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Senseonics (SENS)

Participants
Philip Taylor Gilmartin Group
Tim Goodnow President, CEO
Nick Tressler CFO
Chris Pasquale Guggenheim
Jayson Bedford Raymond James
Marie Thibault BTIG
Trent McCarthy Craig-Hallum
Colin Clark Stifel
Call transcript
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Operator

Good day, and welcome to the Senseonics Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Philip Taylor, Investor Relations. Please go ahead.

Philip Taylor

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

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

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

Tim Goodnow

afternoon. all us and Taylor, you thank this you, joining Thank for

the recently discuss Eversense Eversense with and volumes quarter EX we’ll on in questions. the financials detail, on technical product then a Senseonics, open This system. our and FDA strategic Ascensia we’ll product continuous will announced EX leading the an CGM is in call for the for for the major plans scientific launch off, glucose last third update the discuss We’ll achieving speaks Nick up On Senseonics, approval about To and pipeline. company. we’ll updates for and our touch milestone the fourth of monitoring call Europe, start and system. provide generation month, collaboration of we approved pedigree the approved today,

and duration are extend duration that we’ve the CGM Later the system sensor an call, alternatives we’ll the a less demands in patients. top-tier in X glucose market X and the collaboration to continue in to Six limited with convenient is From more X.X%. expansion XX-fold, We thank only advancement and CGM interest professionals study that profound on longest to for We launch believe managing this United at opportunity. pandemic, a each Ascensia. developing diligent us have market MARD advancement of the users of wear very offers through in lasts commercial touch months. also penetration with to in by plans but like market stepwise just represents short-term makes been and today. seek simpler, transcutaneous longest States. feedback, per the for EX clear CGM proud the whom the all months it sensors milestone. market accuracy the lasting the choices X FDA helped even lasting year I’d This expensive is our that to months wear is it achieve procedures participants the Not study over measurement insertion patients investigators our for exist for patients this major and PROMISE the the the team, of the of who of

we XXXX. Care, have successes Ascensia commercial significant the Europe. both and we collaboration, that Before Through in we ahead, U.S. Diabetes in operations to in like the I’d global look transitioned recap had to

commercial and direct-to-consumer policies. digital positive continue we providers, to Awareness through and advocacy Eversense continues of patients For Medicare expand campaigns. grow and Eversense coverage through marketing to to patient access

channels preparation network, Eversense, reengaging teams, care establishing launch. clinical sales diabetes. robust evidence the and the who and They solution CGM-specific are distribution backed expertise help to their in for Ascensia with and health field been EX by patients we professionals has its are excited have manage to is marketing believe building more dedicated clinical another recently better

additional Mutual a were able with Eversense. Cross coverage of from Blue Medicare, positive and coverage recently, insurance previously the X reported, covered now as covering On and CareSource additional of side, such Eversense, Ohio decisions over covering payers all number Michigan, we to as Blue Medical including of add million more payers lives Shield

able the All we programs. foundation our considered, solid support with front, the support more a laid we for an to reach initiatives business ongoing On to our on and advance were product have patients development to financial our to capital raise technology. emphasis

We to U.S. the system our marketing million, Senseonics in the the prepared revenue coming the the included planning, and The distribution they the to States. the $X our Ascensia’s generated For fourth in COVID-XX from withdrawal informed partner. U.S. the be EX users, and the by of sales learnings technology and understand user efforts, from prior strong, $X.X our from factors users our commercial these was the in satisfaction but transition outside the by that launch base which are working weeks. quarter, pandemic – United remains $XXX,XXX million from of have affected Eversense and from U.S. the hard

to the key partner, in our commercialization As collaboration Eversense. of adoption our of increase Ascensia’s patient is rate focus

team for value experience determined the to being dedicated and full functions sales CGM. potential has required to Ascensia year, than the is the working sales commercial resources organization. deliver the engagement, to and focus past CGM Rather a optimize in BGM EX business, This have been dedicated establishing the newly they sharing experience marketing and now for This CGM to with the is greater patient gain infrastructure our resulted interaction and of designed provide in their and high Over users. market, strategy.

