I'm happy to introduce the team from Senseonics, and we have Tim Goodnow, Chief Executive Officer, and Rick Sullivan, CFO. Guys, I'm just going to go through a bunch of different topics. We'll move around, but I want to start big picture. Tim, maybe you can kick us off and just give an overview of your latest product, the 365 Day, big introduction for you guys, and how it's differentiated from some of the other current CGMs out there, and then we'll dig a little bit deeper. Sure. So first of all, thanks for the opportunity to speak. Appreciate it. 365 is just that. It's our one-year product. The company was actually founded on the concept of the one-year product. We did do a couple of iterations to build to it, first the 90-day and the 180. Each one of those is technological achievements to stabilize the sensor in the body. But we're very excited to now be at the 365. It is going to be the workhorse that we build the future products off from as well. Of course, the concept is the last for CGM coverage for a full year, but the other big, big advantage over the other technologies is there's no through-skin component to it. So what that means from a user's perspective is that once it goes in, the negative is that it does need to be placed by a medical professional. You go into the doctor's office to actually do the procedure. Once you do that, for the next 365 days, you've got really complete freedom. You don't have to worry about dealing with the sensor. You don't have to place a new one. You don't have to worry about showering. You don't have to worry about adhesive issues. Those are really the biggest elements of the current generation, that long-term freedom and really the flexibility you get when you pay the price of having the insertion done. We'll get into the pipeline a little bit later. Like you said, this will be the backbone, but I believe there's other advantages too. Just talk about calibrations, maybe what it was under the prior 180, what it is under the current 365, and how maybe that's a little bit even more user-friendly. Yeah. Obviously, it's important with any diabetes technology, anything that you can do to minimize the overhead or the pain of the person with diabetes from managing their device so they can spend their time, A, managing their diabetes, or B, living their regular life, is going to be exactly what they're looking for. We worked extremely hard to take the calibration down on the 180-day product. We did ask people to do a single fingerstick once every day, and we knew that really was not competitive anymore. We are now down to one fingerstick per week. Fifty-two weeks a year of full CGM coverage, and you do the 50-ish fingersticks to keep it calibrated for the entire time period. That is the only interaction that you need to do to support the sensor. Okay. Rick, I'll pull you in in a second, but you've got your backbone product. It's simplified in terms of calibrations. There was a big change that you guys made right before we came out with coverage, which was the change in the commercial approach and going direct. Maybe you can spend some time, why now? Why now in terms of taking this commercial organization direct and pushing into that in 2026 and beyond? We've had a very fine partnership with the Ascensia Diabetes Care division of PHC Health. The really why now is it's the right timing for us. The 365 is that workhorse that we're going to build the future on. As I said, the company was founded on it. To be able to get to that point really was the right time for us to put our muscle behind it, return the full economics so that we can recognize all of the revenue. There's a big margin impact that happens by being able to do that. It just makes a lot of sense given where we are now that we're on this platform to be able to go alone, control the strategy, control the execution, control the spending, which we've been very successful with our DTC efforts here of late. I think the plan is in the U.S. to go direct January 1. I mean, here we are in the middle of November, roughly 45 days out. What still needs to get done and tighten up so that you're all set to go in a month and a half? In the U.S., we're actually in really good shape because it is a dedicated combined team that's been solely focused on selling Eversense inside the Ascensia organization. We're pretty much going to pick them up and port them over to Senseonics. We're going to flip business cards. We're going to give them an email account. We're going to bring them into the payroll. That's all pretty straightforward and in pretty good shape. Really, the work that we've been doing in the U.S. is more around our CRM system, transitioning that. I feel really, really good about where we are with the U.S. transition. In Europe, it's a little bit more work that needs to be done because they were sold via Ascensia's BGM. It was a joint sales, and we need to extricate that process. We will be replacing some of the sales reps over there with dedicated CGM reps like we have in the U.S. Importantly, the other big dynamic that happens, of course, is many of the markets in Europe are tender markets. Ascensia will have a contract with either the hospital system or maybe with the regional healthcare system. We need to get those transitioned in the transitional process. That