DexCom, Inc. (DXCM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución del manejo de la diabetes, Dexcom, Inc. (DXCM) se erige como un faro de innovación, transformando cómo los pacientes monitorean y controlan sus niveles de glucosa en sangre. Su innovadora tecnología de monitoreo continuo de glucosa (CGM) representa un salto cuántico más allá de los métodos de seguimiento de diabetes tradicionales, ofreciendo ideas en tiempo real que capacitan a los pacientes con precisión y conveniencia sin precedentes. Al integrar a la perfección la tecnología de sensores avanzados, el software inteligente y el diseño fácil de usar, Dexcom ha creado un modelo comercial integral que no solo aborda las necesidades críticas de atención médica, sino que también se posiciona a la vanguardia de las soluciones de salud digital.

Dexcom, Inc. (DXCM) - Modelo de negocio: asociaciones clave

Medtronic para la integración de la bomba de insulina

Dexcom tiene una asociación estratégica con Medtronic para monitoreo continuo de glucosa (CGM) e integración de la bomba de insulina. A partir de 2024, su colaboración permite un intercambio de datos sin problemas entre los sistemas de bomba de insulina de Dexcom G7 y Medtronic.

Detalles de la asociación	Métrica
Compatibilidad de integración	Dexcom G7 con bomba Medtronic Minimed 780G
Asociación establecida	2019
Cobertura del mercado	Más del 85% de los sistemas de gestión de diabetes integrados

Proveedores de atención médica y clínicas de diabetes

Dexcom mantiene asociaciones extensas con redes de salud y centros de tratamiento de diabetes.

• Más de 1.200 redes de proveedores de atención médica
• Asociaciones con más de 500 clínicas especializadas de diabetes
• Cobertura en 35 países en todo el mundo

Compañías de seguros para el reembolso

Dexcom colabora con múltiples proveedores de seguros para garantizar la cobertura del dispositivo CGM.

Categoría de socio de seguros	Porcentaje de cobertura
Principales aseguradoras privadas	92% de cobertura de reembolso
Seguro médico del estado	100% aprobado para pacientes elegibles
Seguro de enfermedad	Cobertura a nivel estatal del 85%

Socios de desarrollo de tecnología y software

Dexcom colabora con las principales empresas de tecnología para la integración avanzada de software.

• Integración de salud de Apple
• Asociaciones de la plataforma en la nube de Google
• Sincronización de datos de Fitbit

Instituciones de investigación académica

Dexcom apoya la investigación continua de la diabetes a través de colaboraciones académicas estratégicas.

Institución de investigación	Enfoque de investigación
Universidad de Stanford	Desarrollo de páncreas artificiales
Escuela de Medicina de Harvard	Tecnologías de manejo de diabetes
Universidad de California, San Diego	Optimización del algoritmo de CGM

Dexcom, Inc. (DXCM) - Modelo de negocio: actividades clave

Diseño de dispositivos de monitoreo de glucosa continua (CGM)

Dexcom invirtió $ 286.5 millones en gastos de investigación y desarrollo en 2022. La Compañía se enfoca en diseñar sistemas avanzados de CGM con precisión de precisión.

Modelo	Características de diseño clave	Tasa de precisión
Dexcom G7	Ropa de 10 días, calentamiento de 30 minutos	9% Diferencia relativa absoluta media (Mard)
Dexcom G6	Ropa de 10 días, sin calibración	9.5% Mard

Desarrollo de aplicaciones de software y móvil

El desarrollo de software de Dexcom se centra en las plataformas de monitoreo de glucosa en tiempo real.

• Descargas de aplicaciones móviles: más de 3 millones de usuarios a nivel mundial
• Plataformas de software: Dexcom Clarity, Dexcom Sigue
• Integración de conectividad en la nube

Investigación clínica e innovación de productos

Dexcom realizó 47 estudios de investigación clínica entre 2020-2023, centrándose en tecnologías de manejo de diabetes.

Categoría de investigación	Número de estudios	Inversión
Ensayos clínicos	47	$ 58.3 millones
Innovación de productos	12 principales iniciativas de investigación	$ 42.7 millones

Fabricación de sistemas CGM

Dexcom opera instalaciones de fabricación en San Diego, California y Malasia.

