Studie CONNECT ukázala, že Dexcom G7 snížil u dospělých s diabetem 2. typu, kteří neužívali inzulin, hodnotu HbA1c za 26 týdnů o 1,6 procentního bodu, což je o 0,9 procentního bodu více než při běžné péči.
Key Takeaways DXCM's G7 shows strong results in the CONNECT trial, supports CGM use in non-insulin-treated Type 2 diabetes.DXCM's G7 users achieve a 1.6% A1C reduction and spend five additional hours daily within the target range.Dexcom's CONNECT study shows 97% CGM use at 26 weeks, strengthening evidence for broader adoption.
DexCom, Inc. (DXCM - Free Report) recently announced that results from its CONNECT randomized controlled trial have been published in The New England Journal of Medicine. The study evaluated the benefits of its Dexcom G7 continuous glucose monitoring (CGM) system in adults with Type 2 diabetes who are not using insulin, adding to the clinical evidence supporting broader CGM adoption.
The findings are encouraging for DexCom, as stronger clinical evidence could help expand CGM adoption among people with Type 2 diabetes who are not on insulin. Wider physician acceptance and improved insurance coverage could create additional growth opportunities for the company. However, the extent to which the study translates into higher sales will depend on physician adoption, reimbursement support and patient uptake.
More on the NewsThe CONNECT study screened 440 participants across 22 primary care sites in the United States, with 283 eligible adults randomized to receive either Dexcom G7 or routine care over 26 weeks. Participants using the CGM system achieved an average A1C reduction of 1.6% from a baseline of 8.8%, representing a 0.9-percentage-point greater reduction than routine care. At 26 weeks, 68% of Dexcom G7 users achieved an A1C below 7.5%, while 46% reached below 7.0%.
The group also spent approximately five additional hours per day within the target glucose range of 70-180 mg/dL, with improvements emerging within the first week of use. Benefits were observed across several demographic and clinical characteristics, including age, diabetes duration and glucose-lowering treatments. Among participants using GLP-1 therapies, DexCom G7 delivered an additional 0.9-percentage-point A1C reduction compared with routine care. Notably, 97% of participants were still using CGM after 26 weeks, with most using it daily. The findings were first presented at the American Diabetes Association's 2026 Scientific Sessions and strengthen the clinical evidence supporting CGM use among adults with Type 2 diabetes who are not using insulin.
The publication is particularly relevant because it provides evidence supporting earlier CGM use in Type 2 diabetes management, potentially expanding the addressable market beyond patients who require insulin. The study's results may encourage more physicians to recommend continuous glucose monitoring and strengthen discussions around reimbursement and broader patient access. However, translating these findings into sustained revenue growth will depend on adoption rates, payer coverage and affordability. The study also adds to the clinical evidence supporting Dexcom's G7 platform, although longer-term data will be important in assessing the durability of the observed benefits.
Recent Development by DXCMRecently, DXCM released its 2026 “State of Type 2 Report: Global Access and Attitudes to Diabetes Technology” ahead of the 62nd Annual Meeting of the European Association for the Study of Diabetes. The report highlights significant gaps in CGM awareness and access while pointing to growing potential for combining CGM with GLP-1 therapies. Dexcom also partnered with Team Novo Nordisk, an all-diabetic professional cycling team primarily sponsored by Novo Nordisk, underscoring its focus on expanding CGM awareness and adoption.
DXCM’s Industry ProspectsAccording to Grand View Research, the global CGM devices market size was valued at $13.4 billion in 2025 and is projected to grow beyond $41.4 billion by 2033, at a CAGR of 15.1% from 2026 to 2033.
The primary driver of market growth is the rising global prevalence of diabetes, which has increased demand for more efficient, real-time glucose monitoring solutions.
Updates From DXCM PeersAbbott Laboratories (ABT - Free Report) recently reported new real-world evidence supporting the benefits of CGM technology, including its FreeStyle Libre systems, for adults with Type 2 diabetes using basal insulin. According to studies, CGM use was associated with a 45% lower risk of death at 12 months and a 36% lower risk at 24 months.
A separate French observational study involving more than 253,000 people with Type 2 diabetes found that Abbott's Libre technology was associated with lower hospitalization rates for acute diabetes-related events across different treatment groups. These findings strengthen the clinical evidence supporting CGM adoption and could help ABT expand the reach of its diabetes care portfolio.
Medtronic (MDT - Free Report) recently completed the exchange-offer process for its diabetes business, MiniMed Group and announced final results on Oct. 14, 2026. The offer was oversubscribed, and Medtronic exchanged its remaining 252.8 million MiniMed shares for approximately 55 million Medtronic ordinary shares. Following the transaction, Medtronic will no longer retain an ownership stake in MiniMed, which is expected to operate as an independent publicly traded company.
The separation marks a strategic shift for Medtronic, allowing it to focus more closely on its remaining medical technology businesses, while MiniMed will pursue growth in diabetes care as a standalone company. The development is relevant to the competitive landscape for diabetes devices, although its longer-term impact will depend on MiniMed's performance as an independent business.
Insulet (PODD - Free Report) announced enhancements to its Omnipod 5 automated insulin delivery system in June 2026, alongside expanded compatibility with Abbott's FreeStyle Libre 3 Plus sensor in the United States. The upgraded algorithm introduces a 100 mg/dL target glucose setting and improved alarm handling, aiming to improve time in range and help users spend more time in automated mode. The expanded sensor compatibility also gives users greater flexibility in choosing their diabetes management technology. Separately, Insulet reported second-quarter 2026 revenues of $801.7 million, up 23.5% year over year, with Omnipod revenue increasing 24.6%.
These developments highlight continued product innovation and commercial momentum, which could support Insulet's growth in automated insulin delivery. However, sustained performance will depend on continued adoption, international expansion and execution in an increasingly competitive diabetes technology market.
Společnost DexCom ve 2. čtvrtletí 2026 zvýšila hrubou marži na 64,1 % a provozní marži na 25,1 %; téměř polovina amerických zákazníků má do konce roku přejít na G7 s 15denní výdrží.
Key Takeaways DexCom's second-quarter 2026 gross margin rose to 64.1%, while operating margin climbed to 25.1%.Nearly 50% of U.S. customers are expected to transition to G7 15-day by year-end 2026.Ireland factory costs, forex headwinds and higher oil-linked input costs could limit near-term margin gains. DexCom, Inc. (DXCM - Free Report) is well positioned for growth in the coming quarters, supported by the significant potential of the continuous glucose monitoring (CGM) market. A strong first-quarter 2026 performance and a robust international foothold are expected to contribute further. Risks related to stiff competition persist.
This Zacks Rank #3 (Hold) company’s shares have gained 29.4% so far this year against the industry’s 5.7% decline. The S&P 500 Index has gained 13.9% in the same time frame.
DXCM, a renowned medical device company and provider of CGM systems, has a market capitalization of $31.74 billion. It projects a 22.6% growth rate over the next five years and anticipates maintaining a strong performance going forward.
DexCom’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 11.39%.
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Positive DriversManufacturing Efficiencies and Operating Leverage Boost Profitability: DexCom’s improving manufacturing efficiency and operating discipline are supporting stronger earnings growth. In the second quarter of 2026, gross margin expanded 400 basis points year over year to 64.1%, while operating margin increased to 25.1% from 19.2%.
