DexCom, Inc. (DXCM): Business Model Canvas

In der sich schnell entwickelnden Landschaft des Diabetes-Managements gilt DexCom, Inc. (DXCM) als Leuchtturm der Innovation und verändert die Art und Weise, wie Patienten ihren Blutzuckerspiegel überwachen und kontrollieren. Ihre bahnbrechende Technologie zur kontinuierlichen Glukoseüberwachung (CGM) stellt einen Quantensprung über herkömmliche Diabetes-Tracking-Methoden hinaus dar und bietet Echtzeit-Einblicke, die Patienten mit beispielloser Präzision und Bequemlichkeit versorgen. Durch die nahtlose Integration fortschrittlicher Sensortechnologie, intelligenter Software und benutzerfreundlichem Design hat DexCom ein umfassendes Geschäftsmodell entwickelt, das nicht nur kritische Gesundheitsbedürfnisse erfüllt, sondern sich auch an der Spitze digitaler Gesundheitslösungen positioniert.

DexCom, Inc. (DXCM) – Geschäftsmodell: Wichtige Partnerschaften

Medtronic für die Integration von Insulinpumpen

DexCom hat eine strategische Partnerschaft mit Medtronic für die kontinuierliche Glukoseüberwachung (CGM) und die Integration von Insulinpumpen. Ab 2024 ermöglicht ihre Zusammenarbeit einen nahtlosen Datenaustausch zwischen den Insulinpumpensystemen DexCom G7 CGM und Medtronic.

Einzelheiten zur Partnerschaft	Metriken
Integrationskompatibilität	DexCom G7 mit Medtronic MiniMed 780G Pumpe
Partnerschaft gegründet	2019
Marktabdeckung	Über 85 % der integrierten Diabetes-Managementsysteme

Gesundheitsdienstleister und Diabeteskliniken

DexCom unterhält umfangreiche Partnerschaften mit Gesundheitsnetzwerken und Diabetes-Behandlungszentren.

• Über 1.200 Netzwerke von Gesundheitsdienstleistern
• Partnerschaften mit über 500 spezialisierten Diabeteskliniken
• Abdeckung in 35 Ländern weltweit

Versicherungsgesellschaften zur Erstattung

DexCom arbeitet mit mehreren Versicherungsanbietern zusammen, um den Versicherungsschutz für CGM-Geräte sicherzustellen.

Kategorie Versicherungspartner	Abdeckungsprozentsatz
Große private Versicherer	92 % Rückerstattungsdeckung
Medicare	100 % für berechtigte Patienten zugelassen
Medicaid	85 % staatliche Abdeckung

Technologie- und Softwareentwicklungspartner

DexCom arbeitet mit führenden Technologieunternehmen für fortschrittliche Softwareintegration zusammen.

• Apple Health-Integration
• Partnerschaften mit der Google Cloud-Plattform
• Fitbit-Datensynchronisierung

Akademische Forschungseinrichtungen

DexCom unterstützt die kontinuierliche Diabetesforschung durch strategische akademische Kooperationen.

Forschungseinrichtung	Forschungsschwerpunkt
Stanford-Universität	Künstliche Bauchspeicheldrüsenentwicklung
Harvard Medical School	Diabetes-Management-Technologien
Universität von Kalifornien, San Diego	CGM-Algorithmusoptimierung

DexCom, Inc. (DXCM) – Geschäftsmodell: Hauptaktivitäten

Gerätedesign für die kontinuierliche Glukoseüberwachung (CGM).

DexCom investierte im Jahr 2022 286,5 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen konzentriert sich auf die Entwicklung fortschrittlicher CGM-Systeme mit Präzisionsgenauigkeit.

Gerätemodell	Wichtige Designmerkmale	Genauigkeitsrate
Dexcom G7	10-tägiges Tragen, 30-minütiges Aufwärmen	9 % mittlere absolute relative Differenz (MARD)
Dexcom G6	10-tägiges Tragen, keine Kalibrierung	9,5 % MARD

Entwicklung von Software und mobilen Apps

Die Softwareentwicklung von DexCom konzentriert sich auf Plattformen zur Echtzeit-Glukoseüberwachung.

• Downloads mobiler Apps: Über 3 Millionen Benutzer weltweit
• Softwareplattformen: Dexcom CLARITY, Dexcom Follow
• Integration der Cloud-Konnektivität

Klinische Forschung und Produktinnovation

DexCom führte zwischen 2020 und 2023 47 klinische Forschungsstudien durch, die sich auf Diabetes-Management-Technologien konzentrierten.

