Q3 FY2026
Filed Nov 9, 2026Senseonics reports Q3 2026 total revenue of $19.6 million, up approximately 140% year-over-year, and raises full-year 2026 revenue and gross margin guidance; net loss widened to $32.7 million
Revenue growth and gross margin improved sharply and full-year revenue and gross margin guidance were raised, but operating expenses rose much faster than revenue, the net loss widened to $(32,677) thousand from $(19,530) thousand, and the nine-month net loss was $(101,715) thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026 (three months ended September 30, 2026)GAAP | $19.6M | – | approximately 140% |
| Revenue, net (excluding related parties), Q3 2026GAAP | $19.34M | – | – |
| Revenue, net - related parties, Q3 2026GAAP | $219K | – | – |
| U.S. revenue, Q3 2026GAAP | $16.8M | – | 160% |
| Revenue outside the U.S., Q3 2026GAAP | $2.8M | – | approximately 65% |
| Cost of sales, Q3 2026GAAP | $7.49M | – | – |
| Gross profit, Q3 2026GAAP | $12.07M | – | – |
| Gross margin, Q3 2026GAAP | approximately 62% | – | – |
| Research and development expenses, Q3 2026GAAP | $11.67M | – | – |
| Selling, general and administrative expenses, Q3 2026GAAP | $32.26M | – | – |
| Operating loss, Q3 2026GAAP | −$31.86M | – | – |
| Interest income, Q3 2026GAAP | $1.17M | – | – |
| Interest expense, Q3 2026GAAP | −$1.81M | – | – |
| Net loss, Q3 2026GAAP | −$32.68M | – | – |
| Basic and diluted net loss per common share, Q3 2026GAAP | $(0.50) | – | – |
| Active prescribers, Q3 2026other | up approximately 90% year-over-year | – | approximately 90% |
| EON Care network inserters, as of Q3 2026other | more than 100 | – | – |
| Total revenue, nine months 2026 (nine months ended September 30, 2026)GAAP | $45.76M | – | – |
| Revenue, net (excluding related parties), nine months 2026GAAP | $41.36M | – | – |
| Revenue, net - related parties, nine months 2026GAAP | $4.40M | – | – |
| Cost of sales, nine months 2026GAAP | $18.19M | – | – |
| Gross profit, nine months 2026GAAP | $27.57M | – | – |
| Research and development expenses, nine months 2026GAAP | $31.92M | – | – |
| Selling, general and administrative expenses, nine months 2026GAAP | $95.34M | – | – |
| Operating loss, nine months 2026GAAP | −$99.69M | – | – |
| Net loss, nine months 2026GAAP | −$101.7M | – | – |
| Basic and diluted net loss per common share, nine months 2026GAAP | $(1.80) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. (Eversense 365)Company states U.S. revenue increased approximately 160% year-over-year on record quarterly shipment volume; active prescribers up approximately 90% year-over-year. Prior-year revenue was $6.4 million. | $16.8 million, Q3 2026 | – | 160% |
| Outside the U.S. (Europe and other markets)Company states dedicated commercial teams now lead the Eversense 365 launches in European markets and commercial operations are now fully within Senseonics globally. Prior-year revenue was $1.7 million. Company expects revenue outside the United States to represent approximately 15% of full-year 2026 revenue. | $2.8 million, Q3 2026 | – | approximately 65% |
Full year 2026 outlook
- Revenue$68 million to $70 million, raised from $62 million to $66 million; company states this represents year-over-year growth of 93% to 98%
- Gross marginmore than 60%, raised from 58% to 61%
- NoteRevenue outside the United States expected to represent approximately 15% of full-year 2026 revenue
- NoteOutlook reflects continued momentum in U.S. Eversense 365 growth, planned direct-to-consumer marketing investment, traction of other sales and marketing initiatives, utilization of U.S. patient assistance programs for Eversense 365, and the ongoing roll-out of Eversense 365 outside the United States
- NoteBeta Bionics integration: commercial launch planned for the fourth quarter of 2026, subject to completion of integration activities and applicable requirements
- NoteEON Care inserter target raised to 120 by year-end 2026
What drove it
- Company attributes the U.S. revenue increase to record quarterly shipment volume and says it reflects progress in executing its commercial strategy and driving awareness and demand for Eversense 365.
