Financial Performance - Fiscal 2025 revenue reached $4.66 billion, a 16% increase from 2024[454] - Gross profit for fiscal 2025 was $2.80 billion, up 15% from the previous year[454] - Operating income increased by 52% to $911.8 million in fiscal 2025[454] - Net income rose to $836.3 million, reflecting a 45% growth compared to 2024[454] - Operating cash flow for fiscal 2025 was $1.44 billion, up 46% from 2024[454] - Revenue from distributor sales in the U.S. was $3.20 billion, while international distributor sales totaled $763.3 million[466] - Revenue increased due to the addition of approximately 600,000 - 700,000 net customers, excluding Stelo customers, in 2025[468] Research and Development - Research and development expenses for fiscal 2025 were $599.1 million, an 8% increase from 2024[456] - Research and development expenses rose by $37.3 million primarily due to higher compensation costs, emphasizing the importance of R&D for future growth[470] Cash and Liquidity - The company ended fiscal 2025 with cash, cash equivalents, and short-term marketable securities totaling $2.00 billion[454] - Cash flows from operating activities were $1.44 billion for the twelve months ended December 31, 2025, an increase of $451.2 million compared to 2024[490] - Cash, cash equivalents, and short-term marketable securities totaled $2.00 billion as of December 31, 2025, a decrease of $580.7 million from the previous year[489] - The company expects to continue generating positive cash flows from operations for the foreseeable future[476] - As of December 31, 2025, the company had a working capital ratio of 1.88 and a quick ratio of 1.50, indicating sufficient current assets to cover short-term liabilities[480] - The company received net proceeds of $1.23 billion from the 2028 Notes offering, with plans to use the funds for general corporate purposes and capital expenditures[477] Debt and Financial Ratios - The debt-to-assets ratio was 0.20 as of December 31, 2025, indicating that total assets are sufficient to cover debts[482] Foreign Currency Exposure - A substantial portion of operations is in the U.S., with most sales made in U.S. dollars, leading to significant exposure to foreign currency fluctuations primarily affecting revenue[496] - Expansion of manufacturing sites in Ireland and Malaysia introduces additional foreign exchange currency risk, potentially impacting financial results[497] - Financial statements of international subsidiaries are translated into U.S. dollars using end-of-period exchange rates for assets and liabilities, affecting net income only upon sale or liquidation[498] - The company enters into foreign currency forward contracts to hedge monetary assets and liabilities, with derivative gains and losses included in other income[499] - Notional principal amounts of foreign currency contracts provide a measure of transaction volume but do not represent exposure to market loss[500] - The company actively monitors and manages financial exposures due to exchange rate fluctuations as part of its overall risk management program[500] Product Development - The company launched the G7 continuous glucose monitoring system in 2023 and plans to introduce the G7 15 Day system in late 2025[438] - Dexcom's Stelo biosensor for prediabetes and Type 2 diabetes was launched in August 2024, marking its entry into the over-the-counter market[438] Operating Expenses - Selling, general and administrative expenses increased by $83.7 million, offset by a $87.2 million decrease in legal expenses related to a settled lawsuit[470] - Gross profit margin percentage decreased in 2025 compared to 2024 due to supply availability inefficiencies and lower production yield[468]

Dexcom earnings Q4 2025 Safe harbor statement This presentation contains "forward - looking statements" that are based on our management's beliefs and assumptions and on inform ation available to management as of February 12, 2026. We intend for such forward - looking statements to be covered by the safe harbor provisions fo r forward - looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Forward - looking statements include informatio n concerning our possible or assum ...

Investor Presentation February 12, 2026 CONFIDENTIAL – DO NOT DISTRIBUTE Safe harbor statement This presentation contains "forward-looking statements" that are based on our management's beliefs and assumptions and on information available to management as of February 12, 2026. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include inform ...

