Dexcom, Inc. (DXCM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do gerenciamento de diabetes, a Dexcom, Inc. (DXCM) permanece como um farol de inovação, transformando como os pacientes monitoram e controlam seus níveis de glicose no sangue. Sua inovadora tecnologia de monitoramento contínuo de glicose (CGM) representa um salto quântico além dos métodos tradicionais de rastreamento do diabetes, oferecendo informações em tempo real que capacitam pacientes com precisão e conveniência sem precedentes. Ao integrar perfeitamente a tecnologia avançada de sensores, software inteligente e design amigável, a Dexcom criou um modelo de negócios abrangente que não apenas atende às necessidades críticas de saúde, mas também se posiciona na vanguarda das soluções de saúde digital.

Dexcom, Inc. (DXCM) - Modelo de negócios: Parcerias -chave

Medtronic para integração da bomba de insulina

A Dexcom tem uma parceria estratégica com a Medtronic para o monitoramento contínuo de glicose (CGM) e a integração da bomba de insulina. A partir de 2024, sua colaboração permite o compartilhamento de dados sem costura entre os sistemas de bomba de insulina G7 e Medtronic.

Detalhes da parceria	Métricas
Compatibilidade de integração	Dexcom G7 com Medtronic Minimed 780g Bomba
Parceria estabelecida	2019
Cobertura de mercado	Mais de 85% dos sistemas integrados de gerenciamento de diabetes

Provedores de saúde e clínicas de diabetes

A DEXCOM mantém parcerias extensas com redes de assistência médica e centros de tratamento para diabetes.

• Mais de 1.200 redes de prestadores de serviços de saúde
• Parcerias com mais de 500 clínicas de diabetes especializadas
• Cobertura em 35 países em todo o mundo

Companhias de seguros para reembolso

A DEXCOM colabora com vários provedores de seguros para garantir a cobertura do dispositivo CGM.

Categoria de parceiro de seguro	Porcentagem de cobertura
Principais seguradoras privadas	Cobertura de reembolso de 92%
Medicare	100% aprovado para pacientes elegíveis
Medicaid	85% de cobertura em nível estadual

Parceiros de tecnologia e desenvolvimento de software

A Dexcom colabora com as principais empresas de tecnologia para integração avançada de software.

• Integração da saúde da Apple
• Google Cloud Platform Partnerships
• Sincronização de dados Fitbit

Instituições de pesquisa acadêmica

A DEXCOM suporta pesquisas contínuas de diabetes por meio de colaborações acadêmicas estratégicas.

Instituição de pesquisa	Foco na pesquisa
Universidade de Stanford	Desenvolvimento artificial do pâncreas
Escola de Medicina de Harvard	Tecnologias de gerenciamento de diabetes
Universidade da Califórnia, San Diego	Otimização do algoritmo CGM

Dexcom, Inc. (DXCM) - Modelo de negócios: Atividades -chave

Projeto de dispositivo de monitoramento contínuo de glicose (CGM)

A Dexcom investiu US $ 286,5 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia se concentra no design de sistemas CGM avançados com precisão de precisão.

Modelo de dispositivo	Recursos de design -chave	Taxa de precisão
Dexcom G7	Desgaste de 10 dias, aquecimento de 30 minutos	9% média de diferença relativa absoluta (MARD)
Dexcom G6	Desgaste de 10 dias, sem calibração	9,5% Mard

Desenvolvimento de software e aplicativos móveis

O desenvolvimento de software da Dexcom se concentra nas plataformas de monitoramento de glicose em tempo real.

• Downloads de aplicativos móveis: mais de 3 milhões de usuários globalmente
• Plataformas de software: Dexcom Clarity, Dexcom Siga
• Integração de conectividade em nuvem

Pesquisa clínica e inovação de produtos

A Dexcom conduziu 47 estudos de pesquisa clínica entre 2020-2023, com foco nas tecnologias de gerenciamento de diabetes.

Categoria de pesquisa	Número de estudos	Investimento
Ensaios clínicos	47	US $ 58,3 milhões
Inovação de produtos	12 principais iniciativas de pesquisa	US $ 42,7 milhões

Fabricação de sistemas CGM

A Dexcom opera instalações de fabricação em San Diego, Califórnia e Malásia.

