Pricing and reimbursement pressure
Managed care, Medicare, and other payors can reduce reimbursement and force lower net prices.
- Scope
- CGM systems and disposable sensors
- Materiality
- high
DexCom, Inc
DexCom is a U.S. medical device company focused on continuous glucose monitoring systems for people managing diabetes and metabolic health. Its core business is designing, developing, and commercializing CGM products such as Dexcom G7, G7 15 Day, and Stelo, which provide real-time glucose data to patients, caregivers, and clinicians.
25,0 %
60,1 %
17,9 %
+15,6 %
1.88
1.59
| % | |
|---|---|
| Continuous glucose monitoring systems | 97% Wearable CGM platforms that measure glucose trends continuously and transmit data to users and clinicians. |
| Reusable hardware | 3% Reusable transmitters, receivers, and related hardware used with CGM systems. |
| Over-the-counter biosensor | 0% Stelo is an OTC glucose biosensor sold without a prescription for adults with prediabetes and Type 2 diabetes not using insulin. |
DexCom sells primarily to people with diabetes and, increasingly, adults seeking metabolic health monitoring, with...
- Insulin-using diabetes patientsprimary
Buy CGM systems to manage glucose in real time and support treatment decisions.
- Non-insulin Type 2 diabetes and prediabetes adultsprimary
Buy Stelo and related CGM offerings to track metabolic health and behavior changes.
- Healthcare professionalssecondary
Recommend, educate, and support CGM adoption because they influence therapy selection and adherence.
- Caregivers and family monitorssecondary
Use Dexcom data to help monitor vulnerable patients and improve safety.
DexCom generates most revenue in the United States, with the remainder coming from international markets...
- •United States is the largest market at 72% of revenue in 2025 YTD
- •International markets contributed 28% of revenue in 2025 YTD
- •Direct sales teams operate in North America, Europe, APAC, and the Middle East
- •Distribution and pharmacy partners extend reach in selected countries
- •International growth increases foreign currency and reimbursement exposure
DexCom is focused on expanding CGM adoption through product innovation, broader access, and stronger commercial...
01
Scale next-generation CGM platformsshort-term
Newer products support customer growth, retention, and competitive differentiation.
02
Build Stelo into a new consumer-facing channelmedium-term
OTC access broadens the addressable market beyond insulin users.
03
Expand global commercial and manufacturing capacitymedium-term
Higher demand requires more production, distribution, and local market support.
DexCom faces intense competition from Abbott, Medtronic, and other glucose-monitoring entrants, which can pressure...
Competitive intensity
Abbott, Medtronic, Roche, and new entrants can compete on technology, price, and distribution.
- Scope
- Core CGM market
- Materiality
- high
Regulatory compliance and product quality
FDA actions, warning letters, or product issues could lead to restrictions or withdrawal.
- Scope
- Manufacturing, commercialization, and post-market surveillance
- Materiality
- high
Distributor and pharmacy channel dependence
A meaningful share of revenue can flow through third parties that may be hard to replace.
- Scope
- North America and international distribution
- Materiality
- medium
Cybersecurity and privacy incidents
The company stores sensitive patient and business data and relies on connected devices and systems.
- Scope
- IT systems, customer data, and connected CGM platforms
- Materiality
- medium
Revenue mix between disposable sensors and hardware
Disposable sensor and other revenue was about 97% of total revenue in 2025 YTD
Pharmacy rebates
Can change recognized revenue and period-to-period comparability
Foreign currency transaction gains and losses
Affects reported earnings outside core operating performance
Valuation allowance and uncertain tax positions
Can materially affect tax expense and effective tax rate
: 11/08/2026