b3ba53ea9638de09db1476c47d58712e9ad45c2dcd9400ad05a4d2bdf6281441

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

55337266508acecd803588505bc340a9eab28b2cbc142683670871cd0ae88fd6

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. **[0001093557-24-000021_dxcm-20231231.htm:122]** **[0001093557-24-000180_dxcm-20240930.htm:31]** **[0001093557-24-000079_dxcm-20240331.htm:27]**. 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 **[0001093557-24-000079_dxcm-20240331.htm:29]** **[0001093557-24-000144_dxcm-20240630.htm:31]** **[0001093557-24-000180_dxcm-20240930.htm:33]**. In 2023, the company reported a significant increase in revenue, reflecting strong demand for its products **[0001093557-24-000070_dxcm-20240422.htm:1]**.

1. **Dexcom G6 and G7 Integrated CGM Systems** - Provides continuous glucose monitoring for diabetes management, used by patients, caregivers, and clinicians worldwide.
2. **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.
3. **Disposable Sensors** - Supplies sensors that are used with CGM systems, contributing to recurring revenue through regular replacements.
4. **Reusable Hardware** - Includes transmitters and receivers that work with CGM systems, providing essential components for continuous glucose monitoring.

4cad704aea118e694eea8a6e582471d37e32a15575ed3591a4977d63480c6f7f

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Revenue         | **606.4**  **[0001093557-23-000022_dxcmq4202299-1_12312022.htm:4]**  | **526.0**  **[0001093557-23-000118_dxcm-20230331.htm:22]**  | **616.6**  **[0001093557-23-000174_dxcm-20230630.htm:27]**  | **713.6**  **[0001093557-23-000220_dxcm-20230930.htm:30]**  | **769.1**  **[0001093557-24-000020_dxcmq4202399-1_12312023.htm:4]**  | **653.2**  **[0001093557-24-000079_dxcm-20240331.htm:25]**  | **731.9**  **[0001093557-24-000144_dxcm-20240630.htm:26]**  | **701.9**  **[0001093557-24-000180_dxcm-20240930.htm:29]**  |
| International Revenue| **208.8**  **[0001093557-23-000022_dxcmq4202299-1_12312022.htm:4]**  | **215.5**  **[0001093557-23-000118_dxcm-20230331.htm:22]**  | **254.7**  **[0001093557-23-000174_dxcm-20230630.htm:27]**  | **261.4**  **[0001093557-23-000220_dxcm-20230930.htm:30]**  | **265.4**  **[0001093557-24-000020_dxcmq4202399-1_12312023.htm:4]**  | **267.8**  **[0001093557-24-000079_dxcm-20240331.htm:25]**  | **272.4**  **[0001093557-24-000144_dxcm-20240630.htm:26]**  | **292.3**  **[0001093557-24-000180_dxcm-20240930.htm:29]**  |
| Total Revenue        | **815.2**  **[0001093557-23-000022_dxcmq4202299-1_12312022.htm:4]**  | **N/A** | **871.3**  **[0001093557-23-000174_dxcm-20230630.htm:27]**  | **975.0**  **[0001093557-23-000220_dxcm-20230930.htm:30]**  | **1,034.0**  **[0001093557-24-000020_dxcmq4202399-1_12312023.htm:4]**  | **921.0**  **[0001093557-24-000079_dxcm-20240331.htm:25]**  | **1,004.0**  **[0001093557-24-000144_dxcm-20240630.htm:26]**  | **994.2**  **[0001093557-24-000180_dxcm-20240930.htm:29]**  |

4033d2087bcd62a954c1c0b9d565ed802da49a880be1e2b6458eb8d06658ff18

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Sensor and Other Revenue | **714.8**  **[0001093557-23-000022_dxcmq4202299-1_12312022.htm:4]**  | N/A | N/A | **873.8**  **[0001093557-23-000219_dxcmq3202399-1_9302023.htm:4]**  | **947.0**  **[0001093557-24-000020_dxcmq4202399-1_12312023.htm:4]**  | **854.3**  **[0001093557-24-000078_dxcmq1202499-1_3312024.htm:4]**  | **947.0**  **[0001093557-24-000143_dxcmq2202499-1_6302024.htm:4]**  | **951.8**  **[0001093557-24-000179_dxcmq3202499-1_9302024.htm:4]**  |
| Hardware Revenue        | **100.4**  **[0001093557-23-000022_dxcmq4202299-1_12312022.htm:4]**  | N/A | N/A | **101.2**  **[0001093557-23-000219_dxcmq3202399-1_9302023.htm:4]**  | **87.5**  **[0001093557-24-000020_dxcmq4202399-1_12312023.htm:4]**  | **66.7**  **[0001093557-24-000078_dxcmq1202499-1_3312024.htm:4]**  | **57.3**  **[0001093557-24-000143_dxcmq2202499-1_6302024.htm:4]**  | **42.4**  **[0001093557-24-000179_dxcmq3202499-1_9302024.htm:4]**  |
| Total Revenue           | **815.2**  **[0001093557-23-000022_dxcmq4202299-1_12312022.htm:4]**  | N/A | N/A | **975.0**  **[0001093557-23-000219_dxcmq3202399-1_9302023.htm:4]**  | **1,034.5**  **[0001093557-24-000020_dxcmq4202399-1_12312023.htm:4]**  | **921.0**  **[0001093557-24-000078_dxcmq1202499-1_3312024.htm:1]**  | **1,004.3**  **[0001093557-24-000143_dxcmq2202499-1_6302024.htm:4]**  | **994.2**  **[0001093557-24-000179_dxcmq3202499-1_9302024.htm:4]**  |

1a912302cfada88c7765812be8181624a29da0facf09d31d2ac1c47482982717

1. 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?

2. 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?

3. 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?

4. 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?

5. 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?