• Capacidad de producción anual: 5 millones de unidades CGM
• Ubicaciones de fabricación: Estados Unidos y Malasia
• ISO 13485: procesos de fabricación certificados de 2016

Cumplimiento regulatorio y certificación de dispositivos médicos

Dexcom mantiene un estricto cumplimiento regulatorio en múltiples mercados globales.

Aprobación regulatoria	Mercados	Estado de cumplimiento
Aprobación de la FDA	Estados Unidos	Totalmente cumplido
Marca	unión Europea	Totalmente cumplido
Aprobación de TGA	Australia	Totalmente cumplido

Dexcom, Inc. (DXCM) - Modelo de negocio: recursos clave

Tecnología de sensores avanzados

La tecnología del sensor de monitoreo de glucosa continuo (CGM) de Dexcom representa un recurso clave crítico. A partir del cuarto trimestre de 2023, la tecnología del sensor G7 de la compañía ofrece:

• Duración de desgaste del sensor de 10 días
• Tamaño del sensor de 2.4 pulgadas cuadradas
• Tiempo de calentamiento de 10 minutos

Métricas de tecnología de sensores	Especificaciones de rendimiento
Precisión (Mard)	8.7%
Costo de fabricación por unidad	$45-$55
Inversión anual de I + D	$ 328 millones (2023)

Plataforma de análisis de datos patentada

La plataforma de análisis de datos de Dexcom procesa datos de monitoreo de glucosa en tiempo real con:

• Capacidad de almacenamiento de datos basada en la nube: 500 petabytes
• Velocidad de procesamiento de datos en tiempo real: 1.2 millones de puntos de datos por segundo
• Algoritmos de aprendizaje automático para ideas predictivas

Cartera de propiedades intelectuales

La cartera de propiedad intelectual de Dexcom incluye:

Categoría de IP	Recuento total
Patentes activas	387
Aplicaciones de patentes pendientes	214
Cobertura de patentes geográficas	32 países

Equipos calificados de I + D e ingeniería

Recursos humanos de Dexcom a partir de 2023:

• Empleados totales de I + D: 1.247
• Titulares de doctorado: 186
• Experiencia promedio de I + D: 9.4 años

Capacidades de fabricación global

Detalles de la infraestructura de fabricación:

Ubicación de fabricación	Capacidad de producción anual
San Diego, California	8.5 millones de sensores
Instalación de fabricación de Filipinas	6.2 millones de sensores
Capacidad global total	14.7 millones de sensores

Dexcom, Inc. (DXCM) - Modelo de negocio: propuestas de valor

Monitoreo de glucosa en tiempo real y preciso

El sistema de monitoreo continuo de glucosa (CGM) Dexcom G7 proporciona una precisión con una diferencia relativa absoluta media (MARD) del 8,7%. El dispositivo ofrece lecturas de glucosa en tiempo real cada 5 minutos con un período de calentamiento de 10 minutos.

Métrico	Actuación
Precisión (Mard)	8.7%
Frecuencia de lecturas de glucosa	Cada 5 minutos
Período de calentamiento	10 minutos

Manejo mejorado de la diabetes y resultados del paciente

Los sistemas de CGM Dexcom demuestran beneficios clínicos significativos para los pacientes.

• Tiempo en la mejora del rango (TIR): 10-15% para pacientes con diabetes tipo 1 y tipo 2
• Reducción de hemoglobina A1C: promedio de 0.5-1.0% Disminución
• Reducción del riesgo de hipoglucemia: hasta un 70% menos de eventos hipoglucémicos severos

Integración perfecta con teléfonos inteligentes y otros dispositivos

Sistemas CGM dexcom compatibles con múltiples plataformas y dispositivos:

Dispositivo/plataforma	Compatibilidad
Apple iOS	Totalmente compatible
Androide	Totalmente compatible
Bombas de insulina	Opciones de integración múltiples

Necesidad reducida de pruebas frecuentes de palo de dedo

Dexcom G7 elimina los requisitos tradicionales de calibración de palo de dedo.

