Research · Sep 3, 2026
[DXCM] Dexcom Thesis 2026: G7 Fifteen-Day Sensor Drives Continued CGM Market Expansion
DexCom Inc. FY25 revenue $4.66B (+13%); op income $912M (+52%); NI $836M (+45%); EPS $2.09 (+47%). Q4 worldwide revenue $1.26B (+13%, organic 12%); US +11% Q4; International +18% Q4 (organic 15%). Q4 gross profit $799.8M / 63.5% of revenue (vs 59.4% FY24, +410bp YoY). G7 15-day system broadly rolled out US — excellent wear-time + accuracy feedback. France type 2 access expansion. International TAM materially larger than US over time per mgmt. New launches FY25: Stelo nutrition database, DexCom Smart Basal, Direct EHR integration with 160+ health systems, new patch technology. Ireland manufacturing investment continues. FY26 guide: revenue $5.16-$5.25B (+11-13%); non-GAAP gross profit margin 63-64% (+200-300bp); operating profit margin 22-23%; adj EBITDA margin 30-31%.