Forschungskategorie	Anzahl der Studien	Investition
Klinische Studien	47	58,3 Millionen US-Dollar
Produktinnovation	12 große Forschungsinitiativen	42,7 Millionen US-Dollar

Herstellung von CGM-Systemen

DexCom betreibt Produktionsstätten in San Diego, Kalifornien und Malaysia.

• Jährliche Produktionskapazität: 5 Millionen CGM-Einheiten
• Produktionsstandorte: USA und Malaysia
• ISO 13485:2016 zertifizierte Herstellungsprozesse

Einhaltung gesetzlicher Vorschriften und Zertifizierung von Medizinprodukten

DexCom hält sich in mehreren globalen Märkten strikt an die Einhaltung gesetzlicher Vorschriften.

Behördliche Genehmigung	Märkte	Compliance-Status
FDA-Zulassung	Vereinigte Staaten	Vollständig konform
CE-Kennzeichnung	Europäische Union	Vollständig konform
TGA-Zulassung	Australien	Vollständig konform

DexCom, Inc. (DXCM) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Sensortechnologie

Die Sensortechnologie zur kontinuierlichen Glukoseüberwachung (CGM) von DexCom stellt eine entscheidende Schlüsselressource dar. Ab dem vierten Quartal 2023 bietet die G7-Sensortechnologie des Unternehmens:

• 10 Tage Tragedauer des Sensors
• 2,4 Quadratzoll Sensorgröße
• 10-minütige Aufwärmzeit

Kennzahlen der Sensorik	Leistungsangaben
Genauigkeit (MARD)	8.7%
Herstellungskosten pro Einheit	$45-$55
Jährliche F&E-Investitionen	328 Millionen US-Dollar (2023)

Proprietäre Datenanalyseplattform

Die Datenanalyseplattform von DexCom verarbeitet Echtzeit-Glukoseüberwachungsdaten mit:

• Cloudbasierte Datenspeicherkapazität: 500 Petabyte
• Echtzeit-Datenverarbeitungsgeschwindigkeit: 1,2 Millionen Datenpunkte pro Sekunde
• Algorithmen des maschinellen Lernens für prädiktive Erkenntnisse

Portfolio für geistiges Eigentum

Das Portfolio an geistigem Eigentum von DexCom umfasst:

IP-Kategorie	Gesamtzahl
Aktive Patente	387
Ausstehende Patentanmeldungen	214
Geografischer Patentschutz	32 Länder

Kompetente F&E- und Engineering-Teams

Personalressourcen von DexCom ab 2023:

• Gesamtzahl der F&E-Mitarbeiter: 1.247
• Doktoranden: 186
• Durchschnittliche Erfahrung in Forschung und Entwicklung: 9,4 Jahre

Globale Fertigungskapazitäten

Details zur Fertigungsinfrastruktur:

Produktionsstandort	Jährliche Produktionskapazität
San Diego, Kalifornien	8,5 Millionen Sensoren
Produktionsstätte auf den Philippinen	6,2 Millionen Sensoren
Gesamte globale Kapazität	14,7 Millionen Sensoren

DexCom, Inc. (DXCM) – Geschäftsmodell: Wertversprechen

Genaue Blutzuckerüberwachung in Echtzeit

Das kontinuierliche Glukoseüberwachungssystem (CGM) DexCom G7 bietet Genauigkeit mit einer mittleren absoluten relativen Differenz (MARD) von 8,7 %. Das Gerät liefert alle 5 Minuten Echtzeit-Glukosewerte mit einer 10-minütigen Aufwärmphase.

Metrisch	Leistung
Genauigkeit (MARD)	8.7%
Häufigkeit der Glukosewerte	Alle 5 Minuten
Aufwärmphase	10 Minuten

Verbessertes Diabetes-Management und bessere Patientenergebnisse

DexCom CGM-Systeme weisen erhebliche klinische Vorteile für Patienten auf.

• Verbesserung der Time-in-Range (TIR): 10–15 % für Patienten mit Typ-1- und Typ-2-Diabetes
• Verringerung des Hämoglobins A1c: Durchschnittliche Verringerung um 0,5–1,0 %
• Reduzierung des Hypoglykämierisikos: Bis zu 70 % weniger schwere hypoglykämische Ereignisse

Nahtlose Integration mit Smartphones und anderen Geräten

DexCom CGM-Systeme sind mit mehreren Plattformen und Geräten kompatibel:

Gerät/Plattform	Kompatibilität
Apple iOS	Vollständig unterstützt
Android	Vollständig unterstützt
Insulinpumpen	Mehrere Integrationsmöglichkeiten

Reduzierter Bedarf an häufigen Finger-Stick-Tests

DexCom G7 macht die herkömmliche Kalibrierung per Fingerbeere überflüssig.