Operating expenses grew at a slower pace than revenues, demonstrating improved operating leverage even as the company invested in its Ireland facility. Management also raised its full-year gross margin guidance to approximately 64% and operating margin guidance to 23.5-24%. Sustaining these improvements could allow DexCom to convert incremental revenues to stronger operating income, although upcoming manufacturing investments may temporarily moderate the gains.
G7 15-Day Conversion Creates a Multiyear Product-Mix Opportunity: DexCom’s G7 15-day system is progressing toward a substantial shift in its U.S. product mix. Management expects nearly 50% of its U.S. customer base to transition to the system by the end of 2026. A greater contribution to profitability is expected in 2027 as more customers establish recurring purchasing patterns.
The rollout has also benefited from improved customer feedback, with G7 Net Promoter Scores rising for three consecutive quarters. Integration with Tandem’s insulin-delivery systems has removed an important adoption barrier, while Health Canada’s clearance provides a path to international expansion. The transition could therefore support sustained top- and bottom-line improvement beyond the current year.
Smart Basal and G8 Expand DexCom’s Longer-Term Innovation Potential: DexCom’s product pipeline could strengthen its competitive positioning beyond existing continuous glucose monitoring applications. Its Smart Basal dosing module is being piloted with key opinion leaders, and management reported that participating practices helped customers reach an optimal basal insulin dose in an average of three weeks, compared with 12 weeks or longer in routine care.
Meanwhile, the G8 sensor remains on track for late 2027 or early 2028, subject to regulatory timing. Management expects improvements in accuracy and reliability, reduction in size to approximately half of G7, and eventual expansion into additional analytes. Successful execution could broaden clinical utility and create new opportunities in diabetes management and metabolic health.
RisksIreland Factory Ramp-Up Could Temporarily Pressure Margins: DexCom’s margin expansion may face a near-term interruption as its Ireland manufacturing facility moves toward commercial production. Hiring and training should have increased in the third quarter before production lines become operational, with depreciation also beginning during the ramp-up.
A newly activated factory typically carries higher per-unit manufacturing costs until production volumes improve and fixed costs are absorbed more efficiently. Consequently, the facility’s initial operating burden could offset some of the benefits from manufacturing efficiencies and the G7 15-day product transition. While the investment is intended to support future capacity, the pace of production ramp-up will be key to near-term profitability.
Forex Movements Could Limit Reported Revenue Growth: Currency movements represent a measurable headwind to DexCom’s reported revenue outlook. Although management raised its full-year revenue guidance to $5.18-$5.25 billion, it expects recent foreign-exchange movements to reduce international revenues by approximately $15 million in the second half of 2026 relative to its previous assumptions. This creates a potential divergence between underlying operating performance and reported growth, particularly because international markets account for a meaningful portion of sales.
Management noted that the revised guidance still implies an improvement in expected organic growth, but investors will need to distinguish constant-currency performance from reported results when evaluating the company’s progress.
Higher Oil-Linked Input Costs Could Weigh on Near-Term Profitability: DexCom remains exposed to delayed input-cost pressure from higher oil prices because petroleum-based resins take time to move through procurement, manufacturing, inventory accounting and reported expenses. Management indicated that some of this impact had already flowed through in the second quarter, with additional effects expected in the third quarter.
Although the company said the headwind was broadly consistent with prior expectations, this exposure could constrain further margin expansion if input costs remain elevated or operational improvements fail to fully offset them. The risk is particularly relevant during the Ireland facility ramp-up, when incremental manufacturing costs could coincide with lingering resin-price pressure.
Estimate TrendDexCom has witnessed a stable estimate revision trend for 2026. In the past 30 days, the Zacks Consensus Estimate for 2026 earnings per share has remained unchanged at $2.64.
The consensus mark for the company’s third-quarter revenues is pegged at $1.32 billion, indicating a 9.4% improvement from the year-ago quarter’s reported number. The consensus estimate for third-quarter earnings is pinned at 66 cents per share, implying an improvement of 8.2% year over year.
Stocks to ConsiderSome better-ranked stocks from the broader medical space are AxoGen (AXGN - Free Report) , Globus Medical (GMED - Free Report) andWest Pharmaceutical Services (GKOS - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AxoGen reported second-quarter 2026 earnings per share (EPS) of 12 cents, which surpassed the Zacks Consensus Estimate by 33.3%. Revenues of $70 million beat the Zacks Consensus Estimate by 4.3%. AXGN has an estimated earnings growth rate of 48.4% for 2026, likely followed by another strong growth of 60.9% in 2027. The company’s earnings beat estimates in two of the trailing four quarters and missed in the other two, the average surprise being 6.25%.
Globus Medical reported second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.
GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.
West Pharmaceutical reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.
WST has an estimated long-term earnings growth rate of 16%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.4%.
HWG Holdings LP ve 3. čtvrtletí koupila 96 427 akcií společnosti DexCom v hodnotě přibližně 8,32 milionu USD; tato pozice tvoří 1,9 % jejího portfolia.
HWG Holdings LP acquired a new stake in shares of DexCom, Inc. (NASDAQ:DXCM – Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 96,427 shares of the medical device company’s stock, valued at approximately $8,321,000. DexCom makes up approximately 1.9% of HWG Holdings LP’s portfolio, making the stock its 14th largest holding.
Other institutional investors have also bought and sold shares of the company. Reflection Asset Management purchased a new position in DexCom during the fourth quarter worth approximately $25,000. Ascentis Independent Advisors acquired a new stake in shares of DexCom in the 1st quarter worth $25,000. Elevation Wealth Partners LLC increased its stake in shares of DexCom by 61.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 401 shares of the medical device company’s stock worth $35,000 after acquiring an additional 152 shares during the last quarter. Wellington Grp LLC raised its holdings in shares of DexCom by 778.7% during the 1st quarter. Wellington Grp LLC now owns 536 shares of the medical device company’s stock worth $34,000 after acquiring an additional 475 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new position in shares of DexCom during the 1st quarter valued at about $44,000. 97.75% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes Several equities analysts have weighed in on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $105.00 target price (up from $90.00) on shares of DexCom in a report on Thursday, October 1st. BTIG Research reaffirmed a “buy” rating and set a $90.00 price target (up from $80.00) on shares of DexCom in a research report on Friday, July 31st. Argus upped their price objective on DexCom from $86.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Robert W. Baird set a $105.00 price objective on DexCom in a research report on Friday, July 31st. Finally, Wall Street Zen raised DexCom from a “hold” rating to a “buy” rating in a research note on Sunday, September 6th. Three research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $91.96.
Check Out Our Latest Analysis on DXCM Insider Buying and Selling at DexCom In related news, insider Kevin Sayer sold 26,756 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $76.32, for a total transaction of $2,042,017.92. Following the transaction, the insider owned 328,970 shares of the company’s stock, valued at approximately $25,106,990.40. This represents a 7.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sadie Stern sold 2,565 shares of the firm’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $86.15, for a total value of $220,974.75. Following the transaction, the executive vice president owned 123,478 shares of the company’s stock, valued at $10,637,629.70. This trade represents a 2.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 49,313 shares of company stock valued at $3,945,875. Corporate insiders own 0.28% of the company’s stock.
DexCom Stock Performance Shares of DXCM stock opened at $84.30 on Thursday. The firm’s 50 day moving average price is $87.33 and its 200-day moving average price is $74.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.43 and a current ratio of 1.73. DexCom, Inc. has a one year low of $54.11 and a one year high of $92.59. The firm has a market cap of $31.81 billion, a P/E ratio of 33.32, a P/E/G ratio of 1.40 and a beta of 1.48.
