭。 365 產品也持續發揮符合我們預期的作用。令人興奮的是，我們現在進入了更常規的重新植入週期。因此，新患者數量的增長正如我們預期和計劃的那樣繼續進行。

January typically is our softest month with the patient resets, but we planned for that. Very encouraging, we've seen a surprising amount of encouraging interest with the Sequel product and new patient starts associated with that. So that's very encouraging to see. And we continue to make progress, as you know, with the CE marking for the 365 in Europe. So we're looking for that region to really take off as well here later in '26.

一月份通常是我們病人數量最少的月份，但我們已經為此做好了準備。非常令人鼓舞的是，我們看到了人們對 Sequel 產品出乎意料的濃厚興趣，並且由此也吸引了大量新患者。看到這種情況真是令人鼓舞。如您所知，我們在歐洲的 CE 認證方面也持續取得進展。所以我們希望該地區在 2026 年晚些時候也能真正起飛。

Yes. The follow-up is on that top line guide, $58 million to $62 million. You have the U.S. clearance here earlier in this year as well as the twiist product launched February 19. So to what extent in that range do you have some contribution for Europe and twiist? And maybe just a recap on twiist specifically, how the economics are split between Sequel and Senseonics?

是的。後續預測與先前的預期相符，為 5,800 萬美元至 6,200 萬美元。今年早些時候，你們已經獲得了美國的許可，而且 twiist 產品也於 2 月 19 日上市。那麼，在這個範圍內，你對歐洲和twiist做出了多大貢獻？或許可以專門回顧一下 Twiist，Sequel 和 Senseonics 之間的經濟分割？

Sure. I'll let Rick speak to Europe. From an economic perspective, it's 2 companies that work together with from a marketing and awareness perspective, but the economics are unique to each company. So we sell a sensor. We recognize the associated economics. They sell a pump. And then through the integration that the iCGM enables, the patient enjoys that combination. So there's really no difference economically on a brand-new patient start that's on an MDI versus somebody that's on a Sequel pump.

當然。我會讓里克跟歐洲方面溝通。從經濟角度來看，這是兩家公司在行銷和品牌推廣方面合作，但具體經濟效益因公司而異。所以我們銷售一種感測器。我們認識到其中相關的經濟因素。他們賣的是一種水泵。然後，透過 iCGM 實現的整合，患者可以享受這種組合帶來的益處。因此，對於一個剛開始接受治療的患者來說，使用 MDI 和使用 Sequel 幫浦在經濟上並沒有什麼不同。

And then for Europe, the past couple of years, we've seen fairly consistent revenue in Europe, really expecting the growth with the 365-day launch in Q2. And so that, along with the elimination of that revenue share to Ascensia, we do expect Europe to be about 20% of our revenue in 2026.

至於歐洲，過去幾年，我們看到歐洲的收入相當穩定，我們非常期待在第二季推出 365 天服務後成長。因此，隨著取消向 Ascensia 支付的收入分成，我們預計到 2026 年，歐洲將占我們收入的 20% 左右。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

It's great to see that you're on track to double new patient starts and the patient base again this year. I just wanted to check in on the takeover of the commercial organization in the United States and from Ascensia. It seems like it has been seamless. All the sales reps converted over to under the Senseonics roof. But has it been as seamless as it sound? And have there been any friction points?

很高興看到你們今年有望再次實現新患者數量和患者基數翻倍的目標。我只是想了解美國商業組織被 Ascensia 收購的情況。看起來一切都進行得非常順利。所有銷售代表都轉投了 Senseonics 公司。但它真的像聽起來那麼順利嗎？是否存在任何摩擦點？

Yeah, Josh, thanks for that. It's a good question. They're really as simple in the US as it sound, it was as straightforward as we expected. They changed business cards. They got a new computer. They had to do a few things. We even pulled their cars over with them. So quite frankly, it went that simply. And we have a full boat and they all stayed and so we're very fortunate.

是的，喬什，謝謝你。這是個好問題。在美國，它們確實像聽起來那麼簡單，正如我們預期的那樣直接明了。他們更換了名片。他們買了一台新電腦。他們需要做幾件事。我們甚至還把他們的車攔了下來。坦白說，事情就是這麼簡單。我們船上坐滿了人，他們都留了下來，所以我們非常幸運。

OUS, we have a little bit more work to do as we go through the transition here in the first half of the year, and we're hiring new folks to replace our BGM reps that were kind of supporting both products.