is what we will be working on. We do anticipate that will happen during Q1 and Q2 of 2026. Through that time period, we will anticipate and we are planning that we will be fully separated from a delivery and economic perspective, but we will still be delivering under that Ascensia brand with supported TSAs for probably a couple of quarter time period. Okay. And one more, Tim, and then I'll bounce over to Rick in terms of just the moving parts of the P&L. What does that Senseonics Salesforce look like? Let's focus on the U.S., pardon me. What does that Senseonics U.S. Salesforce look like come January 1 in terms of the size and the breadth that you have pushing 365? Yeah. There is going to be 100 sales reps in total. We put 45 of them out in regions. They are calling on the highest prescribing endocrinologists, diabetes centers, and medical practices that see a lot of patients with diabetes. We have 55 inside that are really responding to the inbound inquiries that we stimulate through our advertising, almost exclusively Meta social media platforms. Okay. Rick, obviously, the change in the commercial plan leads to a lot of changes with the P&L. Maybe over to you if you want to talk about some of those changes, maybe lead with how revenue will be favorably impacted, or at least just the percentage. What were you giving to Ascensia? What goes away under the new plan? Yeah. So with Ascensia, we had a revenue sharing arrangement where we recognized our portion of the revenue. It was a little bit different than our various channels. The past couple of quarters, I've stated that the Eversense worldwide revenue would be about 20% higher than what we've reported. We expect to capture that going forward next year. Okay. Maybe just to clean that up a little bit, when you say capture that next year, there is some inventory that I think you're going to have to deal with that Ascensia holds. While the new patient growth is probably still very, very healthy next year, and we'll get into that, is that 20% negated a little bit by the inventory where when you sort of net those two out? Yeah. Yeah. The two things there. First off, the product that we do sell next year will be at that 20% higher. We will see the stronger ASPs than we've been reporting historically. You're right, there is a couple of months of inventory that's already been sold in 2025 that'll have to go through the channel as we get to our target inventory levels across the various sales channels. We won't see it on the top line perspective, but we will certainly see it in our ASPs and then certainly falling to our margins. Just to work through that, if I've got this right, you'll see it in the ASPs. You'll see it in the gross margin, right? We'll still have really robust new patient growth, most likely. It's just sort of going ahead and cleaning up that inventory somewhat one time. Maybe it's a one Q26 event that we'll have to deal with. Exactly. Okay. That was very helpful. Maybe we can just move over to the cost side. As Tim and I were discussing, obviously, you're bringing on a lot of reps. What is that a plus in terms of how we think about the OpEx side of things? Yeah. Ascensia spent about $60 million the past couple of years for their CGM business. That is both U.S. and OU.S.. As we onboard everyone, we want to make it as seamless as possible. We are assigning contracts. We are bringing over employees. We will take the majority of that expense on our P&L starting in January of 2026. I think Tim mentioned U.S.. It is immediately. They will be on payroll. We will start paying bills. OU.S., I think we will take the same expense, but it will be through the TSAs at first before it transfers to the various employees and vendors. Okay. Okay. Very helpful. I'm going to pivot and talk about the direct-to-consumer campaign and 365. So Tim, talk to us about the success you've had with new patient growth. You put up huge new patient growth throughout the first sort of first handful of quarters of 2025. Maybe a couple of questions. The DTC $10 million, is that likely to be sustainable? And where have you been finding the most success with the DTC initiatives? Yeah. DTC has been very effective for us. We've been excited. What it's demonstrated to us is for sure, it's really about awareness for us. DTC has been the opportunity to bring it right to the patient level. We show them the opportunity. We show them the features and benefits. For those, a good proportion that come in and show interest in the product, we, of course, then work with the prescribing physician to get the script on it, and then we'll get him into the channel to do the insertion. It's really that awareness component. That's one of the beauties, as we said, when we put the organization together and bring commercial back into the organization, it allows us to control that investment level on that strategy and where we go to. Today, it is a geo-targeted, very specific areas that we can focus on where we focus on where are a lot of, of course, concentrated people that have or treat diabetes along with the insertion network, right? When When we've got folks that are either our Eoncare nurses that are doing the insertion there, or you have the right clinics that are doing the insertion. We do a lot of advertising in that area. That is the