DexCom, Inc. is a medical device company specializing in the design, development, and commercialization of continuous glucose monitoring (CGM) systems for diabetes management. The company sells integrated CGM systems, including the Dexcom G6 and G7, as well as the Stelo sensor, which is the first over-the-counter glucose biosensor in the U.S. . DexCom generates revenue from disposable sensors and reusable hardware, such as transmitters and receivers, with sales influenced by factors like seasonality and insurance deductible resets . In 2023, the company reported a significant increase in revenue, reflecting strong demand for its products .
- Dexcom G6 and G7 Integrated CGM Systems - Provides continuous glucose monitoring for diabetes management, used by patients, caregivers, and clinicians worldwide.
- Stelo Sensor - Offers a 15-day glucose monitoring solution for people with Type 2 diabetes who do not use insulin, available over-the-counter in the U.S.
- Disposable Sensors - Supplies sensors that are used with CGM systems, contributing to recurring revenue through regular replacements.
- Reusable Hardware - Includes transmitters and receivers that work with CGM systems, providing essential components for continuous glucose monitoring.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin R. Sayer ExecutiveBoard | Chairperson of the Board, President, and CEO | None | Joined Dexcom in 2007; CEO since 2015; instrumental in advancing Dexcom's CGM technology and market leadership. | View Report → |
Jacob S. Leach Executive | Executive Vice President and COO | None | Joined Dexcom in 2004; oversees operations and has contributed to CGM technology development. | |
Jereme M. Sylvain Executive | Executive Vice President and CFO | None | Joined Dexcom in 2018; CFO since 2021; oversees financial operations and compliance. | |
Matthew Dolan Executive | Executive Vice President of Strategy, Corporate Development & Dexcom Labs | None | Joined Dexcom in 2015; leads corporate strategy, partnerships, and Dexcom Labs. | |
Michael J. Brown Executive | Executive Vice President and Chief Legal Officer | Board Member of Riding on Insulin | Joined Dexcom in 2022; oversees all legal and intellectual property matters. | |
Sadie M. Stern Executive | Executive Vice President and Chief Human Resources Officer | None | Joined Dexcom in 2020; leads human resources and organizational development. | |
Bridgette P. Heller Board | Independent Director | Board Member at Aramark Corporation, Integral Ad Science, Novartis AG, and Newman’s Own | Joined Dexcom's Board in 2019; has extensive experience in consumer healthcare and business leadership. | |
Eric J. Topol, M.D. Board | Independent Director | Director at Scripps Translational Science Institute; EVP at Scripps Research Institute; Digital Medical Advisor to Blue Cross Blue Shield Association | Joined Dexcom's Board in 2009; renowned physician and thought leader in digital healthcare. | |
Karen Dahut Board | Independent Director | CEO of Google Public Sector; Board Member at National Air and Space Museum and EisnerAmper LLP | Joined Dexcom's Board in 2020; recognized for leadership in digital transformation and innovation. | |
Kyle Malady Board | Independent Director | EVP and CEO of Verizon Business; Board Member at CTIA; Member of President's NSTAC | Joined Dexcom's Board in 2020; provides expertise in telecommunications and technology. | |
Mark G. Foletta Board | Lead Independent Director | Board Member at AMN Healthcare Services, Inc. and Enanta Pharmaceuticals, Inc. | Joined Dexcom's Board in 2014; provides financial and audit expertise. | |
Nicholas Augustinos Board | Independent Director | Board Member at Aver, Inc. and California Health Care Foundation | Joined Dexcom's Board in 2009; has extensive experience in healthcare technology and strategy. | |
Rimma Driscoll Board | Independent Director | EVP at Zoetis Inc.; Board Member at Pumpkin Insurance | Joined Dexcom's Board in 2023; brings expertise in global strategy and business development. | |
Steven R. Altman Board | Independent Director | Chairman of the Board at Prospector Capital Corporation | Joined Dexcom's Board in 2013; brings expertise in intellectual property and corporate strategy. |
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Despite your efforts to stabilize relationships with DME partners and become more channel agnostic, you're still losing some share; what concrete steps are you taking to regain lost DME share, and is it realistic to expect a return to your prior standing with DMEs in the near future?
