Dexcom (DXCM) Investor presentation summary

Market opportunity and growth drivers

• Diabetes prevalence is rising, with 589 million adults affected globally in 2024 and projected to reach 853 million by 2050, driving significant healthcare costs and market need.

• Over 9 million people in the US have reimbursement for CGM but are not yet users, with penetration rates varying by diabetes type.

• International access expansion, including recent coverage wins in Japan, France, and Canada, is expected to continue fueling growth.

• Future market opportunities include gestational diabetes, inpatient care, and prediabetes, representing millions of potential new users.

Strategic priorities and innovation

• Focused on being the premier glucose sensing solution, setting the standard for customer experience, and expanding international market share.

• Pioneered multiple industry firsts, such as integrated CGM devices, direct-to-smartphone data, and AI integration in biosensing.

• Product innovation continues with the G7 15 Day sensor, offering improved accuracy, longer wear time, and enhanced usability.

• Dexcom G8 is in development, promising further accuracy improvements and a smaller form factor.

Financial outlook and performance

• FY26 revenue guidance is $5.16–$5.25 billion, representing 11–13% growth, with non-GAAP gross margin of 63–64%.

• Non-GAAP operating margin is projected at 23–23.5%, and adjusted EBITDA margin at 31–31.5%.

• Over $1 billion in free cash flow and more than $1.5 billion in adjusted EBITDA expected in 2026.

• Gross margin expansion is driven by manufacturing efficiencies and product mix improvements.