Senseonics Holdings Inc (SENS) 2026 Q2 法說會逐字稿

Good day everyone, welcome to the Senseonics second quarter 2026 earnings call.

各位大家好，歡迎參加 Senseonics 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

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

現在我很榮幸將會議交給來自 LifeSci Advisors 的 Jeremy Feffer。請開始。

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, 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 December 31, 2025, our 10-Q for the period ended June 30th, 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.

謝謝。我是 LifeSci Advisors 的 Jeremy Feffer。在我們今天開始之前，先提醒各位，公司發言包含前瞻性陳述。這些陳述反映管理層對未來事件、營運計畫、法規事項、產品強化、公司表現及其他事項的預期，且僅截至本日有效。這些前瞻性陳述涉及多項風險與不確定性。可能導致實際結果與任何此等前瞻性陳述所明示或暗示者有重大差異之因素清單，詳載於我們截至 2025 年 12 月 31 日止年度的 Form 10-K 年報、截至 2026 年 6 月 30 日止期間的 10-Q 季報，以及我們向 SEC 提交的其他報告中的「風險因素」及其他章節。這些文件可於我們網站投資人關係專區 www.senseonics.com 取得。

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. I'll turn the call over to Tim.

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陳述之義務。今天與我一同出席的 Senseonics 主管包括總裁兼執行長 Tim Goodnow，以及財務長 Rick Sullivan。商務長 Brian Hansen 與營運長 Mukul Jain 也將在問答環節待命。我把電話交給 Tim。

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's an outstanding quarter for Senseonics. We're redefining what a CGM can be for people with diabetes, the second quarter 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'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% with strong performance in both the DTC and HCP channels.

謝謝你，Jeremy，也感謝各位今天加入我們。我必須說，今天能進行這通電話會議令人振奮，因為這對 Senseonics 來說是非常出色的一季。我們正在重新定義 CGM 對糖尿病患者而言可以是什麼，而第二季也顯示這項使命正在累積多大的動能。這是 Senseonics 另一個強勁的季度；我們再次上調 2026 全年全球淨營收指引，從 6,000 萬至 6,400 萬美元上調至 6,200 萬至 6,600 萬美元，代表約 80% 的年增率。我會把重點放在這裡，因為像這樣的一季值得花點時間好好凸顯。第二季營收年增約 120%，其中美國營收年增超過 150%，DTC 與 HCP 兩個通路表現皆強勁。

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.

我們也已完成歐洲業務自 Ascensia 的商業移轉，自 6 月 1 日起生效，並符合我們在 5 月向各位提供的時程。

We also completed the commercial transition of our business in Europe from Ascensia, effective June 1st 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. At the same time, we continued to scale Eon Care ahead of schedule, enabling broader and faster access to Eversense for prescribing clinicians and their patients. 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. 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. I want to give real credit to our commercial, manufacturing, and supply chain teams for that execution.

我們也已完成歐洲業務自 Ascensia 的商業移轉，自 6 月 1 日起生效，並符合我們在 5 月向各位提供的時程。我要感謝由我們商務長 Brian Hansen 領導的團隊，持續落實這項策略。同時，我們也提前按計畫擴大 Eon Care 的規模，使開立處方的臨床醫師及其病患能更廣、更快地取得 Eversense。除了強勁的營收表現之外，我也必須花點時間談毛利，因為這是本季最重要的故事之一。毛利率為 59%，高於我們 6 月提供的指引區間，且是公司歷史上最強的有機表現。我要對我們的商務、製造與供應鏈團隊的執行力給予高度肯定。

This kind of consistency does not happen by accident. 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. It's the second consecutive quarter that we've delivered margin 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. 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% to58%. 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.

這種一致性並非偶然。重要的是，本季的毛利率不包含任何一次性調整。這是一個乾淨的數字，我認為因此更具說服力。自我們將商業營運完全內部化以來，這是連續第二季交出位於或接近我們區間上緣的毛利率。這正是能驗證我們當初決定自行掌控商業化的那種關鍵佐證。基於此表現，我們也將全年毛利率指引上調至 58% 至 61%，高於先前的 55% 至 58%。我們今天每提升 1 個百分點的毛利率，長期而言都能幫助我們支應自身營運費用，並讓我們更接近能自給自足的企業。

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. Q2 showed another quarter of progress from the transition, and 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%.

