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.
Danielle Antalffy
UBS Group AG
4 questions for DXCM
Issie Kirby
Redburn Atlantic
4 questions for DXCM
Jayson Bedford
Raymond James
4 questions for DXCM
Joanne Wuensch
Citigroup Inc.
4 questions for DXCM
Marie Thibault
BTIG
4 questions for DXCM
Travis Steed
Bank of America
4 questions for DXCM
Christopher Pasquale
Nephron Research
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
Michael Kratky
Leerink Partners
3 questions for DXCM
Michael Polark
Wolfe Research
3 questions for DXCM
Robert Marcus
JPMorgan Chase & Co.
3 questions for DXCM
Steven Lichtman
Oppenheimer & Co. Inc.
3 questions for DXCM
William Plovanic
Canaccord Genuity
3 questions for DXCM
Joshua Jennings
TD Cowen
2 questions for DXCM
Matthew Miksic
Barclays PLC
2 questions for DXCM
Shagun Singh Chadha
RBC Capital Markets
2 questions for DXCM
Anthony Petrone
Mizuho Group
1 question for DXCM
Bill Plovanic
Canaccord Genuity
1 question for DXCM
Brandon Vazquez
William Blair & Company, L.L.C.
1 question for DXCM
Colin Clark
Stifel Financial Corp.
1 question for DXCM
David Roman
Goldman Sachs Group Inc.
1 question for DXCM
Kyle Rose
Piper Sandler
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
Matt Taylor
Jefferies & Company Inc.
1 question for DXCM
Mike Polark
Wolfe Research, LLC
1 question for DXCM
Patrick Wood
Morgan Stanley
1 question for DXCM
Richard Newitter
Truist Securities
1 question for DXCM
Robbie Marcus
JPMorgan Chase & Co.
1 question for DXCM
Shagun Singh
RBC Capital Markets
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.
- The North America precision nutrition market is projected to grow at 15.3% CAGR (2025–2032), with the US market reaching USD 5.46 billion by 2032.
- In 2024, the US and Canada held 81% and 10.3% of the regional market respectively.
- Abbott, Dexcom, Nestle, and DSM are key players driving the integrated diagnostics and supplements ecosystem expansion.
- The 2024 FDA approval of consumer glucose monitors from Abbott and Dexcom enabled real-time biomarker tracking, enhancing personalized nutrition solutions.
- In Canada, Personalized Plans & Subscription Services are forecast to grow at 17.2% CAGR, while Consultation Services are expected to see 19.1% CAGR over 2025–2032.
- The US continuous glucose monitoring market is projected to expand from US$ 2.05 billion in 2024 to US$ 4.23 billion by 2033, representing a CAGR of 8.36%.
- Expansion is driven by rising diabetes prevalence (over 38 million Americans), factory-calibrated sensors, smartphone connectivity, and real-time alerts boosting usability.
- Medicare, Medicaid, and commercial payers have broadened CGM reimbursement, while federal telehealth policies support remote diabetes management.
- Key barriers include high upfront and recurring sensor costs and user compliance issues such as alarm fatigue and tech complexity.
- Forecast analysis spans 10 leading states, notably California, Texas, New York, Florida, and Illinois.
- Dexcom will install Jake Leach as CEO on January 1, 2026, with immediate focus on executing 2025 revenue and operating margin commitments and issuing a new long-range plan in early 2026.
- Management projects strong double-digit growth into the foreseeable future, underpinned by expanded CGM coverage in non-insulin Type 2 diabetes, U.S. Stelo OTC CGM adoption, and international market expansion.
- The product roadmap features imminent commercial launch of the 15-day G7 sensor, growth of the Stelo platform (>$100 million in first 12 months), and development of G8 multi-analyte wearable in a 4–4.5 year cycle.
- Gross margin expansion is expected from 15-day sensor cost savings, achieving a $10 G7 sensor cost target, new Irish manufacturing capacity, and declining freight/write-off headwinds, setting up leverage into 2026.
- Dexcom delivered $1.16 billion in worldwide revenue in Q2 2025, up 15% year-over-year, with U.S. revenue of $841 million and international revenue of $316 million.
- The company raised its full-year 2025 revenue guidance to €4.60–4.625 billion (14–15% growth) and reaffirmed non-GAAP gross margin of ~62%, operating margin of ~21% and adjusted EBITDA margin of ~30%.
- Founder and CEO Kevin Sayer will hand over CEO responsibilities to President Jake Leach in 2026, following Leach’s promotion to president in May 2025.
- Product innovation remains a focus: the Stello app has surpassed 400,000 downloads, Dexcom launched AI-based smart food logging and secured FDA clearance for a 15-day G7 sensor slated for H2 2025 rollout.
- Supply chain improvements included record production months and expedited shipping routes, restoring channel inventories and rebuilding internal finished-goods stock.
- Dexcom G7 continuous glucose monitor is now covered under the Ontario Drug Benefit program for eligible insulin-using residents, including those aged 65+, youth 24 or under without private insurance, long-term care and special care home residents, community care recipients, Ontario Works/ODSP participants, and Trillium Drug Program enrollees
- With this inclusion, Dexcom G7 becomes the most covered CGM on Ontario’s government-funded programs, also encompassed by the Assistive Devices Program and Non-Insured Health Benefits alongside most private insurance plans
- 1.7 million Ontarians live with diabetes in 2024, many of whom require insulin, highlighting the impact of broader access to CGM technology
- Dexcom G7 is clinically proven to lower A1C, reduce hyper- and hypoglycemia, increase time in range, and is the #1 preferred glucose sensor by Canadian endocrinologists
- The global digital diabetes management market was valued at USD 13.45 billion in 2024 and is projected to reach USD 26.29 billion by 2032, implying a 7.42% CAGR from 2025 to 2032.
- Continuous Glucose Monitoring (CGM) systems held the largest product share at 39.29% in 2024, while wearables led device types and hospitals accounted for 39.9% of end-use.
- North America captured approximately 38% of the market in 2024, with the U.S. representing nearly 40% of global market size due to strong CGM reimbursement and value-based care incentives.
- Recent industry developments include FDA approval in April 2025 of a 15-day wear extension for Dexcom’s G7 CGM and Abbott’s June 2025 launch of the next-gen Libre 3 with 9% MARD.
- Dexcom reported Q1 2025 revenue of $1.036B with 14% organic growth over Q1 2024, including U.S. revenue of $751M (+15%) and robust international performance .
- The quarter delivered GAAP operating income of $133.7M (12.9% margin) and non-GAAP gross profit of $596M (57.5% margin) .
- Updated FY 2025 guidance projects $4.60B in revenue and anticipates non-GAAP gross profit margins of ~62% .
- The Board approved a $750M share repurchase program, with Q1 closing at approximately $2.7B in cash, underscoring strong financial flexibility .
- Post-quarter, Dexcom received FDA clearance for the 15 Day Dexcom G7 System (MARD of 8.0%), supporting a launch in 2H25 .
- Karen Dahut resigned from the Board effective May 8, 2025, with the departure not linked to any disputes; the 8-K was signed by CFO Jereme M. Sylvain on May 2, 2025 .
- Dexcom dismissed Ernst & Young LLP as its independent registered public accounting firm effective March 21, 2025, although EY’s audit reports for fiscal years ended December 31, 2024 and 2023 were unqualified and without any adverse comments.
- The Audit Committee engaged Deloitte & Touche LLP as the new auditor for the fiscal year ending December 31, 2025, marking a transition in the company’s auditing practices.