DexCom, Inc. (DXCM): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine driving DexCom, Inc. right now, and honestly, it's a classic razor-and-blades model supercharged by market expansion. As of late 2025, over $\mathbf{97\%}$ of their revenue still comes from those disposable Continuous Glucose Monitoring (CGM) sensors, underpinning their $\mathbf{\$4.630}$ billion to $\mathbf{\$4.650}$ billion full-year guidance. What's interesting is the strategic pivot: they are using their $\mathbf{\$3.3}$ billion cash pile to aggressively push into the non-insulin Type 2 and wellness space with Stelo, all while maintaining a world-class $\mathbf{8.0\%}$ MARD (Minimum Average Relative Difference) on the G7. This canvas breaks down exactly how DexCom, Inc. balances high-cost sensor manufacturing with massive Research and Development (R\&D) spend-like the $\mathbf{\$157.5}$ million in Q3 2025-to keep their proprietary biosensor tech ahead. Dive in below to see the full nine blocks of their strategy.

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

You're looking at how DexCom, Inc. builds value by leaning on others, which is crucial in the medtech space. These alliances aren't just nice-to-haves; they directly impact market access and product utility. Honestly, the sheer number of integrations they manage is impressive.

Insulin pump and Automated Insulin Delivery (AID) system manufacturers

DexCom CGM acts as the hub for a powerful digital ecosystem, connecting to more insulin delivery devices than any other brand. This connectivity is key for Automated Insulin Delivery (AID) systems, which help automate basal and bolus dosing. For instance, the Omnipod 5 Automated Insulin Delivery System is compatible with the Dexcom G7 15 Day sensor. The clinical trials that led to the regulatory approval of Omnipod 5 in the US exclusively used the Dexcom G6 CGM. Beta Bionics iLet is also listed as compatible with the Dexcom G7 15 Day system.

DexCom states it has an ecosystem of over 90+ partners that includes connected pumps, pens, and digital health apps. You should track which specific AID systems are certified for the newer G7 15 Day sensor as that rolls out.

Key AID and Pump Integrations include:

• Insulin Pump & AID Systems: Beta Bionics iLet
• Insulin Pump & AID Systems: Omnipod 5 Automated Insulin Delivery System
• Insulin Pump & AID Systems: Tandem t:slim X2 insulin pump and Tandem Mobi system (using Dexcom G7, with G7 15 Day compatibility in progress)

Major US Pharmacy Benefit Managers (PBMs) for reimbursement access

Reimbursement access through Pharmacy Benefit Managers (PBMs) is a massive driver for DexCom's growth, especially as they push into the non-insulin Type 2 diabetes market with Stelo. The company secured a strategic win by aiming for top-3 PBM coverage for all diabetes patients. Management noted in Q2 2025 that a third major PBM carrier was set to begin covering DexCom CGM for all diabetes patients in the second half of 2025. This expansion is projected to bring access to nearly 6 million people with type 2 diabetes not using insulin by the end of the fiscal year.

Here's a look at the financial and access impact:

Digital health platforms like Oura for data integration and broader reach

The partnership with Oura is a clear move to capture the metabolic health segment beyond traditional diabetes management. DexCom made a strategic investment of $75 million in Oura's Series D funding, which valued Oura at over $5 billion. The integration, expected in the first half of 2025, enables two-way data flow, letting users correlate glucose levels with Oura's metrics like sleep, heart rate, activity, and stress. This combination helps users better understand the link between lifestyle behaviors and glucose trends.

Verily Life Sciences for new biosensing product development

The long-standing R&D collaboration with Verily Life Sciences, part of Alphabet, was structured to deliver next-generation technology. Under the amended agreement, DexCom committed an upfront payment of $250 million in shares to Verily. There are potential additional milestone payments of up to $280 million contingent on product launch and revenue achievements. While the first-gen product was shelved in the US, this partnership cemented DexCom as the preferred CGM device supplier for Verily's Onduo Type 2 diabetes management program.

Durable Medical Equipment (DME) distributors for traditional channel sales

DexCom's strategy involves a deliberate shift away from heavy reliance on the Durable Medical Equipment (DME) channel toward pharmacies. This is because the pharmacy channel lowers costs and significantly improves patient fulfillment speed. In 2020, the company noted that about 50% of its business was still through the DME channel, but the goal was to pivot. By Q2 2025, sensor and other recurring revenue comprised 97% of total sales, reflecting this successful channel strategy evolution.

The contrast in fulfillment times shows the strategic benefit:

• Pharmacy Channel Fulfillment: 1 to 2 days
• DME Channel Fulfillment (Historical): Up to 4 weeks

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

You're looking at the core engine of DexCom, Inc. as of late 2025. These are the essential things the company absolutely must do well to keep the business running and growing, so let's get straight to the numbers that define these activities.