這是我們明確的目標，也是商業移轉背後的整體論點。我們現在已具備所有要素。我們掌握戰術，也掌握策略。第二季顯示移轉帶來的又一季進展，我們的團隊一季接一季地交出成果。我對這樣的執行表現感到無比自豪。在第二季期間，我們也在 6 月的 ADA 科學年會上發表了更多關於 Eversense 365 的真實世界數據。數據透過高度依從性強化其具吸引力的臨床效益：真實世界系統使用率平均為 93%，且在感測器配戴的前後各六個月中，迴路相關指標一致；其中在開迴路使用下，平均目標範圍內時間（Time in Range）為 66%，且超過 81% 的使用者達到其低血糖目標。在使用合作 AID 系統的族群中，我們看到平均目標範圍內時間約為 76%。

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, and 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, and frankly, it's exciting to watch.

我們也在 ADA 強調 Eversense 具備可使用滿一年的高品質表現與存活率；相較於其他現有的經皮式感測器，這在產品品質面向上是重要的差異化，而那些產品確實讓部分使用者感到失望。我們很高興產品在真實世界中持續展現良好表現，讓使用者感到振奮並滿足其需求。我們正處於旅程中最令人振奮的階段，而本季正是能證明我們策略奏效的關鍵佐證：將商業組織內部化、擴大 Eon Care、推動 Eversense 365 採用，以及開發下一代產品以重新定義 CGM。在把電話交給 Rick 之前，我先就上述各領域補充一些細節。在美國，我們的商業動能持續累積，坦白說，看著它發展令人振奮。

We shipped more units in the second quarter 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, and we are continuing to see strong results from the Eversense 365 integration with the twiist insulin pump. twiist's footprint is roughly 100 sales territories and has meaningfully amplified our own commercial reach, and 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.

我們第二季出貨量創下公司史上任何季度的新高。開立 Eversense 處方的活躍開方醫師數量達到歷史新高，年增約 130%。直接面向消費者（DTC）仍是我們新增病患成長的最大來源。同時，隨著我們的銷售團隊生產力提升、知名度擴大，加上我們持續看到 Eversense 365 與 twiist 胰島素幫浦整合帶來的強勁成果，我們的醫療照護提供者通路也在持續擴張。twiist 的覆蓋約為 100 個銷售區域，已顯著放大我們自身的商業觸及範圍；我們也持續看到此組合為兩項產品帶來新病患。如同我們在 ADA 分析師活動中所提，約 90% 的新病患仍來自既有 CGM 使用者的裝機基礎轉換至 Eversense。

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 a high-growth plan we've laid out, and 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, and 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.

這反映了我們感測器的品質與差異化。病患留存率也持續符合我們的預期。簡而言之，我們的美國業務在商業模式的各個環節都以高水準執行，表現與我們所規劃的高成長計畫一致，我們預期這股強勁動能將延續至下半年。我也想花幾分鐘談談 Eon，因為它已迅速成為當前成長的重要資產。從本質上來看，Eon 讓取得 Eversense 變得容易。它為病患提供簡單、便利且可負擔的方式取得感測器，並與開立處方的醫師合作，使其能將 Eversense 的效益帶給病患，而無需在自身診所內建立植入（置入）流程。這種模式之所以重要，是因為它意味著任何開立處方者——不僅是受訓的植入者——都能對 Eversense 說「是」。

The network's momentum in the second quarter was outstanding. 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, and 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 U.S. population. That reach is showing up directly in volume. Eon performed more insertions in the second quarter than in any other quarter in its history and June was the highest volume month ever. Today, Eon is performing approximately 40% of all Eversense insertions in the United States, and 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.

該網路在第二季的動能非常出色。我們新增了 28 位新供應商，使我們的護理人員總數超過 90 位，已明顯超前於在 2026 年底達成 100 位目標的進度，而且我們也已制定計畫，將推進至超越該目標。到年底，我們預期在美國 60% 的人口居住地 30 英里範圍內，都會有一位 Eon 供應商。這樣的覆蓋範圍正直接反映在量能上。Eon 在第二季完成的植入次數創下其歷史上任何一季的新高，而 6 月更是史上最高量的月份。目前，Eon 約執行美國所有 Eversense 植入的 40%，我們預期到年底將占比超過一半。Eon 與我們的直面消費者（DTC）策略高度契合。多數透過 DTC 管道來到我們這裡的病患，其主要照護開立處方者並非受訓的 Eversense 植入者。

Eon closes that gap. 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, and 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 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.