DexCom (NASDAQ:DXCM – Get Free Report) last posted its earnings results on Thursday, July 30th. The medical device company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.09. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.29 billion. DexCom had a net margin of 20.12% and a return on equity of 35.94%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. As a group, equities research analysts predict that DexCom, Inc. will post 2.64 EPS for the current year.
About DexCom (Free Report)
DexCom, Inc (NASDAQ: DXCM) develops and commercializes continuous glucose monitoring (CGM) systems for people with diabetes. Its technology uses a small wearable sensor to measure glucose levels continuously and transmit readings to a compatible receiver, smartphone or other connected device, helping users monitor glucose trends and make more informed treatment and lifestyle decisions.
The company’s product portfolio includes the Dexcom G7 and Dexcom G6 real-time CGM systems, as well as related software and digital health tools such as Dexcom Clarity for glucose data analysis and reporting.
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Dexcom uvedl, že u pacientů s diabetem 2. typu je o CGM nízké povědomí a že růst brzdí úhrady, což otevírá prostor pro další růst. U uživatelů GLP-1 léků používá CGM 58 % pacientů.
Key Takeaways Dexcom's report highlights low CGM awareness and reimbursement barriers among Type 2 diabetes patients.Among Type 2 patients taking GLP-1 medicines, 58% use CGM alongside their medication.Dexcom sees growth avenues in broader Type 2 adoption, GLP-1 integration and greater CGM awareness. Dexcom (DXCM - Free Report) recently released its 2026 “State of Type 2 Report: Global Access and Attitudes to Diabetes Technology” ahead of the 62nd Annual Meeting of the European Association for the Study of Diabetes (EASD). The report highlights significant gaps in continuous glucose monitoring (CGM) awareness and access while pointing to growing potential for combining CGM with GLP-1 therapies. Dexcom also partnered with Team Novo Nordisk, an all-diabetic professional cycling team principally sponsored by Novo Nordisk (NVO - Free Report) , demonstrating its focus on expanding awareness and adoption of CGM technology.
CGM Adoption Shows Room for ExpansionDexcom’s survey of more than 800 healthcare professionals (HCPs) and 2,500 people with Type 2 diabetes across eight countries highlights a substantial opportunity for CGM adoption. While 89% of HCPs believe CGM helps assess treatment adherence between appointments, 55% of surveyed Type 2 diabetes patients reported limited knowledge of the technology.
Access remains another major hurdle, with reimbursement and coverage challenges cited by 90% of U.S. HCPs and 53% of HCPs across the other seven countries surveyed. Existing users reported strong benefits, with 94% saying CGM helps them manage diabetes more independently and 91% using CGM data to guide treatment decisions.
The findings suggest that greater awareness, physician recommendations and improved reimbursement could expand CGM penetration beyond its current user base, creating a significant opportunity for Dexcom.
GLP-1 and CGM Convergence Creates New OpportunityThe report highlights an emerging intersection between CGM and GLP-1 therapies. Among Type 2 diabetes patients taking GLP-1 medicines, 58% use CGM alongside their medication, compared with only 27% of Type 2 patients who are not using insulin. Meanwhile, a majority of patients are open to using CGM when recommended alongside a GLP-1, while half of HCPs expect increasing GLP-1 use to drive CGM adoption.
This trend could broaden the role of CGM beyond traditional glucose monitoring as GLP-1 use expands across diabetes and obesity care. Novo Nordisk, one of the leading GLP-1 companies, has a broad portfolio spanning Ozempic, Rybelsus and Wegovy, while advancing next-generation cardiometabolic therapies.
Strategic ImplicationsDexcom’s latest report reinforces the sizeable growth opportunity in CGM as diabetes care is shifting toward data-driven, patient-centered management. The combination of low awareness, reimbursement barriers and growing interest in CGM-plus-GLP-1 treatment leaves substantial room for market expansion.
The Team Novo Nordisk partnership further extends Dexcom’s visibility within the Type 1 diabetes community while creating opportunities for real-world research, education and awareness.
The report points to three interconnected growth avenues for DXCM — broader Type 2 adoption, greater integration with GLP-1 therapy and continued expansion of CGM awareness. At the same time, Abbott Laboratories’ (ABT - Free Report) competing Libre platform underscores the interconnected and competitive nature of the diabetes-care market.
CGM Players Stand to BenefitThe CGM market continues to evolve as established companies like Abbott Laboratories and MiniMed (MMED - Free Report) are pursuing differentiated strategies centered on accessibility, sensor innovation and connected insulin delivery.
Abbott Laboratories, through its FreeStyle Libre franchise, is broadening CGM adoption across people with diabetes. The company has introduced Libre Assist, an AI-powered feature within the Libre app that uses food information and CGM data to provide personalized, in-the-moment guidance on potential glucose impact. In March, the FreeDM2 trial showed that Libre CGM use among people with Type 2 diabetes on basal insulin produced a greater HbA1c reduction and more time in the healthy glucose range versus traditional finger-prick testing, including patients receiving GLP-1 therapy.
In May 2026, Abbott Laboratories secured the CE Mark for Libre Duo and Libre Duo 10 Day, the world’s first dual glucose-ketone sensing technology. It received FDA authorization in August 2026 for Libre Duo 10 Day, enabling continuous glucose and ketone monitoring through a single wearable sensor. The company also partnered with Google Health to combine Lingo CGM data with AI-powered health coaching. Recent EASD data showed that CGM use, including Libre, was associated with lower mortality and fewer acute diabetes-related hospitalizations among people with Type 2 diabetes using basal insulin. ABT’s Libre portfolio now serves more than eight million users across 60+ countries.
On the GLP-1 front, Abbott Laboratories partnered with Novo Nordisk India in February to commercialize semaglutide under the Extensior brand, extending its diabetes portfolio into GLP-1 therapy.
MiniMed represents another player in the CGM space. Following its separation from Medtronic in March 2026, the MiniMed 780G received CE Mark for use with Abbott Laboratories’ Instinct sensor in Europe, adding a 15-day CGM option. The system is also compatible with the Guardian 4 and Simplera Sync sensors.
MiniMed Flex, the company’s app-controlled automated insulin pump, also received FDA clearance in March. It is designed to fit into everyday life and supports both Instinct and Simplera Sync sensors. MiniMed also launched Instinct sensors, made by Abbott, in Europe, while announcing plans for Abbott-made integrated dual glucose-ketone sensors to expand continuous monitoring beyond glucose. In August, MiniMed began shipping MiniMed Flex with the Instinct sensor, strengthening integration between its app-controlled insulin pump and CGM portfolio.
As CGM adoption expands beyond insulin-treated patients, established device makers could benefit from the broader shift toward continuous, data-driven diabetes management.
Dexcom zveřejnil novou zprávu o diabetu 2. typu pro rok 2026, která ukazuje nízké povědomí o CGM a překážky v úhradách, přestože technologie zlepšuje řízení léčby. Zároveň oznámil partnerství s Team Novo Nordisk jako oficiální CGM partner.
Dexcom Publishes New Report During EASD 2026 on Type 2 Diabetes Revealing Critical Opportunity for Global Diabetes Care DexCom, Inc. (NASDAQ: DXCM), the global leader in glucose biosensing, today released its “Dexcom State of Type 2 Report: Global Access and Attitudes to Diabetes Technology” in advance of the 62nd Annual Meeting of the European Association for the Study of Diabetes (EASD) in Milan, Italy, Sept. 28-Oct. 2. The company also announced a partnership to become the official continuous glucose monitor of Team Novo Nordisk.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260927863719/en/
Dexcom announced a new partnership with Team Novo Nordisk, the world’s only all-diabetes professional cycling team, to become the official continuous glucose monitoring partner.