5681bca8aae450aa446207427bd0c77520be8ab9a02fe4cf7d4e0f6df954cbbf

a4c17d94b42793da78a53ae2bf85a4915b8da05bb3717e277ce58e2d7ae77ef5

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  - **Revenue Guidance for 2024**: $4.00 billion to $4.05 billion, representing organic growth of 11% to 13%  **[DXCM_3403676_5]** .
  - **Margins Guidance for 2024**:
    - Non-GAAP gross profit margin: approximately 63%  **[DXCM_3403676_5]** .
    - Non-GAAP operating margin: approximately 20%  **[DXCM_3403676_5]** .
    - Adjusted EBITDA margin: approximately 29%  **[DXCM_3403676_5]** .
  - **Long-Range Plan for 2025**: On track to achieve $4.6 billion revenue and corresponding margin targets  **[DXCM_3403676_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Full Year 2024 Revenue Guidance**: $4.00 billion to $4.05 billion, representing organic growth of 11% to 13%  **[DXCM_3394333_5]** .
  - **Non-GAAP Gross Profit Margin Guidance**: Approximately 63%  **[DXCM_3394333_5]** .
  - **Non-GAAP Operating Margin Guidance**: Approximately 20%  **[DXCM_3394333_5]** .
  - **Adjusted EBITDA Margin Guidance**: Approximately 29%  **[DXCM_3394333_5]** .
  - **Third Quarter 2024 Revenue Guidance**: $975 million to $1 billion  **[DXCM_3394333_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Revenue Guidance**: $4.20 billion to $4.35 billion, representing organic growth of 17% to 21%  **[DXCM_3380791_5]** .
  - **Non-GAAP Gross Profit Margin**: 63% to 64%  **[DXCM_3380791_5]** .
  - **Non-GAAP Operating Margin**: Approximately 20%  **[DXCM_3380791_5]** .
  - **Adjusted EBITDA Margin**: Approximately 29%  **[DXCM_3380791_5]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Total Revenue**: $4.15 billion to $4.35 billion, representing organic growth of 16% to 21%  **[DXCM_3372486_5]** .
  - **Non-GAAP Gross Profit Margin**: 63% to 64%  **[DXCM_3372486_6]** .
  - **Operating Profit Margin**: Approximately 20%  **[DXCM_3372486_6]** .
  - **Adjusted EBITDA**: Approximately 29%  **[DXCM_3372486_6]** .
  - **Stelo Product Launch**: Expected to add approximately 1% to revenue growth, translating to about $40 million in the second half of the year  **[DXCM_3372486_9]** .
  - **Basal Population Penetration**: Assumes an 8% penetration rate for the basal population  **[DXCM_3372486_23]** .

c4c936ac0cc17ce2bf40eb4d73ef7ebee20004a77e64163ace061f6b193392ea

Distributor Sales

Direct Sales

Disposable Sensors and Other

Reusable Hardware

- Drop-Ship Distributors

- Stocking Distributors

Product Revenue

Development Grant and Other Revenue

Total Revenue

ededda35563835c874a1b51a11813888100af4044f097b0ec281281b9874e7cd

| Program Details          | Program 1            |
|--------------------------|----------------------|
| Approval Date            | **July 25, 2024**  **[0001093557-24-000180_dxcm-20240930.htm:53]** |
| End Date/Duration        | **June 30, 2025**  **[0001093557-24-000180_dxcm-20240930.htm:53]** |
| Total additional amount  | **$750.0 million**  **[0001093557-24-000180_dxcm-20240930.htm:53]** |
| Remaining authorization amount | **$0**  **[0001093557-24-000180_dxcm-20240930.htm:28]**       |
| Details                  | Enhance long-term value of share price; repurchases in open market or privately negotiated transactions  **[0001093557-24-000144_dxcm-20240630.htm:46]** **[0001093557-24-000144_dxcm-20240630.htm:27]** **[0001093557-24-000180_dxcm-20240930.htm:28]**  |

ce3341e76ef79b4a98907f6efb458a87bbeab799a5ebd8d8517b4465f2862c7e

- Abbott Laboratories; Medtronic plc’s Diabetes Group; Roche Diabetes Care, a division of Roche Diagnostics; LifeScan, Inc.; and Ascensia Diabetes Care - These companies manufacture and market products for the single-point finger stick device market and account for the majority of worldwide sales of self-monitored glucose testing systems  **[0001093557-24-000021_dxcm-20231231.htm:20]** .
- Abbott - Competes with Dexcom's CGM systems with their Libre family of CGM products  **[0001093557-24-000021_dxcm-20231231.htm:20]** .
- Medtronic - Markets and sells standalone glucose monitoring products called Guardian Connect and Simplera, and develops insulin pumps integrated with CGM systems  **[0001093557-24-000021_dxcm-20231231.htm:20]** .
- Companies outside the traditional medical device sector - Attempting to develop competitive products and services, including for general health and wellness or population health  **[0001093557-24-000021_dxcm-20231231.htm:20]** .
- Companies developing adjunctive CGMs - Compete with Dexcom's CGM products in the Medicare market following expanded Medicare coverage  **[0001093557-24-000021_dxcm-20231231.htm:54]** .

04956948e95d3671d537777fa0daf55052836e348905e0d7da66b66a154a3eb3

**Annual guidance for FY 2024:**
- **Revenue**: $4.00B to $4.05B, representing organic growth of 11% to 13%  **[DXCM_3403676_5]** (no change from $4.00B to $4.05B, representing organic growth of 11% to 13%   )  
- **Non-GAAP Gross Profit Margin**: ~63%  **[DXCM_3403676_5]** (no change from ~63%   )  
- **Non-GAAP Operating Margin**: ~20%  **[DXCM_3403676_5]** (no change from ~20%   )  
- **Adjusted EBITDA Margin**: ~29%  **[DXCM_3403676_5]** (no change from ~29%   )

