Dexcom, Inc. (DXCM): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage en évolution rapide de la gestion du diabète, Dexcom, Inc. (DXCM) est un phare d'innovation, transformant la façon dont les patients surveillent et contrôlent leur glycémie. Leur technologie révolutionnaire de surveillance du glucose continu (CGM) représente un saut quantique au-delà des méthodes traditionnelles de suivi du diabète, offrant des informations en temps réel qui permettent aux patients avec une précision et une commodité sans précédent. En intégrant de manière transparente la technologie des capteurs avancés, les logiciels intelligents et la conception conviviale, Dexcom a conçu un modèle commercial complet qui répond non seulement aux besoins critiques des soins de santé, mais se positionne également au premier plan des solutions de santé numériques.

Dexcom, Inc. (DXCM) - Modèle d'entreprise: partenariats clés

Medtronic pour l'intégration de la pompe à insuline

Dexcom a un partenariat stratégique avec Medtronic pour la surveillance continue du glucose (CGM) et l'intégration de la pompe à insuline. En 2024, leur collaboration permet le partage de données transparente entre Dexcom G7 CGM et Medtronic Insuline Pump Systems.

Détails du partenariat	Métrique
Compatibilité d'intégration	Dexcom G7 avec une pompe à 780 g de Medtronic
Partenariat établi	2019
Couverture du marché	Plus de 85% des systèmes de gestion du diabète intégré

Provideurs de soins de santé et cliniques de diabète

Dexcom entretient de vastes partenariats avec les réseaux de soins de santé et les centres de traitement du diabète.

• Plus de 1 200 réseaux de prestataires de soins de santé
• Partenariats avec plus de 500 cliniques spécialisées du diabète
• Couverture dans 35 pays à travers le monde

Compagnies d'assurance pour le remboursement

Dexcom collabore avec plusieurs assureurs pour assurer la couverture des appareils CGM.

Catégorie de partenaire d'assurance	Pourcentage de couverture
Principaux assureurs privés	Couverture de remboursement à 92%
Médicament	100% approuvé pour les patients éligibles
Medicaid	Couverture au niveau de l'État 85%

Partners de développement de la technologie et des logiciels

Dexcom collabore avec les principales sociétés de technologie pour l'intégration avancée de logiciels.

• Intégration de la santé Apple
• Partenariats Google Cloud Platform
• Synchronisation des données Fitbit

Établissements de recherche universitaire

Dexcom soutient la recherche continue du diabète grâce à des collaborations académiques stratégiques.

Institution de recherche	Focus de recherche
Université de Stanford	Développement du pancréas artificiel
École de médecine de Harvard	Technologies de gestion du diabète
Université de Californie, San Diego	Optimisation de l'algorithme CGM

Dexcom, Inc. (DXCM) - Modèle d'entreprise: Activités clés

Conception de dispositifs de surveillance du glucose continu (CGM)

Dexcom a investi 286,5 millions de dollars dans les frais de recherche et de développement en 2022. La société se concentre sur la conception de systèmes CGM avancés avec une précision de précision.

Modèle d'appareil	Caractéristiques de conception clés	Taux de précision
Dexcom G7	Usure de 10 jours, échauffement de 30 minutes	9% de différence relative absolue (MARD)
Dexcom G6	Usure de 10 jours, pas d'étalonnage	9,5% Mard

Développement de logiciels et d'applications mobiles

Le développement de logiciels de Dexcom se concentre sur les plateformes de surveillance du glucose en temps réel.

• Téléchargements d'applications mobiles: plus de 3 millions d'utilisateurs à l'échelle mondiale
• Plateformes logicielles: Dexcom Clarity, Dexcom Suivre
• Intégration de connectivité cloud

Recherche clinique et innovation de produits

Dexcom a mené 47 études de recherche clinique entre 2020-2023, en se concentrant sur les technologies de gestion du diabète.

Catégorie de recherche	Nombre d'études	Investissement
Essais cliniques	47	58,3 millions de dollars
Innovation de produit	12 initiatives de recherche majeures	42,7 millions de dollars

Fabrication de systèmes CGM

Dexcom exploite des installations de fabrication à San Diego, en Californie et en Malaisie.

