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SENS Senseonics

Participants
Philip Taylor The Gilmartin Group, Investor Relations
Tim Goodnow President & Chief Executive Officer
Nick Tressler Chief Financial Officer
Chris Pasquale Guggenheim
Mathew Blackman Stifel
Danielle Antalffy SVB Leerink
Jayson Bedford Raymond James
Alex Nowak Craig-Hallum Capital Group
Call transcript
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Operator

Good day and welcome to the Senseonics First Quarter 2021 Earnings Release and Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded. to conference like Taylor, to now Relations. Investor would turn over the Philip I ahead. go Please

Philip Taylor

This you. Group. Taylor Thank Philip is from the Gilmartin

of results the to we begin events, of and operating as other remind the me the December regulatory matters, include statements today, and company We statements uncertainties. law. section the XX-Q plans, the year and our management's that and we discussing reason, www.senseonics.com. filed except ended these on performance enhancements, other reflect These our under future remarks required These forward-looking forward-looking are by involve speak be actual A you at could of about hereof. quarter of XXXX available implied or expectations Relations XXXXoutlook. our matters and ended product company's statements. in Report Factors Risk statements be in for any our XX, forward-looking a call, Before from for that elsewhere date risks let this XX, forward-looking These different publicly Investor only these documents as factors with list these cause Also Annual reports XXXX update the March or detailed for SEC. those to materially and XX-K website on obligation number will statements expressed is of by Form any no undertake revise

Tim and Joining Tim? and Officer. that, turn With Senseonics over the to me Tim Financial Goodnow, Chief CEO, Officer Nick I'd Tressler, from President are Executive to and President Goodnow, like Chief call

Tim Goodnow

us thank you Thank you, Trip, good and all for joining and today. afternoon

Diabetes will collaboration promising the our detailed commercial Care, clinical Nick first as updates. financial pipeline and will implementation we activities provide discuss with call, as the well our quarter results. On regulatory upcoming of Ascensia

call up Q&A. then Before for open the conclude. I And the we'll

and the enthusiastic of technology leading realigned the opportunity of research, system activities. these a years. our remind the transfer With our Senseonics of products development is few focus The with of To beginning manufacturing driving commercialization the reimbursement over marketing, clinical for Senseonics as the next long-term Ascensia. all operating systems Senseonics collaboration commercial customer distribution, Ascensia Eversense We're first quarter access, to our and business. and service sales, market Ascensia of diabetes value of around strength of company XXXX about strategically through now to implantable CGM collaboration and you, solely products, organization, the our functions of regulatory our innovative established marks the within the associated commercial advance centered

This in of We have Senseonics' meets the and commercialization products. needs of a strong benefits partner both agreement drive to organizations. Ascensia the

first collaboration Europe. Eversense generated $X.X growing medical we in providing quarter one and to size previously described. $X.X an million product is over of in diabetes million tiered $XXX,XXX and immediate scale their Eversense including from agreement our the Ascensia able its have a participating Senseonics portfolio, the markets has a now in highly business and Ascensia fastest leader. more globally mature of global differentiated Eversense technology with a of the aligns Senseonics sales US and with of as revenue In share The in revenue have XXXX, in generated incentives approximately of commercialized

let some following of lives which April is mission proof Most visible the not collaborative many phase of in to With is patients the in has partnership. Eversense role externally commitment since X the evident, last make diabetes not in of late but Eversense. [ph] Ascensia's This to of recent There February. that next the our played shared only but commercial Senseonics. the as collaboration, in also restart commercial the that on strength full me scale initial support valuable progress. through investment their expanding The demonstrate of US efforts their the commercial are activities complements have transfer a been with describe strategic our sales commercialization occurred that, the and experience to year. of important, their in of points improve better, Ascensia's and approach early