Eon 彌補了這個缺口。它正是讓這些病患取得 Eversense 變得便利且可負擔的關鍵。雖然 Eon 的主要重點仍是促進感測器採用，但預期它也將以自身的方式成為 Senseonics 經濟效益的貢獻者。簡而言之，Eon 是當前推動 Eversense 成長的關鍵要素，並且在我們預期 Gemini 與 Freedom 明日帶來的快速加速與採用中，將扮演不可或缺的角色。在給付（報銷）方面，我們的通路組合仍是我們的一大優勢，維持不變：約 60% 的量透過 bundled pay（打包式給付）流入，其餘 40% 透過我們的 DME 通路，符合我們的預期。我們仍預期此一比例在今年剩餘期間將維持不變。

In Europe, we completed the commercial transition of the business from Ascensia 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. 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. 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.

在歐洲，我們於第二季完成了將業務自 Ascensia 轉移的商業化交接，接收了完整的商業組織（包含所有當地員工），並在德國、義大利、西班牙與瑞典建立了我們自有的專屬銷售團隊。該轉換在本季落地時間比我們原先規劃稍晚，因而對我們以標案驅動的市場造成些微影響。在每一個標案國家，我們需要同時將既有標案的所有權自 Ascensia 轉移至 Senseonics，並同步提出從我們既有的 180 天 Eversense E3 產品升級至 Eversense 365 的申請。由於底層的商業轉換在本季較晚才完成，義大利以及少數其他市場的相關工作也因此略為延後。

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 U.S. 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 truly a matter of timing, and we expect the revenue associated with these tender updates to shift to the third and fourth quarter. 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. 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.

這個時點因素，加上我們在完成交接時向 Ascensia 回購了一小部分 Eversense 庫存（類似於我們過去在美國做過的調整），是我們本季 OUS（美國以外）營收略低於我們原先模型預估的原因。這些都不會改變我們對歐洲眼前機會的信心。這確實只是時間點的問題，我們預期與這些標案更新相關的營收將移轉至第三季與第四季。我們不預期會影響歐洲全年營收，但會將其中部分營收略微推遲到 Q3 與 Q4。我們仍預期歐洲在全年將約占我們總營收的 20%。接著談到我們的產品研發管線，這是 Senseonics 成長的另一個重要支柱。

Both Gemini and Freedom continue to advance in line with our expectations, 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. Gemini is on track for the 510 submission to the agency in Q1 2027 and 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, and a full continuous mode for patients who choose to keep the transmitter on.

Gemini 與 Freedom 皆持續依照我們的預期推進，我想花點時間提醒大家，這條產品路線圖有多令人振奮。我們的使命一直是突破感測技術的界限，讓糖尿病更不顯眼。Gemini 與 Freedom 正是我們達成目標的方式。Gemini 進度符合規劃，預計於 2027 年第一季向主管機關提交 510(k) 申請，並在獲准後不久上市。它將成為第一款可選配貼身（on-body）發射器的 CGM，讓我們能以單一平台提供兩種不同產品：一種是類似 flash 的模式，病患只需用智慧型手機掃描即可取得讀值；另一種是完整的連續模式，供選擇持續佩戴發射器的病患使用。

Freedom is right behind it, and we're preparing to begin our first in-human study later this year, an important next step towards our vision 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 eight feet of the implant 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, 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 Eversense 365 app.

Freedom 緊隨其後，我們正準備在今年稍晚啟動首次人體試驗，這是朝向我們「完全消除貼身發射器」願景的重要下一步。此一時程受到近期動物研究的鼓舞性結果所支持；我們在 ADA 上分享了該研究，在距離植入式感測器 8 英尺內達到 100% 的藍牙通訊成功率，而在 25 英尺距離下連線成功率最高可達 83%，這讓我們對邁向人體測試時所採用的天線與通訊協定選擇更具信心。我們對 Gemini 與 Freedom 兩者的進展仍感到非常振奮，並持續按計畫推進，以交付糖尿病技術中最具革命性的進步。此外，為推進平台發展，我們於 6 月宣布與 Welldoc 建立策略合作夥伴關係，共同開發下一代 Eversense 365 應用程式。

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. We expect to launch the new app in the U.S. in the second half 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 will now turn the call over to Rick to walk through our financial results.

