all you Thank you, Trip and us. thank for joining
to to needs the our gratitude by pandemic. frontline impact. by would are important virus like COVID-XX express Before affected the deep our all We starting members the of been treating care system, everyone been Senseonics thoughts the who providers our have also of review, users, at our that's especially impacted economic and health with the resulting
to environment have culminating responded several of and decision alternatives in explore last the financial to week stakeholder the company's ways, to As value. this challenges strategic we announced the we current in March, in enhance
we've our review, provide with and its our strategic long-term to Nick updates. continue will first On refocused diabetes operational activities of balance help additional people benefits. quarter overview changes success CGM to As Eversense our then operational an update on call, part system pursue today's core details impact on priorities operations our of the and corporate focus, the of and and an will provide our access our our to provide of current on the priorities business additional sheet. financials, I current
we the months, we significant our to have past in two shared As have made changes organization.
effective in forward move in situation. to business our the repositioned and to response manner an have We efficient financial
of repaid in challenges Following efforts. security associated a in Together to enhance us company our our earnings call, that stakeholder isolation economic Capital. We position the to senior a quarter the COVID-XX system, At health which and the outstanding we decision prepayment all facility, also alternatives totaled in required explore the agreement with heightened $XX.X announced to and covenant Solar time, amounts fourth with the strategic Board's million. the fees, loan and terminate the state was value.
weeks, eight have been past alternatives the of a process in Over of engaged the third-parties. exploring strategic range we with
as more at continue moves appropriately be the Securities of we information share. time and update this laws, will, you about the in these forward. strategic progress we Mindful process We when more can this to have of discussions we course, cannot say
we to this in up financing. process. thoughtful agreement This and near-term provides $XX into ability Importantly, run with strategic runway loan was of a our April, to support security and extending for entered in full our a million strategic in to cash that Highbridge in funding Capital support and process, important
component review our launch core we market to creation, driving commercialization and To access; of strategic the on value opportunity reduced the users; focused ensure third, steering XXX-day first, second our streamlining cash future existing for limiting materially objectives, second, of monthly long-term for resources in Eversense. value have the burn namely; included U.S. and preparing success the and organization sensor provide to The the preserve long-term
long-term and investments expenditures positions core support have of use, our Future extend creation. We the entire to eliminating these will cost reduce focused runway. organization, material improve value limited and These these operating the and structure evaluated to structure our considerably for objectives. our flow, and greatly a and changes cash cost significantly on be across spending, number reducing aspects will driving operation cash
objective users. first Our focused remains on our
actively users We existing care and supporting health their our providers. are
are We strong, experience with share Eversense their that times. on feedback during pleased remains patient these especially to
of impact, States the We response new and suspended are In working sensor. sales current and organization, to they have ensure disruption have minimal been commercial cut, invest impacted expenses. the acquire patients decision to halted. stopped activities our new no on-boarding operational including, they means receiving that the to support marketing and new This is campaigns their activity current field reducing been XX-day operating continue our on ensure have have clinics a This to will on staffing reduce been need to with users United to the longer temporarily the unfortunately, to Eversense has systems. and commercial are in initiatives financial acquire we to greatly will customers majority in
closing was and in-person providers new reduced foregoing in-person closed we market. our changes financial patients hardships, markets the impact and as many been disruptive our offices limiting As to well caused clinics as responding and have mid-March, and COVID-XX Many be to through by implementation with recent important orders to their dislocation in By procedures to orders the of the of we has crisis to have our who extremely health a providers marketing the The an in limiting visits challenges. number in the of office-based visits limited visits others experienced of material with The recent noticeably full and of open, remained clinic past. of the to consideration telehealth us access those inserted work customers experienced patients. business. these pivoted stay-at-home as that
did necessary product, geographies whichever experience to recently, nature of or positive each providers. the see during healthcare Very reduction we COVID, our at of in adopted our change markets reduced these are the starting the extension in this workflows of rates pandemic. we this, number a was response of however, The again. of height elective implantable varied reinsertions insertion across across since Through to insertions least XX% contingent and Given a the performed. to in deemed
insertion coming an report We calls. expect update to on rates on
primary have Eversense in and reimbursement policy. and and has been recently plans, progress Blue received the been and Exelis Blue Blue Cross Cross with New process associated lives. Blue Blue for Cross positive Eversense and and Amerihealth, payers the Cross, XX We time Shield Tier Independence health Blue added provider's included their First care has Shield Blue Blue late. several Arizona, to these response coverage of decisions And including coverage Cross Shield Shield, York. the of adding COVID for covered coverage the covering for achieved organization, million strategic new alternatives important the has Blue been While approximately focus from Plans,
the coverage landscape point, Contractors, the have by for critical Six coverage At Medicare for LCDs posted CMS. comments. have across expand the and to effort scheduled component implantable open MAX continuous the meetings glucose is development completed devices. of to Another a or or their reimbursement this of access MAX, through monitoring for determinations local have now we coordinated seven Eversense Administrative their confirmed
MAX consistent observed as and other very with benefit Medicare the for to to in the allow access criteria D has across beneficiaries coverage to see the have encouraged been all this are We same will policy a Eversense E for CGMs.