- Company states that recent investments in commercial infrastructure are expanding patient access and improving gross margins.
- Company states Q3 2026 gross margin was approximately 62%, compared with 43% in Q3 2025.
- Company states R&D expenses increased reflecting continued clinical trial activity for Gemini and development work on Freedom.
- Company states SG&A expenses increased reflecting the ongoing costs of the commercial organization in the U.S. and Europe.
- Company states EON Care network grew to more than 100 inserters, who performed over 40% of Q3 2026 Eversense insertion procedures.
- Company announced a partnership with Beta Bionics to integrate Eversense 365 with the iLet Bionic Pancreas, with commercial launch planned for Q4 2026.
Concerns
- Net loss widened to $(32,677) thousand in Q3 2026 from $(19,530) thousand in Q3 2025; nine-month net loss was $(101,715) thousand vs $(48,290) thousand.
- SG&A expense was $32,258 thousand in Q3 2026 vs $15,310 thousand in Q3 2025, and $95,341 thousand for nine months 2026 vs $32,733 thousand in the prior-year nine months.
- Operating loss was $(31,856) thousand in Q3 2026 vs $(19,601) thousand in Q3 2025.
- Revenue, net - related parties fell to $219 thousand in Q3 2026 from $3,893 thousand in Q3 2025, and to $4,398 thousand for nine months 2026 from $11,766 thousand.
- Interest expense rose to $(1,813) thousand in Q3 2026 from $(1,171) thousand in Q3 2025, with debt principal of $55.0 million outstanding.
- Forward-looking statements cite risks including reimbursement, sales mix, timing of European tender updates, tariffs, and completion of the Beta Bionics integration.
What to watch
- Delivery against raised full-year 2026 revenue guidance of $68 million to $70 million and gross margin guidance of more than 60%.
- Whether Q4 2026 revenue and gross margin are consistent with the full-year ranges, given the Q3 2026 base of $19,561 thousand total revenue and approximately 62% gross margin.
- Trend in SG&A and R&D expense against revenue, given the company's stated investment in direct-to-consumer marketing and commercial infrastructure.
- Beta Bionics commercial launch timing in Q4 2026, subject to completion of integration activities.
- Progress toward the EON Care inserter goal of 120 by year-end 2026.
- European tender updates and the share of revenue outside the U.S., which the company expects at approximately 15% of full-year 2026.
- Progress of Gemini and Freedom development programs.
- Cash and short-term investments of $126.6 million relative to the $55.0 million principal balance under the Hercules facility.
Balance sheet and cash flow
- Cash, cash equivalents, restricted cash and short-term investments totaled $126.6 million as of September 30, 2026 (GAAP, company-reported total).
- Cash and cash equivalents: $47,759 thousand at September 30, 2026 vs $40,234 thousand at December 31, 2025.
- Short-term investments, net: $78,544 thousand at September 30, 2026 vs $53,796 thousand at December 31, 2025.
- Carrying value of debt under the Hercules Capital facility: approximately $56.2 million at September 30, 2026, with $55.0 million in principal borrowings outstanding; company states this is consistent with the second quarter.
- Long-term debt and notes payable, net: $54,204 thousand at September 30, 2026 vs $35,586 thousand at December 31, 2025. Notes payable, current portion, net: $2,025 thousand vs nil at December 31, 2025.
- Total assets: $162,507 thousand at September 30, 2026 vs $126,269 thousand at December 31, 2025.
- Total liabilities: $84,886 thousand at September 30, 2026 vs $65,223 thousand at December 31, 2025.
- Total stockholders' equity: $77,621 thousand at September 30, 2026 vs $61,046 thousand at December 31, 2025.
- Accumulated deficit: $(1,118,702) thousand at September 30, 2026 vs $(1,016,987) thousand at December 31, 2025.
- Inventory, net: $8,439 thousand at September 30, 2026 vs $6,703 thousand at December 31, 2025.
- Accounts receivable, net: $13,102 thousand at September 30, 2026 vs $6,807 thousand at December 31, 2025.