**Annual guidance for FY 2025:**
- **Revenue**: $4.6B  **[DXCM_3403676_5]** (no change from $4.6B   )  
- **Margin targets**: Reaffirmed  **[DXCM_3403676_5]** (no change from prior guidance   )

c0619f261ac96124b1cdf8fc2d4621c98628e4e375bb8c765954af9963dc0277

United States

International

- Outside the United States

b7a90cb2051061af474f916c6f98b893c3a6510203ef9dfbb9b167d66d1e0a93

| Name              | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|-------------------|--------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Kevin R. Sayer    | Chairperson, President, and Chief Executive Officer                      | January 2015     | Kevin R. Sayer has been serving on the Board of Dexcom since **November 2007**. He became the President and Chief Executive Officer in **January 2015** and has been the Chairperson of the Board since **July 2018**. Prior to his current roles, he was the President of Dexcom starting in **2011** and served as the Chief Operating Officer from **January 2013 to January 2015**  **[0001093557-24-000070_dxcm-20240422.htm:9]** **[0001093557-23-000099_dxcm-20230406.htm:13]** . |
| Jereme M. Sylvain | Executive Vice President, Chief Financial Officer                        | March 2021       | Jereme M. Sylvain has served as the Executive Vice President and Chief Financial Officer of Dexcom since **March 2021**. He joined Dexcom in **September 2018** as Vice President, Finance and Corporate Controller. Prior to his role as CFO, he served as Senior Vice President, Finance and Chief Accounting Officer starting in **March 2020**  **[0001093557-24-000070_dxcm-20240422.htm:34]** **[0001093557-23-000099_dxcm-20230406.htm:37]** .                             |
| Michael J. Brown  | Executive Vice President, Chief Legal Officer                            | January 2022     | Michael J. Brown is the Executive Vice President and Chief Legal Officer at Dexcom, where he has worldwide responsibility for all legal and intellectual property matters. He joined Dexcom in **January 2022**. Before joining Dexcom, Mr. Brown was a partner at DLA Piper from January 2017 until January 2022  **[0001093557-24-000070_dxcm-20240422.htm:34]** **[0001093557-23-000099_dxcm-20230406.htm:38]** **[0001093557-23-000099_dxcm-20230406.htm:44]** .                                                        |
| Matthew Dolan     | Executive Vice President, Strategy, Corporate Development and Dexcom Labs| September 2022   | Matthew Dolan has served as the Executive Vice President of Strategy, Corporate Development & Dexcom Labs since **September 2022**. He joined Dexcom in 2015 and has held various positions of increasing responsibility. Before his current role, he was the Senior Vice President of Strategy, Corporate Development and New Markets from March 2021 to September 2022  **[0001093557-24-000070_dxcm-20240422.htm:35]** **[0001093557-23-000099_dxcm-20230406.htm:39]** .          |
| Teri L. Lawver    | Executive Vice President, Chief Commercial Officer                       | January 2023     | Teri L. Lawver has served as the Executive Vice President and Chief Commercial Officer of Dexcom since **January 2023**. Before joining Dexcom, she held various leadership roles at Johnson & Johnson Corporation from 2002 to 2023, including Worldwide Vice President, Immunology from 2017 to 2023  **[0001093557-24-000070_dxcm-20240422.htm:35]** **[0001093557-23-000099_dxcm-20230406.htm:39]** .                                                                       |
| Jacob S. Leach    | Executive Vice President, Chief Operating Officer                        | August 2022      | Jacob S. Leach has served as the Executive Vice President and Chief Operating Officer of Dexcom since **August 2022**. Prior to this role, he was the Executive Vice President, Chief Technology Officer from October 2018 to August 2022. He has held various positions at Dexcom since joining in 2004  **[0001093557-24-000070_dxcm-20240422.htm:35]** **[0001093557-23-000099_dxcm-20230406.htm:40]** .                                                                    |
| Sadie M. Stern    | Executive Vice President, Chief Human Resources Officer                  | September 2020   | Sadie M. Stern has served as the Executive Vice President and Chief Human Resources Officer at Dexcom since **September 2020**. Prior to joining Dexcom, she was employed by 3D Systems Corporation from October 2017 to September 2020, most recently as Executive Vice President, People and Culture  **[0001093557-24-000070_dxcm-20240422.htm:36]** **[0001093557-23-000099_dxcm-20230406.htm:41]** .                                                                       |

96ab0322117604518592a955990ab6ea41ab3ee61e719cdaf8f3c768955d6a31

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2000  **[0001093557-24-000021_dxcm-20231231.htm:152]**  | Present  | Current auditor   |

ee55e8afb3df30cd2d9b67319de4529fc9b28fd3db4b8c9c181b8f7d98b74a39

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

1356d6faaa9ed84b3f989dcb574b80fd3ced6f767749ab2ee525c15dcd0dcae7

3c8e227e8506bba8112407f10e955efca72c6f94709338e4582d38b2481143b0

| Year  | Amount Due [Billions] | Debt Type               | Interest Rate [%] | % of Total Debt                              |
|-------|-----------------------|-------------------------|-------------------|---------------------------------------------|
| 2025  | 1.21 **[0001093557-24-000180_dxcm-20240930.htm:21]**          | Senior Convertible Notes | 0.25 **[0001093557-24-000180_dxcm-20240930.htm:21]**      | 49.2% = (1.21 / 2.457.5) * 100 **[0001093557-24-000180_dxcm-20240930.htm:20]** **[0001093557-24-000180_dxcm-20240930.htm:21]** |
| 2028  | 1.25 **[0001093557-24-000180_dxcm-20240930.htm:21]**          | Senior Convertible Notes | 0.375 **[0001093557-24-000180_dxcm-20240930.htm:21]**     | 50.8% = (1.25 / 2.457.5) * 100 **[0001093557-24-000180_dxcm-20240930.htm:20]** **[0001093557-24-000180_dxcm-20240930.htm:21]** |

fb5f85836a703dd464e96375d39a77222318fa42324c1494852137d7f8c16d2f

- **Dexcom achieved record new patient additions in the third quarter**, excluding Stelo, indicating strong underlying demand for its core insulin products.  **[DXCM_3403676_9]**  With **35,000 new prescribers added during the quarter**, expanding the prescriber base significantly, the company expects this to drive deeper market penetration.  **[DXCM_3403676_6]**
- The company is confident in **reiterating its long-range plan of $4.6 billion revenue in 2025**, with margin targets, driven by **new product launches** like Stelo and the upcoming **15-day G7 sensor**, which is expected to be a significant revenue enhancer.  **[DXCM_3403676_16]** **[DXCM_3403676_8]** **[DXCM_3403676_11]**  Dexcom believes these products will contribute to revenue growth and **improve gross margins** due to longer sensor wear periods.  **[DXCM_3403676_11]**
- **Significant international growth opportunities** are emerging due to **expanded access and reimbursement in key markets**, such as France, where reimbursement now provides access to **more than 600,000 people**  **[DXCM_3403676_23]** , and Japan, with access to **over 1 million potential customers**.  **[DXCM_3403676_23]**  These developments are expected to drive international revenue growth in 2025.

