Revenue growth accelerated to 117.8% YoY in Q2 2026 with gross margins inflecting to 59.1%, yet operating losses persist at -2.5% of revenue, indicating insufficient operating leverage.
Senseonics Holdings, Inc. (SENS) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 48.55M | 35.26M | 22.47M | 22.39M | 16.39M | 13.68M | 4.95M | 21.3M | 18.91M | 6.37M | 332K | 38K | 0 | 17K |
| Revenue Growth % | 90.63% | 56.89% | 0.37% | 36.62% | 19.85% | 176.32% | -76.77% | 12.63% | 196.77% | 1819.58% | 773.68% | - | -100% | - |
| Cost of Goods Sold | 21.91M | 19.49M | 21.94M | 19.3M | 13.66M | 14.49M | 22.32M | 40.75M | 27.06M | 9.76M | 660K | 0 | 0 | 5K |
| COGS % of Revenue | - | 55.29% | 97.63% | 86.19% | 83.37% | 105.93% | 450.9% | 191.3% | 143.07% | 153.11% | 198.8% | - | - | 29.41% |
| Gross Profit | 26.64M | 15.76M | 533K | 3.09M | 2.73M | -811K | -17.37M | -19.45M | -8.15M | -3.38M | -328K | -80K | 0 | 12K |
| Gross Margin % | 54.87% | 44.71% | 2.37% | 13.81% | 16.63% | -5.93% | -350.9% | -91.3% | -43.07% | -53.11% | -98.8% | -210.53% | - | 70.59% |
| Gross Profit Growth % | - | 2857.41% | -82.76% | 13.39% | 436.13% | 95.33% | 10.71% | -138.74% | -140.65% | -932.01% | -310% | - | -100% | - |
| Operating Expenses | 135M | 84.1M | 75.38M | 78.69M | 71.35M | 56.37M | 61.76M | 111.21M | 79.43M | 52.93M | 42.1M | 28.85M | 18.7M | 18.8M |
| OpEx % of Revenue | - | 238.53% | 335.42% | 351.47% | 435.37% | 412.22% | 1248.01% | 522.11% | 419.99% | 830.5% | 12682.23% | 75921.05% | - | 110594.12% |
| Selling, General & Admin | 98.17M | 52.51M | 34.23M | 29.94M | 31.63M | 29.15M | 41.35M | 72.78M | 47.57M | 22.19M | 15.76M | 10.6M | 5.82M | 5.01M |
| SG&A % of Revenue | - | 148.93% | 152.33% | 133.73% | 193.02% | 213.19% | 835.54% | 341.69% | 251.51% | 348.23% | 4746.39% | 27892.11% | - | 29470.59% |
| Research & Development | 36.83M | 31.59M | 41.14M | 48.75M | 39.72M | 27.22M | 20.41M | 38.43M | 31.86M | 30.73M | 26.35M | 18.25M | 12.88M | 13.79M |
| R&D % of Revenue | - | 89.6% | 183.09% | 217.74% | 242.35% | 199.03% | 412.47% | 180.41% | 168.47% | 482.27% | 7935.84% | 48028.95% | - | 81123.53% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -321K | 176K | 25K | 0 | 0 | 0 |
| Operating Income | -108.36M | -68.34M | -74.84M | -75.6M | -68.63M | -57.18M | -79.13M | -130.66M | -87.58M | -56.31M | -42.43M | -28.81M | -18.7M | -18.79M |
| Operating Margin % | -223.22% | -193.83% | -333.05% | -337.66% | -418.74% | -418.15% | -1598.91% | -613.41% | -463.06% | -883.62% | -12781.02% | -75821.05% | - | -110523.53% |
| Operating Income Growth % | - | 8.69% | 1.01% | -10.17% | -20.02% | 27.74% | 39.44% | -49.2% | -55.52% | -32.71% | -47.28% | -54.06% | 0.46% | - |
| EBITDA | -106.51M | -66.83M | -73.37M | -74.33M | -67.64M | -55.94M | -77.99M | -129.66M | -87.31M | -56.09M | -42.28M | -28.69M | -18.51M | -18.57M |