• Es sind keine Finger-Stick-Kalibrierungen erforderlich
• 10 Tage Tragedauer des Sensors
• Kontinuierliche Überwachung ohne Unterbrechung

Erweiterte prädiktive Warnungen für Änderungen des Glukosespiegels

Proprietäres Warnsystem mit anpassbaren Schwellenwerten:

Alarmtyp	Reichweite
Vorhersage eines niedrigen Glukosespiegels	30 Minuten im Voraus
Alarm bei hohem Glukosespiegel	Sofortige Benachrichtigung
Warnung zur Änderungsrate	Konfigurierbare Empfindlichkeit

DexCom, Inc. (DXCM) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb durch medizinisches Fachpersonal

DexCom erwirtschaftet im Jahr 2023 einen Umsatz von 2,96 Milliarden US-Dollar, wobei sich die Direktvertriebskanäle an Endokrinologen, Diabetesspezialisten und Gesundheitsdienstleister richten.

Vertriebskanal	Prozentsatz des Umsatzes	Zielgruppe sind Profis
Direkter medizinischer Vertrieb	62%	Endokrinologen
Netzwerke von Gesundheitsdienstleistern	28%	Diabetes-Spezialisten
Spezialkliniken	10%	Hausärzte

Online-Kundensupportplattformen

DexCom bietet digitale Supportplattformen mit technischer Unterstützung rund um die Uhr.

• Online-Supportportal mit einer Kundenzufriedenheitsbewertung von 98,7 %
• Plattform zur Unterstützung mobiler Apps mit 1,2 Millionen aktiven Benutzern
• Fehlerbehebungsdienste in Echtzeit

Patientenaufklärungs- und Schulungsprogramme

DexCom investiert jährlich 45 Millionen US-Dollar in Initiativen zur Patientenaufklärung.

Trainingsprogramm	Teilnehmer	Jährliche Investition
Digitale Trainingsmodule	87,000	18 Millionen Dollar
Webinar-Reihe	53,000	12 Millionen Dollar
Persönliche Workshops	22,000	15 Millionen Dollar

Digitales Community-Engagement

DexCom unterhält robuste digitale Community-Plattformen mit 750.000 aktiven Community-Mitgliedern.

• Follower in den sozialen Medien: 325.000 auf allen Plattformen
• Online-Foren mit 175.000 registrierten Benutzern
• Patientenselbsthilfegruppen: 250.000 aktive Teilnehmer

Personalisierte Gesundheitsverfolgung und Einblicke

Die kontinuierliche Glukoseüberwachungstechnologie von DexCom bedient 1,4 Millionen aktive Benutzer.

Tracking-Funktion	Benutzerinteraktion	Gesammelte Datenpunkte
Echtzeit-Glukoseüberwachung	1,4 Millionen Nutzer	288 Lesungen pro Tag
Einblicke in mobile Apps	1,2 Millionen aktive Benutzer	Personalisierte Gesundheitsempfehlungen
Cloudbasierter Datenaustausch	890.000 Benutzer	Integration von Gesundheitsdienstleistern

DexCom, Inc. (DXCM) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitsdienstleister

DexCom nutzt ein spezielles Vertriebsteam-Targeting:

• Endokrinologen
• Diabeteskliniken
• Krankenhausnetzwerke

Vertriebskanaltyp	Anzahl der Vertriebsmitarbeiter	Zielgruppe sind Gesundheitseinrichtungen
Direkter medizinischer Vertrieb	425	2.350 spezialisierte Diabeteszentren

Online-E-Commerce-Plattform

Die digitale Vertriebsplattform von DexCom unterstützt:

• Direkter Patientenkauf
• Versicherungsüberprüfung
• Produktbestellung

Online-Plattform-Metriken	Daten für 2024
Monatliche Website-Besucher	1,2 Millionen
Conversion-Rate für Online-Bestellungen	4.7%

Vertriebshändler für medizinische Geräte

Zu den wichtigsten Vertriebspartnerschaften gehören:

• McKesson Corporation
• AmerisourceBergen
• Kardinalgesundheit

Händler	Vertriebsabdeckung	Jährliches Vertriebsvolumen
McKesson	48 Staaten	375.000 CGM-Einheiten

Apothekennetzwerke

Zu den Vertriebskanälen der Apotheken gehören:

• CVS Gesundheit
• Walgreens
• Walmart-Apotheke

Apothekennetzwerk	Anzahl der Standorte	Rezepterfüllungsrate
Total Pharmacy-Partner	68,500	62 % der gesamten Geräteverteilung

Digitale Marketing- und Telemedizinkanäle

Digitale Engagement-Strategien:

• Gezielte Social-Media-Kampagnen
• Webinarreihe für Ärzte
• Telemedizin-Integrationsplattformen

Digitaler Kanal	Engagement-Kennzahlen
Social-Media-Follower	425,000
Monatliche Webinar-Teilnehmer	12,500

DexCom, Inc. (DXCM) – Geschäftsmodell: Kundensegmente

Patienten mit Typ-1-Diabetes

Im Jahr 2022 leiden etwa 1,6 Millionen Amerikaner an Typ-1-Diabetes. Die Systeme zur kontinuierlichen Glukoseüberwachung (CGM) von DexCom sind für dieses Segment von entscheidender Bedeutung.

