Senseonics(US:SENS)2025-03-03 23:29Financial Data and Key Metrics Changes - In Q4 2024, net revenue was $8.3 million, an increase from $8 million in the prior year period [27] - For the full year 2024, total revenue was $22.5 million compared to $22.4 million in 2023, with US revenue at $15.3 million and revenue outside the US at $7.2 million [35] - Net loss for Q4 2024 was $15.5 million, a decrease from $17.2 million in Q4 2023, primarily due to improved gross profit margins [34] - Full year net loss was $78.6 million, compared to $60.4 million in 2023, with the increase attributed to reduced gains from note exchanges and derivative fair value changes [39] Business Line Data and Key Metrics Changes - The Eversense 365 product launch has seen a 56% increase in the patient base to approximately 6,000 global patients in 2024 [23] - The number of annual US Eversense prescribers increased by 73% to over 2,400 [24] - Approximately 81% of the patient base switched from other continuous glucose monitors (CGMs) [25] Market Data and Key Metrics Changes - US revenue for Q4 2024 was $6.2 million, while revenue outside the US was $2.1 million [27] - The company anticipates launching Eversense 365 in Europe in the second half of 2025, following CE Mark approval [12] Company Strategy and Development Direction - The company is focused on expanding its product pipeline, including the Gemini and Freedom systems, which will enhance patient experience [13][14] - Partnerships with health systems like Mercy Health are aimed at increasing access to Eversense for patient populations [16] - The company plans to commercialize Eversense 365 in Europe and continue building on the technology platform [47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in 2025, highlighting the successful initial launch of Eversense 365 as a significant catalyst [46] - The CGM market is viewed as an exciting space in medical devices, with a large opportunity to simplify diabetes management [48] - The company expects full year 2025 global net revenue to be approximately $34 million to $38 million, with a focus on transitioning US patients to Eversense 365 [42] Other Important Information - The company has simplified its capital structure, repaying $20.4 million in convertible notes and converting preferred stock into common stock [40][41] - Cash, restricted cash, and cash equivalents totaled $74.9 million as of December 31, 2024 [39] Q&A Session Summary Question: What should we expect when taking Eversense 365 OUS? - Management anticipates a more gradual inventory stocking in Europe compared to the US [53] Question: What are the early signs of 365-day insertions in the Mercy system? - There is excitement around the 365 product, with a focus on expanding to primary care for Type 2 patients [55] Question: Clarification on prescriber numbers? - The 2,400 prescribers represent an annual number, while over 1,000 was since launch [62] Question: Revenue growth expectations from international versus US? - Most growth is expected from the US, with significant increases anticipated from the European launch in the second half of the year [64] Question: Update on Medicare reimbursement efforts? - Reimbursement is available for Medicare patients, with ongoing work on pricing expected to resolve in the next quarter [74] Question: OpEx cadence throughout the year? - SG&A expenses are expected to be linear across quarters, with slight increases due to sales commissions from the consignment program [81]