Senseonics Holdings, Inc. (NYSE:SENS) Q1 2020 Earnings Conference Call - Final Transcript

Jun 09, 2020 • 04:30 pm ET


Senseonics Holdings, Inc. (NYSE:SENS) Q1 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Senseonics First Quarter 2020 Earnings Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. I would now like to turn the conference over to Philip Taylor, Investor Relations. Please go ahead.

Philip Taylor

Thank you very much, and welcome to the Senseonics First Quarter 2020 Earnings Call. This is Philip Taylor from the Gilmartin Group. Before we begin today, let me remind you that the Company's remarks include forward-looking statements. These statements reflect management's expectations about future events, operating plans, regulatory matters, product enhancements, Company performance and other matters and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties.

A list of factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under Risk Factors and elsewhere in our annual report on Form 10-K for the year ended December 31st, 2019, our 10-Q for the quarter ended March 31st, 2020, and our other reports filed with the SEC. These documents are available in the Investor Relations section of our website at We undertake no obligation to update publicly or revise these forward-looking statements for any reason, except as required by law.

Also on this call, we will be discussing our 2020 outlook. In light of the COVID-19 pandemic, 2020 financial guidance was suspended on March 26th, 2020. On this call, we will be providing investors U.S. GAAP net revenue and gross revenue measures to provide meaningful supplemental information regarding our performance and provide better transparency on the impact of reimbursement in the Eversense Bridge Program.

In accordance with U.S. GAAP, Senseonics reports revenue and its financial statements on a net basis, which includes gross to net reductions, primarily related to the Eversense Bridge Program. Gross revenue measures do not reflect the gross to net reductions and accordingly may be considered to be non-GAAP financial measures.

These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with U.S. GAAP and Senseonics' non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, please see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures in this afternoon's earnings release, which is available on our corporate website at

Joining me from Senseonics are Tim Goodnow, President and Chief Executive Officer; and Nick Tressler, Chief Financial Officer.

With that, I would like to turn the call over to Tim Goodnow, President and CEO. Tim?

Timothy T. Goodnow

Thank you, Trip, and thank you all for joining us. Before starting our review, our thoughts are with everyone that's been affected by COVID-19 virus and the resulting economic impact. We, at Senseonics would like to express our deep gratitude to all members of the health care system, especially the frontline providers treating the important