XX-day In see transitioning to are We on will access to Significant across as continued be investments Eversense initiatives. in category product. the quarters, ADC well coming clinician targeted to focused these EX system primarily patient the and patients the to each pleased made from expanding this current coverage. programs commitment transition the focused patient adoption, the through to being are as support insurance ensuring and X-month new

Senseonics preparing ship excited efforts. the We’re implementing launch marketing about the product U.S., is and it’s ramping the product prepare EX commercial of for It beginning distribution and packaging for into product in approaching. according availability which now to received and labelling manufacturing, the includes the broader channel. scheduled FDA launch, to is To April,

force is on preliminary and in EX to social HCPs of element conversations demonstrate for the XXXX generated Facebook product. increase believe via key the a introductions launch. an continue our new to direct-to-consumer we formal sales make as platforms. are team. product market media that targeting their leveraging training strategy impact now, even the diabetes campaign, community A preparation to also for the to and awareness to focused through advertising XXXX in the build prepare the in Ascensia bigger dedicated digital has been leads algorithms were with Right label by We CGM announcement potential leveraging other to Eversense the momentum with the population created distributor coordinate April, negotiations, EX that they

for health the a plans our marketing. audience meaningfully care April this providers are upon group meetings. and campaign Diabetes trade Ascensia professionals are also increase has diabetes to target up made Investments launch. specialized shows and engagements ramp to medical with at being

penetrate for inserters. are encourage and engagement who those insulin concentrations, We marketing to they DTC with market the active new with existing expect prescription providers will resources and will for geographies the Eversense exists to patient the increased where pull Eversense. coverage in ADC from currently prioritize our are where highest initially

new patient is patient driving sensor EX are for that goal due front, they Eversense access for the will ADC starting On April. in the when with coverage receive with every a

a to product. for new the transition planning are We longer-life rapid X-month

drive than We more this months is means With for to the a investment we sensor. This offer as insurance first familiarity. for to patient launch to with see the That assistance Eversense. and maximum product plan X an for $XX. try a of commercial to coverage adoption out-of-pocket EX any significant attractive $XX incredibly CGM of to EX program patient program bolster EX, no initiate their

a from other users Our expectation drive in user as increases base converting both the systems. can putting of new and this result program is CGM that product to on patients

a program basis. first sensor, patient’s is patients assistance a Following on of capping the EX designed pocket provide out ongoing to monthly of

to prior their Additionally, for allowing Medicare we limiting to out-of-pocket on co-pay smoothing patients initial And than HCP a basis pay a carry This to HCP acquisition their access, program by to further reduces monthly all to cost reimbursement. program. pilot consignment the ease have upfront. rather Ascensia systems initiated plans barriers offices provide options, their

is coverage a back to the from will XX payer quarters. days months process On anticipate we through run policies end, transitioning the X coming

be already a tender improved competitive higher as payers, Conversations making business. for to with and training. expedite to transition ADC-designates model begun and our is patient transition updates inform European intensive Eversense’ prescription learnings to users They more changes, their from Germany experience. patients to are distribution provide in control Ascensia for where in particularly an begun updates seamless implementing with possible. HCPs In sales with and offers Ascensia sales Medicare to implemented to channel potential preparations this with provide greater In they Europe, as as systems. This the is require to specialists as touch indirect product expect fairly transitioning to their commercial some product ADC internal We see dedicated have support payers and well experience. with this have others be where CGM important are resource on provide patient and from in resources. the installed and largest XXXX with Italy, Germany, base, they improve Eversense delivery adjustments strategy process They our drive have CGM. patient-centric Eversense They to of patient in increasing markets optimize to the delivery an and insertion growth their markets working the from taking

technology to which continue make are is currently in third year. CGM would evaluation mark. turn We notified latest enable and hopeful under EX this valuable the at Regarding results This greater our body forward globally, upcoming look X-year where review sensor. allow the Europe. Recent pilot operational pipeline, of product to with we the product focus launch a quarter bring in the to be our us advancement our available have and the users requirements our the EU to the lower information development of this in studies to CE meeting continue of advance efficiencies in realization the to to to of ADA have the calibration that strides to incorporate to system June. generation manufacturing progressing, these by some we We to shifted and design. In we achieve Europe innovation, our we to provided research and into would sharing efforts, system is in

the pivotal for We which half second sensor continue of with design trial approval of would from are and quarter, the IDE the the to plan second submit FDA this to start the in enable in progressing a year.