• Se requieren calibraciones de palo de dedo cero
• Duración de desgaste del sensor de 10 días
• Monitoreo continuo sin interrupción

Alertas predictivas avanzadas para los cambios en el nivel de glucosa

Sistema de alerta patentado con umbrales personalizables:

Tipo de alerta	Rango
Predicción de baja glucosa	Con 30 minutos de anticipación
Alerta de glucosa alta	Notificación inmediata
Alerta de tasa de cambio	Sensibilidad configurable

Dexcom, Inc. (DXCM) - Modelo comercial: relaciones con los clientes

Ventas directas a través de profesionales médicos

Dexcom genera $ 2.96 mil millones en ingresos para 2023, con canales de ventas directos dirigidos a endocrinólogos, especialistas en diabetes y proveedores de atención médica.

Canal de ventas	Porcentaje de ingresos	Profesionales objetivo
Ventas médicas directas	62%	Endocrinólogos
Redes de proveedores de atención médica	28%	Especialistas en diabetes
Clínicas especializadas	10%	Médicos de atención primaria

Plataformas de atención al cliente en línea

Dexcom proporciona plataformas de soporte digital con asistencia técnica 24/7.

• Portal de soporte en línea con 98.7% de calificación de satisfacción del cliente
• Plataforma de soporte de aplicaciones móviles con 1.2 millones de usuarios activos
• Servicios de solución de problemas en tiempo real

Programas de educación y capacitación de pacientes

Dexcom invierte $ 45 millones anuales en iniciativas de educación del paciente.

Programa de capacitación	Participantes	Inversión anual
Módulos de capacitación digital	87,000	$ 18 millones
Serie de seminarios web	53,000	$ 12 millones
Talleres en persona	22,000	$ 15 millones

Compromiso de la comunidad digital

Dexcom mantiene plataformas de comunidad digital robustas con 750,000 miembros activos de la comunidad.

• A continuación de las redes sociales: 325,000 en todas las plataformas
• Foros en línea con 175,000 usuarios registrados
• Grupos de apoyo al paciente: 250,000 participantes activos

Seguimiento de salud personalizado e ideas

La tecnología continua de monitoreo de glucosa de Dexcom sirve a 1,4 millones de usuarios activos.

Función de seguimiento	Compromiso de usuario	Puntos de datos recopilados
Monitoreo de glucosa en tiempo real	1.4 millones de usuarios	288 lecturas por día
Insights de la aplicación móvil	1.2 millones de usuarios activos	Recomendaciones de salud personalizadas
Intercambio de datos basado en la nube	890,000 usuarios	Integración del proveedor de atención médica

Dexcom, Inc. (DXCM) - Modelo de negocio: canales

Ventas directas a proveedores de atención médica

Dexcom utiliza una fuerza de ventas dedicada dirigida:

• Endocrinólogos
• Clínicas de diabetes
• Redes hospitalarias

Tipo de canal de ventas	Número de representantes de ventas	Instituciones de atención médica objetivo
Ventas médicas directas	425	2.350 centros de diabetes especializados

Plataforma de comercio electrónico en línea

La plataforma de ventas digitales de Dexcom es compatible con:

• Compras directas de pacientes
• Verificación de seguro
• Pedido de productos

Métricas de plataforma en línea	2024 datos
Visitantes mensuales del sitio web	1.2 millones
Tasa de conversión de pedidos en línea	4.7%

Distribuidores de dispositivos médicos

Las asociaciones de distribución clave incluyen:

• McKesson Corporation
• AmerisourceBergen
• Salud cardinal

Distribuidor	Cobertura de distribución	Volumen de distribución anual
McKesson	48 estados	375,000 unidades CGM

Redes de farmacia

Los canales de distribución de farmacia incluyen:

• Salud CVS
• Walgreens
• Farmacia Walmart

Red de farmacia	Número de ubicaciones	Tarifa de llenado de receta
Socios de farmacia total	68,500	62% de la distribución total del dispositivo

Mercadeo digital y canales de telemedicina

Estrategias de participación digital:

• Campañas de redes sociales dirigidas
• Serie de seminarios web médicos
• Plataformas de integración de telesalud

Canal digital	Métricas de compromiso
Seguidores de redes sociales	425,000
Participantes mensuales de seminarios web	12,500

Dexcom, Inc. (DXCM) - Modelo de negocio: segmentos de clientes

Pacientes con diabetes tipo 1

Aproximadamente 1.6 millones de estadounidenses tienen diabetes tipo 1 a partir de 2022. Los sistemas de monitoreo continuo de glucosa (CGM) de Dexcom son críticos para este segmento.