- Operating cash flow, free cash flow and capital expenditures are not printed in the filing.
Analysis
Senseonics reported Q3 2026 total revenue of $19,561 thousand (stated as $19.6 million), compared with $8,095 thousand in Q3 2025, which the company describes as an increase of approximately 140%. U.S. revenue was $16.8 million, up 160% from $6.4 million, and the company attributes this to record quarterly shipment volume. Revenue outside the U.S. was $2.8 million, up approximately 65% from $1.7 million. Revenue, net - related parties was only $219 thousand in Q3 2026 against $3,893 thousand a year earlier, so the reported growth comes mainly from the non-related-party revenue line, which rose to $19,342 thousand from $4,202 thousand.
Gross profit was $12,069 thousand, and the company states gross margin was approximately 62%, against 43% in Q3 2025. Cost of sales was $7,492 thousand against $4,627 thousand. Margin therefore moved well above the prior-year level on a much larger revenue base, and the company links this to its recent commercial infrastructure investments.
Operating expenses grew faster than revenue. R&D rose to $11,667 thousand from $7,759 thousand, which the company ties to Gemini clinical activity and Freedom development. SG&A rose to $32,258 thousand from $15,310 thousand, which the company ties to its U.S. and European commercial organization. Operating loss was $(31,856) thousand against $(19,601) thousand, and net loss was $(32,677) thousand, or $(0.50) per basic and diluted share, against $(19,530) thousand, or $(0.43). Interest expense was $(1,813) thousand against $(1,171) thousand. On a nine-month basis, net loss was $(101,715) thousand, or $(1.80) per share, against $(48,290) thousand, or $(1.19).
The balance sheet shows cash, cash equivalents, restricted cash and short-term investments of $126.6 million at September 30, 2026. Long-term debt and notes payable, net rose to $54,204 thousand from $35,586 thousand at December 31, 2025, and stockholders' equity was $77,621 thousand against $61,046 thousand. The company states the Hercules debt carrying value of approximately $56.2 million and principal of $55.0 million are consistent with Q2 2026. The filing does not include operating or free cash flow figures, so cash burn cannot be read directly from it.
The guide was raised. Full-year 2026 revenue guidance moved to $68 million to $70 million from $62 million to $66 million, and gross margin guidance moved to more than 60% from 58% to 61%. The company expects revenue outside the U.S. to be approximately 15% of full-year 2026 revenue. The raised guide sits alongside a widening loss, so the investor read depends on whether the expense base scales with the revenue trajectory in the coming quarters.
Management, verbatim
Our approximately 140% year-over-year revenue growth in Q3 reflects the progress we are making in executing our commercial strategy and driving increased awareness and demand for Eversense 365.
Tim Goodnow, PhD, President and Chief Executive Officer
Recent investments in commercial infrastructure are expanding patient access, supporting our growth and improving gross margins.
Tim Goodnow, PhD, President and Chief Executive Officer
We expect our relationship with Beta Bionics to expand patient choice by pairing Eversense with another insulin delivery system.
Brian Hansen, Chief Commercial Officer
Not in the filing
stated, not guessed- Operating cash flow, free cash flow and capital expenditures for Q3 2026 and nine months 2026.
- Prior-quarter (Q2 2026) figures for revenue, gross margin, operating expenses and net loss.
- Year-over-year percentage changes for cost of sales, gross profit, R&D, SG&A, operating loss, net loss and EPS, which are not printed in the filing.
- Prior-year percentage change for revenue, net and revenue, net - related parties.
- Prior-year figures for gross margin on a nine-month basis and nine-month year-over-year changes.
- Prior-year comparatives for interest income and interest expense on a nine-month basis (printed values exist but are not reproduced as key metrics).
- Operating expense guidance for full-year 2026.
- Tax rate guidance and income tax expense lines.
- Prior outlook comparison: no previous release outlook was provided with this filing, so verdicts against prior guidance cannot be assessed.
- Share repurchases and dividends: none are printed in the filing.
- Exact number of active prescribers and the exact EON Care inserter count (only approximate growth and a 'more than 100' threshold are printed).
- Market or consensus expectations and share price reaction (not in the documents).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.