Continuous Glucose Monitoring (CGM) sensor manufacturing at scale

DexCom, Inc. maintains manufacturing facilities across San Diego, California; Mesa, Arizona; Penang, Malaysia; and is developing a new site in Athenry, Ireland. In March 2025, the company received an FDA warning letter following inspections of its two U.S. manufacturing facilities, but DexCom, Inc. stated it did not expect a material impact on its manufacturing capacity or its sales guidance for fiscal year 2025. The company is focused on capacity expansion and automation to support its growth strategy.

Research and Development (R&D) for next-gen products (e.g., G8, multi-analyte)

The investment in future technology remains high. DexCom, Inc.'s Research and Development expenses for the twelve months ending September 30, 2025, totaled $0.590B. For the third quarter ending September 30, 2025, the reported Research and Development expense was $157.5 million. This R&D spend supports the advancement of the product portfolio, including features currently under regulatory review.

Securing regulatory clearances (e.g., G7 15-Day System)

A major recent success was securing clearance for the extended-wear sensor. The U.S. Food and Drug Administration (FDA) cleared the DexCom G7 15 Day Continuous Glucose Monitoring System for adults 18 and older on April 10, 2025. This new system is designed for up to 15.5 days of wear, which includes a 12-hour grace period. DexCom, Inc. planned the U.S. launch for the second half of 2025.

Here's a quick look at the performance metrics tied to this key activity:

Clinical evidence generation for expanded indications (e.g., gestational diabetes)

Generating robust clinical data is crucial for expanding indications and driving payer acceptance. DexCom, Inc. presented new data at EASD 2025 reinforcing the benefits for gestational diabetes (GDM).

• The GRACE trial, an open-label, international, randomized controlled trial, enrolled 375 women with GDM, split between SMBG (n=185) and rt-CGM (n=190).
• The DiGest study involved 425 women with GDM, with masked Dexcom G6 CGM use recorded at 29 (n = 361), 32 (n = 215), and 36 (n = 227) weeks' gestation.
• Data showed that achieving a pregnancy-specific Time In Range (TIRp) of ≥90% at 29 weeks was associated with a significantly lower risk of large for gestational age (LGA) (Odds Ratio [OR] 0.38).

Global market access and reimbursement advocacy

Securing favorable coverage is vital for international revenue growth and market penetration. DexCom, Inc. is actively engaged in payer negotiations and international regulatory filings, with elevated go-to-market spend planned for 2025-2026.

The progress in the U.S. market is notable:

• As of the second quarter of 2025, DexCom, Inc. secured reimbursement with all three major U.S. PBMs for type 2 non-insulin patients.
• This U.S. coverage expansion provided access to nearly 6 million covered lives.
• International uptake is expected to lift in 2025-2026 across priority markets including Western Europe, Japan, Canada, and Australia.

The company's fiscal year 2025 revenue guidance, updated in Q3 2025, was set between $4.630 - $4.650 billion.

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

You're looking at the core assets DexCom, Inc. relies on to operate and grow in late 2025. These aren't just things they own; they are the engines driving their market position.

Financially, the company maintains a very strong liquidity position. As of the end of the third quarter on September 30, 2025, DexCom held $3.32 billion in cash, cash equivalents and marketable securities. That's significant financial flexibility, and their revolving credit facility remained undrawn at that time.

The heart of DexCom's value is its proprietary biosensor technology. They are actively managing a portfolio that includes the established G6, the current flagship G7, and the newer, over-the-counter focused Stelo. Honestly, the transition and expansion are key here. The Stelo product alone surpassed $100 million in revenue over its first twelve months post-launch. The G7 platform continues to evolve; for instance, the Dexcom G7 15 Day version offers up to 15.5 days of wear time, which is about 50% longer than the original G7's 10.5 days. The G6 is in the process of being phased out.

Here's a quick look at the performance metrics for the latest sensor generations:

Protecting this innovation is a massive patent portfolio. DexCom has a total of 2386 patents globally. Of those, 1774 patents are currently active, and they are organized across 267 unique patent families. The United States Patent Office remains the primary jurisdiction for their filings and grants, accounting for nearly 30% of grants as of Q2 2024.

The physical and digital infrastructure supports this technology. You see DexCom actively expanding production capacity, and they were building 'boatloads' of inventory leading into late 2025. The real-time data backbone, which includes the Dexcom Share cloud infrastructure, is constantly being enhanced through software. For example, they launched AI-powered meal logging features across the Stelo and Dexcom G7 apps to support personalized insights. Also, the G7 gained a direct-to-Apple-Watch feature, which took about seven years to bring to market.

These key resources can be summarized by their function:

• Proprietary Biosensor Technology: G7 15 Day, Stelo, and the in-development G8.
• Intellectual Property: 2386 global patents protecting core technology.
• Manufacturing & Inventory: Facilities supporting capacity expansion and significant inventory build-up.
• Data Infrastructure: Cloud services powering real-time alerts and advanced software features like AI meal logging.
• Financial Capital: $3.32 billion in cash and marketable securities as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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%.