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With the U.S. CGM market growth appearing to slow to around 10% in Q3, how confident are you in achieving your 2025 revenue target of $4.6 billion, and what specific strategies do you have in place to drive growth in a potentially slowing market?
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You mentioned a six-point impact from rebate dynamics on growth in Q3 and are expecting less impact in Q4; how will ongoing rebate pressures affect your pricing strategy and margins moving into 2025, and what actions are you taking to mitigate their impact on profitability?
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Given the uncertainty around the FDA approval timing for the 15-day G7 product, how are you incorporating potential delays into your 2025 financial projections, and what contingency plans do you have if the approval or rollout takes longer than anticipated?
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While you've reported record new patient starts this quarter, you've acknowledged that sales force productivity is still about three months behind; how will this lag affect your ability to meet your projected sequential growth in Q4 and adhere to your long-term guidance, and what specific measures are in place to accelerate productivity gains?
Research analysts who have asked questions during DEXCOM earnings calls.
Jayson Bedford
Raymond James
6 questions for DXCM
Joanne Wuensch
Citigroup Inc.
6 questions for DXCM
Marie Thibault
BTIG
6 questions for DXCM
Travis Steed
Bank of America
6 questions for DXCM
Michael Polark
Wolfe Research
5 questions for DXCM
Danielle Antalffy
UBS Group AG
4 questions for DXCM
Issie Kirby
Redburn Atlantic
4 questions for DXCM
Anthony Petrone
Mizuho Group
3 questions for DXCM
Brandon Vazquez
William Blair & Company, L.L.C.
3 questions for DXCM
Christopher Pasquale
Nephron Research
3 questions for DXCM
David Roman
Goldman Sachs Group Inc.
3 questions for DXCM
Jeffrey Johnson
Robert W. Baird & Co. Inc.
3 questions for DXCM
Larry Biegelsen
Wells Fargo & Company
3 questions for DXCM
Matthew O'Brien
Piper Sandler & Co.
3 questions for DXCM
Matthew Taylor
Jefferies
3 questions for DXCM
Matt Taylor
Jefferies & Company Inc.
3 questions for DXCM
Michael Kratky
Leerink Partners
3 questions for DXCM
Richard Newitter
Truist Securities
3 questions for DXCM
Robbie Marcus
JPMorgan Chase & Co.
3 questions for DXCM
Robert Marcus
JPMorgan Chase & Co.
3 questions for DXCM
Shagun Singh
RBC Capital Markets
3 questions for DXCM
Steven Lichtman
Oppenheimer & Co. Inc.
3 questions for DXCM
William Plovanic
Canaccord Genuity
3 questions for DXCM
Bill Plovanic
Canaccord Genuity
2 questions for DXCM
Danielle Antalffy
UBS
2 questions for DXCM
Jon Block
Stifel, Nicolaus & Company, Incorporated
2 questions for DXCM
Josh Jennings
TD Cowen
2 questions for DXCM
Joshua Jennings
TD Cowen
2 questions for DXCM
Matthew Miksic
Barclays PLC
2 questions for DXCM
Matthew O'Brien
Piper Sandler
2 questions for DXCM
Matt Miksic
Barclays Investment Bank
2 questions for DXCM
Mike Kratky
Leerink Partners
2 questions for DXCM
Shagun Singh Chadha
RBC Capital Markets
2 questions for DXCM
Bill Plovanek
Canaccord Genuity
1 question for DXCM
Colin Clark
Stifel Financial Corp.
1 question for DXCM
Kyle Rose
Piper Sandler
1 question for DXCM
Larry Beagleson
Wells Fargo
1 question for DXCM
Lawrence Biegelsen
Wells Fargo
1 question for DXCM
Margaret Kaczor Andrew
William Blair
1 question for DXCM
Mathew Blackman
Stifel
1 question for DXCM
Matt O'Brien
Piper Sandler Companies
1 question for DXCM
Mike Polark
Wolfe Research, LLC
1 question for DXCM
Patrick Wood
Morgan Stanley
1 question for DXCM
Simran
Wells Fargo & Company
1 question for DXCM
Steve Lichtman
Oppenheimer & Co. Inc.