• Capacidade anual de produção: 5 milhões de unidades CGM
• Locais de fabricação: Estados Unidos e Malásia
• ISO 13485: 2016 Processos de fabricação certificados

Conformidade regulatória e certificação de dispositivos médicos

A Dexcom mantém a estrita conformidade regulatória em vários mercados globais.

Aprovação regulatória	Mercados	Status de conformidade
Aprovação da FDA	Estados Unidos	Totalmente compatível
Mark CE	União Europeia	Totalmente compatível
Aprovação da TGA	Austrália	Totalmente compatível

Dexcom, Inc. (DXCM) - Modelo de negócios: Recursos -chave

Tecnologia avançada de sensores

A tecnologia do sensor contínua de monitoramento de glicose (CGM) da Dexcom representa um recurso -chave crítico. A partir do quarto trimestre 2023, a tecnologia do sensor G7 da empresa oferece:

• Duração do desgaste do sensor de 10 dias
• Tamanho do sensor de 2,4 polegadas quadradas
• Tempo de aquecimento de 10 minutos

Métricas de tecnologia de sensores	Especificações de desempenho
Precisão (Mard)	8.7%
Custo de fabricação por unidade	$45-$55
Investimento anual de P&D	US $ 328 milhões (2023)

Plataforma de análise de dados proprietária

A plataforma de análise de dados da Dexcom processa dados de monitoramento de glicose em tempo real com:

• Capacidade de armazenamento de dados baseado em nuvem: 500 petabytes
• Velocidade de processamento de dados em tempo real: 1,2 milhão de pontos de dados por segundo
• Algoritmos de aprendizado de máquina para insights preditivos

Portfólio de propriedade intelectual

O portfólio de propriedade intelectual da Dexcom inclui:

Categoria IP	Contagem total
Patentes ativas	387
Aplicações de patentes pendentes	214
Cobertura de patente geográfica	32 países

Equipes de P&D e engenharia qualificadas

Recursos humanos da Dexcom a partir de 2023:

• Funcionários totais de P&D: 1.247
• Doutores de doutorado: 186
• Experiência média de P&D: 9,4 anos

Capacidades de fabricação global

Detalhes da infraestrutura de fabricação:

Local de fabricação	Capacidade de produção anual
San Diego, Califórnia	8,5 milhões de sensores
Instalação de fabricação das Filipinas	6,2 milhões de sensores
Capacidade global total	14,7 milhões de sensores

Dexcom, Inc. (DXCM) - Modelo de negócios: proposições de valor

Monitoramento de glicose no sangue em tempo real, em tempo real

O sistema de monitoramento contínuo de glicose de Dexcom G7 (CGM) fornece precisão com uma diferença relativa absoluta média (MARD) de 8,7%. O dispositivo oferece leituras de glicose em tempo real a cada 5 minutos com um período de aquecimento de 10 minutos.

Métrica	Desempenho
Precisão (Mard)	8.7%
Frequência de leituras de glicose	A cada 5 minutos
Período de aquecimento	10 minutos

Gerenciamento aprimorado de diabetes e resultados do paciente

Os sistemas DEXCOM CGM demonstram benefícios clínicos significativos para os pacientes.

• Tempo no intervalo (TIR) ​​Melhoria: 10-15% para pacientes com diabetes tipo 1 e tipo 2
• Redução de hemoglobina A1C: diminuição média de 0,5-1,0%
• Redução de risco de hipoglicemia: até 70% menos eventos hipoglicêmicos graves

Integração perfeita com smartphones e outros dispositivos

Dexcom CGM Systems compatíveis com várias plataformas e dispositivos:

Dispositivo/plataforma	Compatibilidade
Apple iOS	Totalmente suportado
Android	Totalmente suportado
Bombas de insulina	Múltiplas opções de integração

Necessidade reduzida de testes frequentes de bastão de dedos

O DEXCOM G7 elimina os requisitos tradicionais de calibração do dedo do dedo.