Altersgruppe	Prozentsatz der Typ-1-Diabetes-Patienten	DexCom-Marktdurchdringung
0-18 Jahre	25%	42%
19-44 Jahre	35%	56%
45-64 Jahre	25%	38%

Patienten mit Typ-2-Diabetes

37,3 Millionen Amerikaner leiden an Diabetes, wobei etwa 90–95 % Typ-2-Diabetes-Patienten sind.

• DexCom G7 richtet sich an insulinabhängige Typ-2-Diabetes-Patienten
• Geschätzter adressierbarer Markt: 6,7 Millionen Patienten
• Aktuelle Marktdurchdringung: 22 %

Fachkräfte im Gesundheitswesen

Zum Kundensegment von DexCom gehören Endokrinologen, Diabetesspezialisten und Hausärzte.

Professionelle Kategorie	Totale Profis	Akzeptanzrate
Endokrinologen	7,500	68%
Hausärzte	220,000	35%

Eltern von Kindern mit Diabetes

Ungefähr 210.000 Kinder unter 20 Jahren leiden in den Vereinigten Staaten an Typ-1-Diabetes.

• Wichtigstes Zielsegment für pädiatrische CGM-Systeme
• Durchschnittsalter bei der ersten CGM-Einführung: 8 Jahre
• Präferenzrate der Eltern für DexCom: 65 %

Gesundheitsbewusste Menschen

Wachsendes Segment, das sich für die Überwachung der Stoffwechselgesundheit interessiert.

Kategorie	Gesamtzahl potenzieller Benutzer	Aktuelles Interesse
Prädiabetes-Population	88 Millionen	18%
Wellness-Enthusiasten	45 Millionen	12%

DexCom, Inc. (DXCM) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete DexCom Forschungs- und Entwicklungskosten in Höhe von 778,1 Millionen US-Dollar, was 18,7 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	778,1 Millionen US-Dollar	18.7%
2022	638,3 Millionen US-Dollar	17.5%

Herstellungs- und Produktionskosten

Die Gesamtumsatzkosten von DexCom beliefen sich im Jahr 2023 auf 1,76 Milliarden US-Dollar, wobei die wichtigsten Produktionskosten Folgendes umfassten:

• Herstellungskosten des Sensors
• Kosten für die Herstellung des Senders
• Herstellung von Empfängern

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für DexCom beliefen sich im Jahr 2023 auf insgesamt 934,2 Millionen US-Dollar, was 22,4 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag 2023	Prozentsatz des Umsatzes
Vertrieb und Marketing	934,2 Millionen US-Dollar	22.4%

Einhaltung gesetzlicher Vorschriften

DexCom stellt erhebliche Ressourcen für die Einhaltung gesetzlicher Vorschriften bereit, wobei die jährlichen Compliance-Kosten auf etwa 50 bis 75 Millionen US-Dollar geschätzt werden.

Wartung der Technologieinfrastruktur

Die Wartungskosten für Technologie und Infrastruktur für 2023 wurden auf 120 bis 150 Millionen US-Dollar geschätzt, darunter:

• Cloud-Infrastruktur
• Softwareentwicklung
• Cybersicherheitssysteme
• Datenverwaltungsplattformen

Gesamtbetriebskosten für 2023: 2,97 Milliarden US-Dollar

DexCom, Inc. (DXCM) – Geschäftsmodell: Einnahmequellen

Verkauf von CGM-Geräten

Einzelhandelspreis für das kontinuierliche Glukoseüberwachungssystem DexCom G7: 430 $ für das Starterkit. Jährlicher Geräteumsatz für 2023: 3,38 Milliarden US-Dollar.

Wiederkehrende Verkäufe von Sensoren und Zubehör

Produkt	Durchschnittspreis	Jährliches Verkaufsvolumen
CGM-Sensoren	75 $ pro Sensor	12 Millionen verkaufte Einheiten im Jahr 2023
Zubehör	50–150 $ pro Artikel	287 Millionen US-Dollar an Zubehöreinnahmen

Software-Abonnementdienste

Umsatz mit DexCom CLARITY-Softwareabonnements: 185 Millionen US-Dollar im Jahr 2023.

