DexCom, Inc.
- Open
- 73.74
- Day high
- 73.78
- Day low
- 71.25
- Prev close
- 74.06
- Volume
- 4.2M
- Mkt cap
- $28.2B
- P/E (TTM)
- 30.4
- EPS (TTM)
- $2.40
- P/B
- 9.5
- P/S
- 5.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.3M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions mixed (13F)
DexCom, Inc. (DXCM) is a Healthcare company listed on NASDAQ. The stock is down 13% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
DexCom, Inc. (DXCM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DXCM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.47 | $0.56 | +19.1% | $1.2B | +1.5% |
| Feb 12, 2026 | $0.65 | $0.68 | +4.6% | $1.3B | +6.5% |
| Oct 30, 2025 | $0.58 | $0.61 | +5.9% | $1.2B | +2.2% |
| Jul 30, 2025 | $0.44 | $0.48 | +8.2% | $1.2B | +2.9% |
| May 1, 2025 | $0.33 | $0.32 | -2.2% | $1.0B | +1.8% |
| Feb 13, 2025 | $0.48 | $0.45 | -6.1% | $1.1B | +0.4% |
| Oct 24, 2024 | $0.44 | $0.45 | +2.3% | $994M | +0.4% |
| Jul 25, 2024 | $0.39 | $0.43 | +10.3% | $1.0B | -3.2% |
| Apr 25, 2024 | $0.27 | $0.32 | +18.5% | $921M | +1.2% |
| Feb 8, 2024 | $0.43 | $0.50 | +16.3% | $1.0B | +2.0% |
| Oct 26, 2023 | $0.34 | $0.50 | +47.1% | $975M | +3.8% |
| Jul 27, 2023 | $0.23 | $0.34 | +47.8% | $871M | +3.5% |
DXCM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | SAYER KEVIN Rdirector, officer: Executive Chair | Sell | 26,756 | $72.00 |
| Jun 17, 2026 | Brown Michael Jonofficer: EVP Chief Legal Compliance Off | Sell | 1,700 | $75.55 |
| Jun 17, 2026 | FOLETTA MARK Gdirector | Sell | 3,801 | $74.10 |
| Jun 17, 2026 | FOLETTA MARK Gdirector | Sell | 199 | $74.82 |
| Jun 5, 2026 | Coleman Jonofficer: EVP, Chief Commercial Officer | Sell | 4,911 | $74.13 |
| Jun 5, 2026 | Coleman Jonofficer: EVP, Chief Commercial Officer | Sell | 4,912 | $73.00 |
| Jun 1, 2026 | FOLETTA MARK Gdirector | Grant | 6,331 | — |
| Jun 1, 2026 | Driscoll Rimmadirector | Grant | 5,605 | — |
| Jun 1, 2026 | Collins Richard Alexanderdirector | Grant | 5,605 | — |
| Jun 1, 2026 | Heller Bridgette Pdirector | Grant | 5,575 | — |
| Jun 1, 2026 | GALA RENEE Ddirector | Grant | 5,605 | — |
| Jun 1, 2026 | ALTMAN STEVEN Rdirector | Grant | 5,565 | — |
| Jun 1, 2026 | Osterloh Albert Frederick IVdirector | Grant | 1,630 | — |
| Jun 1, 2026 | Ashley Euan A.director | Grant | 5,565 | — |
| Jun 1, 2026 | AUGUSTINOS NICHOLASdirector | Grant | 5,575 | — |
Source: DXCM SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full DXCM insider & 13F page →DexCom, Inc. company profile
Overview
DexCom, Inc. (NASDAQ:DXCM) is a San Diego-based medical device company founded in 1999 that specializes in continuous glucose monitoring (CGM) systems for diabetes management. The company went public in 2005 and has grown to become a leading player in the diabetes technology market, serving approximately 2.8 million customers globally as of 2024. DexCom has evolved from a specialized medical device manufacturer to a comprehensive diabetes management platform, expanding its reach from traditional insulin-dependent patients to broader diabetes populations and even pre-diabetic individuals through its over-the-counter product offerings.
Business
DexCom operates in the continuous glucose monitoring (CGM) segment of the medical device industry, which is part of the broader diabetes care technology market. CGM systems are wearable devices that automatically track blood glucose levels throughout the day and night, providing real-time data to help people with diabetes manage their condition more effectively than traditional finger-stick blood glucose meters. The company's core product portfolio includes several CGM systems designed for different patient populations and markets. The DexCom G7 represents their flagship integrated CGM system, featuring a 10-day sensor life and direct smartphone connectivity. This system provides continuous glucose readings, trend arrows, and customizable alerts to help patients make informed treatment decisions. The DexCom G6 serves as the previous generation system still widely used globally, while DexCom ONE is a simplified, more affordable version designed for international markets and price-sensitive segments. A significant strategic expansion came with the launch of Stelo, an over-the-counter CGM system that doesn't require a prescription. Stelo targets type 2 diabetes patients not using insulin, pre-diabetic individuals, and health-conscious consumers interested in glucose monitoring. This product represents DexCom's move beyond traditional prescription-based diabetes management into the broader wellness and preventive health market. The company also offers DexCom Share, a remote monitoring system that allows caregivers and family members to track a patient's glucose data, and the DexCom Real-Time API, which enables third-party developers to integrate CGM data into digital health applications and devices. DexCom's revenue is primarily driven by sensor sales, with the U.S. market representing approximately 72% of total revenue and international markets contributing about 28%.