• Calibrações zero de dedos necessárias
• Duração do desgaste do sensor de 10 dias
• Monitoramento contínuo sem interrupção

Alertas preditivos avançados para mudanças no nível de glicose

Sistema de alerta proprietário com limiares personalizáveis:

Tipo de alerta	Faixa
Baixa previsão de glicose	30 minutos de antecedência
Alerta de glicose alto	Notificação imediata
Alerta de mudança de alteração	Sensibilidade configurável

Dexcom, Inc. (DXCM) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas por meio de profissionais médicos

A Dexcom gera US $ 2,96 bilhões em receita para 2023, com canais de vendas diretos direcionando endocrinologistas, especialistas em diabetes e profissionais de saúde.

Canal de vendas	Porcentagem de receita	Profissionais -alvo
Vendas médicas diretas	62%	Endocrinologistas
Redes de prestadores de serviços de saúde	28%	Especialistas em diabetes
Clínicas Especiais	10%	Médicos de cuidados primários

Plataformas de suporte ao cliente online

A DEXCOM fornece plataformas de suporte digital com assistência técnica 24/7.

• Portal de suporte on -line com 98,7% de classificação de satisfação do cliente
• Plataforma de suporte a aplicativos móveis com 1,2 milhão de usuários ativos
• Serviços de solução de problemas em tempo real

Programas de educação e treinamento do paciente

A Dexcom investe US $ 45 milhões anualmente em iniciativas de educação dos pacientes.

Programa de Treinamento	Participantes	Investimento anual
Módulos de treinamento digital	87,000	US $ 18 milhões
Série de webinar	53,000	US $ 12 milhões
Workshops pessoais	22,000	US $ 15 milhões

Engajamento da comunidade digital

A Dexcom mantém plataformas robustas da comunidade digital com 750.000 membros ativos da comunidade.

• Mídias sociais seguidores: 325.000 entre plataformas
• Fóruns online com 175.000 usuários registrados
• Grupos de apoio ao paciente: 250.000 participantes ativos

Rastreamento de saúde personalizado e insights

A tecnologia contínua de monitoramento de glicose da Dexcom serve 1,4 milhão de usuários ativos.

Recurso de rastreamento	Engajamento do usuário	Pontos de dados coletados
Monitoramento de glicose em tempo real	1,4 milhão de usuários	288 leituras por dia
Insights de aplicativos móveis	1,2 milhão de usuários ativos	Recomendações de saúde personalizadas
Compartilhamento de dados baseado em nuvem	890.000 usuários	Integração do provedor de serviços de saúde

Dexcom, Inc. (DXCM) - Modelo de Negócios: Canais

Vendas diretas para profissionais de saúde

A Dexcom utiliza uma segmentação dedicada à força de vendas:

• Endocrinologistas
• Clínicas de diabetes
• Redes hospitalares

Tipo de canal de vendas	Número de representantes de vendas	Instituições de assistência médica -alvo
Vendas médicas diretas	425	2.350 centros de diabetes especializados

Plataforma online de comércio eletrônico

A plataforma de vendas digital da Dexcom suporta:

• Compras diretas de pacientes
• Verificação do seguro
• Pedido de produto

Métricas de plataforma online	2024 dados
Visitantes mensais do site	1,2 milhão
Taxa de conversão de pedidos on -line	4.7%

Distribuidores de dispositivos médicos

As principais parcerias de distribuição incluem:

• McKesson Corporation
• Amerisourcebergen
• Cardinal Health

Distribuidor	Cobertura de distribuição	Volume anual de distribuição
McKesson	48 estados	375.000 unidades CGM

Redes de farmácia

Os canais de distribuição de farmácias incluem:

• CVS Health
• Walgreens
• Walmart Pharmacy

Rede de Farmácia	Número de locais	Taxa de preenchimento de prescrição
Total de Parceiros de Farmácia	68,500	62% da distribuição total de dispositivos

Canais de marketing digital e telemedicina

Estratégias de engajamento digital:

• Campanhas de mídia social direcionadas
• Série de webinars médicos
• Plataformas de integração de telessaúde

Canal digital	Métricas de engajamento
Seguidores de mídia social	425,000
Participantes mensais do webinar	12,500

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

Pacientes com diabetes tipo 1

Aproximadamente 1,6 milhão de americanos têm diabetes tipo 1 a partir de 2022. Os sistemas de monitoramento contínuo de glicose (CGM) da Dexcom são críticos para esse segmento.