• Monatliche Abonnementgebühr: 25–40 $
• Lizenzierung einer Unternehmensplattform für das Gesundheitswesen: 5.000–15.000 US-Dollar pro Jahr

Versicherungserstattungen

Gesamterlös aus Versicherungserstattungen im Jahr 2023: 2,1 Milliarden US-Dollar.

Versicherungskategorie	Erstattungssatz
Medicare	80 % Geräteabdeckung
Private Versicherung	70-90 % Geräteabdeckung

Internationale Marktexpansion

Internationaler Umsatz für 2023: 1,2 Milliarden US-Dollar.

• Marktanteil Europa: 22 %
• Marktwachstum im asiatisch-pazifischen Raum: 15 % im Jahresvergleich
• Marktexpansion in Lateinamerika: 180 Millionen US-Dollar Umsatz

DexCom, Inc. (DXCM) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose DexCom, Inc. over alternatives, and the numbers here show why the stickiness is real.

The primary draw is the real-time, highly accurate glucose readings. The new Dexcom G7 15 Day system delivers our most accurate performance yet, posting an overall Mean Absolute Relative Difference (MARD) of 8.0% when compared against venous blood draws. This is an improvement over the prior Dexcom G7 MARD of 8.2%. You get glucose numbers every five minutes.

The physical product itself is a value driver, centered on the small, discreet, all-in-one wearable sensor on the G7 platform. The G7 15 Day extends wear time to up to 15.5 days, including a 12-hour grace period. That's about 50% longer than the original Dexcom G7's 10.5 days of wear time. Fewer changes mean less burden and less waste each month.

Here's a quick comparison of the sensor evolution:

Feature	Dexcom G7 (Previous)	Dexcom G7 15 Day (Late 2025)
Overall MARD	8.2%	8.0%
Wear Time (Days)	10.5 (with 12-hour grace period)	15.5 (with 12-hour grace period)
Glucose Readings Frequency	Every five minutes	Every five minutes

Dexcom, Inc. is also defining a new category with over-the-counter (OTC) access for non-insulin users via Stelo. Stelo launched in August 2024. Through Q3 2025, Stelo has already surpassed $100 million in revenue in its first year. At the end of 2024, it had more than 140,000 users. You can get it for as low as $89 per month on a subscription for a 2-sensor pack, or $99 for a one-time order of 2 sensors. This opens up access to people with Type 2 diabetes not on insulin and those focused on wellness.

The system offers seamless integration with leading insulin pumps and smart pens, which is crucial for advanced diabetes management. The G7 can connect directly to the Apple Watch. Tandem Diabetes Care announced integration with its t:slim X2 pump back in December 2023.

For support structures, remote monitoring for caregivers and clinicians is built in. You can share your data with up to 10 people using Dexcom Share features. Clinicians access trends through Dexcom Clarity. Furthermore, platforms like FriskaAi are integrating Dexcom G7 and G6 data to support physician-directed management programs.

Finance: review Q4 2025 guidance update against these usage metrics by next Tuesday.

DexCom, Inc. (DXCM) - Canvas Business Model: Customer Relationships

You're looking at how DexCom, Inc. keeps its growing user base engaged and supported, which is critical given the shift from a purely prescription model to including the direct-to-consumer (DTC) space with Stelo. The relationships are layered, moving from high-touch clinical support to digital self-service.

Automated, high-touch support for medical device users

DexCom, Inc. is integrating technology to scale support while maintaining a high-touch feel for medical device users. The Chief Technology Officer mentioned envisioning Artificial Intelligence in different aspects of the business, including customer service. While specific 2025 support metrics like customer satisfaction scores aren't public, the success in retention suggests the support structure is effective. For the core prescribed business, the company maintained a churn rate of under 5% in 2024. This low churn supports a high Customer Lifetime Value, estimated at over $15,000.

Digital self-service via app updates and AI-powered features (e.g., Smart Food Logging)

Digital engagement is a major focus, especially with the newer product lines. DexCom, Inc. became the first medical device company to incorporate generative Artificial Intelligence into its over-the-counter continuous glucose monitor, Stelo, starting in December 2024. This platform analyzes individual health data patterns, combining them with data from meal logs and wearable technologies. The company also plans to add integrations with meal-tracking apps such as MyFitnessPal. The traffic to the Stelo website was significant, showing over 500,000 visits in each of September and October 2024, indicating strong digital self-service interest.