OUS，今年上半年我們還有一些工作要做，因為我們要經歷過渡期，我們正在招募新員工來取代我們之前負責支援這兩個產品的 BGM 代表。

OUS has a few moving parts to it differently than the US. But so far, the US, I mean, we had our kickoff meeting in January, late January in D.C. and everybody was there and excited and focused. And so as I said in my comments, that one has gone very well, knock on wood.

OUS 與美國相比，在某些方面存在差異。但就目前而言，在美國，我的意思是，我們在1月份，也就是1月底在華盛頓特區召開了啟動會議，每個人都到場了，而且都很興奮、很專注。正如我在評論中所說，那件事進展得非常順利，希望以後也能如此。

Excellent. And do you mind just reviewing just where maybe some deficiencies were with Ascensia at the helm of the commercial effort? Was it investment levels in DCT? Was it aggressiveness in pursuing new prescribers? And how just review how you guys are filling any voids that were in play prior to taking over the commercial effort in the US.

出色的。您能否回顧一下 Ascensia 主導的商業運作中可能存在的一些缺點？是DCT的投資水準嗎？是積極主動尋找新的處方醫生嗎？請回顧一下，你們是如何填補接管美國商業業務之前存在的空白的。

Yeah. The strategic execution around the commercial activities really did hand over one for one, even in Europe. Where we had some opportunities in the operational part of the organization, for example, there were some quality...

是的。圍繞商業活動的策略執行確實實現了逐一交付，即使在歐洲也是如此。例如，在公司營運部門，我們遇到了一些機會，也發現了一些品質上的問題…

Duplication of.

重複。

Duplications that happened, some strategy elements that happened. So in those cases, we did do some rationalization. But obviously, since there was just a little bit of upstream marketing around product development that existed in the prior Senseonics organization, that's now been folded into the new Senseonics commercial team.

重複發生的事件，以及一些既定的策略要素。所以，在這些情況下，我們確實做了一些合理化解釋。但顯然，由於先前的 Senseonics 組織中只有少量圍繞產品開發的上游行銷，現在這些行銷活動已經併入了新的 Senseonics 商業團隊。

And Brian and Rick and Ken, our GC just really did an exemplary job just leading this transition. To be able to get every sales rep, every inside sales rep to go over and be part of Ascensia at 5:00 PM on Friday and show up at 8:00 AM on Monday as a Senseonics employee was really, really impressive. So and absolutely 0 knock on wood customer impact through that transition. So it's just been managed and executed with a great ability.

Brian、Rick 和 Ken，我們的總承包商，在領導這次過渡方面做得非常出色。能夠讓每位銷售代表、每位內部銷售代表在周五下午 5 點加入 Ascensia，並在周一早上 8 點作為 Senseonics 的員工到崗，這真的非常令人印象深刻。因此，過渡期間絕對不會對客戶造成任何影響（希望一切順利）。所以，它的管理和執行都非常出色。

That's impressive. And just with the active prescriber base growing 80% last year and with Senseonics now in control of the commercial efforts and the sales team, how do you expect that prescriber base to grow, one? And then two, I mean, just you guys are on track, your guidance when Ascensia was in control, the commercial effort was to double your patient base in '25 and '26 on the heels of the Eversense 365 launch with control now, complete control. I mean, could you do better than that? Could you see an acceleration in the prescriber base and new patient starts from this doubling, which is an impressive number, don't get me wrong, but.

那真是令人印象深刻。去年活躍處方醫生數量增加了 80%，而 Senseonics 現在掌控了商業運作和銷售團隊，您認為處方醫生數量會如何增長？其次，我的意思是，你們一切都在按計劃進行，在 Ascensia 掌管期間，你們的指導方針是，在 Eversense 365 推出後，在 2025 年和 2026 年將你們的患者數量翻一番，現在你們完全掌控了局面。我的意思是，你還能做得更好嗎？你能看出處方醫生數量和新患者數量的增長速度會隨著這翻倍而加快嗎？這的確是一個令人印象深刻的數字，別誤會我的意思，但是…

Easy job.

輕鬆的工作。

Yeah, certainly, it sounds like Brian is signing up for more than that. No, in all seriousness, obviously, it's a significant push in 2025. We did accelerate the DTC under the expectation, and I think we validated that perspective that this is really about awareness, right? So as we spent the DTC, we made more and more patients who then in turn worked with their providers and made more and more providers aware of the opportunity with Eversense, the excitement around 365.