expansion that we'll be seeing in 2026 and 2027 and beyond to further and further expand that footprint. When you're leveraging that Eon network, I'm guessing what you're trying to do is just make it as seamless as a process. It's helping with your conversion rate, right? I think you gave a metric of like you had leads up 300%, you had new patients up 160%. Obviously, you want to tighten that as much as possible. If someone sees the ad and is interested and they don't have to travel very far for the insertion process, which you can leverage with Eon, that's all part of what you're aiming to do to simplify everything? That's exactly right. The Eon network is an organization that we have set up. It's our medical delivery group that we've set up inside of Senseonics. It's a network today of about 50, and we're going to double that to about 100 nurses in 2026. Those are 1099 contract nurses that have the ability and have been through all the training and compliance requirements for them to actually do the insertions themselves. They'll cover a regional area themselves, and we'll add to those as we expand. They'll do the insertion. They'll actually bill through it for the CPT codes that exist. It's an opportunity for us to add that network of nurses for actually very, very little cost because of the reimbursement CPT codes. Okay. One of the things in a good way that you can start to factor in or worry about is getting the reinsertions for 365, right? I mean, they were all new in 2Q and 3Q, but 365 came out, I guess, roughly halfway through 4Q of last year, if I've got that correct. When we think about the reinsertions, maybe talk to us about attrition rates and what we can expect when we're modeling of taking the patients and carrying them forward by a year. Yeah. So we're just getting into that November time period. I don't have the data on the 365, which we do anticipate will be better because of that duration. Our history has always been that typically the biggest drop-off, so 70%-75% of the patients are retained on the first sensor. Then it's about another 10-point gain when they go from sensor two to sensor three, and then another 10 points beyond that. About a mid-90% retention once they get to their third sensor. The reason is they've had that for a very, very long duration, right? It's become part of their life. It is the CGM that they're very comfortable with. That is one of the beauties that we have seen in Europe is those patients are thankfully very, very sticky because we now have patients that are on more than 25 sensors that they have been through the insertion. The biggest drop-off that comes in the front end is unfortunately economic. Some people either switch plans and they may not be eligible under a new plan, or they may have been patients that came in through some patient assistance program, and then when they come up for a second sensor, it is harder to continue that program. Obviously, we want to continue to work on that. Q1 dynamic is always important for all of us because as people meet new deductibles, it tends to be our softest quarter because folks have a big out-of-pocket that they need to meet to stay with us. Some of those financial concerns won't go away overnight. When we think about that 70%-75%, arguably that should strengthen the fact of, as you mentioned earlier, you got 365 instead of 180. Then you're going to continue to call it strengthen the moat around it, right? Some of that via pump integration and other aspects that will fold in over time, I'm guessing. Yeah. Pump integration is important. Certainly, we're focused on that as well. We're also putting in Brian Hansen, who's come on board as our Chief Commercial Officer with his entire leadership team, has good experience out of the pump community. He's putting a number of efforts in to help us focus on retention. One of the things that we, of course, want to make sure that we're in good communication. We're listening to the patients. We know what their feedback is. You don't want to go an entire year without talking to your patients, right? We're putting a lot of that in place right now to make sure that they can communicate with us. If there are any issues, we're right on top of them solving them right away. Okay. I do want to ask a couple of forward-looking questions. I know you'll give more specifics as we get into 2026. How do investors think about the durability of the new patient numbers into 2026? In other words, in 2025, massive growth rates. You're doing the DTC. It's resonating. I mentioned the 160% growth number in 3Q25. I'm sort of torn, right? Whenever I deal with 100% numbers, I go, "Oh, the comps." In the same respect, you're so underpenetrated, right, in terms of the CGM market. Maybe just talk to those two opposing forces of difficult comps, but then up against such an early stage in terms of penetration when we think about new patient numbers going forward. Yeah. First of all, $13 billion market growing at a 20% CAGR, right? Probably nothing more exciting in med tech anywhere. Almost pharma-like, right? You have 10 million patients that are on CGM today, right? Huge, huge opportunity. We had started the year at about 6,000 patients, right? We said our objective was to double that. We are on a nice trajectory to make that happen. Growth