新應用程式將保留病患目前所依賴的一切功能，同時新增與 Apple Health、Google Health Connect 等工具的更佳整合，並為未來導入 AI 驅動功能奠定基礎，這些功能將運用 Welldoc 的醫療就緒 AI 平台。我們預期在今年下半年於美國推出新應用程式，歐洲則預計於 2027 年初跟進提供。這一切都是我們使命的一部分：讓人們更容易、更便利地管理糖尿病。接下來，我將把電話會議交給 Rick，請他帶大家回顧我們本季的財務結果。

Thanks, Tim, and thanks, everyone, for joining us this afternoon. I will 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. I am happy to go deeper into any of it during Q&A. Direct-to-Consumer remains our largest U.S. sales channel, followed by our Healthcare Provider channel and patient re-orders, 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. Now let's turn to the financials for the quarter.

謝謝你，Tim，也謝謝各位今天下午加入我們。我今天會簡要說明我們的銷售與給付（報銷）通路，因為其運作機制仍與我們先前分享的一致；在進入業績結果之前，我先談重點摘要。我也很樂意在問答環節對任何部分做更深入的說明。直面消費者（DTC）仍是我們在美國最大的銷售通路，其次是醫療照護提供者通路以及病患再次訂購；隨著我們的裝機基礎逐漸成熟，再次訂購也持續成長。在給付方面，如 Tim 剛才所述，我們今年的 bundled pay（打包式給付）與 DME 組合維持在約 60/40，符合我們的預期。現在讓我們來看本季的財務數據。

Net revenue for the second quarter was $14.5 million, an increase of approximately 120% compared to $6.6 million in the second quarter of 2025, driven by the continued Eversense 365 adoption in the U.S., the elimination of the Ascensia revenue share, and a favorable reimbursement mix. U.S. revenue was $12.6 million, up more than 150% from $4.9 million in the prior year period. Revenue outside the U.S. was $1.9 million, up approximately 12% from $1.7 million in the second quarter of 2025. A smaller increase than we would 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

第二季淨營收為 1,450 萬美元，較 2025 年第二季的 660 萬美元增加約 120%，主要受惠於 Eversense 365 在美國持續導入、取消 Ascensia 的營收分成，以及有利的給付（reimbursement）組合。美國營收為 1,260 萬美元，較去年同期的 490 萬美元成長超過 150%。美國以外（OUS）營收為 190 萬美元，較 2025 年第二季的 170 萬美元增加約 12%。此增幅低於我們以全年角度所預期，反映歐洲針對 365 天產品的標案（tender）更新略有延遲，因為我們正在完成 Tim 所描述的轉換；這純粹是時點問題，而非需求問題

As those tenders update, we would expect OUS revenue to accelerate in the third and fourth quarters, still landing at approximately 20% of full-year revenue. 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.

隨著這些標案更新，我們預期 OUS 營收將在第三與第四季加速，全年仍約占總營收的 20%。第二季對我們而言的一大亮點是毛利率。2026 年第二季毛利為 860 萬美元，毛利率約 59%。相較之下，2025 年第二季毛利為 310 萬美元，毛利率約 47%。這反映了我們製造與供應鏈團隊的強勁執行力——我們持續提高批量規模並在整個製造流程中改善——以及給付組合的影響，其中約 60% 的業務仍透過 bundled pay 給付通路流轉，平均售價較高。

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 U.S. 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.

2026 年第二季研發費用為 1,160 萬美元，較去年同期的 770 萬美元增加 390 萬美元，主要由 Gemini 產品的持續臨床試驗，以及 Freedom 產品的開發工作所帶動；我們正朝著完全消除貼身（on-body）發射器的願景邁進。2026 年第二季銷售、一般及行政費用為 3,290 萬美元，較去年同期的 970 萬美元增加。增加原因在於我們自 Ascensia 將商業化（commercialization）轉回自營，以及承接與美國與歐洲商業整合相關的營運責任。上述金額包含支付給 Ascensia 的過渡服務協議（TSA）費用，其中大部分已於第二季末前結束。

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. We believe those investments have clearly begun to pay dividends. We are taking a long-term view of the business. We believe our decisive actions so far this year are laying a strong foundation for a commercially and financially sustainable enterprise. 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.