是的，聽起來布萊恩要承擔的責任遠不止這些。不，說真的，很顯然，這是 2025 年的一項重大舉措。我們確實加快了 DTC 的發展，這符合預期，我認為我們已經驗證了這種觀點，即這確實關乎意識，對吧？因此，隨著我們在 DTC 期間投入更多資源，我們吸引了越來越多的患者，這些患者反過來又與他們的醫療服務提供者合作，並讓越來越多的醫療服務提供者意識到 Eversense 的機會以及 365 帶來的興奮感。

For us to continue to sustain that level of growth, obviously, as Brian said, we are going to spend a significant amount in DTC, but about the same that we spent last year. We just did back-end loaded at the back half of the year. So the ramp is commensurate with that investment. So we expect that ramp to slow down a little bit over the with the normalization of that spend over the year, but still supporting that doubling of growth or that approximately 70% of revenue growth across the whole company.

顯然，正如布萊恩所說，為了繼續保持這種成長水平，我們將在 DTC 上投入大量資金，但與去年投入的資金大致相同。我們只是在下半年進行了後端加載。所以，這條坡道與這項投資是相稱的。因此，我們預計隨著今年支出的正常化，這種成長速度會略有放緩，但仍將支持公司整體收入翻倍或成長約 70%。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Congrats on the great progress and results. So maybe some follow-ups. Lastly, on the investment in DTC has proved to be pretty successful last year. Within the spend this year, how are you thinking about it? Are you front-end loading it, back-end loading it? Is it just become sort of a reliable and important budget item?

祝賀你們取得的巨大進步和成果。所以或許需要一些後續跟進。最後，去年對 DTC 的投資已被證明相當成功。今年你的支出計畫是怎麼樣的？你是透過前端加載還是後端加載？它是不是已經成為一項可靠且重要的預算項目了？

Just any color you can give us on the size or the direction of DTC spend would be great. And I have a couple of quick follow-ups.

如果您能提供任何關於DTC支出規模或方向的信息，那就太好了。我還有幾個後續問題。

Yeah. So Brian here. We spread it out a little bit more this year. It was, again, as Tim said, more in that last 6 months, and we really put quite a bit in that September, October, November time frame. That's when you want to put a bunch in as the fourth quarter is so strong.

是的。我是布萊恩。今年我們把時間安排得更分散一些。正如提姆所說，最後六個月投入了更多精力，我們在九月、十月和十一月期間確實投入了大量精力。正因為第四節比賽非常激烈，所以你才需要投入大量資源。

But we also really stressed our team by doing that. And now to kind of level load it a little bit more, spending not quite half in the first half of the year and then saving a little bit to push into that really important third and fourth quarter is how we're looking at it.

但這樣做也給我們的團隊帶來了極大的壓力。現在，為了更均衡地分配資金，我們打算在上半年投入不到一半的資金，然後節省一些資金，為真正重要的第三和第四季做好準備。

And we also learned a lot last year of what works and what doesn't work, what segments we were getting better returns versus others. And so I think we're going to do a much better job this year taking our same spend, but maximizing it. And our team is rightsized for that as well right now. So we're expecting to spend the same but get better results as we spread it out across the year, $12 million to $15 million is what we said in our prepared remarks.

去年我們也學到了很多關於哪些方法有效、哪些方法無效，以及哪些細分市場比其他細分市場獲得更高回報的知識。所以我認為，今年我們會做得更好，在投入相同資金的情況下，最大限度地提高效率。目前我們的團隊規模也正適合這項工作。因此，我們預期支出不變，但由於支出分散到全年，將會取得更好的結果。我們在事先準備好的演講稿中提到，支出將在 1,200 萬美元至 1,500 萬美元之間。

Okay. That's helpful. And then I guess the challenges or the sort of friction around getting more implanters up and running, getting more education out there, the DTC is part of that. What do you see as the primary constraints right now in terms of growth, in terms of your ability to address new patient interest and new clinician interest? What are the things you're trying to address to kind of feed things and make the most of the opportunity you have? And then I have just one last question, if that's okay.

好的。那很有幫助。然後，我認為，讓更多植入者投入使用、進行更多教育活動所面臨的挑戰或摩擦，DTC 就是其中的一部分。您認為目前在成長方面，在滿足新患者和新臨床醫師的需求方面，主要限制因素是什麼？你正在努力解決哪些問題，以推動事情並充分利用你所擁有的機會？如果可以的話，我還有一個問題。

Yes. Sure number onre, Matt, it continues to be, as I said, it's around awareness. And that's where the DTC really helped that drove it from the consumer level. And then we would certainly augment that with a strong internal team that takes the inbound interest, does the facilitation, the adjudication, the communication of the economics. And frankly, does work with the outside sales team, which also plays a very big role in the awareness on the clinical side, on the professionals. So we're going to continue to do that.

