46th Annual Raymond James Institutional Investors Conference

Diabetes Market & CGM Adoption - The number of adults (aged 20-79) with diabetes globally was 537 million in 2021 and is projected to reach 783 million in 2045[10, 11] - People diagnosed with diabetes have approximately 26 times higher expenses than those without, and over 25% of US healthcare dollars are spent on people with diabetes[12] - In the US, among individuals on insulin, CGM penetration is approximately 60% for Type 1, 50-55% for Type 2 IIT, and 20-25% for Type 2 Basal[38] - CGM utilization rates for reimbursed customers are high, with over 90% utilization for AID, approximately 85-90% for IIT Type 2, approximately 80-85% for Basal Type 2, and approximately 75-80% for Non-insulin Type 2[58] Dexcom Performance & Outlook - Dexcom's 2024 revenue was $4033 billion, representing 12% organic growth, and the active Dexcom base grew by approximately 25%[33] - Dexcom is guiding for FY25 revenue of approximately $460 billion, representing approximately 14% growth, with a non-GAAP operating margin of approximately 21% and an Adjusted EBITDA margin of approximately 30%[36] Dexcom Growth Strategies - Dexcom is expanding access to CGM for people with type 2 diabetes who are not on insulin, with commercial coverage for greater than 5 million people by the end of 2025[55] - Dexcom has launched Stelo, an over-the-counter CGM, and has seen over 140000 users since launch, with a majority signing up for subscriptions[63] - Dexcom is expanding internationally, going direct in Japan and Saudi Arabia in 2024 and planning new direct markets in 2025[69]