| EBITDA Margin % | -219.4% | -189.54% | -326.48% | -331.96% | -412.73% | -409.09% | -1575.85% | -608.71% | -461.63% | -880.06% | -12734.34% | -75510.53% | - | -109229.41% |
| EBITDA Growth % | -68.49% | 8.92% | 1.29% | -9.88% | -20.91% | 28.27% | 39.85% | -48.51% | -55.67% | -32.66% | -47.34% | -54.99% | 0.3% | - |
| D&A (Non-Cash Add-back) | 1.85M | 1.51M | 1.48M | 1.28M | 985K | 1.24M | 1.14M | 1M | 270K | 227K | 155K | 118K | 189K | 220K |
| EBIT | -104.22M | -64.16M | -70.18M | -49.28M | 160.82M | -285.75M | -159M | -100.41M | -85.69M | -56M | -42.33M | -28.78M | -18.7M | -18.79M |
| Net Interest Income | -845K | -753K | -3.94M | -5.75M | -16.88M | -16.48M | -15.99M | -13.21M | -6.28M | -2.96M | -1.52M | -1.09M | 0 | 0 |
| Interest Income | 4.32M | 4.2M | 4.5M | 5.36M | 1.82M | 243K | 175K | 1.93M | 2M | 135K | 80K | 9K | 0 | 10K |
| Interest Expense | 5.17M | 4.95M | 8.44M | 11.11M | 18.7M | 16.72M | 16.17M | 15.14M | 8.28M | 3.1M | 1.6M | 1.1M | 191K | 0 |
| Other Income/Expense | -1.03M | -776K | -3.77M | 15.21M | 210.75M | -245.29M | -96.04M | 15.11M | -6.39M | -2.79M | -1.5M | -1.06M | -183K | 10K |
| Pretax Income | -109.39M | -69.11M | -78.62M | -60.39M | 142.12M | -302.47M | -175.17M | -115.55M | -93.97M | -59.1M | -43.93M | -29.88M | -18.89M | -18.78M |
| Pretax Margin % | -225.34% | -196.03% | -349.84% | -269.73% | 867.16% | -2211.88% | -3539.46% | -542.46% | -496.86% | -927.37% | -13231.93% | -78623.68% | - | -110464.71% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 183K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.97% | 0% |
| Net Income | -109.39M | -69.11M | -78.62M | -60.39M | 142.12M | -302.47M | -175.17M | -115.55M | -93.97M | -59.1M | -43.93M | -29.88M | -18.89M | -18.78M |
| Net Margin % | -225.34% | -196.03% | -349.84% | -269.73% | 867.16% | -2211.88% | -3539.46% | -542.46% | -496.86% | -927.37% | -13231.93% | -78623.68% | - | -110464.71% |
| Net Income Growth % | -60.37% | 12.09% | -30.18% | -142.49% | 146.99% | -72.68% | -51.6% | -22.96% | -59% | -34.53% | -47.04% | -58.2% | -0.56% | - |
| Net Income (Continuing) | -109.39M | -69.11M | -78.62M | -60.39M | 142.12M | -302.47M | -175.17M | -115.55M | -93.97M | -59.1M | -43.93M | -29.88M | -18.89M | -18.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.89 | -1.66 | -2.50 | -2.20 | -2.17 | -14.40 | -15.40 | -12.20 | -12.00 | -10.20 | -9.80 | -6.60 | -4.20 | -5.00 |
| EPS Growth % | -5.58% | 33.6% | -13.64% | -1.38% | 84.93% | 6.49% | -26.23% | -1.67% | -17.65% | -4.08% | -48.48% | -57.14% | 16% | - |
| EPS (Basic) | - | -1.66 | -2.50 | -2.20 | 6.07 | -14.40 | -15.40 | -12.20 | -12.00 | -10.20 | -9.80 | -6.60 | -4.20 | -5.00 |
| Diluted Shares Outstanding | 57.84M | 41.73M | 31.49M | 28.4M | 30.91M | 21.12M | 11.4M | 9.44M | 7.87M | 5.8M | 4.46M | 4.58M | 4.58M | 3.81M |
| Basic Shares Outstanding | 57.84M | 41.73M | 31.49M | 28.4M | 23.4M | 21.12M | 11.4M | 9.44M | 7.87M | 5.8M | 4.46M | 4.58M | 4.58M | 3.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SENS stock.