this we Our is plan is for current iCGM the focus submitting designation once X-year will approved, sensor EX. on study that

to We able our of devices be are are available. about excited wider delivery variety the Eversense the that potential life-long with patients to for integrate

in the In remote improvements making patient Eversense. for addition the the and advances sensor interoperability we’re to longevity, monitoring in

to partners Health. in also of directly over the over turn I’ll our apps the data connected we’ll real-time CGM data Samsung call through and fourth now to through to with to details our financials. space providing both to the working Apple diabetes CGM Nick the several be provide go and transmitter, quarter the cloud, are Eversense We and the

Nick Tressler

quarter sold $XXX,XXX outside in profit in from revenue clinical was for to Fourth in million, and $X.X of a was the prior the million and everyone. due a million. fourth good the quarter $X and the year $X.X the was in million R&D was The million, and the of The $X.X million the material cost related XXXX. to costs a outside $X.X of decline $X.X $X.X was revenue Eversense. fourth headcount $X million the QX was afternoon, prior in gross increase period. increase the an a expenses Tim, lab total to the $X.X quarter to in to in commercialization support U.S. were and primarily compared in decrease $X.X to supplies decrease in U.S. you, prior prior the administrative of result million in in Gross were Thank in to our XXXX an to loss million sales to year transition of in written period. $X.X period. In XXXX net off The advance XXXX, QX gross the of compared of increase compared due revenue year primarily decrease general period. previously million, sale from increase predominantly due million expenses of year selling, goods profit and XXXX was product million Research the salary studies, Ascensia the $X.X expansion and for pipeline. expenses further our reduction development personnel of decrease increase of

of compared to in the the X gains to XXXX. led company's share in XX, the significant months QX. of as fourth end ended to price the quarter share noncash price XXXX, $XX.X third For at $XX.X in of the was The at compared million XXXX, of loss the December a loss the operating end quarter quarter decline million fourth the company’s

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

volatility to on Principles And the by of losses Accounting price. recorded share of period. in statement. income value gains noncash GAAP, U.S. instruments mark reporting noncash or quarter, based the as required Accepted are the vary Each company’s or change for the values these we these Generally each these to charges the will the As in value market

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

million $XXX.X X the to in per months of $XX.X embedded or compared adjustments to $XXX.X million value quarter Net was ended XXXX, million net share in derivatives December for and income offset For XX, the of $X.XX operations. per fourth the partially $X.XX net or total XXXX. $X.X loss share fair by mentioned, income from increase accounting million increased due loss previously by a a

guidance The tied that company XXXX, year taxes our liabilities, that automatically to for for activities sell-to-cover to and related a activities in full restricted was transactions year. below financing U.S. which, grants, tax uncover flow of the employee were have of product tax year vested used the million, FDA our XX-year at $XXX.X stock of such beginning which have from million, operating as the or cash thus $X.X transitioned or far the been executed related provided net EX XXXX, of XXXX approval in RSUs. sell-to-cover employee to prearranged tax arise vesting approximately year cash saving For liabilities $XX.X outflow the employee other for are the million was units of outflow. Cash full cash RSUs was the milestones, to executed the generally obligations upon In the

in forecasted $XXX.X of launch U.S., our and product million. meet inventory XXXX of full be to accommodate XXXX, As to the cash, current global investments expect of current base, QX policies to totaled demand reimbursement installed patient $XX range net long-term EX we XX, to short million December Considering cash timing, million. equivalents transition payer and in our X-month the coverage the revenue $XX year the our

Tim As as the to launch Eversense which the in system, shift second will a is quarter. first quarter transition the in be the we mentioned, entirely EX expected period to U.S.

we quarter to XXXX expect XXXX channel, the revenue in inventory current well below be fourth Given first quarter revenue.

back be accounting OUS with approximately for for revenue of total year approximately of greater be is expected full Additionally, the U.S. than revenue full the with year. revenue. weighted is total XX% the of And revenue XX% year towards the revenue OUS second to in revenue for to half year, XXXX accounting significantly expected the half

of policies gross quarter. payer expect As fourth occur approach margins to XX-day transition X-month breakeven to from coverage the the product, the we in

For the in million used be full to in projected XXXX, year of operations to cash net range is million. $XX $XX

research the feasibility that, products I With will and XXXX ongoing in IDE of including trials be additional to subject call Tim. of trial and to X-year pipeline, for for pivotal the in back pivotal our turn We approval. majority expect to expenses for clinical the development the start