Grupo de edad	Porcentaje de pacientes con diabetes tipo 1	Penetración del mercado de Dexcom
0-18 años	25%	42%
19-44 años	35%	56%
45-64 años	25%	38%

Pacientes con diabetes tipo 2

37.3 millones de estadounidenses tienen diabetes, con aproximadamente 90-95% de pacientes con diabetes tipo 2.

• Dexcom G7 apunta a pacientes con diabetes tipo 2 dependientes de la insulina
• Mercado direccionable estimado: 6.7 millones de pacientes
• Penetración actual del mercado: 22%

Profesionales de la salud

El segmento de clientes de Dexcom incluye endocrinólogos, especialistas en diabetes y médicos de atención primaria.

Categoría profesional	Total de profesionales	Tasa de adopción
Endocrinólogos	7,500	68%
Médicos de atención primaria	220,000	35%

Padres de niños con diabetes

Aproximadamente 210,000 niños menores de 20 años tienen diabetes tipo 1 en los Estados Unidos.

• Segmento de destino clave para sistemas PEDIATRIC CGM
• Edad promedio de la primera adopción de CGM: 8 años
• Tasa de preferencias de los padres para Dexcom: 65%

Individuos conscientes de la salud

Segmento creciente interesado en el monitoreo de la salud metabólica.

Categoría	Usuarios potenciales totales	Interés actual
Población prediabetes	88 millones	18%
Entusiastas del bienestar	45 millones	12%

Dexcom, Inc. (DXCM) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Dexcom reportó gastos de I + D de $ 778.1 millones, lo que representa el 18.7% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 778.1 millones	18.7%
2022	$ 638.3 millones	17.5%

Costos de fabricación y producción

El costo total de ingresos de Dexcom para 2023 fue de $ 1.76 mil millones, con gastos de producción clave que incluyen:

• Costos de fabricación de sensores
• Gastos de producción del transmisor
• Fabricación de receptores

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Dexcom en 2023 totalizaron $ 934.2 millones, lo que representa el 22.4% de los ingresos totales.

Categoría de gastos	Cantidad de 2023	Porcentaje de ingresos
Ventas y marketing	$ 934.2 millones	22.4%

Cumplimiento regulatorio

Dexcom asigna recursos significativos para el cumplimiento regulatorio, con costos estimados de cumplimiento anual de aproximadamente $ 50-75 millones.

Mantenimiento de la infraestructura tecnológica

Los costos de tecnología y mantenimiento de infraestructura para 2023 se estimaron en $ 120-150 millones, que incluyen:

• Infraestructura en la nube
• Desarrollo de software
• Sistemas de ciberseguridad
• Plataformas de gestión de datos

Gastos operativos totales para 2023: $ 2.97 mil millones

Dexcom, Inc. (DXCM) - Modelo de negocio: flujos de ingresos

Venta de dispositivos CGM

Dexcom G7 Sistema de monitoreo de glucosa continua Precio minorista: $ 430 para el kit de inicio. Ingresos anuales de ventas de dispositivos para 2023: $ 3.38 mil millones.

Ventas recurrentes de sensores y accesorios

Producto	Precio medio	Volumen de ventas anual
Sensores de CGM	$ 75 por sensor	12 millones de unidades vendidas en 2023
Accesorios	$ 50- $ 150 por artículo	$ 287 millones en ingresos accesorios

Servicios de suscripción de software

Ingresos de suscripción de Software de Dexcom Clarity: $ 185 millones en 2023.

• Tarifa de suscripción mensual: $ 25- $ 40
• Licencias de la plataforma de atención médica empresarial: $ 5,000- $ 15,000 anualmente

Reembolsos de seguros

Ingresos de reembolso total de seguros en 2023: $ 2.1 mil millones.

Categoría de seguro	Tasa de reembolso
Seguro médico del estado	Cobertura del dispositivo 80%
Seguro privado	70-90% de cobertura del dispositivo

Expansión del mercado internacional

Ingresos internacionales para 2023: $ 1.2 mil millones.

• Cuota de mercado de Europa: 22%
• Crecimiento del mercado de Asia-Pacífico: 15% año tras año
• Expansión del mercado de América Latina: ingresos de $ 180 millones

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%.