Dexcom (DXCM) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $1.114 billion, up 8% year-over-year, with full-year revenue at $4.033 billion and organic growth of 8%.

• Global active customer base grew 25% to over 2.8 million, driven by strong demand and improved sales force productivity.

• Major product launches included Dexcom One+ and Stelo, with the G7 15-day CGM system submitted to the FDA.

• Expanded commercial reach, record new customer starts, and significant gains in U.S. prescriber base and international coverage wins.

• Strategic partnership with ŌURA and expanded reimbursement in France for Dexcom ONE+.

Financial highlights

• Q4 2024 worldwide revenue was $1.114 billion, with U.S. revenue at $802.8 million (up 4%) and international revenue at $310.7 million (up 17%).

• Non-GAAP gross profit for Q4 was $661.2 million (59.4% margin), down from 64.2% in Q4 2023 due to non-cash inventory charges.

• Non-GAAP operating income was $209.5 million (18.8% margin); adjusted EBITDA was $300.1 million (27.0% margin).

• Non-GAAP net income for Q4 was $177.8 million ($0.45/share); GAAP net income was $151.7 million ($0.38/share).

• Ended 2024 with $2.6 billion in cash and equivalents, and no draw on the revolving credit facility.

Outlook and guidance

• 2025 revenue guidance is $4.6 billion, representing 14% growth, with strong category momentum and new product launches, including the 15-day G7 in the second half.

• Full-year non-GAAP gross margin expected at 64%-65%, operating margin at ~21%, and adjusted EBITDA at ~30%.

• Guidance assumes margin improvement of at least 200 basis points, driven by G7 conversion and scale.