Tim Goodnow

Nick. Thank you,

As and advancement excited This in this the rollout an product of later the we second we generation in year. for EX in XXXX, the diabetes quarter Europe are exciting transition into during later expected commercial next is U.S. launch management. the

CGM Our for patients and we providers system. have waiting been product, are the to such world’s the and eager longest-lasting now a them of benefits bring

Investing sales building with Ascensia U.S. and new investment Eversense dedicated this year, to product. is the dedicated CGM product. their a and drive steadfast and support commercial and the in ramping is our meaningfully the awareness to a continued force along their access commitment and the organization launching This CGM to partnership demonstrates for millions in product

improving this Manager lives the retirement. whole years Before best Mukul for and for President the we to career questions, Eversense Operations call is Jain, I of her Panlilio, questions time wish Senseonics you Vice call for up let’s thank of and in our Operating people of the Thank of our growth establishing X questions. commitment Operator, for your the for open Mirasol Commercial Also her today. of to take the her open I’d up joining like with throughout the Officer. General over leading her and diabetes. Chief opportunity and her team Global us

Operator

with Instructions] first Our question from Guggenheim. [Operator comes Chris Pasquale

Chris Pasquale

sensor, assistance a inventory pieces laid was. of time So year guys with moving the the dealing surprising lot consensus announcement patient between this XXX-day certainly the little to out guidance, bit approval the drawdown, where through the to program. of which revenue you’re the you guys But transition that walked at you a relative the were just

the assumptions for give a if where at the understand of end a expect the to would year you’re are some expect that those going patient What the behind need be to helpful. patients sensor? of be you would U.S. who do number to helpful percentage do assistance of us guidance? to patients it terms in sense And you the Just around underlying you in of anything on be assumptions of program? of So the can advantage take

Tim Goodnow

to that Sure. that the impacted on excited States. But their the great certainly in product certainly we’ve also as talked here on we’re to the have Chris. to are be further. with a time. the of the we do and Well, very COVID well exciting for with launching COVID from approval would place like has related the that and recognize where With Thanks, rollout the be that going the the we this programs cusp U.S. that FDA, – we space to to very, impact certainly commitment pieces had United said, delay be are very we about, as organization We the believe progression meaningful. all we the in are Ascensia, think new

to we pieces be We’re not count speak heard, going as about to continue -- in lot United of in it. as to patients the be States. do on to still you’ve the X,XXX bit associated as Europe basis continue a that with there we patient over and start a over with little But do here little bit of the a XXX product moving

a upfront, time, deductibles do with typical, once patients to same we But been about year on as the make in program to able efforts But able to looking product we to we’d when many to industry. be on the to use the You of the and able in assistance significant pretty some have are come the new can obviously attractive We about will especially get recall support to is X,XXX full product reasonable we XXX-day product previous even as financial patients to be there approach met. drive we’re expect don’t do certainly are that. the the thing commitment. them, partial anticipate and on meet is year. year this I they having a in folks access haven’t the at a that put us as early

So without using of the opportunity. X product months turnover

lot of going So get of we value we’re believe that. to a out that

is a course, And a that pretty indicate as Nick behind Europe, So important it more half than XX-day product. but which, of market by driven good we still revenue in the cleaning will down really coming it, for in of be of we is start year, really little XXX-day also, April coming very here where majority us. said, bit do the the expect as there’s in the U.S. on Nick U.S. X, from that this does growth said, was draw essentially later all the it inventory and transition QX a

hope that I helps. So

Chris Pasquale

see I that back do to disruption sensor for half that longer follow point launch U.S. a on there to towards potential held you drawdown third and way the say, any position made, inventory there Is the is inventory that’s is want the no in could and year? last business the end being to in a year, the old you revenue be the in up just international later of early weighting Let’s CE you in And risk hurting same because to sold the up the need or internationally? of weighting that the the that the product actually international, back quarter. could mark the going you’re of business book get contra

Tim Goodnow

Yes.

to work to is The very minimize monitored that. being timing much very going We’re closely.

they the the should calibration of really As objective the that certainly expectation time product channel judicious And are X and especially minimize it’s we them XXX-day we the in being a a manage we calibration. We’ll transition the on can shared onetime our to between X quite to first that happen. quarter, you’ll a day organizations. note, day very the In product. the into it’s tightly with are Europe, that, amount put that here likelihood

