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DexCom, Inc.
S&P 500 Nasdaq 100
🏹 Trader: 🎯 Near 52W High | BRS 62 Forming View all →
$32.4B
Market Cap
31.8
P/E
1.28
PEG
32.9%
ROCE
34.5%
ROE
0.51
D/E
19.6%
OPM
-10.1%
% from 52W High
64
α RS
🔍 DXCM is showing a high-conviction setup because it matches 16 of 39 tracked screener presets, RS Rating is 64, and an ECS of 70.9 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 16/39 · RS Rating 64 · ECS 70.9
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🌏 Global Investor Returns
Currency-adjusted total returns for DXCM including FX impact
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📈 Price History
Ratio Health
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About

DexCom, Inc., a medical device company, focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems for the management of diabetes and metabolic health in the United States and internationally. The company offers Dexcom G7 and G7 15 Day, an integrated continuous glucose monitoring system; Dexcom G6, a CGM system; Dexcom ONE+ to replace fingerstick blood glucose testing for diabetes treatment decisions; Stelo, a biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin; Dexcom Share, a remote monitoring system; and Dexcom Follow application. It markets its products directly to endocrinologists, physicians, and diabetes educators. The company was incorporated in 1999 and is headquartered in San Diego, California.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding DXCM
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.58M $99.4M 0.16% Mar 2026
Steve Cohen Point72 Asset Management 257.3K $16.2M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.31B
+13% reported YoY / +12% organic
Operating Income
$328.3M
+48% YoY
Operating Margin
25.1%
+5.9pp YoY
Net Income
$269.1M
+46% YoY
What Went Right
  • Q2 revenue grew 13% to $1.31B with international up 19% reported / 16% organic, led by France and Canada.
  • CONNECT trial showed 1.6% A1C improvement (0.9% vs control) with median CGM usage of 97% in type 2 non-insulin patients.
  • Gross margin expanded ~400bps to 64.1% and first-half free cash flow was $600M+, more than double last year.
What to Watch
  • FX is expected to reduce second-half international revenue by about $15M versus prior guidance.
  • Q3/Q4 international comps get tougher and Q3 gross margin is expected to step down as the Ireland plant ramps.
  • CMS type 2 non-insulin coverage decision is expected before year-end but is not assumed to take effect until mid-2027.
Management Guidance
  • FY2026 revenue raised to $5.18-5.25B, implying 11-13% reported growth.
  • Non-GAAP gross profit margin guidance raised to approximately 64%.
  • Non-GAAP operating margin guidance raised to 23.5-24%; adjusted EBITDA margin to 31.5-32%.
Investor Lens
The Dexcom growth thesis is stronger after this report: top-line momentum is broad-based, the CONNECT data strengthens the non-insulin type 2 reimbursement case, and margin execution came in well ahead of plan. Management also returned ~$600M via buybacks in Q2 and raised full-year margin guidance, signalling confidence. The main near-term caveats are FX, Ireland startup costs, and the timing of the CMS decision.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG STRONG quarter; revenue up 13% to $1.31B and guidance raised.
Revenue
Q2 worldwide revenue was $1.31B, up 13% reported and 12% organic. U.S. revenue grew 11% to $933M, while international grew 19% reported / 16% organic to $375M.
Profitability
Non-GAAP net income was $269.1M, or $0.70 per diluted share, up 46% from $192.8M a year ago. GAAP net income was $249.1M, or $0.64 per diluted share.
Margins
Non-GAAP operating margin came in at 25.1%, up 590bps year-over-year. Gross margin was 64.1%, up about 400bps, helped by manufacturing efficiency, quality improvements, and early G7 15-day mix.
Balance Sheet
Dexcom ended Q2 with approximately $1.9B of cash and cash equivalents. First-half free cash flow was more than $600M, and the company repurchased roughly $600M of stock in Q2.
Key Risks
Management flagged ~$15M of FX headwind to second-half international revenue, tougher international comps, and a Q3 gross margin step-down from turning on the Ireland facility. The CMS coverage decision is still awaited and not assumed to benefit results until mid-2027.
Outlook
Full-year revenue guidance was raised to $5.18-5.25B, representing 11-13% growth. Full-year non-GAAP gross margin guidance was raised to about 64% with operating margin of 23.5-24% and adjusted EBITDA margin of 31.5-32%.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 2026 delivered 13% revenue growth, record new patient starts, and margin expansion, driven by strong U.S. and international performance, new product launches, and expanded coverage. Guidance was raised for revenue and margins, with continued growth expected as G7 15-day adoption accelerates.
Q1 2026 Q1 2026 2026-04-30
Q1 2026 delivered 15% revenue growth, record global new patient starts, and margin expansion, driven by strong U.S. and international performance, new product launches, and expanded coverage. Guidance for 2026 was reaffirmed, with raised margin outlook and continued focus on innovation and access.
Q4 2025 Q4 2025 2026-02-12
Q4 2025 revenue grew 13% year-over-year, driven by strong new customer demand and the G7 15-Day launch, with gross margin improving to 63.5%. 2026 guidance projects 11–13% revenue growth, continued margin expansion, and significant investments in innovation and global expansion.
Q3 2025 Q3 2025 2025-10-30
Q3 2025 saw 20% organic revenue growth, record EPS, and strong Type 2 diabetes expansion. Gross margin declined due to higher scrap rates, but guidance was raised for revenue and margins. Product quality and supply chain issues are improving, with robust cash flow supporting share repurchases.
Q2 2025 Q2 2025 2025-07-30
Q2 2025 revenue grew 15% year-over-year, driven by expanded U.S. and international access, especially for type 2 non-insulin users. Gross margin declined due to shipping costs, but guidance was raised for the year. CEO succession to Jake Leach announced.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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