是的。當然，馬特，正如我所說，關鍵在於提高意識。而這正是 DTC（直接面向消費者）模式真正發揮作用的地方，它從消費者層面推動了這個趨勢。然後，我們肯定會加強內部團隊建設，該團隊負責處理來電諮詢、協調、裁決和財務溝通。坦白說，它確實與外部銷售團隊合作，而外部銷售團隊在臨床方面，也就是專業人士的認知方面，也扮演著非常重要的角色。所以我們會繼續這樣做。

We have 45 regions right now that are focused in the primary areas, and they are working hard to not only expand their reach, but also to go deeper within the clinics. So we think that's an opportunity as well to make sure that instead of 1 or 2 doctors in a clinic being heavy prescribers, we're going to turn that into 3, 4, 5 prescribers. So number one is certainly about awareness. number two, from insertion, you're absolutely right. We're going to continue to focus on it.

我們現在有 45 個區域專注於主要領域，他們不僅努力擴大覆蓋範圍，而且還努力深入診所內部。所以我們認為這也是一個機會，確保診所裡不是只有 1 或 2 位醫生大量開藥，而是有 3、4、5 位醫生大量開藥。所以第一點肯定是關於意識的。第二點，從插入的角度來看，你說的完全正確。我們將繼續關注此事。

That said, recall that our Eon program is a major initiative for us, right? We ended the year just about 60 nurse folks that were contracted with us to do the insertions, and we are absolutely on target here as we are now 2 months into it to end the year at 100 nurses.

也就是說，請記住，我們的 Eon 專案對我們來說是一項重大舉措，對吧？到年底，我們大約有 60 名與我們簽訂合約的護理師負責進行植入手術，而我們目前正按計劃進行，因為現在已經過去了兩個月，我們預計在年底前達到 100 名護理師的目標。

And we anticipate they'll be doing 30% to 35% of all of our insertions in that time period. So a lot of organic growth through that support initiative as well.

我們預計在此期間，他們將完成我們所有植入手術的 30% 到 35%。因此，透過這項支持計劃也實現了大量的自然增長。

Okay. And then just finally.

好的。最後，終於。

Go ahead. Sorry.

前進。對不起。

No, just we saw a lot of changes in reimbursement last year going from 180 to 365. And certainly, in the first 3, 4 months of the year, we had some things to work through. We've revamped that team. We've seen quite a few good results from that and really getting a clearer picture of reimbursement and make it easier for the physician and the patient to know exactly how this is all going to work.

不，只是去年我們看到報銷方式發生了很大的變化，從 180 天漲到了 365 天。當然，在今年的前三、四個月裡，我們確實有一些事情需要解決。我們對團隊進行了重組。我們已經看到這帶來了不少好結果，也真正讓報銷情況更加清晰，讓醫生和患者更容易了解這一切將如何運作。

And as Tim said, the insertion and reimbursement piece, we've come a long way over the last 12 months of that. And so we really believe we'll benefit from that here in 2026. We're becoming easier to work with and the volume has certainly helped with that.

正如蒂姆所說，在藥品投放和報銷方面，我們在過去 12 個月裡取得了長足的進步。因此我們堅信，到 2026 年，我們將從中受益。我們變得越來越容易合作，業務量的成長無疑對此有所幫助。

And Matt, you'll recall, there was a little bit of a hurdle in early 2025 with the physician fee schedule. They first came out with G codes and then transitioned to the standard CPT codes. Well, we don't have it this year, right? They've republished the results or published the results for 2026. That started right away. So we've been into the economics and implementation of those right from the very beginning of this year.

馬特，你可能還記得，2025 年初醫生收費標準方面遇到了一些小障礙。他們先推出了 G 代碼，然後過渡到標準 CPT 代碼。今年我們沒有，對吧？他們重新公佈了結果，或公佈了 2026 年的結果。這種情況立刻就開始了。所以從今年年初開始，我們就一直在研究這些方案的經濟性和實施方案。

That's great. And then just lastly, just on the type of new folks signing up, new users, experienced users, where they're coming from, the reasons I mean there's lots of reasons why they might choose to choose Eversense. But what are some of the major reason?

那太棒了。最後，我想談談新註冊用戶的類型，新用戶、經驗豐富的用戶，以及他們來自哪裡，他們選擇 Eversense 的原因有很多。但主要原因有哪些呢？

Yeah, I'll let Brian speak to the.

好的，我請布萊恩去跟他們說。

Yeah, maybe how that's changing -- if at all, how it's changing?