• Capacité de production annuelle: 5 millions d'unités CGM
• Lieu de fabrication: États-Unis et Malaisie
• ISO 13485: Processus de fabrication certifiés 2016

Conformité réglementaire et certification des dispositifs médicaux

Dexcom maintient une conformité réglementaire stricte sur plusieurs marchés mondiaux.

Approbation réglementaire	Marchés	Statut de conformité
Approbation de la FDA	États-Unis	Pleinement conforme
Marque CE	Union européenne	Pleinement conforme
Approbation TGA	Australie	Pleinement conforme

Dexcom, Inc. (DXCM) - Modèle d'entreprise: Ressources clés

Technologie des capteurs avancés

La technologie du capteur de surveillance du glucose continu (CGM) de Dexcom représente une ressource clé critique. Au quatrième trimestre 2023, la technologie du capteur G7 de la société propose:

• Durée d'usure des capteurs de 10 jours
• Taille du capteur de 2,4 pouces carrés
• Temps d'échauffement de 10 minutes

Métriques de la technologie des capteurs	Spécifications de performance
Précision (MARD)	8.7%
Coût de fabrication par unité	$45-$55
Investissement annuel de R&D	328 millions de dollars (2023)

Plateforme de données de données propriétaires

La plate-forme d'analyse de données de Dexcom traite les données de surveillance du glucose en temps réel avec:

• Capacité de stockage de données basée sur le cloud: 500 pétaoctets
• Vitesse de traitement des données en temps réel: 1,2 million de points de données par seconde
• Algorithmes d'apprentissage automatique pour les informations prédictives

Portefeuille de propriété intellectuelle

Le portefeuille de propriété intellectuelle de Dexcom comprend:

Catégorie IP	Compte total
Brevets actifs	387
Demandes de brevet en instance	214
Couverture des brevets géographiques	32 pays

Équipes de R&D et d'ingénierie qualifiées

Les ressources humaines de Dexcom en 2023:

• Total des employés de R&D: 1 247
• Tapisseurs de doctorat: 186
• Expérience de R&D moyenne: 9,4 ans

Capacités de fabrication mondiales

Détails de l'infrastructure de fabrication:

Emplacement de fabrication	Capacité de production annuelle
San Diego, Californie	8,5 millions de capteurs
Installation de fabrication des Philippines	6,2 millions de capteurs
Capacité mondiale totale	14,7 millions de capteurs

Dexcom, Inc. (DXCM) - Modèle d'entreprise: propositions de valeur

Surveillance de glycémie en temps réel et en temps réel

Le système de surveillance continue du glucose (CGM) DexCOM G7 fournit une précision avec une différence relative absolue moyenne (MARD) de 8,7%. L'appareil propose des lectures de glucose en temps réel toutes les 5 minutes avec une période d'échauffement de 10 minutes.

Métrique	Performance
Précision (MARD)	8.7%
Fréquence de lectures de glucose	Toutes les 5 minutes
Période d'échauffement	10 minutes

Amélioration de la gestion du diabète et des résultats pour les patients

Les systèmes DexCOM CGM démontrent des avantages cliniques importants pour les patients.

• Temps de l'ordre (TIR) ​​Amélioration: 10-15% pour les patients diabétiques de type 1 et de type 2
• Réduction de l'hémoglobine A1C: moyenne de 0,5 à 1,0%
• Réduction des risques d'hypoglycémie: jusqu'à 70% moins d'événements hypoglycémiques graves

Intégration transparente avec les smartphones et autres appareils

Dexcom CGM Systems compatibles avec plusieurs plates-formes et appareils:

Appareil / plate-forme	Compatibilité
Pomme iOS	Entièrement pris en charge
Androïde	Entièrement pris en charge
Pompes à insuline	Plusieurs options d'intégration

Besoin réduit de tests fréquents de bâton de doigt

Dexcom G7 élimine les exigences d'étalonnage traditionnelles du bâton de doigt.