Eversense Following integration processes. initial announcement, and to our collaboration for Ascensia in plan the with clinical through quarter familiarize the the called US activities first sales the product

have Our formed Ascensia high-touch approach. and around of optimizing sales a for tactics own and and the subsequent strategies comprehensive the discussions with experience marketing design Eversense

an the For Eversense market. recruited to the support force prescribers. and ramp based from hiring to strategically required set with required differ CGM positioned and of approximately March, US procedural experience sell of the including backgrounds and patient sales calling patient we setting current and be specific the up space, long-standing access group across Eversense sales, an sales diabetes and in example, commercial population, our should skills the early opportunity. which The is up skill including late product. the members process clinical sales, BGM marketing Eversense and market the assessment providers their the training In highlighted in customer the successful geographies, to of team may on their This team access additional Currently, [ph] professionals ease and and in XX our care with learnings and on was sales for and roles professionals that training, office sales, managing process completed XX professionals. to increasing inside to fit that reimbursement proficiency in training anticipate is team Ascensia territories

the restrictions pursuing removed some eased to being being to them person return as that were At allowing encouraged or been in able the introductions. to work with same healthcare implemented providers. are progressed, We to access quarter they have clinic COVID throughout time, see virtual

initial new to with step pursuing now opportunity the growth the of are As to from accounts to immediate were Senseonics early focus pump prescribing The the had last team and complete. clinicians in physicians. Ascensia sales on outreach CGM patient prioritize top then insulin Eversense, an back pursuing these the existing year restart accounts When Eversense is base with will who introductions adopters. new

of our key several nature product, investment of the awareness raise and implantable for Eversense opportunities of their further unique patient Given access, adoption. role is and the has can Eversense. an growing and Patients play strategic focus choosing in current a drive awareness to anticipate continuing the where CGM adoption identified we team technology their factor system important for

most to healthcare both provider campaign. patient for efficiently, to awareness also direct Ascensia is capture direct-to-consumer outreach. is the patients and Not To this in it effectively target among have but strong prioritizing systems address launched and expected they necessary opportunity a expanding advertising to The impressions among create audience, supplement are comprehensive clinicians. is lead now be management and a the only place. this

Our the of to the introduce to patients shared avenue benefits to with deliver to goal patients and diabetes Eversense proven a more technology. this represents is program

for [ph] Medicare provider, are April the implantable health next formal strength distribution of product in policies phase value the a now implemented diabetes This technology now the plan. plans leaders and our as full integration and procedure. of have CGM and for to the provide patient, Eversense one implant X, recognized markets coverage the commercial payer have reimbursement moving we of As Many that of our of support. the means commercial and focus providing that key product healthcare

strong coverage lift earning completed of We for established coverage with the of Eversense heavy base. much have a

of also more Centene top that healthcare covering confidence are This is We with strong be their US HCP's coverage XX announce insurance increase to excited now and more Ascensia will covered. that a to a Eversense. company provides Corporation, foundation patients

features, coverage Hospital's ACOs CGM experience, keep includes prove address which high sensor and of savings their a with demonstrated HbAXc the drive CMS that to of improve are greater challenges, the diabetes. its such to dexterity valuation a Medicare lower give feel require as organization they biweekly fee is we we Cleveland, Eversense University important to [ph] for To improve General to by can potential addition, insertions announce ACO program population. Eversense and AXC to government be to considered with that they've is CGM Ohio, especially strongly on that We accountable billion networks specific we adopt economic and that avenue Eversense's the alerts with population they with that believe is programs. cost reduce accuracy, glucose, to the outcomes particular are month In patients and ACOs hassle supports in to has all vibrations that XX% that practice. the can aid superior address healthcare in doesn't system combined a believe if Eversense continuous we diabetes procedures, integrated like care, control can reduction will Eversense performance our the and objectives. provider And Medicare or ACOs quality organization accountable the inserting savings the One qualifying savings entire sensor. has potential can first Under success program believe pleased patient any We that are ability or the and entitled that with it The done cost. saving nearly in monitoring another created. and offering of ACOs the this that end, announced, XXXX of auditory offer million of the are date, used in at with removing been Medicare can optimization. success XXX beneficiaries University body low of $X.X schedule any the to implant of a population for of be as the have care care to CGM the glucose system preferred for the We To the of the directly at the ACOs clinical be meeting the and benefits in population their care three participating ACO a to Eversense and issues. providers managing unique at metric their physician the patients. adherence visual the approximately AXc XX benefit therapy Hospitals benefits shared