是的，或許應該關注的是這種情況的變化——如果有變化的話，它究竟是如何變化的？

Yeah, Matt, I will let Brian speak to the change, which we're absolutely seeing now with an AID partner. But from an investment perspective, much of our DTC and quite frankly, the facile nature of the buy and bill really makes this attractive product for people that are on Medicare.

是的，馬特，我會讓布萊恩來談談這種變化，我們現在與援助機構的合作夥伴確實正在經歷這種變化。但從投資的角度來看，我們的大部分直接面向消費者 (DTC) 模式，坦白說，購買和結算的便利性，確實使這款產品對參加醫療保險的人來說極具吸引力。

So we have transitioned to probably 70% type 2 patients in 2025 or at least coming out of 2025. I expect that, that proportion will actually change back more towards type 1 now here with the pump partner. But we continue to see the majority of our patients are switchers that are either coming from 1 of the 2 transcutaneous sensors with about 15% or 20% are brand new to the space. Is that about right? So and then on the new pump rollout has been very encouraging.

因此，到 2025 年，我們可能會有 70% 的患者是第 2 型糖尿病患者，或至少在 2025 年之後會有這種情況。我預計，現在有了泵伴侶，這個比例實際上會更多地向 1 型轉變。但我們仍然看到，我們的大多數患者都是從兩種經皮感測器中的一種轉而來，其中約有 15% 或 20% 是該領域的新患者。這樣差不多嗎？因此，新幫浦的推廣應用非常令人鼓舞。

Not much add to there, Tim. Spot on.

提姆，沒什麼要補充的了。說得對。

Marie Thibault, BTIG.

瑪麗·蒂博，BTIG。

Nice job on this quarter for sure. I wanted to ask a follow-up here on the EON Care inserter network. You mentioned moving from 60 to 100 this year. What's sort of the gating factor on expanding that more quickly? I know they're doing about one-fourth of volumes. It seems like you could move to one-third or better of volume. So I guess what challenges, if any, are there in kind of expanding that network and moving more quickly on that opportunity?

這季做得相當不錯。我想就 EON Care 植入器網路提出一個後續問題。你提到今年要從60歲漲到100歲。阻礙其更快擴張的因素是什麼？我知道他們只完成了大約四分之一的銷量。看來你可以把音量降低到三分之一甚至更低。那麼，在拓展人脈網絡、加快把握機會的過程中，會面臨哪些挑戰（如果有的話）呢？

Yes, Marie, there really isn't. It's really about volume and having enough work for them. And there's really no downside to going to 125 or 150 if the volume justifies it, we can keep them busy and we can identify folks in the areas where we need them. And so that 100 mark seems like a sweet spot, getting an increase in the percentage of insertions that they do is good for everybody, our economics as well as the quality of the work, and it frees up the physicians in the prescriber-only areas where they really don't want to do it.

是的，瑪麗，確實沒有。其實關鍵在於工作量，要有足夠的工作給他們。如果業務量夠大，增加到 125 或 150 人其實並沒有什麼壞處，我們可以讓他們保持忙碌，也可以確定我們需要的人員所在地區。因此，100% 似乎是一個理想的點，提高植入率對每個人都有好處，既有利於我們的經濟，也有利於工作質量，而且還能讓那些真正不想做處方藥的醫生們騰出手來。

So that's kind of a goal, but it could exceed that. There's nothing that stops us from doing more. We just need to have the volume to keep them busy and justify putting those in places and getting accredited and certified and trained. But it's a good question. There really is no barrier.

所以這算是我們的目標，但實際結果可能會超出這個目標。沒有什麼能阻止我們做得更多。我們只需要達到一定的業務量，讓他們有事可做，這樣才能證明把這些資源投入到合適的職位、獲得認證和培訓是合理的。但這確實是個好問題。實際上沒有任何障礙。

Okay. Good to hear. And as a follow-up, on the operating spend level that you discussed, I think, $150 million to $160 million this year. I understand that the bulk of that is kind of picking up where Ascensia left off in terms of the spend. But maybe we can sort of get longer term and understand, is this sort of a are you expecting a multiyear investment here? Should we expect continued step-ups in the out years? Certainly, I just want to understand it now that everything is under the Senseonics roof, if you will.