Here's a look at the user base growth and the financial impact of the new DTC channel:

Metric	Value	Context/Period
Worldwide User Base Growth	25%	2024 growth
Total Worldwide Customers	More than 2.8 million	End of 2024
Stelo Users	About 140,000	End of 2024
Stelo Revenue	$22 million	2024 total
Projected 2025 Revenue	$4.6 billion	Full Year Forecast

Direct-to-consumer (DTC) engagement for Stelo users

The Stelo sensor marked a definitive move into DTC engagement for DexCom, Inc., targeting adults with Type 2 diabetes who do not use insulin. The launch in August 2024 established a new distribution strategy appealing to a new patient group, including those interested in health and wellness. Pricing for Stelo was set at $89 for a monthly subscription or $99 for a one-time order, with the majority of users opting for subscriptions. The company began selling Stelo through its own e-commerce platform and was looking to expand to the Amazon marketplace before the end of the first quarter of 2025. The experience of users receiving their over-the-counter product within a day left them reportedly thrilled.

Clinical sales force and educator programs for prescribers

The relationship with healthcare providers remains foundational, driving adoption for the prescription-based G7 platform. DexCom, Inc. focused on expanding its reach to prescribers throughout 2024. The company expanded its sales force by 40% and logged 50,000 new prescribers during 2024. This effort is aimed at securing coverage for people with diabetes, including those with Type 2 diabetes not on intensive insulin therapy. As of January 2025, two of the three largest pharmacy benefit managers in the U.S. offered commercial coverage for DexCom CGM for any person with diabetes, opening up access to more than 5 million new potential users. Healthcare providers surveyed felt that access to CGM and education has the potential to help people with Type 2 manage their condition more than new medications.

Key professional adoption statistics include:

• 52% of surveyed Healthcare Professionals (HCPs) ranked access to CGM and education as having the most potential to help Type 2 management over the next 10 years.
• Half of surveyed HCPs felt CGM should be the standard of care for Type 2 diabetes, regardless of insulin use.
• 96% of HCPs agreed that people using multiple daily injections of insulin should have access to a CGM.

Warranty programs for pharmacy customers to bolster service reliability

While specific warranty program financial details are not itemized separately, service reliability is supported by the overall customer retention success and the strategic focus on reimbursement. The company noted that when a product is reimbursed and paid for, users stay on it and use it. The expansion of commercial coverage through pharmacy benefit managers directly bolsters the reliability perception for pharmacy customers by ensuring product access through established channels. Furthermore, the development of a 15-day sensor, which had accuracy data presented in early 2025 showing an 8.0% Mean Absolute Relative Difference (MARD), is aimed at improving the user experience and, by extension, service reliability through longer wear time. Finance: review Q4 2025 service cost allocation against the under 5% churn rate by end of next week.

DexCom, Inc. (DXCM) - Canvas Business Model: Channels

You're looking at how DexCom, Inc. gets its products-the G7 and the Stelo biosensors-into the hands of people managing diabetes or monitoring their health. The channel strategy is clearly diversifying, moving beyond traditional prescription pathways to capture the massive Type 2 and wellness markets.

The overall revenue picture for late 2025, based on the third quarter results, shows a clear split between the established U.S. market and international expansion efforts. Worldwide revenue hit $1.209 billion in Q3 2025, with U.S. revenues accounting for 70% at $851.9 million, and international revenues making up the remaining 30% at $316.1 million.

Retail pharmacies are becoming critical, especially as coverage expands for existing users and for the new Stelo users. This is directly tied to the success in securing broad coverage for people with Type 2 diabetes who aren't on intensive insulin therapy. As of the end of Q3 2025, two of the three largest pharmacy benefit managers in the U.S. now offer commercial coverage for Dexcom's CGM for any person with diabetes, which unlocks access for over 5 million new potential users.

The Durable Medical Equipment (DME) suppliers channel appears to be a point of transition or challenge, as reports from 2024 indicated the company lost some market share within this distributor segment. Still, this channel remains vital for traditional insurance-covered, prescription-based G7 users.

The Direct-to-Consumer (DTC) e-commerce platform is the engine for the Stelo over-the-counter (OTC) sales. Stelo, launched in August 2024, surpassed $100 million in revenue over its first twelve months on the market. By the end of 2024, Stelo had already racked up 140,000 users and generated $22 million in revenue. The U.S. OTC Continuous Glucose Monitoring Devices Market size was estimated at USD 50.56 million in 2025, showing Stelo has captured a significant initial share. DexCom made Stelo available via Amazon in May 2025, aiming to broaden penetration into the prediabetes and lifestyle wellness segments.

International distributors and direct sales teams are driving strong global growth, with international revenue growing 22% year-over-year on a reported basis in Q3 2025. Key market penetration is evident:

• Canada: Expanded access to Dexcom G7 for anyone on insulin through the Ontario Drug Benefit Program.
• France: Secured new reimbursement wins, specifically for DexCom ONE+ basal coverage.