Dexcom releases 2026 edition of its State of Type 2 Report
This year’s report provides valuable insight into how attitudes and experiences related to Type 2 diabetes and technology have evolved over the past year. Dexcom surveyed more than 800 healthcare professionals and 2,500 people with Type 2 diabetes across eight countries, including Germany, Italy, Japan, Poland, Saudi Arabia, Sweden, the United Kingdom and the United States.
The new 2026 data highlights an urgent opportunity for people with Type 2 diabetes: closing the gap between CGM's proven, transformative impact and the millions with Type 2 who lack awareness or access to this solution. Key takeaways from the 2026 report released today include:
HCPs recognize CGM as essential to Type 2 diabetes management: 89% of HCPs believe CGM helps them assess treatment adherence between appointments, and more than half of current CGM users report they have followed their treatment plan more closely since adoption.1CGM delivers exceptional results, but access barriers limit impact: Awareness remains low among people with Type 2 diabetes, with 55% reporting limited knowledge of CGM. At the same time, coverage and reimbursement challenges impede adoption, cited by 90% of U.S. HCPs and 53% of HCPs in the other seven surveyed countries.1 Despite these barriers, CGM users report outstanding outcomes: 94% manage diabetes more independently, 93% find CGM easy to use, and 91% use its data to guide treatment decisions.1GLP-1 and CGM adoption as a paired treatment has increased—with potential for greater uptake: 58% of people with Type 2 diabetes who use GLP-1s pair CGM with their medication but only 27% of Type 2 non-insulin users do so1 despite building clinical evidence supporting greater clinical outcomes when CGM is used with a GLP-1.2 Meanwhile, a majority of patients are open to CGM if recommended alongside a GLP-1, and half of HCPs expect growing GLP-1 use to boost CGM uptake, indicating the opportunity for convergence is significant and largely underutilized.1Read the full State of Type 2 Report at www.dexcom.com/StateofT2.
New partnership underscores Dexcom’s commitment to the Type 1 diabetes community
Further demonstrating its commitment to the Type 1 diabetes community and leadership in CGM, Dexcom announced a new partnership with Team Novo Nordisk, the world’s only all-diabetes professional cycling team, to become the official continuous glucose monitoring partner.
“Our mission is to inspire, educate, and empower everyone affected by diabetes, which aligns with Dexcom’s goal to advance education and awareness around glucose insights,” said Phil Southerland, CEO and Co-Founder of Team Novo Nordisk. “Every rider on our team lives with Type 1 diabetes, and we race all over the globe in the most challenging conditions. It's about as demanding as real-world use gets. For a kid watching a professional athlete manage Type 1 diabetes with the same sensor they wear at home, that visibility and representation matter more than anything we could tell them.”
The partnership will create new opportunities to advance real-world research, education and awareness of the role glucose insights can play in supporting people with Type 1 diabetes.
“I have raced for this team since 2012, and in that time the technology has changed more than the bikes have. When I started, checking my glucose told me where I already was. Now I can see where I'm heading and make a decision before it becomes a problem,” said David Lozano, professional cyclist with Team Novo Nordisk. “I look at that data during and after every ride, the same way I look at my power files. It's an integral part of how I train, not something separate from it.”
This partnership reflects Dexcom’s continued commitment to supporting the Type 1 diabetes community beyond CGM technology by helping expand awareness, resources and education.
For more information on the clinical data being presented by Dexcom during the conference, visit https://dexcom.events/industry-easd-2026/Home.
About Dexcom
Dexcom empowers people to take control of health through innovative biosensing technology. Founded in 1999, Dexcom has pioneered and set the standard in glucose biosensing for more than 25 years. Its technology has transformed how people manage diabetes and track their glucose, helping them feel more in control and live more confidently.
Dexcom. Discover what you’re made of. For more information, visit www.dexcom.com.
Category: IR
1Dexcom State of Type 2 Report, Dexcom data on file, 2026. 2Oser T, et al. CGM for Adults with Type 2 Diabetes Not on Insulin: The CONNECT Randomized Controlled Trial. Presented at the 2026 Scientific Sessions of the American Diabetes Association, June 6, 2026. New Orleans, LA; USA. 3Nemlekar P, et al. Rt-CGM initiation is associated with reductions in DKA-related hospitalizations and emergency room visits in children and adults with type 1 diabetes. Presented at the 2026 Annual Meeting of the European Association for the Study of Diabetes, Sept. 29, 2026. Milan, Italy.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260927863719/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Tržby DexCom ve 2. čtvrtletí vzrostly o 13 % na 1,31 miliardy USD. G7 15 Day zlepšuje marže a firma chce do konce roku převést téměř 50 % amerických zákazníků.
Key Takeaways DexCom's global revenues rose 13% to $1.31 billion, with U.S. and international growth supporting momentum.The CONNECT trial showed a 1.6% A1c improvement and could support broader Medicare CGM coverage.G7 15 Day adoption is improving margins, with nearly 50% of U.S. customers targeted for conversion by year-end DexCom, Inc. (DXCM - Free Report) is well positioned for growth in the coming quarters, supported by the significant potential of the continuous glucose monitoring (CGM) market. A strong first-quarter 2026 performance and a robust international foothold are expected to contribute further. Risks related to stiff competition persist.
This Zacks Rank #3 (Hold) company’s shares have gained 26.9% so far this year against the industry’s 10.8% decline. The S&P 500 Index has gained 11.4% in the same time frame.
DXCM, a renowned medical device company and provider of CGM systems, has a market capitalization of $31.33 billion. It projects a 22.6% growth rate over the next five years and anticipates maintaining a strong performance going forward.
DexCom’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 11.39%.
Image Source: Zacks Investment Research
Let’s delve deeper.
Positive DriversStrong Global Demand and Share Gains Support Durable Growth: Dexcom delivered a strong second quarter, with worldwide revenues rising 13% year over year to $1.31 billion and organic growth reaching 12%. U.S. revenues increased 11% to $933 million, supported by strong new-patient additions and share gains, while international revenues climbed 19% to $375 million, with organic growth of 16%.
Global new customer additions remained near the record level achieved in the first quarter, while new customers in the United States increased sequentially. Growth across Type 1, Type 2 intensive, basal and non-insulin populations suggests that momentum is not dependent on a single patient category, enhancing the durability of Dexcom’s near-term growth trajectory.
CONNECT Could Unlock a Substantially Larger Non-Insulin Type 2 Market: The CONNECT trial materially strengthens Dexcom's case for expanding CGM reimbursement among non-insulin Type 2 diabetes patients. The nearly 300-patient randomized study showed a 1.6% A1c improvement in the Dexcom group and a 0.9% advantage versus control, alongside more than five additional hours per day in normal glucose range and 97% median CGM utilization.
Commercial coverage already spans the four largest PBMs, representing more than 7 million non-insulin Type 2 patients. Dexcom has submitted the evidence to CMS and expects a coverage decision by year-end, with implementation targeted for mid-2027. Successful Medicare expansion could substantially enlarge the company's addressable market.