淨損為 3,670 萬美元，或每股淨損 0.63 美元；相較之下，2025 年第二季淨損為 1,450 萬美元，或每股淨損 0.36 美元。提醒各位，如同今天所聽到的，我們正處於投資 Eversense 商業化以及下一波 CGM 創新的階段。我們相信這些投資已明顯開始帶來回報。我們以長期角度看待這項業務。我們相信今年迄今所採取的果斷行動，正在為一個在商業與財務上可持續的企業奠定堅實基礎。截至 2026 年 6 月 30 日，現金、受限制現金及約當現金合計為 1.43 億美元，負債及應計利息為 5,550 萬美元。我也想花點時間再次強調我們在第二季稍早完成的融資，因為這是進入下半年的一項真正策略性資產。

In early May, we raised more than $100 million in growth 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.

在 5 月初，我們分兩步募集了超過 1 億美元的成長資本：普通股與預先注資認股權證（pre-funded warrants）的股權發行，帶來約 9,000 萬美元的淨募資款，並由少數對 Eversense 故事具高度信念的機構投資人領投。我們也與 Hercules Capital 的信貸融資安排（credit facility）完成修訂，將額度由 1 億美元擴大至 1.4 億美元，使我們可立即取得額外 2,000 萬美元，並在未來 18 個月內（在符合特定條件下）最多再取得 8,500 萬美元。加上我剛才提到的現金餘額，我認為我們的資產負債表已具備良好條件，可支持我們的商業策略與產品線（pipeline）投資。

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% to61%. 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 the first half and 60% in the second half, 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. Cash utilization of $110 million to$120 million for the year.

鑑於本季展現的強勁表現，如 Tim 所強調，我們將 2026 全年營收指引上調至 6,200 萬至 6,600 萬美元，高於先前的 6,000 萬至 6,400 萬美元區間。我們也上調毛利率指引，現預期全年毛利率將落在 58% 至 61% 的區間。我們在前兩季看到的動能，讓我們對這些預期更有信心。如同過往年度，我們預期 2026 年營收將偏向下半年，約 40% 在上半年、60% 在下半年；這種季節性型態在歷史上一直成立，且不受 Tim 所描述的歐洲時點動態影響。我們仍預期營運費用為 1.5 億至 1.6 億美元。全年現金使用量為 1.1 億至 1.2 億美元。

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

接下來，我把時間交還給 Tim 做幾點結語。

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 second quarter 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 U.S. 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-patient per stop.

謝謝你，Rick。最後總結一下，我想退一步說明我們目前所處的位置，因為我認為這是 Senseonics 歷史上最強勁的季度之一。在今年開始時，我們的核心論點是：將商業組織完全內部化，再加上 Eversense 365 的強勁表現，將能解鎖可持續的營收成長與毛利率擴張。截至目前，我們看到這個論點的實現速度超出預期。第二季的結果讓我們更有信心。營收年增約 120%。毛利率表現位於我們指引區間的高端。美國持續強勁。歐洲的轉換在營運面已完成，即便部分相關營收會在今年稍晚才反映。資產負債表顯著強化，且 Eon Care Network 正按計畫擴張，將超越我們每站點 100 名病患的目標。

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 U.S. 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.

Eon Care Network 也正按計畫擴張，將超越我們 100 位醫療服務提供者（provider）的目標，支持我們最大化 DTC 策略，並在全美擴大可近性。我們不只是擴大業務規模，我們正在重新定義 CGM 可以是什麼，而我們相信本季已展現這一點。我們對今年的計畫仍充滿信心，而 2026 年迄今所見也讓我們更具信念。感謝各位今天加入。接下來，我們將開放提問。

(Operator Instructions)

(接線員指示)

Joshua Jennings, TD Cowen. Your line is open.

Joshua Jennings，TD Cowen。您的線路已開通。

Thanks for taking the question. This is Colin on for Josh. Congrats on the nice quarter as well. Can you talk about the drivers of the really strong U.S. 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?

謝謝讓我提問。我是 Colin，代 Josh 發言。也恭喜你們交出漂亮的一季。能否談談美國新增病患數字非常強勁的驅動因素，以及你們如何推動 Eon Care Network 的擴張——不論是在各地區補足尚未覆蓋的空白，或是在不同關鍵區域擴大你們的布局？

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 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, and 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.