efforts launching the do also coverage In patients not with support win is line and in coverage order to high Eversense. those currently for have payers were in who additional meantime, not remaining industry of from Eversense yet deductibles. covering the Ascensia to conventions,

Eversense. partnership. help for with are such costs designed with and for as coverage program to access will co-insurance economic The Ascensia Eversense. patients reduce new patient's deductibles patient has associated programs, positive This the for is first out-of-pocket or growth contribution the is Eversense co-pays, starting accelerate program assistance commercial that implementing a

We to who and CGM need initial be who submit we've transition on our system their Outside claims a another plan. covering yet long-term Eversense, to program European and therapy. is customer we're example place tenders. formal for that that Eversense necessary our to insurance with or help in authorization was is according successful patients sustained in for of to basis. coverage petitioning provide to case-by-case February there insurance have choose designed not is joint The for existing get we before the here the plan. report solution prior access with receive the Second, is to These executed patients happy service. commitment yet of provide commercial contracts to are to about the to to coverage were United transfer talked support and of this no priority health policy innovative their Ascensia's programs patients ensure able patients payer If States,

Poland. and now Netherlands is in Italy, Switzerland, active Ascensia the Germany, Spain,

sales professionals a next Given their monitoring very presence, of sales their to added system have excited more to glucose international large a are generation has than Ascensia who portfolio. force XXX

Additionally, towards an happen planned the agreement now recently rights to second Scandinavian from distribution is quarter. of the signed Medical. accelerate Rubin transition end this of to This transition we

Following to Europe, XXXX the revenue of continue transition successful US the be to net execution on of the planned track to Senseonics in range expect in the remain $XX we million global commercial and and million. $XX for

opportunity system our consistently of are aspect our Another sensor has Studies indicated accuracy duration. most demonstrated commercial agreement continually We the available life each accuracy the throughout to and for technologies implantable a we other achieved our sensor just in CGM XX days the days. substantial sensor XXX expansion and research collaboration positive lead product wear compared desired have have a in represents longer that competitor extension sensor Market a life of features to step-wise wear focus duration us. our and sensor is next ability of CGM our market offering two sensor positive closest the believe sensor market penetration patients platform. compared to on for advancing

can offer by provided continues we are confident lifestyle products. benefits advancements with Our loyal patient generation additional base highlight Eversense the to we and future

of announce our will day results. the the We're at the to XXX be Next, of the that that month, I'll from key pivotal study study the -- PROMISE and the presenting excited PROMISE two supplement. conferences diabetes speak to next study data of Eversense we PMA publication two supports the large

patients First be Center would yet useful ADA Satish the Dr. on of Though annual these to they diabetes all Barbara ATPV the Dr. and forum of current Colorado discuss showcase quickly data Eversense. are the the that of clinical PROMISE we KOLs have excited that Garg feature serial are by represent research in the States. of the clinical [ph] and meetings, Diabetes XXX Davis the key two it previously United results is the benefits an reduce and We're virtual will behalf who followed and advantages prominent participated the to of across demonstrated year will to presenting University extend days. of off study June. At the and performance product ADA the life technology. [ph] meeting XX-day Eversense way sponsoring meeting the all to clinical of investigators. Garg, Ascensia calibration the also describe shared, results achieved these from out product accuracy important report the and with will XXX data the both is as the sites matching eight a safety of meeting, conferences the the in subjects

in We to the the the hopeful assigned line and COVID On XXX cycle. are for day the the reviewer our PMA now authorizations FDA safety favorable the we previous aid demonstrate as front, pandemic, product mid-April, in share in the to profile pleased has [ph] data submitted are our at regulatory application to for lead emergency expectations we submitted use communicated with believe that and continued amid be an relating upcoming the product. in Eversense the supplement to application published a accuracy review agency and efficient meetings a