G7 15 Day Adoption Should Strengthen Product Differentiation and Margins: The G7 15 Day system is emerging as an important product-cycle catalyst, combining longer wear time, algorithm improvements and better customer experience. Dexcom said Net Promoter Scores have increased for three consecutive quarters, while integration with Tandem and Mobi now makes the system available to all adult G7 customers in the United States.
Management remains on track to convert nearly 50% of its U.S. customer base by year-end, with adoption expected to contribute increasingly in the second half and become more meaningful in 2027. The product transition is also improving the margins. The second-quarter gross margin expanded 400 basis points to 64.1%, aided by manufacturing efficiencies and the initial G7 15 Day mix shift.
RisksCMS Reimbursement Remains a Critical Execution and Timing Risk: A major portion of DexCom's longer-term growth thesis depends on expanding CGM coverage to the large non-insulin Type 2 population, but the business remains contingent on regulatory and reimbursement decisions. Management expects to hear from CMS on the coverage decision before year-end, while planning for implementation only around mid-2027. This creates a potentially lengthy period between evidence submission and revenue realization.
Moreover, commercial physician awareness still requires significant education because hundreds of thousands of prescribers must understand where reimbursement exists. Any restrictive CMS coverage criteria, implementation delays or slower physician adoption could postpone the expected acceleration in patient additions, leaving the company’s near-term growth more dependent on already-covered populations.
International Growth Faces Tougher Comparisons: International operations remain a major growth engine, but the second half carries greater execution risk. Second-quarter international organic revenue growth was an impressive 16%, supported by reimbursement gains in markets such as France and Canada. However, management acknowledged that year-over-year comparisons in the third and fourth quarters will become tougher because of significant access gains achieved during the second half of 2025.
Management cited the euro exchange rate as an important modeling factor and expects currency movements to negatively impact international revenues compared with previous guidance. Although the underlying market opportunity exceeds 60 million potential lives across key international markets, tender timing, reimbursement expansion and foreign-exchange volatility could make reported growth less consistent through the remainder of 2026.
Stelo and Nutrisense Have Limited Near-Term Revenue Impact: Dexcom's expansion into consumer metabolic health is strategically promising, but investors should distinguish platform development from immediate financial contribution. Management acknowledged that the incremental non-CGM revenue from Nutrisense is only in the low millions, with most existing revenue essentially representing Stelo CGM pass-through sales.
Therefore, the acquisition's primary rationale is technology, engagement and personalized nutrition insights rather than near-term revenue acceleration. Similarly, the redesigned Stelo app is intended to improve engagement and create a broader platform for future G-series functionality, but its commercial impact remains unproven. This means Dexcom must continue funding innovation while relying primarily on its core CGM business for growth until these newer initiatives achieve meaningful monetization.
Estimate TrendDexCom has witnessed a positive estimate revision trend for 2026. In the past 60 days, the Zacks Consensus Estimate for 2026 earnings per share has moved north 7 cents to $2.64.
The consensus mark for the company’s third-quarter revenues is pegged at $1.32 billion, indicating an 9.4% improvement from the year-ago quarter’s reported number. The consensus estimate for third-quarter earnings is pinned at 66 cents per share, implying an improvement of 8.2% year over year.
Stocks to ConsiderSome better-ranked stocks from the broader medical space are Veracyte (VCYT - Free Report) , Globus Medical (GMED - Free Report) and West Pharmaceutical (WST - Free Report) .
Veracyte, currently sporting a Zacks Rank #1 (Strong Buy), reported second-quarter 2026 adjusted earnings per share (EPS) of 54 cents, which surpassed the Zacks Consensus Estimate by 25.6%. Revenues of $150.3 million beat the Zacks Consensus Estimate by 4.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
VCYT has an estimated earnings growth rate of 8.4% for 2026. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 41.8%.
Globus Medical, currently sporting a Zacks Rank #1, reported second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.
GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.
West Pharmaceutical, carrying a Zacks Rank #2 (Buy) at present, reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.
WST has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.4%.
Key Takeaways DexCom stock has gained 34.9% in 2026 as its growth profile and CGM opportunity improve.G7 15 Day, broader reimbursement and international expansion are widening DexCom's growth opportunities.DexCom faces intensifying competition from Abbott, MiniMed and Senseonics in the CGM market. DexCom (DXCM - Free Report) stock has rebounded sharply in 2026, gaining 34.8% after falling 14.7% in 2025, as investors increasingly recognize the company’s improving growth profile and expanding continuous glucose monitoring (CGM) opportunity. The company’s share price performance so far this year has outperformed the industry’s 6.9% decline and S&P 500 Index’s 13.1% gain.
The second-quarter performance reflected recovery, with revenues rising 13% year over year and organic growth reaching 12%. U.S. revenues increased 11%, while international revenues jumped 19%, reflecting broader reimbursement, market-share gains and stronger patient starts. DexCom is expanding beyond its traditional insulin-dependent customer base. New evidence supporting CGM use in non-insulin Type 2 diabetes, broader international access and new products such as G7 15 Day and Smart Basal could materially expand the addressable market through 2026 and beyond.
YTD Performance of DXCM vs Industry
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What Is Fueling DXCM’s Growth?Non-Insulin Type 2 Diabetes Could Expand the Addressable Market: DexCom’s CONNECT trial could become an important growth catalyst by strengthening the case for CGM among non-insulin Type 2 patients. The study produced a 1.6% A1c improvement over six months, while commercial coverage has expanded across the four largest U.S. PBMs, reaching more than 7 million eligible patients. Broader reimbursement could significantly accelerate adoption beyond DexCom’s traditional customer base.
G7 15 Day Is Strengthening Product Adoption: The G7 15 Day rollout is creating a meaningful product-cycle opportunity. DexCom expects nearly 50% of its U.S. customer base to transition to the system by year-end, supported by an improved algorithm, longer wear time and stronger customer satisfaction. G7 15 Day also received Health Canada clearance, opening another avenue for international expansion. The product transition contributed to a roughly 400-basis-point improvement in second-quarter gross margin.
International Expansion Provides Another Growth Lever: International markets are growing increasingly important to DexCom’s growth trajectory. International revenues increased 19% in the second quarter, with organic growth of 16%. France and Canada benefited from expanding reimbursement access. DexCom is also rolling out Flex, its 15-day sensor for select Type 2 basal and non-insulin markets. Continued reimbursement wins could help the company replicate the share gains achieved in recently opened markets.
DexCom Is Building a Broader Digital Diabetes Platform: DexCom is expanding beyond sensor hardware through software and digital-health capabilities. The redesigned Stelo app adds AI-driven insights and enhanced food logging, while Smart Basal has reduced the time needed to reach an optimal basal insulin dose to about three weeks in pilot practices. The company also acquired Nutrisense, a CGM-data nutrition platform, creating additional potential for personalized metabolic-health services.
A Glance at DXCM’s EstimatesThe Zacks Consensus Estimate for DXCM’s 2026 and 2027 earnings per share (EPS) implies year-over-year growth of 26.8% and 16.6%, respectively, to $2.64 and $3.08. In the past 60 days, the consensus mark for the company's 2026 EPS has improved 2.7%.
Revenues for 2026 are projected to grow 12.1% to $5.23 billion and another 11.6% to $5.83 billion in 2027.
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Competition Remains a Major VariableThe CGM market remains highly competitive, with Abbott (ABT - Free Report) , MiniMed (MMED - Free Report) and Senseonics (SENS - Free Report) pursuing distinct strategies. Abbott remains DexCom’s most formidable direct rival, with Diabetes Care CGM sales exceeding $2 billion in the second quarter, reflecting growth of 9.5%.