所以，成長從根本上來說就是新病患開始使用，對吧？如同我們所說，方法如你所知是透過 DTC 通路，這約占成長的 60%，另外 40% 來自 HCP。在 DTC 方面，我們在社群媒體上投放了很多廣告。我們獲得了良好的回應。我們提升了其成效，因此降低了成本，讓我們能夠觸及更廣、更廣的受眾；並且透過我們的內部流程或其內部服務團隊，我們正在提升每一個線索的轉換率。這些都在逐月、逐季地發生。在業務代表端，隨著 Eversense 在各診所的能見度愈來愈高，他們在與相關人員接觸方面做得非常好。他們也能夠更深入地滲透。

And then 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've seen, 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.

接著，當我們帶進更多人，尤其是透過 DTC，他們也能在可拜訪的診所端拓展得更廣。這其實就是整個商業組織的效率提升。現在我們掌握了這一塊，就能做出所有調整。我們會針對要投入哪些投資、要聚焦哪些郵遞區號，做即時、逐週的調整。這些都完全在我們的掌控之中。Brian 和他的團隊在執行這些方面做得非常出色。至於 Eon 的成長，如你所見，我們實際上比我們所說的更快加速，因為我們看到非常好的進展。讓新護理人員上手並能執行該項處置所需的時間相對較短。

We do the training on it, we make sure that they're credentialed, and 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 commercial. It really is a rising tide is floating all the boats.

我們會提供相關訓練，確保他們取得資格認證，並把他們配置到在商業面也展現成功的地區。這確實是彼此相互堆疊、相互促進。當我們展現更多商業成功，就會需要更多植入執行者（inserters）。顯然，在我們植入深度更高的地方，我們就能在商業推廣上更用力、再更用力。這真的是水漲船高、帶動所有船隻。

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?

聽起來很棒。謝謝。或許關於下半年即將到來的 E 365 重新植入週期，你能否把這類經常性收入來源，與你們對新病患採用的預期做個對照說明？

Well, remember, we're certainly continuing to ramp on 365, but we've been reinserting 365 now since last November, so 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, but it continues to be right on our plan.

嗯，請記得，我們當然仍在持續拉升 365 的規模，但自去年 11 月以來我們就一直在做 365 的重新植入，所以我們有相當不錯的紀錄可循。它持續維持在完全符合我們預期的水準。就量化角度而言，我不確定我們是否已經把它拆分揭露，但它仍然完全按計畫進行。

(Operator Instructions)

（接線員指示）

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團（Mizuho Group）。

Congratulations on the solid quarter here.

恭喜本季表現穩健。

Maybe just a little bit on the complexion on the U.S. side. How much was just new territories opening up versus twiist integration? 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? Then I'll have a follow-up. Thanks.

想請教一下美國端的組成。有多少是來自新區域的開啟，多少是來自 twiist 的整合？另外往前看，隨著這次募資，你們預期到年底前會啟動多少個新區域？之後我還有一個追問。謝謝。

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 twiist partnership. Clearly our penetration into Type 1 is improving. As a result of that, as you know, we were pretty much 80% to 85% Type 2. We're seeing that moderate some, but still very much predominantly a Type 2-focused company at this point.

其實在這次募資之後，我們尚未啟動任何新區域。我們目前有 43 個活躍區域，並持續在這些區域運作。我們在這些區域增加了一些 DTC 投放，這也符合我們的規劃。我們持續在執行。如你可能聽我們說過，我們對外有 43 個區域，對內大約有 55 人左右負責把這些 DTC 的努力轉換成實際成果。我們對於與 twiist 合作所看到的工作成果與進展感到非常振奮。很明顯，我們在第一型糖尿病（Type 1）的滲透率正在提升。因此，如你所知，我們過去大約有 80% 到 85% 是第二型（Type 2）。我們看到這個比例有所緩和，但目前仍然非常明顯地是一家以第二型為主的公司。

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

我們確實預期，隨著未來導入其他胰島素幫浦公司，這種情況會改變。

And 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.

追問是關於預計在年底完成的 Gemini 研究。想請教明年我們實際上何時能看到 Gemini 的數據？會是在 2027 年的 ADA 嗎？再次感謝。恭喜。

Hey, Anthony, thisThis 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 10-k submission, followed by the clearance, hopefully within a quarter of that.

嗨，Anthony，這、這裡是 Mukul。是的。我們的預期是最晚在明年夏天前能看到。我們會在年底完成，第一季提交，然後提交 10-K，接著是核准（clearance），希望在那之後的一個季度內完成。

And 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.

再次提醒，如欲提問，請按星號一。我們將再稍作停頓。謝謝。目前佇列中沒有其他問題。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以掛線。