today. MAX, the important that of development have coverage the it Beyond patients access by is policies
seen Eversense the immediately of removed MAX report make of used insertion non-coverage non-coverage their the for available policies. have to the or retirement We from codes policies specifically have through Eversense
to the for removal led lists. options, and co-service GBA the Novitas CGS First Solutions, available CPT through making administrators of patients way their in non-covered these Eversense Palmetto codes
in remove patients in future. from as Part follow expect rulemaking immediately calendar the codes B will Part This XXXX the the for physician list have for MACs very near Eversense. more other or beneficiaries We a as The can benefit the great durable service step as required development non-covered it providers, as begin defined the positive fee Medicare a will is healthcare not pharmacy very supply processing MACs taken for year equipment claims be to B that process the our benefit same schedule. our physician the the to channel service medical physician to channel. is a complex the and navigate Coverage
utilize by for Eversense. determining options excited a array candidates taken coverage have of actions to to need this for in It recognizes CMS about clear needs appropriate CGM establish for as with will that patients options. criteria also HCPs individualized our for CMS who are formalize for and diabetes long-term the care the We an demonstrates CGM of need
the is foundation positive in We our insurers by health decisions look is evolution companies our the of for to forward year. which coverage continued believe future. coverage insurance adopt for by our further as more Medicare coverage Eversense positive advancement third policies core Important of also will business We for compel pipeline this of well. product commercial the objective to the
for trial very to We package of FDA and quarter The the summer. working the later are is to announce in PROMISE the the diligently on team submitted sensor. this analyzing XXX-day the pleased preparing be completion the to data the
reduction addition include per of to other improvements. submission up XXX as extended well the the day expect a as We duration to calibration to days, in once to
barring current Year, unforeseen expectation New Our COVID-XX. remains further due the impact to for around approval any
quarter. are We the iCGM in We our United the the potential the previously have using as submission a experience second Europe that in life-changing XX-day study States for our data the PROMISE by enjoyed. the patients this from for system excited in planned to had offers, patients benefits
However, with product. have the the past XX-day in decided over iCGM we X commercial to change not pursue direction the weeks,
the can this to following to make plan our the do, be you XXX-day summer. We submission. iCGM quarter planned a later in submission fourth next XXX-day submission however, filing expect So our supplemental XXX-day
XXXX, and Following will on and remainder distributor establishing alternatives, on objectives with like the and our our for conclude pressures clinics, cash focusing distribution QX. be to to the impact existing in and efforts late knew for long creation materially of sensor reduce users financial would while for COVID impacted cash on the strategic by QX. on in while preserving pull company product patients, the decision distributors the the the only future we and now the core new provide opportunity to impact I'd eliminated our to Certainly, channel and into allow shipments with actively value notably three turning of term. exploring from these shelves on preserving XXXX, of closed U.S. the
uncertainty, the quarter including the distributors first in resulted considerations with result, gross we million economic well to evolving in a the $XX,XXX $X distributors. These As reduced as the In of revenue offering of net shipments terms. reflecting the Bridge quarter, revenue, were quarter. included payment and actions adjustments taken placed U.S. extended which as adjustments, in revenue on payment
was the on quarter. addition the call, as negligible revenue prior OUS In and forecasted for
was previously the environment distributors' quarter. also As the had European mentioned, of European the sufficient purchase and customers highly place from in this our remaining XXXX COVID-XX first during which markets which significantly by inventory course, commitment, to Roche The systems ability were, serve clinics. to impacted limited
partners showed also to approximately the reordering time, the XX% levels crisis. out at distributor European prior will be will these coming insertions This data situation. forecast we patterns. And partners continue during yet bottomed through we in continue work a this to At in Our cannot health factor with our on and this patients that sensor fully disruption quarters. demand impacts our of
on recovery have better we We progression. communicate will as as updates, clarity soon the
the known, of the that, March well in as reinsertions the over guidance full-scale given now details U.S. on I withdrew to and updating With results. will as reductions, With guidance reestablishment the future and financial we late our our Nick further at not a turn commercial fully for timing European date. anticipate of cost call
