Revenue Guidance

FY 2025

$4.6 billion, 14% "

$4.6 billion to $4.625 billion, 14% to 15% " " "

raised

Gross Profit Margin Guidance

FY 2025

Approximately 62% "

Approximately 62% " " "

no change

Operating Margin Guidance

FY 2025

Approximately 21% "

Approximately 21% " " "

no change

Adjusted EBITDA Margin Guidance

FY 2025

Approximately 30% "

Approximately 30% " " "

no change

Consistent new patient growth and expanded coverage

Q1 2025: Record new patient starts and expanded coverage across type 2 non‐insulin and basal insulin segments. " " " Q4 2024: Record new patient starts, expanded PBM coverage, and expectations for record growth in 2025. " " " " " Q3 2024: Emphasis on new customer starts and international launches. " "

Q2 2025: Continued strong new patient additions and expanded coverage in the US and internationally drive growth. " " " "

Consistent focus with bullish sentiment. The emphasis remains on both new patient growth and expanded coverage, showing sustained momentum and confidence across periods. " "

Innovative product pipeline with digital and AI enhancements

Q1 2025: Focus on next‐generation sensor (15 Day G7), AI and robotics integration, and enhanced Stelo features. " " " " Q4 2024: Introduction of generative AI in Stelo and partnership with Oura to expand product capabilities. " " " Q3 2024: No discussion on digital/AI enhancements was provided [N/A].

Q2 2025: Broader innovation emphasis with AI‐driven smart food logging, deeper integration with wearables (Oura Ring), multiple app updates, and upcoming new hardware (15-day G7). " " " "

Broadening in scope and enhanced integration. While earlier periods laid the groundwork, Q2 deepens digital and AI aspects with more comprehensive, customer‐centric features. " "

Operational efficiency and shifting margin dynamics

Q1 2025: Discussion on leveraging investments, AI-enabled operations, and margin pressures (gross margin decline, freight, and inflation impacts). " " " Q4 2024: Focus on inventory rebuild, noncash charges affecting margins, and guidance for future margin improvements. " " " Q3 2024: Continued cost management and manufacturing scaling efforts. "

Q2 2025: Emphasis on improved inventory management, use of expedited shipping transitioning to cost‐effective routes, and expectations for sequential margin improvements. " " " "

Improving operational controls with margin stabilization. Consistent emphasis with Q2 showing tangible improvements in inventory and cost controls. " "

Supply chain disruptions, inventory challenges, and product recalls

Q1 2025: Addressed damaged shipments and low internal inventories; focus on rebuilding and normalization through expedited shipping. " " " " Q4 2024: Highlighted inventory mishandling resulting in noncash charges and tight channel inventory management. " Q3 2024: Mentioned a noncash inventory charge due to build configuration issues. "

Q2 2025: Proactive measures to rebuild inventory, record production achievement, and handling a receiver recall impacting gross margins modestly. " " "

Persistent challenge with signs of recovery. The supply chain remains a key challenge but Q2 exhibits effective remediation and inventory normalization. " "

Payer negotiations, DME channel recovery, and reimbursement uncertainties

Q1 2025: Focus on securing PBM coverage for type 2 non‐insulin users, stabilization in the DME channel, and efforts via RCTs to support broader reimbursement. " " " " " Q4 2024: Detailed PBM coverage expansion and early international reimbursement wins, along with DME share stabilization. " " " " Q3 2024: Discussions on stabilizing DME channel relationships and the established Medicare channel structure. " " "

Q2 2025: Ongoing negotiations pivot around a monthly reimbursement model, strengthened DME partnerships, and active RCTs to address reimbursement uncertainties, particularly for type 2 non‐insulin patients. " " "

Steady focus with strategic refinements. Combined efforts continue to secure broader reimbursement with a clear emphasis on collaborative DME recovery and payer strategy across periods. " "

International market opportunities and revenue volatility

Q1 2025: International revenue growth with pockets of strength (France, Japan) and strong new customer starts; challenges in supply timing noted. " " " " " Q4 2024: Expansion into large markets and emphasis on basal insulin coverage, with growing reimbursement in markets like New Zealand, despite inventory-induced volatility. " " " " Q3 2024: Growth driven by G7 launches, expanding Dexcom ONE+ coverage, and recovering momentum in Japan; revenue volatility not a major focus. " " " "

Q2 2025: Continued international expansion with significant organic revenue growth and new coverage wins (e.g. Ontario Drug Benefit Program, emerging market opportunities), while underlying volume remains stable despite some volatility. " "

Consistent growth trajectory with stabilized volatility. International opportunities remain robust, with expanded coverage efforts mitigating revenue fluctuations. " "

Emerging CMS competitive bidding risk

Q1 2025, Q4 2024, Q3 2024: No mention of competitive bidding risk was noted [N/A].

Q2 2025: New discussion highlighting approximately 15% Medicare exposure, timeline hints (potential 2027 impact), and cautious engagement to avoid patient disruption. " "

Emerging concern. This is a new risk element introduced in Q2 2025 that could impact future pricing dynamics and supplier consolidation if implemented. " "

Pricing pressures and revenue versus volume growth gap

Q1 2025: Described a narrowing gap due to moderated channel mix and rebate impacts, combined with inflation-related costs. " " " Q4 2024: Noted a significant gap in the US (16-17 percentage points), with expectations of gradual narrowing as rebate impacts fade. " " " Q3 2024: Addressed revenue declines vs. volume growth due to higher rebate eligibility and channel shifts. " "

Q2 2025: Maintains focus on rebate-driven pricing pressures, with expectations that the gap between volume and revenue growth will narrow as past rebate impacts are lapped. "

Steady monitoring with optimistic forward guidance. Despite ongoing pricing pressures, Dexcom is optimistic about closing the gap as market dynamics stabilize. " "

Evolving competitive landscape in core segments

Q1 2025: Indirect references to market share gains in type 1 and record new patient starts in type 2; less direct discussion. " Q3 2024: Detailed emphasis on leadership in AID systems, robust sensor performance, and competitor challenges, with references to prescriptions and branded products. " " Q4 2024: Minimal specific competitive commentary was provided [N/A].

Q2 2025: Reaffirms strength in core segments with a focus on superior outcomes in AID systems, leveraging over 2,000,000 patient years and continuous innovation in product features to remain competitive. "

Stable and confident outlook. The competitive narrative remains positive, emphasizing Dexcom’s technological leadership and integrated product strengths across periods. " "

Reduced emphasis on pump system integration

Q1 2025: Emphasis on ensuring the new 15 Day G7 System is compatible with pump systems; integration remains critical. " Q4 2024: Integration was discussed positively with mentions of a swift process once approved. " Q3 2024: Continued focus on pump-integrated offerings in type 1 diabetes with strong collaborative efforts with pump partners. "

Q2 2025: No indication of reduced emphasis; the discussion focused on maintaining strong positioning in AID systems without de-emphasizing pump integration. "

No change; pump integration remains a priority. There is no reduced emphasis over time, with pump system integration continuing to be an essential component of Dexcom’s strategy. " "