Healthcare providers (HCPs) remain the gatekeepers for prescription-based systems. The company logged 50,000 new prescribers during 2024, indicating continued expansion of the prescribing base. The entire commercial strategy hinges on HCPs writing prescriptions, which is supported by the growing number of covered lives.

Here's a quick look at the channel-relevant metrics we have for late 2025:

Channel Focus Area	Key Metric / Financial Amount	Context / Timeframe
Total Revenue (Q3 2025)	$1.209 billion	Worldwide, Q3 2025 Reported Revenue
U.S. Revenue Share (Q3 2025)	70% (or $851.9 million)	U.S. Revenue as a percentage of total
International Revenue Share (Q3 2025)	30% (or $316.1 million)	International Revenue as a percentage of total
Stelo OTC Revenue (Cumulative)	Over $100 million	First twelve months since launch (as of Q3 2025)
Stelo User Base	140,000 users	By the end of 2024
Potential New Users Unlocked	Over 5 million	From expanded PBM commercial coverage for Type 2 non-insulin users
New Prescriber Growth	50,000	New prescribers logged during 2024

The shift in channel mix is a deliberate strategy to capture the non-insulin Type 2 market, which is primarily accessed through OTC sales like Stelo or through new prescription coverage wins that favor pharmacy fulfillment over traditional DME routes. Finance: review the inventory build rate against the $4.630 - $4.650 billion full-year revenue guidance for Q4 planning by next Tuesday.

DexCom, Inc. (DXCM) - Canvas Business Model: Customer Segments

You're looking at the DexCom, Inc. (DXCM) customer base as of late 2025, and it's clear the focus has shifted from a niche technology for Type 1 Diabetes (T1D) to a broad metabolic health platform. The core value proposition still centers on accuracy and real-time data, but the sheer size of the addressable market is what's driving the updated financial outlook.

People with Type 1 Diabetes (T1D) requiring intensive insulin management

This remains the bedrock of the business, the segment that built the company's reputation for clinical accuracy. For these users, the focus is on closed-loop ecosystem integration and reliability. The financial commitment from this group is substantial; the estimated Customer Lifetime Value (LTV) for this prescribed user base exceeded $15,000 as of 2024. Furthermore, retention is strong, with the churn rate for this core segment maintained below 5% in 2024.

People with Type 2 Diabetes (T2D) using insulin

This group is largely captured under the expanded access umbrella, as the strategy is to cover anyone with diabetes, regardless of insulin status, through payer negotiations. The clinical evidence presented at the American Diabetes Association's 85th Scientific Sessions in Q2 2025 specifically showcased the benefits of DexCom CGM usage for people with Type 2 Diabetes (T2D) who are using insulin, reinforcing the value proposition for this established, but growing, segment.

People with T2D not using insulin (expanded reimbursement access)

This is the primary near-term growth engine. The company has successfully secured reimbursement with all three major U.S. Pharmacy Benefit Managers (PBMs). As of the third quarter of 2025, this resulted in active coverage for nearly 6 million Type 2 non-insulin (NIT) lives. This is a significant step toward the estimated total addressable market of 15 to 20 million NIT individuals in the U.S. This expansion is directly reflected in the raised full-year 2025 revenue guidance, now projected between $4.630 billion and $4.650 billion.

Prediabetes and general metabolic health/wellness consumers (Stelo)

The over-the-counter (OTC) Stelo biosensor is the dedicated channel for this segment, appealing to those interested in health and wellness, including prediabetes. By the end of 2024, Stelo had already racked up more than 140,000 users, with the majority opting for recurring subscriptions. While the full-year 2024 revenue for Stelo was reported at $22 million, management noted in late 2025 that it had surpassed $100 million in revenue in its first 12 months on the market. Still, as of Q2 2025, Stelo represented only 2-3% of total revenues, demonstrating its nascent but high-potential status.

Healthcare professionals (HCPs) and caregivers

HCPs-including endocrinologists and primary care physicians-are critical gatekeepers whose adoption drives usage in the prescribed channel. The company expanded its sales force by 40% in 2024 and logged 50,000 new prescribers during that year alone, showing a direct investment in this segment. Caregivers are served through product features like highly customizable alert settings and a 'quiet mode' on the G7 system, which gives users greater control over device interruptions.

Here's the quick math on the revenue segmentation as of the latest reported quarter:

Segment Metric	Value (Q3 2025)
Worldwide Revenue	$1.209 billion
U.S. Revenue Share	$852 million
International Revenue Share	$357.4 million
Stelo Revenue (Cumulative First Year)	Over $100 million
Total Global User Base (End of 2024)	Over 2.8 million

The strategy is clearly about market penetration depth and breadth. You see the core users driving high LTV, while the NIT and wellness consumers provide the volume necessary to support the raised 2025 revenue guidance of up to $4.625 billion.

