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Dexcom
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Latest analysis
Updated Oct 29, 2026
Dexcom Q3 2026: 14% U.S. revenue growth and CONNECT publication in NEJM accelerate path to Medicare non-insulin CGM coverage expansion
Dexcom delivered Q3 2026 worldwide revenue of $1.34 billion, up 11% year-over-year, with U.S. growth accelerating to 14% on sustained share gains across all customer segments. The publication of the CONNECT randomized controlled trial in the New England Journal of Medicine — the first standalone CGM study published there in nearly two decades — materially strengthens the clinical case for CMS coverage of type 2 non-insulin users, which management continues to expect this year with implementation targeted for mid-2027. Gross margin expanded 380 basis points year-over-year to 65.1%, operating margin reached 25.3%, and the company raised full-year revenue guidance to $5.20-$5.25 billion while also announcing a new $1 billion share repurchase authorization.
Tone: bullishRevenue
$4.7B
DXCM 10-K · FY 2025
Employees
11,100
Revenue FY2024
$4B
EBITDA margin
32.4%
Profile
DXCM 10-K Item 1 · Feb 12, 2026Dexcom is a medical device company that designs, develops, and commercializes continuous glucose monitoring systems for people with diabetes and those seeking to optimize metabolic health. Its flagship products — the G7, G7 15 Day, and the over-the-counter Stelo biosensor — serve patients, caregivers, and clinicians globally. The company sells directly and through distribution partners across North America, Europe, Asia Pacific, Latin America, and other regions.
Read filing description ↓ Collapse description ↑
We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world. We received approval from the Food and Drug Administration, or FDA, and commercialized our first product in 2006. We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025. In August 2024, we launched Stelo, our biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin, as the first over-the-counter glucose biosensor in the U.S. Our current target market consists primarily of people with Type 1 and Type 2 diabetes who utilize insulin therapy as well as certain non-insulin using people with diabetes that struggle with hypoglycemia. We also believe that our CGM systems are beginning to have a positive impact on the broader Type 2 population that does not utilize insulin or have hypoglycemia risk, a group that we estimate to be greater than 25 million people in the United States alone. We are extending our commercial efforts for this population through several channels, including through strategic partnerships. In the future, we plan to expand our product offering to people who are pregnant and cleared/approved indications to address people with pre-diabetes, people who are obese, and people in the hospital setting. Although the majority of our revenue has been generated in the United States, we have expanded our operations to include additional markets in North America, Africa, Asia Pacific, Europe, Latin America and the Middle East.
Primary products
- Dexcom G7 Continuous Glucose Monitoring System
- Dexcom G7 15 Day Continuous Glucose Monitoring System
- Dexcom G6 Continuous Glucose Monitoring Integrated System
- Dexcom ONE+
- Stelo
- Dexcom Share
End markets
Geographies
Named competitors
“We believe that the principal competitive factors in our market include: safe, reliable and high-quality performance of products; cost of products and eligibility for reimbursement; comfort and ease of use of products; effective sales, marketing and distribution networks; brand awareness and strong acceptance by healthcare professionals, people with diabetes and those seeking to optimize metabolic health; customer service and support and comprehensive education for people with diabetes, diabetes care providers and those seeking to optimize metabolic health; speed of product innovation and time to market; regulatory expertise; and technological leadership and superiority.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $4,033.0 million in 2024 to $4,662.0 million in 2025, driven by continued global expansion of G7 and growth in the Type 2 diabetes segment.
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