Application. agency and lockdown progress Authorization strength the working on by in environment, always Emergency is changer hopeful will last platform. requiring This of precisely It's of residual While for the and current to a a submission, for potential a general a a is recent team we for development for configuration front. it a the amid process. year technology And Use on timelines that especially difficult This one unprecedented our pleased up agency COVID review lasts comments just with with for on that officials standard for to review continues year, diabetes. will timelines reviews we generation but sensor are this of process a is game the sensor be week next to is well. on chemical top the priority technical for there sensor. calibration A and people the predict impact are straightforward based continued public for The

Following submission clinical initiate the a for testing. the FDA to technical the optimization, we pivotal with expect IDE approval to file

with this to file in we're fourth go first to financial a the to pleased of are the continue quarter I over turn our details calls, quarter will the submission plan making year. progress Nick the over now that call to and of We results. to date the

Nick Tressler

Tim. you, Thank

partnership with the of our Ascensia. commercial transition our into QX the advantages results new following business strategic Our model demonstrate

rate the million cash Our reductions to commercialize meaningful our with Europe, reducing in sales new the and change business by significantly to Eversense burn significant by model enabling US our our operating to partnership profile creates leveraging financial revenue a was expenses and both the quarter Ascensia for in of States of United compared quarter $XXX,XXX of and was was the first million. total outside the $XX,XXX and revenue to US marketing net first expenses. XXXX. revenue quarter $X.X $X.X first XXXX, In the

of gross sales in quarter to The in was First quarter above the margin their positive in the XXXX onset amid written the ability XXXX initial patient the was commercialization. as US revenue first established with million April $XXX,XXX. pandemic. fill prior Gross reinsertion existing by orders Ascensia's profit year-over-year in the were XXXX primarily reflective of COVID-XX off due full support increased existing inventory QX resupply expectations to to $XX.X the quarter of the rates to

million marketing $X.X decreased in million decreased to $X.X to $XX.X QX million by $X.X decrease approach million in compared sales personnel-related were decrease was decrease prior in partnership. in to quarter $X.X to Ascensia and $X due The period. primarily expenses development $XXX,XXX expenses. million year-over-year year-over-year General decrease a prior First the QX and $X.X million in XXXX compared due strategic commercialization compared by mostly costs. driven $X.X period the changes lower by to expenses and clinical expenses to of and primarily a the to year-over-year The market was year million, in administrative year costs with prior the million the XXXX Research our study personnel-related period. collaborative XXXX year in

in For in the March to from XXXX. in was at represents the year fourth loss share increase quarter company's ago. $XX.X the the in decrease QX. quarter non-cash the XX, XXXX million months This $XX.X of of charges end first loss the compared share company's as million XXXX at first price compared one $XX.X to the significant price million The to led operating three ended of quarter operating a end the of

period, for adjustments company's As to compared embedded related Energy expenses million along to line charges and Capital PHC notes, Notes accounting the to a the and with from derivatives XXXX the related primarily XXXX non-cash fair result, resulting $XXX.X of value XXXX and the other including increased prior-year the credit. by financings, equity

value recorded statement. income non-cash Accepted period reporting share charges and non-cash or instruments Accounting mark will to the market interest Principles or the company's these values to the on the volatility change of Generally Each these the price. US as quarter, each in the these vary of value are losses based by gains As required for and we GAAP,

So as share increases, non-cash recognize generally, share price gain. a as a loss and we non-cash decreases, price incur we

of expenses For other the portion out $XXX.X first was million of interest cash the quarter, $X.X the the expenses of total million.