Key customer-facing product enhancements in 2025 also target engagement across segments:

• FDA clearance for the G7 15-Day System, enhancing user convenience.
• Launch of the AI-based Smart Food Logging feature in the G7 and Stelo apps.
• Development of the Smart Basal titration module for simpler basal insulin management.

Finance: draft 13-week cash view by Friday.

DexCom, Inc. (DXCM) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving DexCom, Inc.'s operations as of late 2025. Honestly, the cost structure is dominated by the high fixed and variable costs associated with producing a highly technical, disposable medical sensor. The company is spending aggressively to capture market share, which shows up clearly in the operating expense line items.

High cost of goods sold (COGS) due to complex sensor manufacturing is a constant factor. While the Non-GAAP Gross Profit Margin for the full fiscal year 2025 is guided to be approximately 61%, this means COGS is absorbing nearly 39% of every revenue dollar. That margin is a direct reflection of the complexity in making those tiny, accurate sensors.

Here's a quick look at the Q3 2025 margin performance, which gives you a real-time view of where the costs landed:

Metric	Q3 2025 Amount	Q3 2025 Percentage of Revenue
Worldwide Revenue	$1.209 billion	100.0%
Non-GAAP Gross Profit	$741.3 million	61.3%
Implied COGS (Non-GAAP)	$467.7 million (approx.)	38.7% (approx.)

The company is making significant investments in the future, which hits the P&L hard. Research and Development (R&D) investment for Q3 2025 was a substantial $157.5 million, which was up 16.3% year-over-year. This spending fuels the pipeline, including work on the next-generation G8 platform. You can't build a dominant tech platform without pouring money into engineering.

Selling, General, and Administrative (SG&A) expenses are the second major operating cost bucket. For the third quarter of 2025, SG&A totaled $331.4 million, an increase of 8.2% year-over-year. This covers the growing sales force needed to drive access wins, especially in the Type 2 diabetes market, plus all the general overhead to run a global business.

Costs associated with regulatory compliance and clinical trials are baked into R&D and SG&A, but they are a distinct driver. DexCom, Inc. is constantly engaging with the FDA, for instance, by submitting the Dexcom Smart Basal module for review. Plus, they are funding large studies, like the randomized controlled trials for gestational diabetes and Type 2 non-insulin care, to build the evidence base for broader adoption.

Inventory and supply chain management costs are definitely a near-term risk you need to watch. Management specifically guided the full-year 2025 Non-GAAP Gross Profit Margin down to approximately 61% to account for what they termed additional scrap dynamics. This suggests quality control or manufacturing yield issues are currently creating higher per-unit costs than planned. To be fair, they had prior issues, like a non-cash charge in Q4 2024 related to inventory damaged in transit.

Here are the key operating expense components from Q3 2025:

• Research and Development (R&D): $157.5 million.
• Selling, General, and Administrative (SG&A): $331.4 million.
• Non-GAAP Operating Margin Guidance (FY 2025): Approximately 20-21%.

Finance: draft a sensitivity analysis on the impact of a 100-basis-point drop in the 2026 Gross Margin by Friday.

DexCom, Inc. (DXCM) - Canvas Business Model: Revenue Streams

The core of DexCom, Inc.'s revenue generation is built on the recurring purchase of its disposable Continuous Glucose Monitoring (CGM) sensors. This stream accounts for the vast majority of the company's top line, with sensor and other revenues representing 97% of total revenues in the third quarter of 2025.

To give you a clearer picture of the Q3 2025 revenue mix, here's how the segments broke down:

Revenue Component	Percentage of Total Revenue (Q3 2025)	Dollar Amount (Q3 2025)
Sensor and other revenues	97%	$1.18 billion
Hardware revenues (Transmitters/Receivers)	3%	$34.2 million

The durable components, which include transmitters and receivers, make up the smaller, non-recurring portion of the revenue base. Still, international expansion is a significant growth driver. For the third quarter of 2025, international revenue was reported at $357.4 million. That represented a 22% year-over-year increase on a reported basis for that quarter.

You should also note the emerging revenue stream from the over-the-counter Stelo biosensor. This product, which targets adults with Type 2 diabetes who do not use insulin, surpassed $100 million in revenue within its first twelve months since launch, marking a new vector for growth.

Looking at the full-year outlook, DexCom, Inc. has updated its expectations:

• Primary revenue guidance for fiscal year 2025 is set between $4.630 billion to $4.650 billion.
• This guidance implies approximately 15% growth for the full year 2025.
• The expected Non-GAAP Gross Profit Margin for the full year is approximately 61%.