Revenue model
DexCom operates on a consumable medical device business model, generating revenue primarily through ongoing sensor sales rather than one-time device purchases. Each CGM sensor has a limited lifespan (typically 10-15 days), creating a recurring revenue stream as patients need regular sensor replacements. The company sells sensors directly to patients through pharmacies and durable medical equipment (DME) suppliers, with most costs covered by health insurance plans, Medicare, and international healthcare systems. The company's paying customers include individual patients with diabetes, healthcare providers, and increasingly, health-conscious consumers purchasing over-the-counter products. Revenue is generated through multiple channels: prescription CGM systems covered by insurance (representing the majority of revenue), direct-pay customers, and the newer over-the-counter Stelo product sold directly to consumers. Several factors influence DexCom's profit margins and growth trajectory. Positive margin drivers include economies of scale in manufacturing, successful reimbursement negotiations with payers that expand covered patient populations, and the premium pricing power that comes from clinical superiority and strong brand recognition. The company's gross margins have historically ranged from 62-67%, reflecting the high-value nature of their technology and strong market position. Margin pressures come from competitive dynamics as other medical device companies enter the CGM space, manufacturing cost fluctuations, and the need to offer lower-priced products for international markets and price-sensitive segments. Regulatory compliance costs, including addressing FDA warning letters and maintaining quality standards, also impact profitability. Additionally, the shift toward covering broader patient populations sometimes involves accepting lower reimbursement rates, particularly for type 2 diabetes patients not using insulin. The business benefits from strong recurring revenue characteristics, as diabetes is a chronic condition requiring ongoing monitoring, and switching costs are relatively high due to patient familiarity with specific systems and integration with other diabetes management tools.
Competitive moat
DexCom possesses a moderately strong competitive moat built on several key advantages, though the durability of this moat faces ongoing challenges. The company's primary competitive advantage stems from its clinical accuracy and reliability, which has established DexCom as the preferred CGM platform for insulin pump integration and automated insulin delivery systems. This technical superiority creates switching costs for both patients and healthcare providers who have built treatment protocols around DexCom's specific performance characteristics. Regulatory barriers provide another layer of protection, as CGM systems require extensive FDA approval processes and clinical trials that can take years and cost hundreds of millions of dollars. DexCom's established relationships with major insulin pump manufacturers and its integration into automated insulin delivery systems create additional switching costs and network effects. The company has also built strong reimbursement relationships with payers and pharmacy benefit managers, securing coverage for expanding patient populations. These relationships, combined with established distribution channels through pharmacies and DME suppliers, create barriers for new entrants. However, DexCom's moat faces significant competitive pressure. Abbott's FreeStyle Libre has gained substantial market share globally with a lower-cost, simplified approach to CGM, particularly in international markets. Medtronic, as a major insulin pump manufacturer, has incentives to promote its own CGM technology. Additionally, large technology companies like Apple and Samsung have expressed interest in non-invasive glucose monitoring, which could potentially disrupt the entire CGM market if successfully developed. The competitive landscape is intensifying as the CGM market expands beyond traditional insulin-dependent patients to include type 2 diabetes patients and wellness-focused consumers, segments where DexCom's premium positioning may be less advantageous. The company's moat is therefore solid but not impregnable, requiring continuous innovation and strategic positioning to maintain market leadership.
Risks & safety
DexCom demonstrates a moderate margin of safety with solid financial fundamentals but some areas of concern regarding valuation and debt levels. Liquidity and Solvency: • Cash and short-term investments: $905 million as of Q1 2025 • Current ratio: 1.50, indicating adequate short-term liquidity • Free cash flow: $97 million in Q1 2025, $631 million for full year 2024 • Debt-to-equity ratio: 1.14, showing moderate leverage levels • No immediate solvency concerns given strong cash generation Valuation Metrics: • Price-to-earnings ratio: 63.3x (Q1 2025), indicating expensive valuation • EV/EBITDA: 53.1x, significantly above historical averages for medical device companies • Price-to-book ratio: 11.8x, suggesting premium valuation • Graham number suggests potential overvaluation at current price levels Other Considerations: • Strong recurring revenue model provides earnings stability • FDA warning letter creates regulatory overhang and potential compliance costs • High R&D requirements for maintaining competitive position • Market expansion opportunities offset some valuation concerns
Recent development
Over the past few years, DexCom has executed several strategic pivots that have fundamentally expanded its addressable market and product portfolio. The most significant development has been the expansion beyond traditional insulin-dependent diabetes patients to include type 2 diabetes patients not using insulin and even pre-diabetic individuals. This shift was enabled by securing reimbursement coverage from two of the three largest pharmacy benefit managers (PBMs) for all diabetes patients, potentially covering 5 million additional type 2 diabetes patients. The launch of Stelo in 2024 represents DexCom's entry into the over-the-counter consumer market, targeting individuals who want glucose monitoring without requiring a prescription. With over 200,000 downloads and 140,000 active users in its first months, Stelo demonstrates the company's ability to reach beyond traditional medical channels into direct-to-consumer wellness markets. Product innovation has focused on extending sensor life and improving user experience. The company received FDA clearance for a 15-day G7 sensor system, planned for launch in the second half of 2025, which could improve patient convenience and potentially reduce costs. Additionally, DexCom is developing the G8 platform with multi-analyte capabilities, suggesting future expansion beyond glucose monitoring. International expansion has accelerated with the G7 launch across multiple markets and the introduction of DexCom ONE+ to 19 countries. The company has focused on building reimbursement relationships in key markets like France, Germany, Canada, and Australia, while also developing more affordable product variants for price-sensitive international segments. The company has also invested heavily in digital health integration, including direct Apple Watch connectivity, partnerships with companies like Oura Ring, and the development of AI-enhanced features for Stelo. These initiatives position DexCom as a platform company rather than just a medical device manufacturer.
DXCM company profile · for informational purposes only — not investment advice.
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