Abbott also received CE Mark clearance for Libre Duo, its glucose-ketone monitoring sensor. MiniMed is strengthening its ecosystem, with CGM revenues growing at a low-double-digit rate in fiscal 2026 and its attachment rate reaching 68% in the fiscal fourth quarter. Senseonics is also growing much faster from a smaller base, with second-quarter revenues increasing about 120% and U.S. revenue growing more than 150%, supported by Eversense 365 and its Eon Care network.
Compared with Abbott, MiniMed, and Senseonics, DexCom currently benefits from greater scale, 13% reported revenue growth, and strong international momentum. However, Abbott’s scale, MiniMed’s integrated pump-CGM ecosystem, and Senseonics’ differentiated long-duration sensor could heighten competitive pressures.
Risks and ChallengesThe second half of 2026 will not be without challenges. DexCom remains dependent on reimbursement expansion, particularly for non-insulin Type 2 diabetes, and regulatory or payer delays could slow the addressable-market opportunity. Competition from Abbott could intensify as Libre Duo expands, while MiniMed’s new products could strengthen its integrated pump-CGM proposition. Senseonics also presents a differentiated alternative in long-duration CGM. Execution around the G7 15 Day conversion, international launches and new digital-health initiatives will be critical.
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ConclusionDexCom’s 2026 rally appears to be supported by improving fundamentals rather than short-term momentum alone. Expanding reimbursement, G7 15 Day adoption, international growth and digital-health initiatives provide multiple avenues for sustained expansion. However, competitive intensity and reimbursement execution remain important variables. With a Zacks Rank #3 (Hold), the stock appears better suited to investors willing to balance its strong growth potential against valuation and execution risks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways DexCom shares jumped 52.5% in three months, sharply outperforming key industry and market benchmarks.DexCom's Q2 revenues rose 13.1% as adjusted gross margin improved 400 basis points to 64.1%.DXCM's premium valuation, competition and litigation risk leave less room for execution shortfalls. DexCom, Inc. (DXCM - Free Report) shares have climbed 52.5% in the past three months, a sharp re-rating that raises the standard for further gains. The next leg depends less on momentum alone and more on whether earnings growth, margin expansion and new-market access can keep pace with higher expectations.
Recent results support the fundamental case, but the stock’s premium valuation leaves less room for disappointment. Investors now have to weigh improving execution against competition and litigation risk.
DXCM’s 52.5% Rally Outpaces Key BenchmarksDXCM’s three-month gain easily exceeds the 18.3% rise for the Zacks sub-industry, the Zacks Medical sector’s 10.4% advance and the S&P 500’s 2.4% increase. That relative strength shows investors have rewarded DexCom more aggressively than the broader market.
The outperformance also raises the hurdle. With a larger share-price gain already captured, future upside will likely require continued earnings delivery and progress on the company’s access and product initiatives rather than simple multiple expansion.
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DexCom’s Q2 Beat Supports the Fundamental CaseSecond-quarter 2026 revenues increased 13.1% year over year to $1.31 billion. Adjusted earnings were 70 cents per share, above the Zacks Consensus Estimate of 61 cents and up from 48 cents a year earlier.
Growth was broad-based geographically. U.S. revenues rose 11% to $933.4 million, while international revenues advanced 19% to $375 million. Coverage expansion and new-patient additions supported the U.S. business, while France and Canada were among markets benefiting from broader reimbursement.
DXCM’s Margin Gains Add Quality to the Growth StoryAdjusted gross margin reached 64.1%, up 400 basis points year over year. Adjusted operating margin improved 590 basis points to 25.1%, helped by manufacturing efficiencies, quality management and early benefits from the G7 15 Day transition.
The combination of double-digit revenue growth and wider margins makes the rally more defensible than one driven only by sales. DexCom also expects nearly 50% of its U.S. customer base to convert to G7 15 Day by year-end, while broader type 2 coverage remains a meaningful growth avenue.
DexCom’s Premium Valuation Raises the BarDXCM trades at 30.7X forward 12-month earnings, above 27.3X for the Zacks sub-industry, 21.2X for the Zacks Medical sector and 20.7X for the S&P 500. Earnings estimate revisions help support that premium, with 2026 and 2027 estimates up 2.7% and 1.2%, respectively, over the past 60 days.
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Competition remains a counterweight. Abbott (ABT - Free Report) continues to expand its Libre continuous glucose monitoring portfolio, including new clinical evidence in basal-insulin type 2 diabetes. MiniMed Group (MMED - Free Report) has also broadened its diabetes ecosystem through MiniMed systems and newer continuous glucose monitoring integrations. Those alternatives can intensify pricing, rebate and formulary pressure.
DXCM’s Signal Check Favors a Balanced FinishAfter a 33.7% run, DexCom still has measurable support from earnings growth, margin expansion, estimate revisions and product adoption. Yet the premium multiple means execution must remain consistent, while competitive pressure and ongoing litigation create downside risk.
DXCM currently carries a Zacks Rank #3 (Hold). Likewise, Abbott carries a Zacks Rank of 3, while MiniMed has a Zacks Rank #4 (Sell). That keeps the assessment centered on the available fundamentals: improving estimates and profitability on one side, and a richer valuation plus industry and legal risks on the other. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways DexCom's U.S. CGM opportunity is expanding, with 7M newly covered lives and 9M covered nonusers.DXCM expects nearly half its U.S. customer base to convert to G7 15 Day by year-end 2026.DexCom's premium valuation, competition and litigation leave less room for execution misses. DexCom, Inc. (DXCM - Free Report) is entering the second half of 2026 with healthier margins, broader reimbursement and a larger continuous glucose monitoring opportunity. The investment question is whether that improving setup is enough to justify a premium valuation.
Growth catalysts remain visible across U.S. coverage, product upgrades and international expansion. Yet competition, litigation and a forward earnings multiple above key benchmarks leave less room for execution misses.
DXCM’s Growth Case Is Still BroadeningDexCom’s addressable market is widening beyond intensive insulin users. All four of the largest U.S. commercial pharmacy benefit managers now cover people with type 2 diabetes who are not using insulin, representing more than 7 million covered lives.
Penetration still has room to improve even before additional reimbursement wins. Roughly 9 million people in the United States already have continuous glucose monitoring coverage but are not using the technology, giving DXCM a sizable pool of potential new users.
DexCom’s Valuation Leaves Less Room for ErrorThat runway is not cheap. DXCM trades at a forward 12-month price-to-earnings ratio of 30.68, above 27.25 for the Zacks sub-industry, 21.15 for the Medical sector and 20.66 for the S&P 500.
The premium raises the hurdle for future results. Revenue growth, estimate revisions and margin expansion can support a higher multiple, but investors are already paying for a meaningful portion of that progress. Any slowdown in patient additions, reimbursement or operating leverage could pressure the valuation.
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DXCM’s Coverage and Product Catalysts MatterProduct execution strengthens the growth argument. DexCom is rolling out G7 15 Day and expects to convert nearly half of its U.S. customer base to the system by year-end 2026. Health Canada has cleared G7 15 Day, while Dexcom Flex has launched in Germany for selected type 2 populations.