ed8d92839711588156f530b37670a3586e641395ee6d2b647b30446a37aa89cf

- **Declining U.S. Revenue and Growth Rates:** The company reported a **2% decline in U.S. revenue** for the third quarter of 2024 compared to the same period in 2023, driven by **slower new customer starts** and a decline in revenue per customer due to shifting channel dynamics and higher rebate eligibility. This eligibility factor alone negatively impacted U.S. growth by approximately **6 percentage points**.  **[DXCM_3403676_4]**
- **Concerns Over Market Slowdown:** Analysts noted that the **U.S. CGM market growth appears to have slowed to about 10%**, down from over 20% in previous periods, raising concerns about a market slowdown. While the company remains optimistic about future growth, attributing current figures to execution issues, the potential for sustained slower growth may impact future performance.  **[DXCM_3403676_7]**
- **Increasing Competition in Core Segments:** Questions were raised about how the company plans to defend its position in the **type 1 pump-integrated segment** amid anticipated increased competition in the coming year. The entry of new sensor options may challenge the company's market share and growth in this critical segment.  **[DXCM_3403676_13]**

ca5aca77d17b370ad4b9bcc7175b617f5fa177c269eed0369a5f25be39603b79

- **Potential pricing pressures in international markets due to competition and tender systems could impact margins.** Kevin Sayer acknowledged offering lower price points for the DexCom 1 product in tender-based European markets to address competition.  **[DXCM_3380791_20]**
- **Revenue guidance depends on achieving acceleration through the year, which may be challenging given competitive dynamics and uncertainties in market expansions like Japan and Stelo.** Analysts expressed concerns about the company's ability to meet its guidance, noting that new sales representatives take time to become productive and that Stelo's impact may not be significant until later in the year.  **[DXCM_3380791_13]** ,  **[DXCM_3380791_6]**
- **Stelo's initial cash-pay model and the anticipated 2-3 years to gain broader payer coverage may limit its near-term impact on revenue.** Management indicated that expanding coverage for Stelo is a longer-term objective and does not expect significant coverage expansion in 2024.  **[DXCM_3380791_6]** ,  **[DXCM_3380791_10]**

a87058cfb253f777d2ba30d4573f43c38319d958f28ca0e41826a7b53d641991

- DexCom's recent OTC clearance for **Stelo** significantly expands its addressable market, unlocking a massive opportunity among the **25 million people with type 2 diabetes not on insulin**.  **[DXCM_3380791_6]**
- The company is demonstrating significant **operating leverage and margin expansion**, growing revenue faster than expenses while investing in future growth initiatives, indicating strong financial performance.  **[DXCM_3380791_18]**
- **Geographic expansion** into key markets like **Japan and Europe**, alongside new product launches and coverage expansions, provides confidence in achieving guidance and future growth.  **[DXCM_3380791_13]** **[DXCM_3380791_11]**

46e186f1ab055f33615f5ebae118f80e621cab44765bd4e5bc25a9821dd4208c

1. **Stelo Product Launch**  
   **Q:** How confident are you about Stelo's launch and its potential?  
   **A:** The company expects Stelo to add approximately **100 basis points to growth in '24**, equating to about **$40 million in six months**.  **[DXCM_3372486_9]**  While emphasizing that this year's launch is about learning, they are confident that Stelo can become a very large part of the business over time.  **[DXCM_3372486_9]**  Investments in Stelo will impact operating margins, but they are committed to expanding margins while investing carefully.  **[DXCM_3372486_9]** 

2. **Competition and Competitive Moats**  
   **Q:** How defensible is DexCom's share against new competition?  
   **A:** DexCom believes its competitive moats are strong due to **unparalleled sensor performance**, superior **connectivity features**—like connecting up to three devices simultaneously—and significant investments in **fully automated factories**.  **[DXCM_3372486_8]**  They continue to innovate and invest to stay ahead, confident in their position but never comfortable.  **[DXCM_3372486_8]** 

3. **Operating Margins and 15-day Sensor**  
   **Q:** What's the timing for 15-day sensor approval and impact on margins?  
   **A:** Clinical testing is ongoing for fundamental science changes to achieve a reliable **15-day sensor**, with plans to run a clinical study and file for approval.  **[DXCM_3372486_7]**  The 15-day sensor offers significant opportunities to improve **gross and operating margins** and grow the business profitably in areas that may have been challenging with the 10-day product.  **[DXCM_3372486_7]** 

4. **International Growth and Challenges**  
   **Q:** How is international growth performing compared to the U.S.?  
   **A:** International growth was affected by transitioning the non-CGM business and going direct in Japan, leading to lower growth in Q4.  **[DXCM_3372486_11]**  Core markets like the UK and Germany continue to grow consistently.  **[DXCM_3372486_11]**  They expect the international business to grow faster than the U.S. over the coming years and eventually make up a larger percentage of revenue.  **[DXCM_3372486_11]** 

5. **Gross Margin Expectations**  
   **Q:** When will G7 start improving gross margins?  
   **A:** Currently, G7 costs more to produce than G6, but they expect this to flip during the year as the user base transitions and cost efficiencies are realized.  **[DXCM_3372486_18]**  By exiting 2024 and entering 2025, G7 should be lower in cost than G6, positively impacting gross margins.  **[DXCM_3372486_18]** 