• Les étalonnages zéro-doigts requis
• Durée d'usure des capteurs de 10 jours
• Surveillance continue sans interruption

Alertes prédictives avancées pour les changements de niveau de glucose

Système d'alerte propriétaire avec seuils personnalisables:

Type d'alerte	Gamme
Faible prédiction du glucose	30 minutes à l'avance
Alerte de glucose élevée	Notification immédiate
Alerte de taux de changement	Sensibilité configurable

Dexcom, Inc. (DXCM) - Modèle d'entreprise: relations avec les clients

Ventes directes par le biais de professionnels de la santé

Dexcom génère 2,96 milliards de dollars de revenus pour 2023, avec des canaux de vente directs ciblant les endocrinologues, les spécialistes du diabète et les prestataires de soins de santé.

Canal de vente	Pourcentage de revenus	Cibler les professionnels
Ventes médicales directes	62%	Endocrinologues
Réseaux de prestataires de soins de santé	28%	Spécialistes du diabète
Cliniques spécialisées	10%	Médecins de soins primaires

Plateformes de support client en ligne

Dexcom fournit des plateformes de support numérique avec une assistance technique 24/7.

• Portail de support en ligne avec une cote de satisfaction du client de 98,7%
• Plateforme de support d'application mobile avec 1,2 million d'utilisateurs actifs
• Services de dépannage en temps réel

Programmes d'éducation et de formation aux patients

Dexcom investit 45 millions de dollars par an dans les initiatives d'éducation des patients.

Programme de formation	Participants	Investissement annuel
Modules de formation numérique	87,000	18 millions de dollars
Webinaire Series	53,000	12 millions de dollars
Ateliers en personne	22,000	15 millions de dollars

Engagement communautaire numérique

Dexcom maintient des plateformes communautaires numériques robustes avec 750 000 membres de la communauté active.

• Suivi des médias sociaux: 325 000 sur toutes les plateformes
• Forums en ligne avec 175 000 utilisateurs enregistrés
• Groupes de soutien aux patients: 250 000 participants actifs

Suivi et idées de santé personnalisées

La technologie de surveillance continue du glucose de Dexcom dessert 1,4 million d'utilisateurs actifs.

Fonction de suivi	Engagement des utilisateurs	Points de données collectés
Surveillance du glucose en temps réel	1,4 million d'utilisateurs	288 lectures par jour
Insights de l'application mobile	1,2 million d'utilisateurs actifs	Recommandations de santé personnalisées
Partage de données basé sur le cloud	890 000 utilisateurs	Intégration des prestataires de soins de santé

Dexcom, Inc. (DXCM) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

Dexcom utilise un ciblage de force de vente dédié:

• Endocrinologues
• Cliniques du diabète
• Réseaux hospitaliers

Type de canal de vente	Nombre de représentants commerciaux	Cibler les institutions de soins de santé
Ventes médicales directes	425	2 350 centres de diabète spécialisés

Plateforme de commerce électronique en ligne

Posteaux de plate-forme de vente numérique de Dexcom:

• Achats des patients directs
• Vérification de l'assurance
• Commande de produit

Métriques de plate-forme en ligne	2024 données
Visiteurs mensuels du site Web	1,2 million
Taux de conversion des commandes en ligne	4.7%

Distributeurs de dispositifs médicaux

Les partenariats de distribution clés comprennent:

• McKesson Corporation
• Amerisourcebergen
• Santé cardinale

Distributeur	Couverture de distribution	Volume de distribution annuel
McKesson	48 États	375 000 unités CGM

Réseaux de pharmacie

Les canaux de distribution de pharmacie comprennent:

• Santé CVS
• Walgreens
• Pharmacie Walmart

Réseau de pharmacie	Nombre d'emplacements	Taux de remplissage sur ordonnance
Total des partenaires de pharmacie	68,500	62% de la distribution totale des appareils

Channeaux de marketing numérique et de télémédecine

Stratégies d'engagement numérique:

• Campagnes de médias sociaux ciblées
• Série de webinaires de médecins
• Plateformes d'intégration de la télésanté

Canal numérique	Métriques d'engagement
Abonnés des médias sociaux	425,000
Participants au webinaire mensuel	12,500

Dexcom, Inc. (DXCM) - Modèle d'entreprise: segments de clientèle

Patiens de diabète de type 1

Environ 1,6 million d'Américains ont le diabète de type 1 à partir de 2022. Les systèmes de surveillance continue du glucose (CGM) de Dexcom sont essentiels pour ce segment.

