was We the the update on guidance compared $X.X line financials and the you to XXXX. our in and top revenue $X good outside Thank everyone. was million and fourth revenue quarter to for the $X.X appreciate $X.X year In prior million XXXX, revenue of million. U.S. Brian, you, opportunity for U.S. today provide was the million revenue fourth afternoon, net period. quarter
reminder always, regarding revenue our quick a recognition. As
percentage Our revenue on annual for with and collaboration sharing revenue of Ascensia contract, of Ascensia agreement the revenue with based is increasing levels. duration the to
via commercial shipments on to are Ascensia activities, XX their targeting demand our delivered For from portion based of of our inventory most the begins revenue Ascensia sales, quarter intended This patients our the recognize multistep We to days are Ascensia. manufacturing distributors. largely Therefore, distribution for during to across when generated to future to various support shipments Eversense. XX channels. demand we the and patient managed
XXX, target of levels first the Eversense reach still half through of Following to increasing launch we are the XXXX. inventory
approximately this channel. We continue this and also flows consignment sell grow our saw through now to products through program In XX% program. an office XXXX, consignment of we revenue
providers increases and and a participating This the program, over ready the providers product same-day We shelf have enables to insertions. have consignment well XXX facilitating patients to patients. the faster physician health even the convenience which care program care health in on and for
In at the recognize the time consignment procedure. of program, revenue the we
positive QX for an a of on period. million, sales channel. in In the revenue year Ascensia profit prior the was support $X.X million also marketing increased product. This and XXXX, through from manufacturing a impact prior We and sales expense gross expenses costs profit approximately the gross expensed this to also profit research efforts $X was commission XXX-day $X.X increase primarily by includes record with to the on of FDA XXX-day approval previously product in gross margins but development in of driven million increase
gross we product The product. so completion decrease in QX XXXX in very quarter prior it include cycle, decrease that had profit year and still have spend were part sales the be see we the our margins sales costs was due would study U.S. the encouraging development is to of with trials. that limited and primarily consultant This product the XXX-day considering the expenses only XX%. clinical product of a and When to for period. still compared XXX-day of costs million, and lower-margin life $X.X we manufacturing in margin reduction calculation, north the these European million $X.X we due of being early in XXX-day to that Research to a continue scale
per loss Net million, year $X.X XXXX. fees, fourth prior period. of $X.XX million loss in the gross fourth $XX.X and $X.X XXXX or share in to of primarily the million compared of net quarter a compared loss commissions expenses selling, by Net million, or margins and decreased legal in sales per Fourth an expenses. costs, of $X.X increase of by $X.X quarter quarter a driven loss XXX. million was the XXXX loss consulting due general were administrative personnel profit Eversense primarily to million improved $XX.X $X.XX a to share
full in year, million $XX.X XXXX. to the XXXX million million was U.S. million revenue $X.X prior revenue the compared million to total compared For $X.X was XXXX. XXXX and the in U.S. in in $XX.X revenue compared outside was to million year, $XX.X in $XX.X
primarily XXXX XXXX to resulted revenue from utilized patients that This did the treatment increase with previously than patient of new revenue consistent and in was stocking in see recognition compared patients we from inventory XX%. growth XXXX. for total the was difference end at more revenue by Although explained XXXX,
reduction million million $X.X for by $X.X was from from $X.X XXX, Gross a XXXX. offset manufacturing charges and of the transition to pre-approval XXXX and Eversense million, EX profit result partially $X.X primarily million an in decrease decrease expensed estimated by research as profit gross development. a of driven previously in to in Eversense costs The onetime was of
transition Excluding than costs, year XX%. profit margin be would these onetime gross XXXX more product for full
by and consulting and expenses XXXX of costs, by other and manufacturing The million development $X.X million. decreased spend product. decrease The $X.X for increased $XX.X due sales were million administrative partially study costs the offset was with due pre-approval for general expenses. commissions to primarily costs, million. and $XX.X to to of Research inventory legal driven to the was by expenses by increase from These XXX-day reduction fees, XXXX savings associated completion primarily year-over-year a personnel XXXX product the research trials. XXX-day in clinical Selling,
by share by XXXX value loss loss in the loss $XX.X to $XX.X per or existing $XX.X $X.XX Net million loss exchange in and a million net share notes the $X.XX changes an due a in of loss was a gains million primarily driven per or reduction compared Net in increased derivatives. of XXXX. of gains to to due fair
XXXX, As and interest debt million. totaled million XX, $XX.X cash of December equivalents restricted $XX.X and accrued cash cash, and was
simplifying Subsequent debt principal balance been amount have we XXXX outstanding outstanding the improving repaid, remaining million our notes our to year-end, capital and to the convertible busy sheet. in principal $XX.X January, of structure million. total were the $XX In reducing
all The the the of into included in end The [indiscernible] of earnings after million been our issued stock stock common stock. converted were into common preferred has year-end, B preferred shares XX.X were diluted converted at Additionally, stock calculation have issued. of per shares January. of shares about Series since been common shares share preferred
our at-the-market from we extend plans. runway into our of facility, our million the gross mid-XXXX, stock we utilizing based current Finally, operating $XX approximately received by will sale which common cash expect proceeds on of
Turning to outlook XXXX. for our
reimbursement We XXX XXX, status million The including planned million be other Eversense the the the to to U.S. we to Eversense respect leads generate XXXX outlook net continue work several marketing direct-to-consumer the commercial U.S. States, line takes year Eversense to and financial initiatives. consideration launch the continuing approximately U.S. $XX the of on to and full outside patients into with Eversense time spending its to transition United sales launch EX transition campaigns marketing plans to and expect to of from approval regulatory revenue global in for XXX QX. factors, as following $XX
limits and expect seasonality greater January business influenced in out-of-pocket insurance we resetting with costs. XXX in to patient those assistance utilization deductible and offset by Eversense our and resulting annual costs Also, the of programs
program year and favorable average noticeable profit margins to to the the the gross year. therefore, average selling each a the impact margins in for account patient profit as more half and of reduction selling first second gross in we expect of We prices a to as assistance We revenue anticipate our see price revenue. half and notably therefore,
approximately The full the year to outlook patient XXXX. doubling assumes base financial XXXX global compared XXXX in
to expect but in previously half. program the and the X/X revenue revenue year, described, patients the as be with our we result grow first We of remaining the impacts expect seasonality steadily a in to X/X throughout of half, second about the
year margins XX% projected XXXX in the about steadily are of and XX%. to economics each gross XXX. increase unit margins We between to Eversense are expected Gross quarter excited with be full
We cash be are and on be focused continuing to million also conscious $XX $XX cost between expect to million. utilization in and XXXX
back it turn Tim. I'll that, With to