capital accounting For partially decrease accounting also ended due million in the of $X.XX I $XXX.X $X.XX transactions expenses, $XXX.X loss increase January, million was new in company. primarily reiterate company share total sufficient that our loss increased March In quarter the of $XX.X to net $XXX.X flow million like operations. to the or currently Net million offset this per cash $XX.X our $XX.X breakeven by financings from loss to compared would XX, months by non-cash in per from is XXXX. cash mentioned, through financing that to in expected $XXX -- to used activities completed XXXX be the raised operations. million previously first share business the a over the series proceeds or million for we net business to was QX, With other the a operating model, to from company's approximately of charges related of million. fund three

XXXX, and cash of totaled March cash equivalents As XX, $XXX.X million.

Looking remainder reiterating we at XXXX guidance. year, the the are of our

roughly first expected revenues and global and expect between the $XX The to in half cadence revenue split in XX% is $XX XXXX. of million half. Senseonics to for annual second XX% of the be We million

to approximately growth, of patient total US one revenue and revenue a expected base the sizes is third As year. for be relative function installed the of current

is With in in it cash to projected over to used be turn million. net to Tim. operations the $XX I full million will of back year $XX that, range For XXXX,

Tim Goodnow

Great. Thank you, Nick.

Justin and Senseonics' a to announce to like Dr our gratitude, thanks I'd and extend conclude, we longstanding Klein, member. Board Before

our the commercial Justin's development, guidance years, very of five approval products. and has over leadership Eversense across launches been regulatory and For valuable

endeavor organization the to -- With worked of adoption long US. the not on year's responsibilities have support proven venture from we earning an him in luck and coverage commercial years by participated excited first the a to recently to on stand committed wish regulatory are that both where Board the glucose this business. transitioned building focus and at capital and for made his for coming firm, Ascensia his developing, demonstrated for private own re-election Eversense starting team of term end, to approval endeavors in spent investments investments. product. NEA, chapter his term he for and opportunity. has The commercial for and him best In they he Meeting, payer revolutionary investments to quarter, they this Justin our best next lasting the the at on Justin the him with in future will the driving Senseonics the to concentrate continuing comprehensive that enable Senseonics previously has thank fund are made our which support future and will transition and the hard Ascensia Annual Eversense and collaborative our him we impact Europe We Eversense as partner system. the in to US We implantable continuous monitoring in and his

patient to raise is Ascensia positioned and Now awareness of adoption organization and the their drive of leverage size scale Eversense. to

confident our the look we thank the Eversense to are over term. updates of forward providing in to long We your market We the time. you the maximize very ability in for and future in value

Chief Vice up President of the for Mirasol let's us Mukul open Officer call General on Operation. Global questions. are Panlilio, Jain, Manager now questions and Joining the Operating Commercial our call and for Operator,

Operator

question-and-answer We will to assemble now pause our At this will we roster. Instructions] session. time, begin [Operator momentarily the

Guggenheim. first The question go ahead. Pasquale comes with Chris Please from

Chris Pasquale

I your revenue on the questions. with markets you what a the installed as XQ? end start of an I update in wanted to we base And was and Thanks. few give of then Can international have to of quarter, think think that builds. this of terms it inventory catch-up have patients us restocking US was as the a that distributor or like there driven was was -- something about contributed the by Ascensia a expected new on that bringing or than results may better international results? the you in

Tim Goodnow

annual account, regards update. In Chris. Thanks, stuck we've patient to an to

out this was the at beginning the of on were Europe, X,XXX patients they information year, put were we There X,XXX last about technology recall, year. about most the of in in and You'll the US. recent end

don't the Roche for update generally line, So purchases that In our quarter cadence end putting to with complete Europe for went the to a that that recall portion annual performance out. made in go includes of their Do have QX. and stick regards that ahead expectation. I through in to responsibility you. information is a the of January. also of We'll They

So is occurring really is the pretty stocking There the material it existing demand. representative patient not but is of of the servicing state on product. that's patients that are