in the space is incredibly important for us. 6 growing to 12,000 out of 10 million patients is still a pretty tiny amount. We are going to continue to push. The awareness is a very, very important element for us. Obviously, once a patient becomes aware of it and the prescribing physician becomes aware of it, you only need to earn that once, right? They are going to know about it. They're going to be able to tell their friends about it. There's that stickiness that we want to continue to invest in and awareness and continue just to beat down the barriers, right? We don't have the resources and won't make the investment into television commercials, right? The big guys are able to do that. It is attractive for the space, but we also want to be the third equal choice, if you will, when you go into a clinician and the doctor, she could tell her patient, "Hey, there's three options here for you for CGM. You can take the Abbott product. You can take the Dexcom product. Or there's this newer, really exciting product Eversense that I want to tell you about as well." We certainly want to get to that point. Okay. So maybe think durability on some of those growth numbers without going ahead and giving us any more precise figures behind it. Is that a work there? Yeah. We're going to look to double the installed base again. 365 is an incredibly compelling product. Even with that, it's still going to be a pretty small penetration. The opportunity is so big that it's there. Obviously, anything that we can do, we know that when people are aware of it, they're going to choose the Eversense product, right? We facilitate, we train and facilitate on the insertion. That's the big hurdle that you need to overcome, to convince people, right, if they're going from a product. Most of our patients now are actually switchers, right? When you go to the DTC, the ones that are most aware of it are folks that are on one of the existing products. We've gone from about 75% existing patients to now 90% with this new incremental DTC that we're making. They become aware of it. We facilitate the transition and communication through the insertion process. And then we're frankly excited because then we've got them for a year. Rick, how do we think about maybe that DTC spend? You mentioned the $60 million earlier. Now, that's what Ascensia was spending. You guys were doing largely, correct me if I'm wrong, the $10 million in DTC on your own. Do we think about the $10 million being consistent, a target approach when we start thinking about future years? Yeah. I mean, Ascensia was certainly contributing to DTC too. So there was a piece of that $60 million that was DTC, somewhere between $1 million and $5 million, call it, right? So we certainly spent the majority of the DTC spend. And we started that campaign in July, right? It was really a back half of 2025 campaign. We'll spend the same amount next year, but we'll spend it all year long, right? It'll still be somewhere between $10 million and $15 million of DTC, but it'll be spread out through all of 2026. Okay. Very helpful. I'm going to turn to international for a moment. Then obviously, I want to spend some time on the pipeline and a lot of time on the pipeline because it's very robust. Just to pivot to international, for 365, you're looking for CE Mark approval before the end of the year. Is it just sort of like in a holding pattern? Anything that goes back to you guys or? It's not in a holding pattern. It is certainly going through the process. We continue to move it forward. I would say that we are at the final step of the process. With the new MDRs a couple of years ago, it has unfortunately elongated a little bit. It was not too many years ago that in med tech, you actually went to Europe first, got your CE Mark, and then came back and got FDA approval. The FDA now is actually much more predictable in the time frame. We still feel very confident that we will have the approval by the end of the year. We actually are going to slow down the launch by about a quarter. The reason we are doing that in Europe specifically is, as we said, we are adding those sales reps. We do not want to launch the product with that shared sales rep partnership with Ascensia that we are going to transition away from. We will spend the first quarter bringing some of the new folks on, and then we will launch the product with them at that point. Tim, when you launch the product, I have some other companies that I follow that are sort of consumer med tech in international markets that need to raise awareness. A lot of times it's trickier to do internationally, right? Because there are limitations on DTCs. It can actually vary from country to country throughout Europe. Maybe talk to us a little bit how you're going to do that. You got a great product that's differentiated. You're going to have 365. You're going to have a direct sales force. How do you tackle in an efficient manner the awareness component overseas? There's a couple of elements to it, and you hit exactly on one of it. It is much more difficult in the majority of the markets to do the same level of the DTC. There you do use the more traditional HCP sales force. These are the representatives that go out, right, and will sell the features and benefits to the doctors or to the clinics. That is