Core Insights - DexCom, Inc. (DXCM) is set to report its fourth-quarter 2025 results on February 12, with adjusted earnings per share (EPS) of 61 cents in the last quarter exceeding the Zacks Consensus Estimate by 7% [1] Group 1: Q4 Estimates and Preliminary Results - The Zacks Consensus Estimate for Q4 revenues is $1.25 billion, reflecting a 12.4% increase year over year, while the earnings estimate is 65 cents, indicating a 44.4% growth [2] - Preliminary results suggest Q4 2025 total revenues of approximately $1.26 billion, up 13% from Q4 2024, with U.S. revenues projected at $892 million (11% growth) and international revenues expected to rise 18% to around $368 million [3] Group 2: Factors Influencing Performance - Recovery in new customer starts following G7 deployment issues and quality-related disruptions is a critical factor for Q4 performance [4] - Management noted that new starts in Q3 were slightly below record levels due to sensor deployment issues, but improvements in sensor performance and educational samples are expected to enhance new-start momentum in Q4 [5] - Gross margins are anticipated to improve as supply chain pressures ease, with management indicating that scrap rates and freight costs have improved sequentially [6][7] Group 3: International Growth and Market Dynamics - Sustained international momentum and broader adoption among type 2 diabetes patients are expected to positively impact earnings, with accelerating international growth supported by coverage expansions in markets like France and Canada [10] - The ability to convert increased access into volume growth in Q4 is likely to significantly influence earnings outcomes [11] Group 4: Seasonal Trends and Future Outlook - Investors are likely to focus on exit-rate trajectories adjusted for seasonality, as the fourth quarter now contributes a smaller share of full-year revenues [12] - Despite potentially modest headline growth, underlying patient growth remains solid, prompting investors to assess trends in user growth and pricing stability for a healthy baseline in 2026 [13] Group 5: Earnings Prediction - The Zacks model predicts an earnings beat for DexCom, supported by a positive Earnings ESP of +3.08% and a Zacks Rank of 3 (Hold) [14][15]

Core Viewpoint - Analysts forecast that DexCom (DXCM) will report quarterly earnings of $0.65 per share, reflecting a year-over-year increase of 44.4%, with anticipated revenues of $1.25 billion, marking a 12.4% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days, indicating a collective reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Revenue Projections - Analysts project 'Revenue- Hardware' to reach $38.01 million, indicating a decrease of 15.5% from the prior-year quarter [5]. - The estimated 'Revenue- Sensor and other' is $1.20 billion, reflecting an increase of 12% from the previous year [5]. - 'Revenue- United States' is expected to be $886.13 million, showing a growth of 10.4% year-over-year [5]. - The average prediction for 'Revenue- International' is $356.26 million, indicating a 14.7% increase from the year-ago quarter [6]. Stock Performance - DexCom shares have experienced a decline of 1.2% over the past month, while the Zacks S&P 500 composite has remained unchanged [6]. - With a Zacks Rank 3 (Hold), DXCM is expected to closely follow overall market performance in the near term [6].

Core Insights - Dexcom (DXCM) is launching a nationwide AI-driven upgrade to its Stelo platform, enhancing users' understanding of glucose health and supporting long-term wellness goals [2][6] - The upgrade includes a nutrition database with over one million food entries, improving the Smart Food Logging feature and providing detailed macro- and nutrient-level breakdowns for logged meals [2][8] Company Developments - The new features will support various meal-logging methods such as text search, barcode scanning, and photo capture, streamlining the glucose tracking experience [3][4] - The updated Smart Food Logging functionality and Daily Insights tools will be available through upcoming iOS and Android app updates [3][4] - Management indicated that the enhancements are a response to user feedback aimed at simplifying nutrition tracking and reducing barriers to informed dietary choices [4] Market Positioning - The expanded Stelo offerings are expected to strengthen Dexcom's competitive position in the personal and preventive health market by increasing user engagement with AI-enabled nutrition analytics [6] - By broadening the Stelo platform's utility beyond glucose sensing to integrated lifestyle guidance, Dexcom enhances its value proposition for both existing and new customers [6] User Impact - Users reported improved dietary behaviors, physical activity, and weight-management habits after 30 days of using Stelo, indicating that enhanced insights into food-related glucose responses may support more effective metabolic health management [11][12] - The redesigned Daily Insights feature will provide personalized recommendations based on prior-day glucose, activity, nutrition, and sleep data, leveraging AI for adaptive guidance [10] Industry Outlook - The glucose biosensors market was valued at $10.71 billion in 2025 and is projected to grow at a CAGR of 8.9% through 2034, driven by increasing diabetes prevalence and technological advancements [13]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for DexCom, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - DexCom is expected to report quarterly earnings of $0.65 per share, reflecting a year-over-year increase of +44.4% [3] - Revenues are projected to reach $1.25 billion, representing a 12.5% increase from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised 0.21% lower in the last 30 days, indicating a reassessment by analysts [4] - The direction of estimate revisions may not always align with the aggregate change [4] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for DexCom is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +4.75% [12] - DexCom currently holds a Zacks Rank of 3, suggesting a likelihood of beating the consensus EPS estimate [12] Historical Performance - In the last reported quarter, DexCom exceeded the expected earnings of $0.57 per share by delivering $0.61, resulting in a surprise of +7.02% [13] - Over the past four quarters, DexCom has beaten consensus EPS estimates two times [14] Conclusion - While an earnings beat may influence stock movement, other factors can also play a significant role in stock performance [15] - Monitoring Earnings ESP and Zacks Rank is crucial for making informed investment decisions ahead of earnings releases [16]