Clinical evidence could broaden the runway further. In the CONNECT trial, DexCom CGM users with type 2 diabetes not using insulin posted a 1.6% A1c improvement, spent more than five additional hours per day in range and recorded 97% median CGM use. DexCom has submitted the data to CMS in support of expanded non-insulin coverage.
DexCom’s Competition and Litigation Temper UpsideThe category remains crowded. Abbott Laboratories (ABT - Free Report) competes through its FreeStyle Libre continuous glucose monitoring franchise. MiniMed Group (MMED - Free Report) , the recently divested business of Medtronic, also offers continuous glucose monitoring and integrated diabetes technologies, while Senseonics Holdings, Inc. (SENS - Free Report) markets the implantable Eversense 365 system.
More viable alternatives can give payers leverage in negotiations over pricing, rebates and formulary placement. DexCom also faces ongoing patent disputes plus securities, derivative and product-related class actions. These issues may add legal expense and execution uncertainty even if underlying demand remains healthy.
DXCM’s Signal Mix Supports PatienceThe balance of evidence favors patience over an aggressive entry. Earnings estimates for 2026 and 2027 have moved up 2.7% and 1.2% over the past 60 days to $2.65 and $3.08, respectively. Second-quarter adjusted gross margin reached 64.1% and adjusted operating margin improved to 25.1%.
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DXCM currently carries a Zacks Rank #3 (Hold). Likewise, Abbott and Senseonics carry a Zacks Rank of 3, while MiniMed has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
With estimates rising and margins improving, the fundamental direction is constructive. The premium valuation, competitive pressure and litigation risk still argue for waiting for either a better price or further proof that growth can sustain the current multiple.
DexCom, Inc. (DXCM) Q2 2026 Earnings Call July 30, 2026 4:30 PM EDT
Company Participants
Sean Christensen - Vice President of Finance and Investor Relations
Jacob Leach - President, CEO & Director
Jereme Sylvain - Executive VP, CFO & Chief Accounting Officer
Conference Call Participants
Travis Steed - BofA Securities, Research Division
Robert Marcus - JPMorgan Chase & Co, Research Division
Matthew Taylor - Jefferies LLC, Research Division
Gursimran Kaur - Wells Fargo Securities, LLC, Research Division
Anna Runci - Piper Sandler & Co., Research Division
Colin Clark - TD Cowen, Research Division
Jayson Bedford - Raymond James & Associates, Inc., Research Division
Marie Thibault - BTIG, LLC, Research Division
Jeffrey Johnson - Robert W. Baird & Co. Incorporated, Research Division
Joanne Wuensch - Citigroup Inc., Research Division
Anthony Petrone - Mizuho Securities USA LLC, Research Division
Michael Polark - Wolfe Research, LLC
Jonathan Block - Stifel, Nicolaus & Company, Incorporated, Research Division
Issie Kirby - Rothschild & Co Redburn, Research Division
Richard Newitter - Truist Securities, Inc., Research Division
Presentation
Operator
Ladies and gentlemen, welcome to the Dexcom Second Quarter 2026 Earnings Release Conference Call. My name is Abby, and I will be your operator for today's call. [Operator Instructions] As a reminder, the conference is being recorded.
I will now turn the call over to Sean Christensen, Senior Vice President of Finance and Investor Relations. Mr. Christensen, you may begin.
Sean Christensen
Vice President of Finance and Investor Relations
Thank you, operator, and welcome to Dexcom's Second Quarter 2026 Earnings Call. Our agenda begins with Jake Leach, Dexcom's President and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jereme Sylvain, our Chief Financial Officer.
Following our prepared remarks, we will open the call up for your questions. At that time, we ask analysts to limit themselves to one question each so we can provide
Dexcom zvýšil celoroční výhled tržeb na 5,18 až 5,25 miliardy USD díky silné poptávce po kontinuálních glukózových monitorech. Ve 2. čtvrtletí tržby činily 1,31 miliardy USD a upravený zisk na akcii 70 centů.
The offices of Dexcom in San Diego, California, U.S., June 30, 2026. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab
CompaniesJuly 30 (Reuters) - Medical device maker Dexcom (DXCM.O), opens new tab raised its full-year revenue forecast and beat quarterly estimates on Thursday, banking on sustained demand for its continuous glucose monitors that track blood sugar levels, sending shares of the company up over 4% in extended trading.
Here are the details:
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Rising awareness of diabetes care, improved insurance coverage and a wider consumer shift towards finger-prick-free technology have boosted demand for continuous glucose monitors, intensifying competition among market leaders Dexcom, Medtronic (MDT.N), opens new tab and Abbott Laboratories (ABT.N), opens new tab.
Dexcom reported second-quarter revenue of $1.31 billion, up 13% over a year earlier. Analysts on average had estimated $1.29 billion, according to data compiled by LSEG.
It posted quarterly adjusted profit of 70 cents per share, compared with the estimate of 61 cents.
The company expects annual revenue to be between $5.18 billion and $5.25 billion, compared with $5.16 billion to $5.25 billion forecast earlier, and analysts' estimate of $5.22 billion.
Dexcom said in May it would appoint two independent directors and revamp a key board committee in collaboration with activist investor Elliott Investment Management.
Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Dexcom G7 15 Day is the longest‑lasting and most accurate1-4 CGM system authorized by Health Canada, providing real-time glucose readings for an industry-leading 15.5 days5.
BURNABY, British Columbia--(BUSINESS WIRE)--Dexcom, Inc. (NASDAQ: DXCM), the global leader in glucose biosensing, announced today that Health Canada has authorized the Dexcom G7 15 Day Continuous Glucose Monitoring System (CGM) for people 18 years and older living with diabetes.
Dexcom G7 15 Day is the longest‑lasting and most accurate1-4 CGM system authorized by Health Canada, providing real‑time glucose readings for an industry‑leading 15.5 days5. Building on the performance of Dexcom CGM which is clinically proven to lower A1C and increase time in range6-10, Dexcom G7 15 Day sets a new standard in CGM technology that’s easy to use, painless to insert* and requires fewer sensor changes per month.
Diabetes is a complex and challenging condition that affects more than four million Canadians11 and requires around-the-clock management of glucose levels and decision‑making to manage safely.
“Small improvements can make a meaningful difference for people living with diabetes. Dexcom G7 15 Day reflects our ongoing commitment to simpler, more seamless diabetes management,” said André Côté, Vice President and General Manager, Dexcom Canada.
New with Dexcom G7 15 Day:
Longest lasting CGM system with 15.5 days of wear.5 Best-in-class accuracy with an overall MARD of 8.0%.1-4 Easier glucose management with fewer monthly sensor changes and reduced waste. Dexcom G7 features included with Dexcom G7 15 Day:
The only waterproof† CGMs available Direct to Apple Watch‡ connectivity, so you can leave your phone behind and still see your glucose numbers. 12-hour grace period to replace finished sensors for a more seamless transition between sessions. Innovative and simple mobile app with Dexcom Clarity integration to easily view glucose patterns, trends and statistics for meaningful conversations with your healthcare provider.§ Ability to remotely share glucose numbers with caregivers and loved ones for added support and peace of mind. ||,12 Customizable alert settings for improved discretion and personalized diabetes management. While authorized by Health Canada, Dexcom G7 15 Day is not yet available for purchase. André Côté shares, “Our focus is on ensuring that when the product becomes available, Canadians living with diabetes and their healthcare providers have the support, education, and experience they need from day one. We look forward to sharing more details as we move closer to availability.”
Visit Dexcom.com to get started with Dexcom G7 today, and register your details to opt in and receive information when Dexcom G7 15 Day becomes available.