Chris Pasquale

going negative Thanks, on forward, a the what think low something Nick. year. off out, little seems XX% margin, talked see going after gross of here Tim. that the you a And expect should be us then, give your I this bit start. written just little worked a and you September, back normalized, to more It's sense way now to so that's margin can gross and for I inventory we through about you bit was hoping a better on have of it to And unlikely. from

So what just year on thoughts full is to like. look the Thanks. going updated

Nick Tressler

to take Sure. Yes, happy that.

through that of greater. margin off And worked recall in still of material have be the majority the year, the to year that year gross expect for we've terms a back half the written ago. of So we we

back the and into move So as we through QX half.

so we of XX% provided range to to the year. for still negative maintain full the that negative And we XX% continue

Operator

Pasquale? Mr. follow-up, a there Was

Chris Pasquale

you. Thank helpful. that's No,

Operator

from next ahead. Stifel. The with Please Blackman you. question go comes Mathew Thank

Mathew Blackman

for Good Maybe Tim. taking afternoon, to questions. start, my everybody. Thanks

is that feel next after to few a phases then for the accounts. how and quarters, accounts then next be start US to moving want high over the to high over half XQ may is year after you the does Eversense, of how volume insulin the volume X prescribers It better relaunch new get it implanters who second existing quarters. going Eversense when Phase several out so just is sounds and like Just going and sort new on focused play the of previous

And got with of few follow-ups. will a the out. play Just cadence US any help how I've relaunch then the

Tim Goodnow

think Sure, Matt. sounds I Directionally, unreasonable. don't that that

the under of this being timing going the dynamics some for and focus Although be especially is to the direction. reestablish is not the course gated Ascensia's by and with is to to appropriately to see and the existing success prescribers sure, the time, But get and get reps timing them for to inserter. able of with relationships new

expansion happen in the to -- and will areas the in opportunities bigger current the It's territories then place, the that's currently It is future. now. comfortable, prescribers get about right comfortable not getting So the are really prescribers. been in year working a out getting territory field. inserters prior new it's -- sales took of our and we their established just that force that rep with about Recall and their the

So been sales and out those rep those time. some without a patients docs have quite for

of on expect the to first again versus the in back take the So, half. little the back I it to while will the us half build a do year guided that up and hence cadence US we've that

Mathew Blackman

some you sense. restrictions in now makes Tim, US. lift clinics starting Okay, then, And to mentioned are the

more how just and that reps much the a for or Ascensia its that still still of headwind access represents follow-up. one climb, got hill a curious, big is to Just I today, specialists, implant

Tim Goodnow

certainly and we was February I improving. would say February. better was March it than Yes than January that see better

in direction. right certainly So the it's believe

that trainings I think that so more have tend we to later all starting by always as we're making US the like feel headway penetration, back we is get feel does but vaccine to to to there do in we're and it with good docket back be in-office in to the pretty for we'd that good normal. everyone. visits QX would and And QX, in forth, on that certainly shape by certainly hope the

Mathew Blackman

PROMISE any out there's think would think attention we when specific, anything just you particular to the comments the the we study. to. one. comes Okay. you anything pay -- of pay part Is interesting on should last data, that close have and attention And to if sensitive then be too the there should to Appreciate curious, be Thanks. but data

Tim Goodnow

felt, Yes, frankly device accurate is I devices we've going accurate -- the that of is yes, competitively it's there. is always one to that key think obviously and always just for of at technology the a out quite metrics focus the is Eversense The the how look very how us. number been against course are other very one agency and positioned

quite and well. I dataset, as good think about you get to we feel So the see that full a when you will chance

another So that see see the encouraged more see and certainly we with we didn't anything you obviously, materially is feel new. would note of pretty than anything didn't safety We XX-day complicated or product. element

to people it feel we overall, any and about take forward have get pretty So published good a it. look at and look