very traditional with the other arm that we use in the U.S. Somewhat of the difference over there as well, though, is you do have a tender market. You have an opportunity, a pool of patients, right, that can be utilized. That can actually work to your advantage as well because the prescribing physicians know that there's an opportunity. Okay, I can put this number of patients that are on it, so. Okay. Guys, if there are any questions from the audience, just let me know. Throw up your hand, and I'll certainly call on you. Let's do the pipeline. Gemini, Tim, maybe just briefly provide an overview on Gemini and how it differs from the current 365, even though, again, the 365 will be the backbone, if you would, for that product. Right. That is really important because that, quite frankly, is one of the key things that importantly drives the timeline for our clinical regulatory. We are harmonizing on the 365 because of the attributes for it, for sure. It also does give us a reduced regulatory path that we need to go through because when you go to the FDA and say, "We'd like to bring out a new generation product," they are, of course, going to say, "What's changed?" That is what they want to see clinical testing on. We are not changing the 365 analytical portion of the sensor at all. The Gemini product is simply the addition of a battery to the 365 sensor. Instead of it being powered externally by near-field technology, like you use with Apple Pay, it is now going to be powered by an internal battery. That means it'll be collecting data all the time, not just when the transmitter is in place. The user, and we intend it to be the focus on the type two users, is they'll go ahead and interrogate the sensor with their phone and get the last eight hours of the continuous readings, right? It'll be more of a swipe type product, which is targeted for the type twos that are not as active and not looking necessarily for all of those real-time alarms. They don't necessarily need to be woken up at night with a hypoglycemia. That's about 75% of our patients today. That's the Gemini product built-in powering and management. Because they don't need the Bluetooth prospective alarms, right? They will have nothing on skin, right? If you're just on a once-a-day basal insulin, this will be the first CGM that will have nothing on skin. You're just going to wand it over the implanted sensor, get your data, wake up in the morning, and get the last eight hours, just one second wand over your implanted sensor. Very, very attractive for our type two patients. The next step, the next generation, is what we call the Freedom product. That takes the same battery. The last technology we put in is the Bluetooth, right? We'll put a Bluetooth chipset and a chipset and the antenna that goes with it as well. That's what's in design right now. That will be the complete replacement for people that are on type one diabetes because you'll have with type one diabetes. Let's say you want to use an AID. You can integrate it right directly from the pump to your sensor without having to go to the transmitter. You have the two steps in the product. Both of them have no transmitter, but because of the use case, they are intended for different portions of the disease. Understood. Very helpful. Just to go back to Gemini for a moment, I think you said submitting the IDE before the end of the year. The FDA is obviously familiar with 365 and the technology. Do you feel like you're in a good place where in talking to the agency, "Hey, look, we don't need to prove out the accuracy of the sensor," right? We just need to go ahead and look at the battery and isolate that component, which I'm guessing simplifies the trial design and the timing. It importantly simplifies the trial design. Absolutely, that's been of the preparatory conversations that we've had with them as well as the basis of the IDE that's been submitted. Again, it goes back to the agency is going to ask you to test and show them confidence and good clinical data that says whatever you've changed is working as you've intended it to. In this case, the only change is the battery. Show us that you can power it from the inside as opposed to powering from the outside. You guys talked a little bit about some wiggle room for FDA timelines given the government shutdown. Given the news earlier this week, does that change anything for you guys? I think we're actually in pretty good shape. The IDE continues to be on track, and our confidence is pretty high that we'll have that done by the end of the year. There was a little bit of potential for timing because of the way the shutdown actually happened and the repricing of the new submission requirements on October 1 that actually wasn't able to be set. Fortunately for us, we actually were in in front of that. They continued to work. We didn't have to resubmit on an unknown cost for the October 1 deadline since we had submitted prior to that time period. Okay. Great. Rick, maybe back over to you. Here comes Gemini, some expenses in 2026 and Freedom in 2027. How do we think about that in terms of specific to the R&D line? Obviously, we flushed out earlier a little bit more on the OpEx side with Ascensia. Right. R&D is fairly consistent as we continue to push the pipeline for both the Gemini and the Freedom