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.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueWearable CGM platforms that measure glucose trends continuously and transmit data to users and clinicians.
Reusable transmitters, receivers, and related hardware used with CGM systems.
Stelo is an OTC glucose biosensor sold without a prescription for adults with prediabetes and Type 2 diabetes not using insulin.
Customers
DexCom sells primarily to people with diabetes and, increasingly, adults seeking metabolic health monitoring, with clinicians playing a key role in adoption. It also serves caregivers and healthcare professionals such as endocrinologists, physicians, and diabetes educators who recommend, train, and support use of the systems.
Buy CGM systems to manage glucose in real time and support treatment decisions.
Buy Stelo and related CGM offerings to track metabolic health and behavior changes.
Recommend, educate, and support CGM adoption because they influence therapy selection and adherence.
Use Dexcom data to help monitor vulnerable patients and improve safety.
Strategy
DexCom is focused on expanding CGM adoption through product innovation, broader access, and stronger commercial execution. Near term, the company is scaling G7 and G7 15 Day, building Stelo as an OTC entry point, and investing in manufacturing and global sales coverage to support demand.
Newer products support customer growth, retention, and competitive differentiation.
OTC access broadens the addressable market beyond insulin users.
Higher demand requires more production, distribution, and local market support.
Geography
Q1/2026DexCom generates most revenue in the United States, with the remainder coming from international markets. The company also maintains direct sales and distribution coverage across North America, Europe, Asia Pacific, and the Middle East, and it expects foreign currency exposure to rise as international operations expand.
Share of the revenue the company reports by geography.
Risks
DexCom faces intense competition from Abbott, Medtronic, and other glucose-monitoring entrants, which can pressure pricing, reimbursement, and market share. Its business also depends on regulatory compliance, product performance, distributor relationships, and cybersecurity protection of sensitive patient and company data.
- Pricing and reimbursement pressureImpact: HighLikelihood: High
Managed care, Medicare, and other payors can reduce reimbursement and force lower net prices.
Exposure: CGM systems and disposable sensors
- Competitive intensityImpact: HighLikelihood: High
Abbott, Medtronic, Roche, and new entrants can compete on technology, price, and distribution.
Exposure: Core CGM market
- Regulatory compliance and product qualityImpact: HighLikelihood: High
FDA actions, warning letters, or product issues could lead to restrictions or withdrawal.
Exposure - Distributor and pharmacy channel dependenceImpact: MediumLikelihood: Medium
A meaningful share of revenue can flow through third parties that may be hard to replace.
Exposure: North America and international distribution
- Cybersecurity and privacy incidentsImpact: MediumLikelihood: Medium
The company stores sensitive patient and business data and relies on connected devices and systems.
Exposure
Accounting
Judgemental itemsA shift toward lower-margin or lower-priced channels changes reported gross margin and revenue quality.
Impact: Disposable sensor and other revenue was about 97% of total revenue in 2025 YTD
Rebate estimates affect net revenue and require management judgment.
Impact: Can change recognized revenue and period-to-period comparability
International expansion increases FX exposure and can move other income, net.
Impact: Affects reported earnings outside core operating performance
Deferred tax asset realization depends on future taxable earnings and tax authority outcomes.
Impact: Can materially affect tax expense and effective tax rate
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Last updated: 24/09/2026