Core Insights - Dexcom, Inc. is launching an advanced AI-enabled enhancement to its Stelo glucose biosensor, aimed at improving user understanding of glucose health and supporting long-term health goals [1][6] Product Features - The new features include an expanded Smart Food Logging capability, integrating a comprehensive nutrition database with over one million food options, allowing users to log meals through text search, barcode scanning, or photo capture [1][5] - The redesigned Daily Insights feature will provide users with personalized recommendations based on their glucose, activity, nutrition, and sleep data, utilizing a sophisticated card-based system [4][5] User Impact - After 30 days of using Stelo, most users reported positive changes in dietary habits, physical activity, and weight management, indicating the effectiveness of the product in managing metabolic health [3] - The updates aim to reduce friction in nutrition tracking, empowering users to make informed dietary decisions and achieve health goals with greater confidence [2][4] Company Background - Dexcom has been a leader in glucose biosensing technology for over 25 years, helping individuals manage diabetes and track glucose levels effectively [8] - The company is set to launch a completely reimagined Stelo app experience later this year, following the completion of development and regulatory approvals [6]

Core Insights - Dexcom, Inc. is launching an advanced AI-enabled enhancement to its Stelo glucose biosensor, aimed at improving user understanding of glucose health and supporting long-term health goals [1][6] Product Features - The new features include an expanded Smart Food Logging capability, integrating a comprehensive nutrition database with over one million food options, allowing users to log meals through text search, barcode scanning, or photo capture [1][5] - The redesigned Daily Insights feature will provide users with personalized recommendations based on their glucose, activity, nutrition, and sleep data, utilizing a sophisticated card-based system [4][5] User Impact - After 30 days of using Stelo, most users reported positive changes in dietary patterns, physical activity, and weight management, indicating the effectiveness of the product in managing metabolic health [3] - The integration of behavioral science techniques in the new features aims to help users reflect on and act upon their metabolic health insights, ensuring personalized coaching that adapts to individual progress [5] Company Background - Dexcom has been a leader in glucose biosensing technology for over 25 years, empowering individuals to manage diabetes and track glucose levels effectively [8]

Core Insights - DexCom, Inc. (DXCM) reported strong preliminary results for Q4 and full-year 2025, with shares declining nearly 2.5% post-announcement [2][11] Q4 2025 Preliminary Results - Total revenues for Q4 2025 reached approximately $1.26 billion, marking a 13% increase from Q4 2024, exceeding the Zacks Consensus Estimate of $1.25 billion [3][11] - U.S. revenues were about $892 million, reflecting an 11% year-over-year growth, while international revenues increased by 18% to around $368 million [3][11] Full-Year 2025 Preliminary Results - Total revenues for the full year are estimated at $4.66 billion, a 16% increase from 2024, surpassing the Zacks Consensus Estimate of $4.64 billion [4][11] - Adjusted gross profit margin is estimated at approximately 61%, with adjusted operating margin projected between 20-21% for the full year [5] Margin and Operational Insights - The company faced challenges in Q3 due to elevated manufacturing scrap rates and higher freight costs, but operational expense leverage helped achieve overall margin expansion [5] - DexCom anticipates a return to normalized margin levels supported by improvements in manufacturing and the rollout of higher-margin products like the G7 15-day system [6] 2026 Outlook - For 2026, DexCom projects total revenues between $5.16 billion and $5.25 billion, indicating an estimated growth of 11-13% over 2025 [7] - The company expects adjusted gross profit margins to improve to 63-64% and adjusted operating margins to approximately 22-23% [7] Market Position and Growth Drivers - The positive outlook is supported by expected sensor volume growth, increased continuous glucose monitoring (CGM) adoption, and ongoing international market expansion [8][9] - DexCom is closing 2025 with strong performance, having launched the G7 15-day system and maintaining a leadership position in the CGM market [9] Stock Performance - Over the past three months, DexCom's shares have gained 3.6%, compared to a 6.3% rise in the industry and a 5.2% gain in the S&P 500 [10]