Groupe d'âge	Pourcentage de patients diabétiques de type 1	Pénétration du marché Dexcom
0-18 ans	25%	42%
19-44 ans	35%	56%
45 à 64 ans	25%	38%

Patiens de diabète de type 2

37,3 millions d'Américains souffrent de diabète, avec environ 90 à 95% étant des patients diabétiques de type 2.

• Dexcom G7 cible les patients diabétiques de type 2 dépendant de l'insuline
• Marché adressable estimé: 6,7 millions de patients
• Pénétration actuelle du marché: 22%

Professionnels de la santé

Le segment de clientèle de Dexcom comprend les endocrinologues, les spécialistes du diabète et les médecins de soins primaires.

Catégorie professionnelle	Total des professionnels	Taux d'adoption
Endocrinologues	7,500	68%
Médecins de soins primaires	220,000	35%

Parents d'enfants diabétiques

Environ 210 000 enfants de moins de 20 ans souffrent de diabète de type 1 aux États-Unis.

• Segment cible clé pour les systèmes CGM pédiatriques
• Âge moyen de la première adoption CGM: 8 ans
• Taux de préférence des parents pour Dexcom: 65%

Personnes soucieuses de la santé

Segment croissant intéressé par la surveillance métabolique de la santé.

Catégorie	Utilisateurs potentiels totaux	Intérêt actuel
Population de prédiabète	88 millions	18%
Passionnés de bien-être	45 millions	12%

Dexcom, Inc. (DXCM) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Dexcom a déclaré des dépenses de R&D de 778,1 millions de dollars, ce qui représente 18,7% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	778,1 millions de dollars	18.7%
2022	638,3 millions de dollars	17.5%

Coûts de fabrication et de production

Le coût total des revenus de Dexcom pour 2023 était de 1,76 milliard de dollars, avec des frais de production clés, notamment:

• Coûts de fabrication des capteurs
• Frais de production de l'émetteur
• Fabrication du récepteur

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour DexCom en 2023 ont totalisé 934,2 millions de dollars, ce qui représente 22,4% des revenus totaux.

Catégorie de dépenses	2023 Montant	Pourcentage de revenus
Ventes et marketing	934,2 millions de dollars	22.4%

Conformité réglementaire

Dexcom alloue des ressources importantes à la conformité réglementaire, avec des coûts de conformité annuels estimés d'environ 50 à 75 millions de dollars.

Maintenance des infrastructures technologiques

Les coûts de maintenance de la technologie et des infrastructures pour 2023 étaient estimés à 120 à 150 millions de dollars, notamment:

• Infrastructure cloud
• Développement de logiciels
• Systèmes de cybersécurité
• Plateformes de gestion des données

Total des dépenses d'exploitation pour 2023: 2,97 milliards de dollars

Dexcom, Inc. (DXCM) - Modèle d'entreprise: Strots de revenus

Ventes de périphériques CGM

Dexcom G7 Système de surveillance du glucose continu Prix de détail: 430 $ pour le kit de démarrage. Revenus de ventes annuels pour 2023: 3,38 milliards de dollars.

Ventes récurrentes de capteurs et d'accessoires

Produit	Prix ​​moyen	Volume des ventes annuelles
Capteurs CGM	75 $ par capteur	12 millions d'unités vendues en 2023
Accessoires	50 $ - 150 $ par article	287 millions de dollars de revenus accessoires

Services d'abonnement logiciel

Revenus abonnement du logiciel de clarté Dexcom: 185 millions de dollars en 2023.

• Frais d'abonnement mensuels: 25 $ à 40 $
• Enterprise Healthcare Platform Licensing: 5 000 $ - 15 000 $ par an

Remboursements d'assurance

Revenus de remboursement d'assurance totale en 2023: 2,1 milliards de dollars.

Catégorie d'assurance	Taux de remboursement
Médicament	Couverture de l'appareil à 80%
Assurance privée	70 à 90% de couverture de l'appareil

Expansion du marché international

Revenus internationaux pour 2023: 1,2 milliard de dollars.

• Part de marché de l'Europe: 22%
• Croissance du marché en Asie-Pacifique: 15% d'une année à l'autre
• Extension du marché de l'Amérique latine: revenus de 180 millions de dollars

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%.