1 question for DXCM
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
In selling our current CGM systems, we compete directly with the Diabetes Care division of this company; they manufacture and market products for the single-point finger stick device market. We have competed with them and their Libre family of CGM products for many years. They have received FDA clearance to integrate certain versions of their Libre sensors into automated insulin delivery systems and are pursuing such integrations with third-party insulin delivery devices. | |
This company's Diabetes Group markets and sells a standalone glucose monitoring product called Guardian Connect, both internationally and in the United States, and a disposable CGM system called Simplera in international markets. They have developed or are developing insulin pumps integrated with continuous glucose monitoring systems that provide, among other things, the ability to suspend insulin administration while the user’s glucose levels are low and to automate basal or bolus insulin dosing. | |
Roche Diabetes Care | This division of Roche Diagnostics manufactures and markets products for the single-point finger stick device market, competing directly with our current CGM systems. |
LifeScan, Inc. | This privately-held company manufactures and markets products for the single-point finger stick device market, competing directly with our current CGM systems. |
Ascensia Diabetes Care | This company manufactures and markets products for the single-point finger stick device market, competing directly with our current CGM systems. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Distributor in Australia and New Zealand | 2022 | Deal Details: Although the deal value and structure were not disclosed, the acquisition enabled Dexcom to expand into the Australia and New Zealand markets, driving international revenue growth. Notably, the non-CGM revenue from this acquisition was excluded from organic revenue calculations in financial reports. |
Recent press releases and 8-K filings for DXCM.
- Québec’s Régie de l’assurance maladie du Québec now covers Dexcom Continuous Glucose Monitoring for eligible residents 18 and older with type 2 diabetes on intensive insulin therapy, broadening access beyond type 1 patients.
- Dexcom G7 is highlighted as the most accurate CGM system and the #1 preferred by Canadian endocrinologists, with 88% of users reporting improved lifestyle management4.
- All private insurers in Québec must offer coverage at least equivalent to RAMQ criteria, with most already covering CGM for insulin users or all people with diabetes.
- RAMQ eligibility for adults requires ≥3 daily insulin injections or pump therapy plus at least one of: unmet HbA1c targets, frequent hypoglycemia, or unrecognized low-blood-sugar events.
- Levi & Korsinsky has initiated a class action securities lawsuit against DexCom on behalf of investors alleging fraud from July 26, 2024 to September 17, 2025.
- The complaint alleges unauthorized design modifications to the G6 and G7 glucose monitoring systems that compromised accuracy and reliability and overstated device enhancements.
- Investors must submit a request to be appointed as lead plaintiff by December 26, 2025, and participation incurs no out-of-pocket costs.
- The Régie de l’assurance maladie du Québec (RAMQ) now covers Dexcom’s continuous glucose monitoring (CGM) system for Quebec residents aged 18+ with type 2 diabetes on intensive insulin therapy.
- Private insurance plans must offer coverage at least equivalent to RAMQ criteria, with most already covering Dexcom CGM for insulin users.
- The Dexcom G7 CGM is noted as the most accurate and preferred by Canadian endocrinologists, and 88% of type 2 users report it helps them better adjust their lifestyle.
- Kirby McInerney LLP is investigating a securities fraud class action for investors who purchased DexCom shares between July 26, 2024 and September 17, 2025.
- The lawsuit alleges unauthorized design changes to the G6 and G7 devices overstated their reliability and concealed health risks, exposing DexCom to increased regulatory scrutiny.
- DexCom disclosed on March 7, 2025 that it received an FDA warning letter over manufacturing and quality control issues, triggering a 9.15% share price drop from $77.84 to $70.72 by March 10.
- On March 25, 2025, the FDA published the warning letter, revealing adulteration of sensor modifications that caused larger inaccuracies and higher user risks, leading shares to decline 2.4% to $73.55.
- 2024 market size $96.44 B; projected to reach $796.03 B by 2034 at a 23.5% CAGR (2025–2034)
- Growth driven by an aging population, rising chronic diseases—e.g., over 800 million with diabetes—and IoT/AI integrations
- Smart glucose monitoring systems set to dominate the market amid advances in wearable tech
- North America accounted for ≈45% of revenue share in 2024, led by strong digital health infrastructure
- Leading players include Honeywell, Siemens Healthineers, Philips, Qualcomm and Dexcom, Inc.
