搭档5年，分手告终！CGM回到自营

Core Viewpoint - Senseonics is reclaiming global commercialization rights for the Eversense continuous glucose monitoring (CGM) platform from Ascensia Diabetes Care, aiming for more efficient promotion of the Eversense 365 product [2][5]. Financial Aspects - Without revenue sharing with Ascensia, the company's revenue could have been 20% higher and gross margin could have been 45% higher in the last quarter [4]. - The company has secured up to $100 million in financing from Hercules Capital to support its commercial infrastructure [4]. - The projected net sales for 2025 are estimated to be between $34 million and $38 million, with a gross margin maintained between 32.5% and 37.5% [4]. Team Transition - Brian Hansen, head of Ascensia's CGM business, and his team will join Senseonics to continue the commercial advancement of Eversense [4]. Payment and Coverage - Eversense has gained extensive commercial insurance and Medicare coverage, with ongoing expansion of physician prescriptions and implantation networks [4]. Technological Features and Clinical Data - Eversense 365 is the world's first one-year implantable iCGM, with 90% of sensors used for 365 days in a clinical study, and 92% of data points within ±20% error in the blood glucose range of 40-400 mg/dL [6]. - Starting February 2024, Medicare will expand CGM reimbursement to all insulin users and some high-risk hypoglycemia patients, facilitating Eversense 365's commercialization [6]. Business Model Transition - Senseonics is shifting from a partnership model to self-operation to better control sales channels and leverage its differentiated product advantages [11][13]. - The choice of business model is crucial for achieving scalable growth in the CGM market, which involves implant procedures and long-term follow-ups [10]. Market Challenges - The transition to self-operation presents both opportunities for profit release and risks of execution failure, with the need for effective team performance across the entire value chain [18]. - The CGM market remains dominated by competitors like Dexcom and Abbott, posing challenges for Senseonics to carve out its niche [18].