Mathew Blackman

so it. All Tim, thanks much. right. appreciate I

Operator

from Leerink. question next Please with go Antalffy comes ahead. Danielle The SVB

Danielle Antalffy

good afternoon, a how ACO much does over for I'm to the I follow-up meaningful an that and Hey, in about. under-appreciated Thanks that time? represent And Senseonics everyone. Tim, question. me. interesting more for just that opportunity the potentially opportunity And came curious taking a so really about partnership sounds on had

Tim Goodnow

the Danielle, to opportunity Eversense Well. the Medicare because of about as have benefits know, you we're of pretty and capabilities, features in the the excited alignment that of population. for

we've as -- back was this their out the a to that us. In particular interest well. getting So ACO the group pretty that active to reached part to and of group is group in regards

their And specific is XX I measured specifically As just one they that they've AXc them over on. reduction. are got definitively metrics said, of

people AXcs. intent pretty pretty group. pretty the the in opportunity going and on do Medicare, well. put well ACO to to as well you evaluation that about that's around attention think, economic focus all that excited when we're this known then get we We're their we're of in that excited an reduce the And the pretty the it's So with additional documented Eversense I and will the about you do return. And

Danielle Antalffy

of lot makes that Yes, sense.

ACO see overarching to a sort in perhaps with ACOs drive you whatever Okay. is that of outcomes like leverage this other other adoption could or you drive similar in partnership And strategy? the

Tim Goodnow

And publication very to Fran as and certainly group is to we forward with and Absolutely. this. Kaufman that out well look them Dr. staying well. experience partnering close group. a high the She quality and she will It's is with results familiar be of

Danielle Antalffy

feel up if can in an point Thanks perspective, much. quickly around And Nick, from which readiness just it that but perspective. is sort Got a an ramp probably for be to one how you the adoption this it. then of I fact prove XXX from does inflection follow-up. like for could the manufacturing day just you so

Tim Goodnow

I'll Danielle, in for obviously, that. a doing planning lot now jump say I guess, that I would in. anticipation we're right Yes, of

to the process. We begun regards the preparatory leaves investment the investment, in tea on We've for capacity. the it. are timing the reading Building

feel we about ability So pretty good to ramp. the

We have direct invested we've where [ph] with partnership within capability strong previously. a capital strong

it as is, going So, excited is up be, we to certainly the to likability going able an to adoption of that to well. the pretty be going is the support as feel it's going going well, growth go improvement in we're that what it be and about grow we to we're because to confident and know product

Danielle Antalffy

you. Thank

Operator

next [Operator question Instructions] go Please ahead. Jayson The comes James. from with Raymond Bedford

Jayson Bedford

everyone's doing I afternoon. well. hope Good

you as Just talked on get the XXX day. your for XXX you'll expectation when just day? realize Tim, it's but about of I in to difficult, timelines. terms the approval

Tim Goodnow

It's supplements supplement. PMA this typically such be as Yes, so a would a you know, review is PMA primary review. not review. a XXX-day as a

So of it have time COVID vary off the that the don't a review of or desk reason some work prior take from dynamics what might from other that and to doing. believe their than team's clear were they particular it should to we review

notably be diagnostics on was it much, really wouldn't the So trying a impacted group little review diagnostics. COVID And I that I the than hope traditional be much certainly don't why do probably timing know. that's longer periods, what responsibilities but bit we're the as time that with by know we to a oblique

that be is feeling our period. time will So probably in that it

Jayson Bedford

And mid-April. hundred be clock started the the in -- just clear, to

Tim Goodnow

correct. Correct,

Jayson Bedford

Okay.

Tim Goodnow

the up right. Review it And picked review,

Jayson Bedford

revenue also and And on Ascensia clarity Okay. recognition. just for just

correct? pretty you matched underlying revenue mentioned demand. international much Is that think the I

Tim Goodnow

Correct.