- On November 3, 2025, Robbins LLP announced a class action lawsuit against Dexcom on behalf of investors who purchased DXCM securities between July 26, 2024 and September 17, 2025.
- The complaint alleges Dexcom made unauthorized design changes to its G6 and G7 continuous glucose monitoring systems, reducing reliability and posing health risks.
- A Hunterbrook report on September 18, 2025 revealed adulterated G7 devices linked to hospitalizations and deaths, spurring a $8.99 (11.76%) stock drop to $67.45 per share by September 19, 2025.
- Shareholders may apply by December 29, 2025 to serve as lead plaintiff in the litigation.
- Dexcom’s Q3 revenues reached $1.209 billion, up 20% organically year-over-year (US +21%; INT’L +18%).
- Achieved record non-GAAP diluted EPS of $0.61 (vs $0.45 in Q3 2024).
- Updated 2025 annual guidance to $4.63–4.65 billion in revenue, with non-GAAP gross margin ~61%, operating margin 20–21%, and adjusted EBITDA margin 29–30%.
- Launched AI-powered meal logging in both the Stelo and Dexcom G7 apps, and submitted Dexcom Smart Basal to the FDA for review.
- Worldwide revenue of $1.21 billion (+22% reported; +20% organic), driven by $852 million in U.S. sales (+21%) and $357.4 million internationally (+22%).
- Gross profit of $741.3 million (61.3% margin), operating income of $272.9 million (22.6% margin), adjusted EBITDA of $368.4 million (30.5% margin), and net income of $242.5 million ($0.61 EPS, highest quarterly EPS).
- Raised 2025 revenue guidance to $4.63–4.65 billion (~15% growth); lowered non-GAAP gross margin to ~61%, and now expect non-GAAP operating margin of 20–21% and adjusted EBITDA margin of 29–30%.
- G7 15-day CGM system in initial "warrior" launch with broader rollout imminent (reimbursement secured); Dexcom Smart Basal insulin-titration feature under FDA and CE review.
- Closed Q3 with >$3.3 billion cash and equivalents, generated strong free cash flow, will settle $1.2 billion of convertible notes in cash and continue share repurchases.
- Dexcom reported $1.21 billion in Q3 revenue, up 22% year-over-year (20% organic); U.S. sales were $852 million (+21%) and international sales were $357.4 million (+22% reported, 18% organic).
- Q3 gross profit was $741.3 million (61.3% margin vs. 63.0% in Q3 2024); operating income was $272.9 million (22.6% margin); adjusted EBITDA was $368.4 million (30.5% margin); net income was $242.5 million, or $0.61 EPS (highest quarterly EPS to date).
- Ended the quarter with over $3.3 billion in cash and cash equivalents; strong free cash flow added nearly $400 million after share repurchases; plans to settle $1.2 billion of convertible notes in cash and continue buybacks.
- Raised 2025 revenue guidance to $4.63 billion–$4.65 billion (~15% growth); non-GAAP gross profit margin now ~61%; operating margin guided to 20%–21%; adjusted EBITDA margin to 29%–30%.
- Pipeline updates include Dexcom Smart Basal under FDA/CE review, Stelo surpassing $100 million in first-year revenue, and the G7 15-Day system’s initial warrior launch with broader rollout imminent.
- Worldwide revenue of $1.21 billion in Q3 2025, up 22% YoY (20% organic), with U.S. revenue $852 million (+21%) and international revenue $357.4 million (+22%, 18% organic)
- Gross profit of $741.3 million (61.3% margin) was impacted by higher scrap rates but saw supply chain stabilization; operating income $272.9 million (22.6% margin) and adjusted EBITDA $368.4 million (30.5% margin)
- Net income $242.5 million, or $0.61 EPS (highest quarterly EPS ever), ended Q3 with >$3.3 billion cash, generated strong free cash flow (~$400 million), and plans to settle $1.2 billion in convertible notes and continue share repurchases
- Updated guidance: revenue raised to $4.630–4.650 billion (+15% YTD), non-GAAP gross margin ~61%, operating margin 20–21%, and adjusted EBITDA margin 29–30%
- Leadership & product highlights: Jake Leach named next CEO (Kevin Sayer on medical leave); FDA review of Smart Basal feature, Stelo surpassed $100 million revenue in first year, and broad launch of G7 15-day system underway