好的。很高興聽到這個消息。作為後續，關於您提到的營運支出水平，我認為今年是 1.5 億美元到 1.6 億美元。我知道其中大部分支出都延續了 Ascensia 的風格。但或許我們可以從更長遠的角度來看待這個問題，了解一下，您是否期望這是一項多年投資？我們是否可以預期未來幾年價格會持續上漲？當然，既然一切都歸 Senseonics 所有，我只是想弄清楚。

Yeah. From the commercial spend perspective, it will certainly continue to grow as our revenue grows, but not at the magnitude that it is in 2026. And so it'll be more efficient. But as we launch new products, we'll expand the number of territories, increase the number of providers from the EON Care, et cetera. But again, it will not it will decrease as a percentage of revenue going forward.

是的。從商業支出的角度來看，隨著收入的成長，商業支出肯定會持續成長，但不會達到 2026 年的規模。這樣效率會更高。但隨著我們推出新產品，我們將擴大覆蓋區域，增加 EON Care 的供應商數量等等。但同樣，它佔收入的比例未來還會下降。

And then this year, we do have a Gemini clinical trial, which is about $5 million of an increase in our R&D line. We'll see a similar amount next year for the Freedom trial, but then R&D should go down for further out years.

今年，我們還有一項 Gemini 臨床試驗，這將使我們的研發投入增加約 500 萬美元。明年 Freedom 試驗的研發投入預計也會有類似的金額，但之後幾年研發投入應該會下降。

Jon Block, Stifel.

Jon Block，Stifel。

Tim or Brian, anything around the timing of additional pump partnerships coming on board? Do you expect that in 2026? And then, Rick, does the guidance arguably take into account any thoughts or additional pump partnerships this year?

Tim 或 Brian，關於新增泵業夥伴的加入時間安排，有什麼消息嗎？你預計到2026年會是這樣嗎？那麼，里克，這份指導方針是否考慮了今年的任何想法或額外的泵業合作關係？

Thanks, Jon. We do continue to work with additional pump opportunities. We're not yet announcing any of those or going public with them, but we do have quite a bit of interest. Obviously, getting the first one out creates a little bit of a dynamic of there's only one pump company right now that has access to the Eversense, and they've seen an encouraging conversion as a result of that. So we certainly expect that's going to work in our favor.

謝謝你，喬恩。我們仍在繼續尋求其他泵站機會。我們目前還沒有公佈任何此類計劃，也沒有公開談論這些計劃，但我們確實收到了不少關注。顯然，第一台設備上市後，目前只有一家泵浦公司能夠使用 Eversense，這造成了一種局面，而且他們也因此獲得了令人鼓舞的轉換率。所以我們相信這肯定會對我們有利。

But we have not, as of yet, modeled additional pump companies in. We would look for that to be upsides, but still not announcing timing on the next one yet.

但截至目前，我們還沒有將其他泵浦公司納入模型。我們認為這將是利好消息，但目前尚未公佈下一期節目的播出時間。

Okay. And then I'll just try to get a little bit more granular on the revenue. Rick, you provided some details on the cadence. It was more, I believe, what you alluded to, call it, like 2H '26 versus 1H. But any more details you can give, just even, call it, 1Q due to some of the moving parts with Ascensia?

好的。然後我會嘗試更細緻地分析一下收入狀況。Rick，你提供了一些關於節奏的細節。我認為，這更像是你暗示的那樣，或者說，就像 2026 年下半年與上半年的對比。但您能否提供更多細節，哪怕只是，比如說，由於 Ascensia 的一些變數，我們可以先討論一下第一季的情況？

When I look at straight around $10 million and those moving parts and here we are in early March. Is that sort of a good figure to, call it, set ourselves and then think about the other commentary you provided 2H versus 1H?

當我看到大約 1000 萬美元的資金以及那些變動因素時，現在才三月初。這個數字是否比較合適，我們可以把它當作一個參考值，然後再考慮您提供的其他評論，例如下半年與上半年的對比？

Yeah. From a revenue perspective, we know that we have a seasonality in Q1 with the deductibles resetting and higher utilization of our patient assistance programs, which impacts that ASP through that channel. And then also the second half of the year is typically where we have now some large of our renewals from the past couple of years with the 365 launch.

是的。從收入角度來看，我們知道第一季存在季節性波動，因為免賠額會重置，而且我們的患者援助計劃會更頻繁地使用，這會影響該管道的平均售價。此外，下半年通常是我們迎來過去幾年365產品發布後大量續約訂單的時候。

And so the revenue is certainly back-half loaded, and I do expect it to be similar to 2025, thinking about 40% in the first half, 60% in the second half, approximately. And we will see certainly a step down in Q1 because of that seasonality from where we were in Q4.