product, except for one aspect, which is the clinical trial that we will have to do for each of the products. Those clinical trials run about $5 million. We will see a little bit of a pickup in the R&D line next year and in 2028 as we run both the Gemini and the Freedom trials. Okay. And then help me out. Hey, Gemini gets across the goal line and Freedom gets across the goal line and you're sitting there in 2Q 2028. What are you guys going to do from a manufacturing process? Is there going to be a market for Gemini and a Freedom? Do you just go ahead and move everything to Freedom? What would be the commercial approach at that point in time when you think about the market opportunity? Yeah. There are different needs in different markets. I think you've seen that, right? There are people that have Dexcom has a Dexcom One product for some markets. I think it makes a whole lot of sense that you'd continue to have a couple of different solutions for different needs, different reimbursement levels, right? Different patient sets. Okay. I'm going to pivot one more time over to pump integration. You have talked about your deal with Sequel. Maybe talk to us on what still needs to be done on your end, if anything. Then Tim, if you can, you also talked about obviously aspirations to work with some of the other pump providers as well. When do you think that we could see that start to pick up? First, from a twiist perspective, it is our first announced partnership. There are more that are underway. There is an app that will be released from our side. That's ready to go. There is a little bit more finalization work that Sequel is working on. I expect that to be done in a matter of a few weeks, right? They'll be ready to go. We'll launch our app at the time that it's available. They'll go ahead and make all of their changes and do their final internal testing. I feel really good that certainly as we're rolling into the beginning of 2026, we'll be adding patients, commercial patients. There will be some beta patients even prior to that. The system will be ready to go. Real revenue patients will start to kick in in 2026. Do you think we see at least one other deal with another pump company at some point? We're going to work hard. There are some others that are in process. The timing, because of the nature of it, unfortunately for us, a lot of the design and development work falls on the pump side. We do not actually get to control the execution of it. The way the iCGM works is they just take our data. It really is capacity on the other side, which of course is out of our control. The best thing that we can do is make it as easy for that integration as possible. It is compelling, right? Their patients want choice as well. There will be some competitive pressure as the first pump comes out with Sequel that says, "Hey, should I pick Sequel because I want to get access to Eversense? Understood. Understood. A couple more from my side. The first time I heard your story was when I went down to ADA, I think it was this past June. You talked about Senseonics' break-even point at roughly 50,000 Eversense patients in 2027, which would be that doubling and then doubling again. How does this change? Rick, maybe this is back over to you with the move to direct. I feel like there are two opposing forces. You have the more favorable revenue recognition. You also have the increased OpEx. Is the break-even point somewhat similar in 2027? Does it move forward, back? Yeah. I was very surprised when we looked at it. Directionally, it's still about the 50,000 patients. Now it's going to take us a little bit more capital to get there. We have entered into the expanded facility with Hercules to fund that commercial investment. After, it's such a more profitable company because of the top line, because of the margins. Going forward, it's going to be the best for the business. Okay. So that break-even point's largely unchanged. To your point, a little bit more capital to get there. When you get on the back end, the slope is steeper. Exactly. Much steeper on the profitability side. Exactly. Because obviously you're just keeping more in-house. Okay. This might be a good question to conclude with. We've got roughly a minute left. Look, Tim, Rick, you guys bought shares earlier this week and not an insignificant amount. I think at least one other individual did as well. Just talk to us on how you see this unfolding, right? You've got 365. You've got Gemini, Freedom, control of the commercial organization. What do you see the pathway over the next 12 to 24 months and the compelling nature to go ahead and step up and buy some shares? It's honestly a very compelling time. Personally, we have to wait for certain windows to be open. That was the first day that the window was open for us. Why is that? We think that there's frankly significantly undervalued. We've been pretty open with the growth that we're seeing in the new patients that are coming on board. We did recently go through a reverse split. We're in a position right now where, quite frankly, it's a great investment. I'm, of course, all in, but I was not going to miss an opportunity like it's in front of me now. Fair enough. Any last minute questions? Perfect. Gentlemen, thank you very much for your time. Appreciate it. Appreciate it.