6. **Sales Force Expansion**  
   **Q:** What's the plan for expanding the sales force in primary care?  
   **A:** The company is expanding its sales force to increase coverage in primary care, hiring over the first quarter with the full impact from Q2 onward.  **[DXCM_3372486_10]**  Investments are being made carefully to continue improving profitability while expanding, with new hires expected to contribute to growth in Basal coverage and future products like Stelo.  **[DXCM_3372486_10]** 

7. **Non-insulin User Market Potential**  
   **Q:** How will Stelo progress towards reimbursement in the non-insulin market?  
   **A:** Stelo will launch as a **cash pay product**, accumulating data to build a case for traditional reimbursement over time.  **[DXCM_3372486_14]**  The goal is to demonstrate better outcomes and cost savings, eventually seeking coverage from CMS and other payers.  **[DXCM_3372486_14]** 

8. **Type 2 Hypo Non-insulin Penetration**  
   **Q:** Why is penetration of the Type 2 hypo non-insulin indication slow?  
   **A:** Penetration is slower due to the need for increased awareness among physicians and patients about qualification criteria and documentation requirements.  **[DXCM_3372486_22]**  The company is focused on educating the community, recognizing it as a significant opportunity that will contribute meaningfully over time.  **[DXCM_3372486_22]** 

9. **DexCom ONE Progress**  
   **Q:** What's the status of DexCom ONE in international markets?  
   **A:** DexCom ONE accounted for about **a quarter of new patient starts** internationally in 2023, slightly below the expected one-third.  **[DXCM_3372486_21]**  With the launch on the G7 form factor in multiple countries, they expect it to be a bigger contributor in 2024.  **[DXCM_3372486_21]** 

10. **Basal Adoption Rates**  
    **Q:** How is Basal insulin CGM adoption impacting growth?  
    **A:** Basal insulin adoption is contributing to growth, with penetration rates around **9% to 10%** per annum in the back half of 2023.  **[DXCM_3372486_16]**  For 2024, they anticipate about an **8% penetration rate**, which is ahead of long-range plans and presents opportunities for outperformance.  **[DXCM_3372486_16]** 

001ca8a497bb416d265f151432cc475f9fe0379a72aaf0e416bfcaa9543c5392

- **Upcoming Launch of Stelo Expected to Drive Growth:** DexCom plans to launch Stelo in August, the most expansive product launch in the company's history, targeting the non-insulin continuous glucose monitoring market. Stelo is a 15-day wear product, expected to contribute approximately 1% of revenue in 2024, with most of the revenue weighted in the fourth quarter.  **[DXCM_3394333_3]** ,  **[DXCM_3394333_21]**
- **Commitment to Long-Range Plan with Strong Financial Position:** The company remains committed to its long-range plan for 2025, expecting to meet the lower end of the revenue range. DexCom has achieved significant progress on the P&L side, particularly operating margin and EBITDA, indicating strong financial performance ahead.  **[DXCM_3394333_8]** ,  **[DXCM_3394333_15]**
- **International Expansion and New Market Opportunities:** DexCom is progressing with international market expansion, having received coverage in France for people with Type 2 diabetes on basal insulin and transitioning to direct sales in Japan. These efforts indicate a significant runway ahead for DexCom CGM globally.  **[DXCM_3394333_2]** ,  **[DXCM_3394333_3]**

24f3f217e3b559d51ecff5059f8e2cf2e908b79808d50e716ee04c357632acfc

1. **Stelo OTC Launch Impact**  
   **Q:** How does Stelo OTC clearance expand market and sales?  
   **A:** The Stelo OTC clearance opens access to **25 million people with type 2 diabetes not on insulin or without severe hypoglycemia**.  **[DXCM_3380791_6]**  By eliminating the prescription process, it makes the product very accessible.  **[DXCM_3380791_6]**  The sales force is being repositioned to focus more on primary care physicians who see most type 2 patients not on insulin.  **[DXCM_3380791_6]** 

2. **Margin Outlook**  
   **Q:** How should we think about margin progression this year?  
   **A:** We expect **300 to 400 basis points** of gross margin expansion over the year.  **[DXCM_3380791_6]**  While investments in Japan and the Stelo launch will impact margins, we anticipate some leverage throughout the year, contributing to operating margin expansion despite a slight gross margin decrease compared to prior year.  **[DXCM_3380791_6]** 

3. **Basal Patient Adoption**  
   **Q:** How is basal scaling; any insights on market share?  
   **A:** Basal adoption is progressing as expected, contributing significantly to a **record new patient quarter**.  **[DXCM_3380791_8]**  We aim to increase adoption from **15% to 23%** of the basal population in the U.S. this year.  **[DXCM_3380791_8]**  We see ourselves taking market share, supported by script data showing growth in this segment.  **[DXCM_3380791_8]** 

4. **Competitor Pricing Pressure**  
   **Q:** How are you considering potential pricing pressure from competitors?  
   **A:** We are comfortable with our pricing and contracts in the U.S., offering features like connection to multiple devices, share follow system, and direct Apple Watch integration.  **[DXCM_3380791_20]**  Our pricing is set regardless of AID usage, and we feel confident even in tender systems internationally.  **[DXCM_3380791_20]** 

5. **Sales Force Expansion**  
   **Q:** Can you elaborate on the sales force expansion and impact?  
   **A:** We've repositioned our sales force to focus more on endocrinologists and high prescribers while adding resources to target primary care physicians.  **[DXCM_3380791_6]**  The expansion allows us to cover more ground, enhancing our presence in both existing markets and with the Stelo launch.  **[DXCM_3380791_6]** 

6. **15-Day Sensor Plans**  
   **Q:** What are the steps to bring a 15-day sensor to G7?  
   **A:** We are conducting clinical and R&D efforts to move the G7 platform to **15 days**, expected after 2024.  **[DXCM_3380791_8]**  Economically, this shift reduces sensors sold over 30 days from three to two, improving margins if reliability is maintained.  **[DXCM_3380791_8]** 

7. **Early Treatment Coverage Expansion**  
   **Q:** Are payers expanding coverage earlier in the treatment paradigm?  
   **A:** Some plans cover all people with diabetes, but broader expansion is not expected in 2024.  **[DXCM_3380791_10]**  We anticipate that real-world data from Stelo and ongoing clinical work will help demonstrate value to payers over the next **2–3 years**.  **[DXCM_3380791_10]** 

