Dexcom Inc

dexcom.com

What Do They Do?

Sells continuous glucose monitoring systems and glucose biosensors for people managing diabetes or metabolic health, serving patients, caregivers, and clinicians.

How Do They Make Money?

Dexcom sells disposable sensors and reusable transmitters and receivers; payment terms generally range from 30 to 90 days, and the sale occurs when a product ships or is delivered and ownership passes.

FY2025 revenue

Who Are Their Customers?

Dexcom sells its CGM systems through distributors and a direct sales organization. Its direct sales team calls on healthcare professionals, including endocrinologists, physicians and diabetes educators, while distributors sell its products in North America and several international markets.

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 23 cents into free cash flow.

Operating income, FY2025

20% of revenue

▲ +52% vs FY2024 ($600M, 15%)

Net income, FY2025

18% of revenue

▲ +45% vs FY2024 ($576.2M, 14%)

Free cash flow, FY2025

23% of revenue

▲ +71% vs FY2024 ($630.7M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +13%; vs $1.2B in Q2 FY2025
Net income: ▲ +39%; vs $179.8M in Q2 FY2025

May 15, 2026 Sets long-range growth and margin targets through 2030 Targets organic revenue growth of 10%+ annually through 2030 and specified non-GAAP margin ranges for 2030.

Growing. Revenue grew 90% in 4 years, from $2.4B in FY2021 to $4.7B in FY2025, about 17% a year.

Broader over-the-counter offering The earlier report describes CGM systems for people with diabetes and healthcare providers; the latest also describes an over-the-counter biosensor for adults with prediabetes or diabetes who do not use insulin.

Who Do They Compete With?

Competes with Abbott Laboratories, Medtronic, MiniMed, Roche, LifeScan, and Ascensia Diabetes Care

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