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 demand.

• Over 9 million people in the US have reimbursement but are not yet on CGM, with current penetration rates ranging from 5% to 65% across diabetes types.

• International access is expanding, with recent coverage wins in Japan, France, Ontario, and Quebec, and further opportunities expected in 2026.

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

Financial performance and outlook

• 2025 revenue reached $4.662 billion, reflecting ~15% organic growth and a 20%+ increase in the active user base to 3.5 million globally.

• 2026 guidance projects revenue of $5.16–$5.25 billion (11–13% growth), non-GAAP gross margin of 63–64%, operating margin of 22–23%, and EBITDA margin of 30–31%.

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

Product innovation and portfolio

• Pioneered multiple CGM industry firsts, including direct-to-smartphone data, Apple Watch connectivity, and single-digit MARD accuracy.

• Dexcom G7 15 Day system features improved accuracy (8.0% MARD), longer wear time, and high user satisfaction.

• Automated insulin delivery integration has powered over 2.5 million patient years, with broad compatibility across major pump platforms.

• Upcoming Dexcom G8 promises further accuracy and form factor improvements.