8. **Japan Market Launch**  
   **Q:** What steps are you taking in Japan given coverage there?  
   **A:** We are going direct in Japan due to minimal penetration with our previous distributor.  **[DXCM_3380791_14]**  Building infrastructure and relationships will take time, but we expect Japan to become a significant market in the future.  **[DXCM_3380791_14]** 

9. **Attrition and Reorder Rates**  
   **Q:** What's happening with attrition and reorder rates during G7 transition?  
   **A:** Retention and utilization rates between G6 and G7 are relatively consistent.  **[DXCM_3380791_15]**  We have not seen significant differences across patient populations to date, but we will monitor as we expand into non-intensive insulin therapy segments.  **[DXCM_3380791_15]** 

10. **Resource Allocation for Stelo**  
    **Q:** How will you allocate resources between Stelo and core products?  
    **A:** We have capacity to support Stelo without impacting core products.  **[DXCM_3380791_19]**  We will continue to prioritize resource allocation to maximize returns and serve unmet needs efficiently.  **[DXCM_3380791_19]** 

33401274fc6062fabaa6c0db40534d965c45e17bb802c7c1cf4c02830fd48b5e

1. **2025 Guidance and Long-Range Plan**  
   **Q:** Do you still expect to hit your 2025 guidance of $4.6 billion revenues and margin targets?  
   **A:** Yes, we are on track to hit our long-term guidance of **$4.6 billion** in revenues with the same margin targets we gave.  **[DXCM_3403676_8]**  Based on what we're seeing today—record new patients this quarter, stability in the DME channel, increased productivity in the sales force, and international acceleration—we feel good about where we're going.  **[DXCM_3403676_8]**  We haven't even really talked about Stelo, which is going to be a real interesting opportunity for us going forward.  **[DXCM_3403676_8]** 

2. **U.S. Sales and New Patient Growth**  
   **Q:** Did the record new patient starts include Stelo, and how does patient growth compare to revenue growth?  
   **A:** The record new patient adds **exclude Stelo**; this is for our G-Series insulin products.  **[DXCM_3403676_9]**  Our U.S. patient base is growing in the **mid-20% range**, but revenue growth is affected by factors like rebates and channel shifts.  **[DXCM_3403676_9]**  We expect the gap between patient growth and revenue growth to close over time as these factors stabilize.  **[DXCM_3403676_9]** 

3. **CGM Market Growth**  
   **Q:** Is the CGM market growth slowing, given it appeared to slow to about 10% in Q3?  
   **A:** We believe the market can grow faster than that going forward.  **[DXCM_3403676_7]**  Our numbers were lower based on execution issues we needed to improve, but we're still **very bullish on the category**.  **[DXCM_3403676_7]**  Basal coverage is still early on, and there are many people on intensive insulin who still don't use CGM.  **[DXCM_3403676_7]** 

4. **15-Day G7 Sensor Approval and Impact**  
   **Q:** What's the status of the 15-day G7 sensor approval and expected financial impact in 2025?  
   **A:** We've submitted it and, while we won't speculate on approval timing, we would love a fast approval.  **[DXCM_3403676_11]**  The financial impact will depend on launch timing and how long it takes to roll through the customer base.  **[DXCM_3403676_11]**  There's an interesting lever here, and we're really excited about it.  **[DXCM_3403676_11]** 

5. **DME Channel Stabilization**  
   **Q:** How are you stabilizing your position in the DME channel, and can you regain previous standing?  
   **A:** We've met with leadership, listened to them, and heard what they had to say.  **[DXCM_3403676_10]**  We've encouraged our team to be more **channel agnostic** and send patients to DME when appropriate.  **[DXCM_3403676_10]**  While this will take time to build back up, we believe we've taken very good steps to shift in the other direction.  **[DXCM_3403676_10]** 

6. **Competition in Type 1 Pump Segment**  
   **Q:** How will you defend your position in the type 1 pump-integrated segment with more competition next year?  
   **A:** Every study in these AID systems has been done with the Dexcom sensor, and the results with our partners have been incredibly good.  **[DXCM_3403676_13]**  We work closely with them to enhance the experiences of their customers, and the **accuracy of Dexcom is tried and true and proven** to these patients.  **[DXCM_3403676_13]** 

7. **Stelo Launch and Impact**  
   **Q:** What are your plans for accelerating the Stelo launch in 2025, and how has it performed so far?  
   **A:** We have scheduled enhancements to the Stelo app and will expand distribution channels.  **[DXCM_3403676_20]**  We've had positive feedback, and with over **70,000 users**, it's a huge success for us.  **[DXCM_3403676_17]**  We'll continue to enhance the experience and create a more delightful experience for users.  **[DXCM_3403676_25]** 

8. **2025 U.S. Recovery and Rebate Impact**  
   **Q:** How do you see U.S. recovery in 2025, and will rebate eligibility impact your results?  
   **A:** It assumes a stable market moving into 2025, with stable trends in the DME channel.  **[DXCM_3403676_14]**  Stelo has been considered in our modeling, and we feel good about the **$4.6 billion** number.  **[DXCM_3403676_14]**  We have **100% rebates** assumed, so you won't necessarily have that headwind.  **[DXCM_3403676_14]** 

9. **International Growth Drivers**  
   **Q:** What do you see as the biggest drivers internationally in 2025?  
   **A:** We've opened up a tremendous amount of access across the world over the past several months.  **[DXCM_3403676_23]**  For example, we just launched Dexcom in France in October, accessing **600,000 more individuals**, and in Japan, there's access to **1 million individuals**.  **[DXCM_3403676_23]**  Access will be a big driver in the markets that we serve.  **[DXCM_3403676_23]** 

10. **Rebate Impact on Growth**  
    **Q:** What is the rebate impact on growth in Q3, and what's being assumed in the Q4 guide?  
    **A:** The rebate impact was about **6 points** of headwind in Q3.  **[DXCM_3403676_15]**  It's less than that in Q4; it won't be 6 points.  **[DXCM_3403676_15]**  We have ASPs pretty consistent moving from Q3 to Q4 because we do have them at **100% rebate rate**.  **[DXCM_3403676_15]** 