Jayson Bedford

takes And quarter to going a of of inventory? where be is bit Ascensia there a bolus a

Tim Goodnow

We're long we certainly period going Ascensia. unlike be that's prior was time desire for not always together hold distributor, the to that relationship -- with to dire a up, be the we but with have distribution have working the driving where we the inventory a a there same -- them partnership for bolus are to

while not expect market. all imagine would channel we that can appropriately same. that support in manufacturing in continue to do of as would So we'll the time I filled keeping just I as the close to

So.

Jayson Bedford

again. lastly from the what way up the I any And right. came re-implanted? things getting are But is then just starting on those just All US breakout, new I US revenue, users of that revenue. can there guess versus realize were you

Tim Goodnow

coverage. recall quarter, first the In pretty had limited that we

have So that, right. don't I the of of predominance out, is But the existing predominance -- the full Jayson. break of existing patients, that

Jayson Bedford

you. thank Okay,

Operator

ahead. Please comes Alex go next from Capital Nowak question Craig-Hallum Group. The with

Trenton McCarthy

Hey for Tren Alex. on this McCarthy is guys,

call of speak that first on the to you if could and product team, internal Ascensia. here to finding the Do through QX? question part DTC Just to compared the are the helping, they just selling Ascensia seeing a certain response With you're have points campaign initial the the are you different. be reception to quick

Tim Goodnow

quite predominance It's prescribers. that our quite The on calling for QX of us we have the to on reception folks positive recall believe they're in it. the the early is existing feedback because

commercial So helps because issues a and and year. as us in speak they're more forth fund to with partnership have able for previous reps We were can to so sales relationship that formal have clinicians patients that with handle transition in them now certainly encouraged a not actually them. help that we back the the

but we're So I most it's as interested the back in point. we pretty expected, at say, would positive, this users with

those we the really the to DTC, start. getting, As with But Go and time to to through through take continue needs beyond work about. that. some occur forth. expand know it good and push new feels I we'll does early that insurance adjudication The impressions it the we're that Ascensia funnel grow, so we'll

going that's So active on that's work today. the

Trenton McCarthy

for Care Eversense have follow-up. I I it. then and highly your just, competitive in sensors X key you one do to guess is monitor? helpful think address do products GX mean, definitely glucose like think you just what Libre got I a enough compete significant in effectively to and and of late. just and know That's competition Diabetes -- seen has game this a jump what is plan as Okay, continuous making with

Tim Goodnow

it Certainly growth essentially you're on differentiation. that market recognition should very is I attractive our that experienced. has you on in be if a the about excited everyone think is We're CGM. in the because the seeing you're CGM And that very space, insulin,

time. is that time long group the but Our course a duration, the one point long right, of are very, for very key can we go

along, working I us, And So XXX actively US, expansion up that for the the it bringing the as on Europe we already XXX. described, in bringing to is. where the are

know people's those insertion into with the the So go longer excitement increases have done. for procedure office sensors and desire significantly duration we the to level

So forth, competitive still getting long-term we highly that on very sensors keep smaller, the of and confident there going getting sensor the need are and open [indiscernible] with transcutaneous entire sensors so you are forth. are it's but our small a to and so with adhesives the wound that so are be transmitters are that to creating smaller, life issues

We're duration So important system. is us talked for we to implanted as have about. a fully going

no So gets body excited. very that people on transmitter very,

exciting confident we're and meaningful and pretty the very compete So we future. a in can how very do platform what in market. our what's can technology we and And

Operator

back I closing over session. would question-and-answer the our like remarks. to concludes turn This Goodnow to any Tim for conference

Tim Goodnow

participation. would to and like I thank Well, time their everybody Great. for

have we're we're work the US about and in the heard, and doing in emerging the Ascensia that we you opportunities very excited with that here Europe. both As

look So With and updates thank future in and we good forward coming appreciate the everyone's quarters. that, to you time day.

Operator

now today's presentation. concluded. attending The conference for you Thank has

disconnect. You may now