因此，收入肯定會集中在下半年，我預計與 2025 年的情況類似，大約上半年佔 40%，下半年佔 60%。由於季節性因素，我們預計第一季業績將比第四季有所下滑。

Ben Haynor, Lake Street Capital Markets.

本·海諾，湖街資本市場。

First off for me, on the DTC marketing, are you what sort of lessons are you learning there? Or, for instance, areas where you have more users, do you see a greater impact from advertising? Does greater awareness in a given area kind of translate to cheaper user acquisition? What how should we think about some of the dynamics of the DTC marketing?

首先，就 DTC 行銷而言，您從中汲取了哪些經驗教訓？例如，在使用者較多的地區，廣告的影響是否較大？在特定領域內更高的知名度是否能轉化為更低的用戶獲取成本？我們該如何看待DTC行銷的一些動態？

Yeah, we could talk about that for hours. The first and foremost is we tend to really focus where we have qualified inserters. And so we've played with that geography boundary. We can geofence our spend. It's very interesting when you start moving it 75, 100, 125 miles, how you start to reduce the effectiveness of it when you get too far away from an inserter.

是啊，我們可以就這個話題聊上好幾個小時。首先，我們往往會把重點放在有合格插入員的地方。因此，我們一直在探索地理邊界的可能性。我們可以透過地理圍欄來控制消費。當你開始移動它 75、100、125 英里時，你會發現，當它離機械手臂太遠時，它的效率就會開始降低，這非常有趣。

So to Marie's question earlier of getting more insertion areas and coverage really helps us then maximize our DTC efforts going forward. Then you get into the different channels, you get into the different markets that you try to pour a little bit more into and it typically success breeds success there. And so we watch that very closely when we see areas that we get a better return, lower cost per workable lead, all the things that we follow very well. We continue to pour more in until we see it diminish at that point.

所以，對於瑪麗之前提出的問題，獲得更多的投放區域和覆蓋範圍確實有助於我們最大限度地提高未來的 DTC 工作效率。然後你進入不同的管道，進入不同的市場，嘗試投入更多資源，通常情況下，在這些管道和市場中取得成功會帶來更多成功。因此，我們會密切關注那些能帶來更高回報、有效線索成本更低的領域，這些都是我們非常重視的面向。我們會持續投入，直到它減少為止。

And then we certainly test a whole bunch of different ads and methods that we go through. And the team is constantly changing those almost on a week or 2-week basis in different markets at times as well. So sophistication is very, very interesting.

然後我們當然會測試各種各樣的廣告和方法。而且，球隊經常在不同的市場，幾乎每隔一周或兩週就會對這些球員進行調整。所以，複雜程度真的非常有趣。

And what we found last year is we did fairly well, especially with the robust Medicare reimbursement we had, we really started to lean into some of those areas and again, where we had proper coverage for insertion. So I can go on and on to the different levers that we pull, but you really do start to lean into those areas you're doing very well and continue to invest more and more in those until you see it start to slow down a little bit. And that's some of the learnings we really got from last year and will continue this year, but I think we've got a more focused effort as we go into '26.

去年我們發現，我們做得相當不錯，尤其是在醫療保險報銷力道很大的情況下，我們開始真正重視其中的一些領域，而且，在這些領域，我們有適當的植入費用報銷。所以我可以繼續列舉我們採取的各種措施，但你確實會開始專注於你做得非常好的領域，並不斷加大投入，直到你看到它開始稍微放緩。這就是我們從去年真正學到的一些經驗，今年我們將繼續吸取這些經驗教訓，但我認為，進入 2026 年，我們將更加專注於此。

Great. That's helpful color. And then are you seeing any changes to kind of the behavior of new prescribers with the 365-day version?

偉大的。這是個很有幫助的顏色。那麼，您是否觀察到使用 365 天版本後，新處方醫生的行為有任何變化？

No, I wouldn't say there's been a change in behavior. Certainly, interest level, the recognition and now the feedback, it's much more common to see feedback from users now that have gone on to their second sensor. The retention rates are encouraging, right? People love the product.

不，我不會說行為改變了。當然，從興趣程度、認可度到現在的回饋來看，現在從已經使用第二個感測器的用戶那裡獲得回饋要普遍得多。留存率令人鼓舞，對吧？人們喜歡這款產品。

When they use it for as long as a year, it becomes part of their life, right? So I would say from that perspective, a convert is very, very attractive to us. But from a new patient perspective, I don't think we see any real behavior differences from -- as we've seen before nor from the prescriber side.