11. **Stelo as a Gateway Product**  
    **Q:** Have you seen any Stelo users transfer to the G7 product, and what are your expectations?  
    **A:** We haven't necessarily seen a lot, but we've heard some anecdotal stories.  **[DXCM_3403676_17]**  What we have seen is our reps going into primary care offices with the Stelo message, which leads to positive conversations and G7 prescriptions.  **[DXCM_3403676_17]** 

12. **U.S. Commercial Strategy and Leadership Transition**  
    **Q:** Given the leadership transition in the U.S., can you talk about your confidence in the commercial strategy getting into 2025?  
    **A:** We'll miss Teri, but we have a lot of good leaders in this organization.  **[DXCM_3403676_20]**  I'm not concerned about the leadership of my U.S. team; they are very good and very strong.  **[DXCM_3403676_20]**  We will work hard not to disappoint.  **[DXCM_3403676_20]** 

13. **New Patient Start Dynamics**  
    **Q:** Can you give any qualitative commentary between type 1 and type 2 in your record new starts?  
    **A:** The record new patient starts **exclude Stelo**.  **[DXCM_3403676_24]**  We're continuing to see robust adoption in all categories, with intensive insulin continuing to lead the way across type 1 and type 2.  **[DXCM_3403676_24]**  Basal continues to be relatively strong, and we're seeing more uptake as we dive deeper with these physicians.  **[DXCM_3403676_24]** 

14. **15-Day Sensor Survival and Cost**  
    **Q:** Will the 15-day sensor have incremental COGS, and will survival to full wear time be similar?  
    **A:** The standard cost doesn't change at all.  **[DXCM_3403676_21]**  We expect the durability of the 15-day to be solid, and survivability is going to be very well received by the community.  **[DXCM_3403676_21]** 

15. **Competitor CGM Shortages Impact**  
    **Q:** Did you benefit from competitor CGM shortages towards the end of the quarter in the U.S.?  
    **A:** We heard about some disruptions, but we didn't see anything necessarily change.  **[DXCM_3403676_22]**  What we saw was our sales force getting out there and getting more interest in Dexcom.  **[DXCM_3403676_22]** 

16. **Risk of Channel Mix Shift Due to Competition**  
    **Q:** Is there risk of persistent channel mix shift from DME to pharmacy with competitors accessing the pharmacy channel?  
    **A:** We've seen a major shift of our volumes to the pharmacy channel, particularly on the commercial side.  **[DXCM_3403676_19]**  As others seek reimbursement and distribution in the pharmacy channel, we're well-positioned to serve that.  **[DXCM_3403676_19]**  **Medicare fee-for-service** is reimbursed via Part B, so it won't necessarily shift to pharmacy anytime soon.  **[DXCM_3403676_19]** 

17. **Early Insights on Stelo Retention and Reliability**  
    **Q:** Any early insights around Stelo reordering retention rate and product reliability?  
    **A:** At least **50%** of individuals signed up on the subscription model, and reordering has just begun.  **[DXCM_3403676_25]**  We're happy with the ordering rates right now.  **[DXCM_3403676_25]**  We've learned that a consumer market has different expectations, and we're working to create a proper experience.  **[DXCM_3403676_25]** 

18. **DME Channel Strategies**  
    **Q:** What specific strategies are you employing to improve relationships with DMEs?  
    **A:** We've met with leadership, heard their concerns, and are focusing on volume rather than price.  **[DXCM_3403676_10]**  We've encouraged our team to be channel agnostic and consider DME when appropriate.  **[DXCM_3403676_10]**  We're offering DMEs Stelo as an opportunity to market and sell to their large patient bases.  **[DXCM_3403676_10]** 

19. **Attrition Rates**  
    **Q:** Have you seen any notable change in attrition?  
    **A:** We haven't seen many changes in attrition by category.  **[DXCM_3403676_18]**  Intensive insulin users have traditionally stayed in a band, basal users are close, and non-insulin users tend to be in a band of its own; these continue to remain very similar categorically.  **[DXCM_3403676_18]** 

20. **Financial Impact of Stelo in 2025**  
    **Q:** How are you considering Stelo's financial impact for 2025?  
    **A:** We've considered multiple ranges and opportunities.  **[DXCM_3403676_20]**  We felt good about the **$4.6 billion** number, which includes all of that.  **[DXCM_3403676_20]**  We'll give more clarity as we start to roll out commercial plans.  **[DXCM_3403676_11]** 

66d83ebc7ea15d791a80d19888218ff2076488068e1903af7fa2ae05a0963432

1. **Guidance Reduction**  
   **Q:** Why was guidance reduced by $400 million?  
   **A:** Management explained that the significant guidance reduction was due to being short a large number of new patients, disruption from a sales force expansion, loss of market share in the DME channel, and accelerated rebate eligibility. The new patient miss contributes about **$125 million**, loss of share in the DME channel about **$100 million**, and faster rebate eligibility about **$75 million** impact on the year.  **[DXCM_3394333_7]** 

2. **Addressing Growth Challenges**  
   **Q:** What is being done to address these issues, and when will they be resolved?  
   **A:** Management is working to resolve the sales force disruption by refocusing efforts and reallocating investments, expecting stabilization in the third quarter and recovery starting in the fourth quarter. Rebate eligibility impacts are expected to cap out in **Q3**, and they are aiming to regain share in the DME channel by strengthening relationships.  **[DXCM_3394333_8]** 

3. **2025 Long-Range Plan Validity**  
   **Q:** Is the 2025 Long-Range Plan still valid?  
   **A:** Management believes the 2025 LRP is still valid but expects revenue to come in closer to the lower end of the range. They have achieved significant progress on operating margin, EBITDA, and gross profit, aligning with their P&L goals for the LRP.  **[DXCM_3394333_8]** 

