Dexcom (DXCM) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic Vision, Innovation, and Industry Context

• Focus on expanding access to CGM technology globally to address the diabetes crisis, with 589 million adults affected in 2024 and projections reaching 853 million by 2050.

• Priorities include being the premier glucose solution, setting the standard for customer experience, and expanding international market share.

• Emphasis on continuous innovation, including new product launches like the G7 15-day sensor, Dexcom ONE+, and upcoming G8 system.

• Investment in digital experiences, AI-driven features, and partnerships for broader health insights.

• Commitment to quality, supply chain resilience, and scalable infrastructure, with Ireland facility on track for Q4 2026 production.

Financial Performance and Guidance

• 2025 revenue reached approximately $4.662 billion, up 16% year-over-year, with a record 3.5 million active customers (excluding Stelo users).

• 2026 revenue guidance is $5.16–$5.25 billion, representing 11%–13% growth, with gross margin expected at 63%–64% and operating margin at 22%–23%.

• Free cash flow projected at $1 billion and adjusted EBITDA at $1.5 billion for 2026, with over 200 basis points of gross margin expansion.

• Stelo, the over-the-counter CGM, contributed $130 million in 2025 revenue and is expected to grow.

• Guidance assumes no major coverage expansions in 2026, but ongoing efforts may unlock future growth.

Market Expansion and Clinical Evidence

• Less than 2% of the global diabetes population uses CGM, highlighting significant growth potential.

• Broadened US coverage with the three largest PBMs, now covering CGM for all diabetes patients, including non-insulin users.

• Strong clinical evidence supports CGM use in non-insulin patients, with sustained improvements in A1C and glucose metrics over 12 months.

• International wins in Japan, France, Ontario, and Quebec, with anticipated access gains in Western Europe and Australia.

• Upcoming randomized controlled trial results for non-insulin users expected to drive further global coverage.