當他們使用長達一年之久時，它就成了他們生活的一部分，對吧？所以從這個角度來看，皈依者對我們來說非常、非常有吸引力。但從新患者的角度來看，我認為我們看不到任何真正的行為差異——就像我們以前看到的那樣，也看不到從處方醫生的角度來看的差異。

Okay. Got it. And then on that retention comment, can you remind us kind of where the expectations are for retention and that are being exceeded?

好的。知道了。關於留存率的問題，您能否提醒我們一下，目前的留存率預期是多少，以及實際留存率已經超過了預期？

Yeah. We haven't updated those as yet as we're still honestly pretty early into the 1-year renewal cycle. But our history had been from first to second sensor, it was in the 70s. Second to third sensor was in the 80%. And then by the time people were on the third sensor, it was 90% retention or sometimes even higher as is evidenced in our European market.

是的。我們還沒有更新這些信息，因為實際上我們還處於一年續約週期的早期階段。但我們的歷史是從第一個感測器到第二個感測器，那是在 70 年代。第二到第三個感測器的讀數在 80% 以內。當人們使用第三個感測器時，保留率達到了 90%，有時甚至更高，這在我們的歐洲市場得到了證實。

So I would anticipate that the largest drop-off is from first to second, but still some pretty attractive rates.

因此，我預計降幅最大的是從第一檔到第二檔，但仍然會有一些相當有吸引力的利率。

Sean Lee, H.C. Wainwright.

肖恩李，H.C. 溫賴特。

I just have two of them. So first, for the European market, what's the expected time line for the rollout there? Are you seeing any hurdles from the transition, especially as I know some of these are affected by local purchase agreements?

我只有兩個。首先，對於歐洲市場，預計該產品的推出時間表是什麼？您在過渡過程中是否遇到任何障礙？尤其是我知道其中一些障礙會受到當地採購協議的影響。

Yeah. The timing is consistent as we've guided since the beginning of the year, that being we expect the transition to occur in the second quarter. That is gated by the transitions that we're going through right now. Many of these markets are tender markets, so they're contracted with Ascensia, and we are transitioning those to Senseonics. We're in that process right now.

是的。時間安排與我們年初以來的預期一致，即我們預計過渡將在第二季度發生。這取決於我們目前正在經歷的轉型。這些市場大多是招標市場，因此與 Ascensia 簽訂了合同，我們正在將這些市場過渡到 Senseonics。我們目前正處於這個過程中。

We did receive the approval of the CE Mark. So we have the authorization to go. And we'd anticipate mid-second quarter that we'll be rolling out the product into those markets. Some of the tenders will go frankly, go through the summer, even into early fall, depending on the contracts that we have. But say, May through September, October time period, we'll transition.

我們已獲得CE標誌認證。所以我們已獲得授權可以前往。我們預計將在第二季中期將該產品推向這些市場。坦白說，有些招標工作可能會持續到夏季，甚至初秋，這取決於我們簽訂的合約。但比如說，從五月到九月、十月這段時間，我們會進行過渡。

Great. My second question is on the Gemini study and how the potential approval would go for that. I was wondering, is the FDA requiring a second MARD for the flash mode for the Gemini because it has both two different functionalities versus Eversense 365? How does the inclusion of the dual modality impact the complexity of the trial?

偉大的。我的第二個問題是關於 Gemini 研究，以及研究可能獲得的批准情況。我想知道，FDA 是否要求 Gemini 的閃光燈模式擁有第二個 MARD，因為它與 Eversense 365 相比具有兩種不同的功能？納入雙重模態會對試驗的複雜度產生怎樣的影響？

Yeah, the FDA will expect that in the flash mode or in the near-field mode with the transmitter, it will give you the same result. So the expectation is it's the same chemistry, the same sensor. Our expectation and their expectation should be that it's iCGM compliant. And as you recall, our MARD is around 8% that supports that, and we don't have any reason to expect that, that would change. But technologically, there should be no reason why you get a different result in flash or with near field.

是的，FDA會預期在閃光模式或近場模式下使用發射器時，能得到相同的結果。所以人們預期它會使用相同的化學成分和相同的感測器。我們和他們的期望都應該是它符合 iCGM 標準。正如你所記得的，我們的 MARD 約為 8%，這支持了這一點，我們沒有任何理由認為這種情況會改變。但從技術角度來看，使用閃光燈或近場拍攝應該不會得到不同的結果。

Thank you. This does conclude our question-and-answer session and today's conference. You may now disconnect your lines. Thank you for your time, and have a great day.

謝謝。我們的問答環節和今天的會議到此結束。現在您可以斷開線路了。感謝您抽出時間，祝您有美好的一天。