4. **Sales Force Disruption**  
   **Q:** How has the sales force disruption impacted growth?  
   **A:** The sales force expansion led to significant disruption as roles and territories changed, affecting productivity. New reps are spending time building relationships in new offices, particularly with physicians they've never called on before. Management expects the disruption to continue into **Q3**, with improvement in **Q4**, and full productivity in **2025**.  **[DXCM_3394333_10]** **[DXCM_3394333_12]** **[DXCM_3394333_21]** 

5. **Rebate Eligibility Impact**  
   **Q:** How has rebate eligibility affected revenue?  
   **A:** Accelerated rebate eligibility led to more patients becoming eligible for rebates sooner than expected, reducing net price per patient. This happened **3× faster** than planned, contributing an impact of about **$75 million** on the year. The impact is expected to cap out in **Q3** and will be fully lapped early next year.  **[DXCM_3394333_7]** **[DXCM_3394333_11]** **[DXCM_3394333_23]** 

6. **DME Channel Market Share Loss**  
   **Q:** Why is market share being lost in the DME channel?  
   **A:** Market share loss in the DME channel is due to neglecting important relationships while focusing on building pharmacy channel relationships. Additionally, several Medicare Advantage programs shifted to pharmacy reimbursement, moving patients from DME to pharmacy. Management acknowledges the need to rebalance focus and rebuild relationships in the DME channel.  **[DXCM_3394333_8]** **[DXCM_3394333_9]** **[DXCM_3394333_16]** 

7. **Impact on Margins and Pricing**  
   **Q:** Are pricing pressures affecting margins and market outlook?  
   **A:** Overall pricing within channels remains relatively consistent. The perceived price pressure is due to increased rebate eligibility, not competitive dynamics. Management does not believe pricing has deteriorated and maintains that their product continues to provide significant value.  **[DXCM_3394333_13]** **[DXCM_3394333_24]** 

8. **Market Saturation Concerns**  
   **Q:** Is there a slowdown in market penetration for Type 1 and Type 2 users?  
   **A:** Management does not believe the market is saturated. They see significant growth potential, especially with Type 1 and Type 2 insulin users. The focus is on improving execution to capture the untapped market.  **[DXCM_3394333_22]** 

9. **Future Product Launches**  
   **Q:** What is the status of the Stelo and extended wear products?  
   **A:** The **Stelo** product is expected to contribute revenue, primarily weighted in the fourth quarter, with no change in expectations. The company is committed to launching a **15-day** extended wear product in **2025**, and progress is on track.  **[DXCM_3394333_14]** **[DXCM_3394333_21]** **[DXCM_3394333_18]** 

10. **International Growth**  
    **Q:** What are the factors affecting international growth?  
    **A:** International growth has been slower due to timing of tenders and reimbursement approvals. Management expects growth to pick up as new coverage expansions occur, particularly with Type 2 basal coverage in countries like France. They also aim to increase market share internationally.  **[DXCM_3394333_8]** **[DXCM_3394333_23]** 

11. **Attrition Rates**  
    **Q:** Have there been changes in patient attrition rates?  
    **A:** Retention and attrition rates remain similar to company plans, with strong retention among Type 1 patients using automated insulin delivery systems. There is no notable change in attrition.  **[DXCM_3394333_18]** 

39f993f8334b0277e559b45b62e3e8813fb62843bd5fa081b465c2d976e5d23b

- **DexCom reduced its full-year revenue guidance by approximately $300 million**, citing a new patient miss of $125 million, loss of share in the DME channel impacting revenue by $100 million, and accelerated rebate eligibility affecting revenue by $75 million.  **[DXCM_3394333_7]**
- **Loss of market share in the high-revenue DME channel** is a significant concern, as it leads to reduced revenue and loss of customers with the highest annual revenue per patient. The company acknowledged the need to refocus on and repair relationships with DME partners to regain lost share.  **[DXCM_3394333_7]** **[DXCM_3394333_9]**
- **Sales force expansion and reorganization has been more disruptive than anticipated**, delaying productivity improvements. Full benefits from the expanded sales force are now expected by 2025, affecting near-term revenue growth.  **[DXCM_3394333_21]**

0069c0c98ad6402c1c1106f64754f5a0100476dea442addb1767b805edf53428

- **Strong Competitive Advantages and Continuous Innovation**: DexCom's **unparalleled sensor performance**, ability to **connect up to three devices simultaneously**, and ongoing investments in technology and software create significant competitive moats, positioning the company strongly against potential competitors.  **[DXCM_3372486_8]**
- **Expansion into Large New Markets with Stelo**: The upcoming launch of **Stelo**, a CGM designed specifically for **people with type 2 diabetes not on insulin**, represents a significant growth opportunity. DexCom anticipates Stelo to **add approximately 1% to revenue growth in 2024** and become a substantial part of the business over time.  **[DXCM_3372486_9]** **[DXCM_3372486_24]** **[DXCM_3372486_17]**
- **Margin Improvement through Product Advancements and Operational Efficiency**: The development of a **15-day wear sensor** and strategic investments in **automated manufacturing facilities** are expected to enhance gross and operating margins, providing significant long-term financial benefits.  **[DXCM_3372486_7]** **[DXCM_3372486_15]** **[DXCM_3372486_8]**

d015d3c6d971d242432d52e3816252793f9fa729034918fe3fd938782ef2fdff

- **Potential increased competition** in the Continuous Glucose Monitoring (CGM) market could impact DexCom's market share and pricing power, as acknowledged by management when discussing new market entrants.  **[DXCM_3372486_8]**
- **Uncertainty around the approval timing of the 15-day sensor** may delay anticipated improvements in operating margins and limit growth opportunities, since the product is still undergoing evaluation and approval processes.  **[DXCM_3372486_7]**
- The **launch of Stelo as a cash-pay product** targeting non-insulin users involves significant investments with uncertain returns, which may pressure margins without a clear path to profitability in this segment.  **[DXCM_3372486_9]** **[DXCM_3372486_17]**

d4f80684f6c1f6dbf771937aa82aa643439492ae30e0478569ee866b49a7ad81

Dexcom Inc (DXCM)

Financials