Operator

comes BTIG. with Thibault next Marie Our from question

Marie Thibault

to have of transitions the year. with bit to some patients of an falloff give understand to these But you at us question I off? I trying the understand follow-up kind just on little I to of the can't recent thinking might around get here Understand you're fall sort what a some kind easily how the of better. I'm of end question to volumes. been the want try wanted how be? patient that back some of of prescribers won recent But of obviously, COVID some and overhang. and did

Tim Goodnow

Canada, at organization the commercial was fund all On organization the biggest impact Senseonics. the when Sure. we to the on pulled ability

that much dynamics the in The really and time of contributed happened that. the XXXX. certainly loss built late XXXX of So into period with COVID continued certainly to start

there So significant that pullback contribution in pretty was of a XXXX. all to

Marie Thibault

enough. And understand, Fair product? want terms of of that for in you the also the to I additional covered payer for Okay. I did are kind into XXX-day? called we covered XX-day lives, the is we trying total out this as Where transition base lives, starting the million what lives X to guess, Just head understand win.

Tim Goodnow

covered and XXX is the include testing. XXX-day the still IDE lives. about pediatric important Obviously, We're counting the for Sure. approval in us will the product million population clinical

And work still with So hopeful that E&I certainly the them. continue that to piece. help a with product still addition, ever United then obviously XXX-day since. and will move that forward big Anthem in a we hold And we're on that's the

Marie Thibault

brief, very Last Tim. Okay.

is MDR or what the that your in hearing time are notified Europe, you complexity? confidence process the line? extra gives On What body adding in from any XQ you

Tim Goodnow

good a to is Yes, transition question. impacting Yes, it is very MDR. absolutely the there

There reviews time. been have without it in been some this quite than have typical much more would extensive regulation. new have been We

material the for the forecast do we body. where we are this can we and and notified just We And us QX period given that point of cycles, review to are that submitted in we amount running feel conversation we're our be it. constant with time that at with the pretty

Operator

question from Stifel. next Mathew with Blackman comes Our

Colin Clark

a be? recent reimbursement on made, EX Shield question expanding and This Blue how what is that the with to Congratulations covered I whatever lives. gone of for kind at Cross holdouts mentioned progress And lives, this covered you've approval. of main reaching Matt. million are you the the Blue the on thinking has higher progress frame and X other for time just really time? payers you may number Colin of wondering, I around couple had the a was

Tim Goodnow

that's control the and front one biggest is of in the certainly, our Well, in indication. frankly pediatric us right

That's, here we that second course, begin diabetes. year. an people for with testing will the of of So in important half constituency the

So for technology, especially great it's and in largest, unfortunately, our be it's later in of to is approval the tend space they are to typical, the that. us X much list product their diabetes priority of X time but remaining as X-year The high process size. with on been the a do the because

So we have compelling would think that do users we have for COVID but if would from know duration, that their going more longer I a that, hoped with don't product certainly more push impacted there's has it. I to lot more a push coverage. gotten be to

of year at hope and the I certainly year, be coverage So later this where we'd in next that considering looking a point they'd product. strongly be

Colin Clark

How a a beyond what for expecting will the have this has year? far we the insertion so And XXXX for in that visible pilot? on geographies? the on initial reception And EX it of pilot-at-home the program. been limited should have couple I expansion be profile effect reimbursement And the

Tim Goodnow

and a micro insertion NNP out come The at geographies. pushing there way to to a -- speak is at house will to about will people removal. you rollout ready that not mobile it and test to typically, actually a configuration, compelling area, in about in do the point their a this Houston in visit because have it's but it's the talked it's one it. a certainly certainly works, We're that still I'm larger that if larger we sites opportunity excited nurse, and

that that everybody going we keep before We make we and the So expand the learn it's got a for make from only we it. sure great swim to user obviously, want benefit. everything early start-up But process is it. sure

look to to little but we're approaches. insertion bit as for for more too broad a conclusions, early So excited at opportunity make one us new

Operator

Nowak Alex Capital with from Craig-Hallum comes question Group. next Our

TrentMcCarthy

Ascensia XXXX call This is ramp to I does the XXXX into or XXXX? XXXX dive Alex. How that in call for partnership Trent was deeper wanted here. in for change the little the provided and guidance guidance modify on on a into the

Tim Goodnow

U.S. position years was agency the in, that would on exciting to the interest don't a is activities lot done to point. I be that review focus the ago of coming focus there in is the continues on anticipate obviously, up We had to we're much in April. answer with have Trent that very think at that that. XXX-day a we X will this space we're products. the that last be here our in commercial expectation, it's of the and It a anticipate, and going would did I

encouraged by to this I the COVID approval the don't and to rely on in this the was call. pre FDA the we're ramp that future done So on here impact But look pre-COVID at on point want something future.