Faixa etária	Porcentagem de pacientes com diabetes tipo 1	Dexcom Market Penetration
0-18 anos	25%	42%
19-44 anos	35%	56%
45-64 anos	25%	38%

Pacientes com diabetes tipo 2

37,3 milhões de americanos têm diabetes, com aproximadamente 90 a 95% sendo pacientes com diabetes tipo 2.

• Dexcom G7 tem como alvo pacientes de diabetes tipo 2 dependentes de insulina
• Mercado endereçável estimado: 6,7 milhões de pacientes
• Penetração de mercado atual: 22%

Profissionais de saúde

O segmento de clientes da Dexcom inclui endocrinologistas, especialistas em diabetes e médicos de cuidados primários.

Categoria profissional	Total de profissionais	Taxa de adoção
Endocrinologistas	7,500	68%
Médicos de cuidados primários	220,000	35%

Pais de crianças com diabetes

Aproximadamente 210.000 crianças menores de 20 anos têm diabetes tipo 1 nos Estados Unidos.

• Principais segmentos de destino para sistemas CGM pediátricos
• Idade média da primeira adoção da CGM: 8 anos
• Taxa de preferência dos pais para Dexcom: 65%

Indivíduos preocupados com a saúde

Segmento crescente interessado no monitoramento metabólico da saúde.

Categoria	Total de usuários em potencial	Interesse atual
População de pré -diabetes	88 milhões	18%
Entusiastas do bem -estar	45 milhões	12%

Dexcom, Inc. (DXCM) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Dexcom registrou despesas de P&D de US $ 778,1 milhões, representando 18,7% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 778,1 milhões	18.7%
2022	US $ 638,3 milhões	17.5%

Custos de fabricação e produção

O custo total da receita da Dexcom para 2023 foi de US $ 1,76 bilhão, com as principais despesas de produção, incluindo:

• Custos de fabricação de sensores
• Despesas de produção do transmissor
• Fabricação de receptores

Investimentos de vendas e marketing

As despesas de vendas e marketing da Dexcom, em 2023, totalizaram US $ 934,2 milhões, representando 22,4% da receita total.

Categoria de despesa	2023 quantidade	Porcentagem de receita
Vendas e marketing	US $ 934,2 milhões	22.4%

Conformidade regulatória

A DEXCOM aloca recursos significativos para a conformidade regulatória, com custos anuais estimados de conformidade de aproximadamente US $ 50-75 milhões.

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de tecnologia e infraestrutura para 2023 foram estimados em US $ 120-150 milhões, incluindo:

• Infraestrutura em nuvem
• Desenvolvimento de software
• Sistemas de segurança cibernética
• Plataformas de gerenciamento de dados

Despesas operacionais totais para 2023: US $ 2,97 bilhões

Dexcom, Inc. (DXCM) - Modelo de negócios: fluxos de receita

Vendas de dispositivos CGM

Dexcom G7 Sistema contínuo de monitoramento de glicose Preço de varejo: US $ 430 para o kit inicial. Receita anual de vendas de dispositivos para 2023: US $ 3,38 bilhões.

Sensor recorrente e vendas de acessórios

Produto	Preço médio	Volume anual de vendas
Sensores CGM	US $ 75 por sensor	12 milhões de unidades vendidas em 2023
Acessórios	$ 50- $ 150 por item	US $ 287 milhões em receita de acessórios

Serviços de assinatura de software

Receita de assinatura de software de Clarity Dexcom: US $ 185 milhões em 2023.

• Taxa mensal de assinatura: US $ 25- $ 40
• Licensagem da plataforma de saúde corporativa: US $ 5.000 a US $ 15.000 anualmente

Reembolsos de seguros

Receita total de reembolso do seguro em 2023: US $ 2,1 bilhões.

Categoria de seguro	Taxa de reembolso
Medicare	80% de cobertura do dispositivo
Seguro privado	70-90% de cobertura do dispositivo

Expansão do mercado internacional

Receita internacional para 2023: US $ 1,2 bilhão.

• Participação de mercado da Europa: 22%
• Crescimento do mercado da Ásia-Pacífico: 15% ano a ano
• Expansão do mercado da América Latina: receita de US $ 180 milhões

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%.