For fiscal year 2025, Senseonics Holdings, Inc. (SENS) reported total revenue of $35.3M. This represents a 207294.1% increase compared to $0.0M in 2013.
Senseonics Holdings, Inc. (SENS) reported a net loss of $69.1M for the fiscal year ending 2025.
Senseonics Holdings, Inc. (SENS) reported an operating income of $-68.3M, resulting in an operating profit margin of -193.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Senseonics Holdings, Inc. (SENS) generated $15.8M in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High cash burn and losses
Metrics are mathematically derived from official filings.
Rapid Revenue Growth Decelerating Sequentially
Senseonics' revenue grew 117.8% year-over-year in Q2 2026, but the sequential growth from Q1 to Q2 was only 23.9%, suggesting a deceleration in the growth rate. This rapid expansion is notable for a company with such a small revenue base.
The year-over-year growth rates have been impressive (117.8%, 87.2%, 71.8% in recent quarters) but the absolute revenue remains small at $14.5M in Q2 2026. This pattern suggests the initial surge from commercial launch may be moderating, and sustained high growth will require broader adoption or new market penetration.
Gross Margin Inflection to Healthy 59%
According to the income statement data, Senseonics achieved a gross margin of 59.1% in Q2 2026, a dramatic improvement from the negative margins seen in 2024, suggesting the company has reached a new level of production efficiency or pricing power.
The gross margin expansion from -95.0% in Q3 2024 to 59.1% in Q2 2026 is striking and indicates a fundamental shift in cost structure, likely due to scaling of manufacturing and improved product mix. However, operating margins remain deeply negative at -2.5%, indicating that the gross margin improvement has not yet translated to bottom-line profitability.
Operating Leverage Evident but Not Yet Sufficient
As reported in the financial statements, Senseonics' operating losses as a percentage of revenue narrowed dramatically from -172.0% in Q4 2024 to -2.5% in Q2 2026, indicating significant operating leverage as revenue scales, but the company remains far from break-even.
The improvement in operating margin is driven by both gross margin expansion and the fact that SG&A and R&D are not growing as fast as revenue. In Q2 2026, SG&A was $32.9M on $14.5M revenue, which is still very high at 227% of revenue, but this is an improvement from prior quarters. The operating leverage suggests that if revenue continues to grow, losses could shrink further, but the high fixed cost base remains a challenge.
SBC Dilutes Net Losses and Impairs Earnings Quality
In Q2 2026, stock-based compensation of $3.6M represented approximately 25% of total revenue, indicating that a significant portion of the company's operating expenses are non-cash and may be obscuring the true economic cost structure, as per the provided figures.
The company's net loss of $36.7M in Q2 2026 includes substantial SBC, which is a non-cash charge. While SBC is common in growth-stage medical device companies, its magnitude relative to revenue suggests that the reported net loss is inflated by non-cash items. However, even excluding SBC, the operating loss would still be substantial, highlighting the ongoing challenge to achieve GAAP profitability.
Gross Margin Inflection in Mid-2025
The company experienced a dramatic inflection in gross margins starting in Q3 2025, when margins jumped from 24.1% in Q1 2025 to 42.8% in Q3 2025 and then to 59.1% by Q2 2026, suggesting a successful scaling of production and possibly the introduction of a more profitable product.
This inflection point coincided with accelerating revenue growth, indicating that the company's commercial efforts are gaining traction. However, it is important to note that the gross margin improvement may be due to factors such as manufacturing efficiencies, volume discounts, or changes in product mix, and investors should monitor whether these margins are sustainable as the company continues to grow.
Unsustainable Cost Structure Threatens Path to Profitability
Despite rapid revenue growth, Senseonics' operating expenses (SG&A and R&D) totaled $44.5M in Q2 2026, which is over three times its revenue, indicating that the current cost structure may be unsustainable without either significant cost cuts or continued high revenue growth, according to the financial data.
The company's operating loss of $36.0M in Q2 2026 was only slightly less than the revenue of $14.5M, meaning that for every dollar of revenue, the company loses about $2.50 at the operating level. This burn rate is concerning, especially if growth decelerates. Additionally, the negative net income of $36.7M suggests that the company is heavily reliant on external financing to fund its operations, which could lead to shareholder dilution.