TrentMcCarthy

Got and it. this sense. one coming than time GX? With another market, see different do GX XXX-day the to could ask Libre Eversense DexCom how in and being when was you Europe how adoption I positioned here. biting makes X That be will

Tim Goodnow

function more a transcutaneous an only that's get We end still the I'm CGM for sure that's family, fully the opportunity Libre expect and going only It's not that approval. with U.S. the more patients more full you're impact. it's what as and the technologies is Obviously, brings win people predominantly market the comes, implantable. more as in and which Obviously, dynamics And Europe. when is certainly and more noise sensors I So the a the to implantable as CGM to aware, more commercial, be testing they physician. continue the flexibility the to Eversense. be the that more much At but compete mature, big only it capability. activity for in of Libre have day, predominantly the are different. there'll does

feel we that greater as expands, good earlier, in greater drives as good that our segment. I have pretty So lead and And pretty participation. in we duration that said really that a a interest

sensor. size for pool So end bigger and of to increased are at pool, the drive more the to day, certainly fair a we with interest our the is that impanel of share continue going

Operator

Our from next Bedford Jayson question James. with Raymond comes

Jayson Bedford

ask wanted assistant I about the to program. patient

assistance to EX patient on, you guess, early is there? patients. referring I directly expensive Were So for mentioned you the less program

Tim Goodnow

the the the to -- half X really expense, is that X year. any driver. That's, of year right, from outside insertion of got That's biggest the mean just I biggest cut No. course, in

Jayson Bedford

Right.

Okay. change But to reimbursement? no there's is expectation -- your still reimbursement is

Tim Goodnow

Yes.

pay, we and We excuse some $XX see per haven't about in payer a know, -- commercial continue range than that. little higher you in as there day the from although to me, bit seen to variance is payer is $XX reimbursement, of Medicare

Jayson Bedford

the it, to? pocket did we 'XX? user Okay. patient the program, what assistance $XX context of that do And $XX of on just you average meaning pay in just put then compare around kind out some What can

Tim Goodnow

Yes.

variation. So good there's pretty a

One of have we differences that restrict coverage. to to are this, key this going the with people

So prior have in our people get didn't for lot utilization did coverage. and bridge that Anthem a program, on United we of

that was drove, average think utilization I So $XXX. around

bit think I be coverage; will no quite without this that a less. those have

perhaps. So a couple of hundred dollars

Jayson Bedford

kind the billing, And this program haven't I revenue? to this impact Okay. think guess just how have guess explain and Ascensia impacts of fully this, as but just on I thought you your through I'm maybe through program the your revenue? -- but curious can to of I I

Tim Goodnow

Yes.

of obviously, revenue collected So it this, part an offset. is as is is that any not

making the to we'll there is So jointly net of it are that for the And we an revenue investment end part report revenue. have the But it continue that net the try which is as XXX-day space in to we is the basis to reduction, people been at we've product. some guidance is bring with expected, Ascensia although the of built. day, a

Jayson Bedford

to $XX guidance, the for lasts the that Okay. full assumes patient is the right or million, year? that And months, assistance program just the the $XX that X basis million

Tim Goodnow

when for sensor lasts it someone the Well, Jayson. on, comes first

second could into the for starts. right, So half even it year next go

Jayson Bedford

is I just have missed submission, trial? on this, iCGM XXX-day may you start the after but this then the And

Tim Goodnow

to want and the Given XXX focus the right? at this the We get pediatrics, obvious IDE our that's Jayson, approved, opportunity point. regulatory product X-year for the size, the

we certainly start the trial So not the for se, per approval we but get after the after IDE.

Jayson Bedford

was at me little least end? Nick. bit maybe you a up the upper for then the what caught cash just on And million, Okay. Nick, the for end burn. of $XX I lower broke

Nick Tressler

for to million Yes, $XX year. million $XX the

Operator

our presentation. as our today. you concludes attending call for This question-and-answer today's for session as well Thank

You now may disconnect.