Financial Data and Key Metrics Changes - In Q3 2025, net revenue grew by 90% to $8.1 million compared to $4.3 million in the prior year period, driven by Eversense 365 US revenue of $6.4 million and $1.7 million from outside the US [15][18] - Gross profit was $3.5 million, an increase of $7.5 million from the prior year, primarily due to improved margins on the 365-day product sales [17] - Net loss decreased to $19.5 million, or $0.43 loss per share, compared to a net loss of $24 million, or $0.77 loss per share in Q3 2024 [18] Business Line Data and Key Metrics Changes - The third quarter saw a 160% increase in new patient shipments year-over-year, contributing to the overall revenue growth [5] - New insertions increased nearly 150% year-over-year and more than 50% sequentially, reflecting accelerating adoption of Eversense 365 [6] - Approximately 60% of new patients in Q3 originated from direct-to-consumer (DTC) advertising, with 40% from healthcare provider (HCP) referrals [6] Market Data and Key Metrics Changes - The number of providers actively prescribing Eversense grew by more than 55% year-over-year, indicating broadening awareness and confidence in the 365-day system [7] - Eon Care accounted for approximately one quarter of all insertions nationwide, enhancing access and standardizing patient experience [8] Company Strategy and Development Direction - The company executed a memorandum of understanding with Ascensia Diabetes Care to reassume control of Eversense commercialization, allowing for better control over strategy and investments [4] - The CE Mark application for Eversense 365 in Europe was submitted in February, with expectations for approval before the end of 2025 [8] - The company anticipates gross margins to grow to roughly 50% in 2026 and reach approximately 70% at scale for the unified business [13][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, highlighting record new patient starts and the effectiveness of DTC marketing [24] - The company expects full-year 2025 global net revenue to be approximately $35 million, with a significant portion anticipated in Q4 due to new patient starts and reorders [19][20] - Management noted that cash utilization in 2025 is expected to be approximately $60 million, with a cash balance of $111.3 million as of September 30 [22] Other Important Information - The company is focused on expanding access to its unique system and advancing technology to simplify glucose testing for people with diabetes [13] - The transition from Ascensia is expected to enhance operational efficiency and improve margins [10][21] Q&A Session Summary Question: Can you discuss the growth opportunities in DTC? - Management noted a significant increase in switchers from existing CGM systems, with 90% of new patients coming from this group, primarily from Dexcom and Libre [28][29] Question: What is the expected timeline for the integration with Twist? - The first patients are expected to start in early Q1 2026, with a ramp-up anticipated later in the year [31][32] Question: How is the inserter network evolving? - The Eon network is crucial for expanding access, with a focus on training providers and increasing the number of inserters [36] Question: What is the status of private payers transitioning to bundled payment reimbursement? - Management expects continued transitions, with significant progress made in the first half of the year [40] Question: Can you provide an update on the CE Mark for Eversense 365? - The CE Mark application is in the final stages of review, with expectations for approval soon [72]

Core Thesis - American Express Company (AXP) is viewed as a durable, long-term compounder with a unique self-reinforcing business model that sets it apart from competitors like Visa and Mastercard [2][5] Business Model - American Express operates a closed-loop system, issuing cards, processing payments, negotiating with merchants, and maintaining customer relationships, allowing it to capture more transaction economics [2][3] - The company charges merchants over 3% on average, reinvesting most of this into member benefits such as travel rewards and concierge services, which enhances customer loyalty [3] Financial Performance - American Express has maintained high retention rates and loyalty-driven spending, with over 70% of costs in 2025 linked to member benefits [3] - The company has achieved exceptional returns on equity, averaging 25-35% over the last 15 years, supported by recurring merchant fee income and disciplined underwriting [4] Market Position - Partnerships with acquirers like Stripe and Square have expanded American Express's reach to 99% of U.S. merchant touchpoints, with direct enterprise relationships accounting for 73% of transaction volume [4] - The closed-loop system enhances merchant acceptance, loyalty, and data insights, strengthening the company's competitive moat over time [5] Investment Outlook - With a trailing P/E of approximately 22x, American Express presents an attractive risk/reward profile as a mid-teens compounder, demonstrating resilience across macroeconomic cycles [5] - The company benefits from rising consumer and corporate spending, as well as interest rate fluctuations, while its internal structure mitigates many competitive and regulatory risks [5]