About Dexcom
Dexcom empowers people to take control of health through innovative biosensing technology. Founded in 1999, Dexcom has pioneered and set the standard in continuous glucose monitoring for more than 25 years. Its technology has transformed how people manage diabetes and track their glucose, helping them feel more in control and live more confidently.
Dexcom. Discover what you’re made of. For more information, visit www.dexcom.com.
Category: IR
* 96% of patients reported mild/no pain.
† The Dexcom G7 Sensor is waterproof and may be submerged under eight feet of water for up to 24 hours without failure when properly installed.
‡ Smart devices sold separately. To view a list of compatible devices, visit dexcom.com/compatibility. Compatible smartphone is required to pair a new Dexcom G7 sensor with a compatible Apple Watch.
§ An internet connection is required for users to send their glucose data to Dexcom Clarity via a compatible smart device: dexcom.com/compatibility. Healthcare providers will only be able to view a patient’s glucose data if the patient elects to share it with them through Dexcom Clarity.
|| Separate Dexcom Follow app and internet connection required. Users should always confirm readings on the Dexcom G7 app or receiver before making treatment decisions.
1 Garg SK, et al. Diabetes Technol Ther. 2025;27(6):413-502.
2 Dexcom G7 15 Day User Guide.
3 FreeStyle Libre 3+ User Manual.
4 Medtronic Guardian Sensor User Guide.
5 Dexcom, Data on File, 2025.
6 Beck RW, et al. JAMA. 2017;317(4):371-378.
7 Beck RW, et al. Ann Intern Med. 2017;167(6):365-374.
8 Martens T, et al. JAMA. 2021;325(22):2262-2272.
9 Laffel LM, et al. JAMA. 2020;323(23):2388-2396.
10 Welsh JB, et al. J Diabetes Sci Technol. 2024;18(1):143-147.
11 Diabetes Canada. Diabetes in Canada. https://www.diabetes.ca/advocacy-policies/advocacy-reports/national-and-provincial-backgrounders/diabetes-in-canada. Accessed May 7, 2026.
DexCom těží z rozšiřování CGM, zejména z přijetí G7 15 Day a růstu v zahraničí. Firma zároveň dál rozšiřuje úhrady pro pacienty bez inzulinu, i když rizikem zůstává načasování CMS.
Key Takeaways DexCom sees CGM expansion, G7 15 Day adoption and global growth supporting future performance.DXCM expanded non-insulin coverage, while low CGM penetration leaves room for multiyear growth.DexCom faces risks from CMS timing, input cost inflation and a maturing U.S. CGM market. DexCom, Inc. (DXCM - Free Report) is well positioned for growth in the coming quarters, supported by the significant potential of the continuous glucose monitoring (CGM) market. A strong first-quarter 2026 performance and a robust international foothold are expected to contribute further. Risks related to stiff competition persist.
This Zacks Rank #3 (Hold) company’s shares have gained 7.3% so far this year against the industry’s 12.4% decline. The S&P 500 Index has gained 9.4% in the same time frame.
DXCM, a renowned medical device company and provider of CGM systems, has a market capitalization of $27.49 billion. It projects a 23.6% growth rate over the next five years and anticipates maintaining a strong performance going forward.
DexCom’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 9.37%.
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Let’s delve deeper.
Positive DriversType 2 Non-Insulin Expansion Represents Untapped Growth Opportunity: DexCom's biggest long-term catalyst remains the rapid expansion of CGM into the type 2 diabetes population not using insulin. During the quarter, the company expanded commercial coverage to more than 7 million non-insulin lives through the addition of Prime Therapeutics and reiterated that CMS reimbursement may start soon.
Management also expects the upcoming randomized controlled trial to reinforce the strong real-world evidence showing meaningful A1c reductions, potentially accelerating payer adoption globally. Since only about 30% of currently covered patients are using CGM, penetration remains low despite expanding reimbursement. If Medicare coverage eventually follows commercial payers, DexCom would gain access to millions of additional patients, creating a durable multiyear volume growth engine rather than a short-term sales catalyst.
G7 15-Day Launch Strengthens Competitive Position: The successful rollout of the Dexcom G7 15 Day system represents more than a routine product refresh. Longer wear time, improved sensor algorithms and better reliability are already driving higher customer satisfaction, stronger new patient starts and conversion of existing users.
Management expects nearly 50% of the installed base to migrate to the 15-day platform by year-end, improving customer retention while supporting manufacturing efficiencies. The launch also reinforces DexCom's ability to compete on product innovation rather than pricing, an increasingly important differentiator as the CGM market becomes more competitive.
Combined with upgraded adhesive technology, AI-powered software enhancements and Smart Basal functionality, DexCom is building a comprehensive ecosystem that could improve customer value while strengthening physician preference over competing platforms.
Robust Growth in International Markets: International operations continue to diversify DexCom's growth profile, reducing dependence on the mature U.S. diabetes market. International revenues grew 26% reportedly and 17% on an organic basis, driven by reimbursement expansion in markets such as France and Canada, while management highlighted additional payer wins expected throughout 2026.
Rather than relying on a single flagship product, DexCom is tailoring multiple products (including Stelo and a new CGM platform) to different reimbursement systems and customer segments across Europe and Asia-Pacific. This portfolio strategy is helping the company win tenders, convert previously exclusive contracts into dual-source agreements and steadily gain market share. As reimbursement expands globally, international markets could remain one of DexCom's fastest-growing businesses over the next several years.
RisksUncertain CMS Reimbursement Decisions: Although management repeatedly expressed confidence that Medicare reimbursement for non-insulin type 2 patients is inevitable, the timing remains entirely outside the company's control. Management acknowledged that CMS could impose eligibility requirements before approving coverage, while investors continue to view the decision as a major binary catalyst.
Because the opportunity represents one of DexCom's largest future growth drivers, any prolonged regulatory delay would postpone patient adoption, physician prescribing and revenue acceleration. Even if coverage is eventually approved, implementation timing and reimbursement criteria could influence the pace of uptake. Consequently, a meaningful portion of DexCom's long-term growth narrative still depends on external reimbursement decisions that management cannot directly influence.
Rising Input Cost Inflation Threatens Further Margin Expansion: Despite reporting excellent first-quarter profitability, DexCom deliberately maintained its gross margin guidance because of growing geopolitical uncertainty. Management estimates that rising oil prices, resin costs and freight expenses could create a 50-100 basis point gross margin headwind during the remainder of 2026.
Since CGM sensors rely heavily on petroleum-derived materials and global logistics, sustained commodity inflation could offset manufacturing productivity gains. While operational execution currently remains strong, prolonged geopolitical disruptions affecting shipping routes or raw material availability may pressure production costs and delay further margin expansion. As DexCom continues ramping up manufacturing capacity globally, maintaining cost discipline will become increasingly important for preserving profitability.
U.S. CGM Market Growth May Moderate as Penetration Matures: Although DexCom reported a global record for new patient additions, management acknowledged that U.S. patient starts were only close to a record, highlighting the increasingly mature nature of the domestic CGM market. Several analysts questioned whether overall U.S. market growth is slowing as major reimbursement expansions become less frequent.
Management's guidance also assumes continued coverage gains and sustained patient acquisition momentum throughout the year. If physician adoption slows or newly covered populations convert more gradually than anticipated, domestic revenue growth could remain below historical double-digit levels. This makes continued innovation, broader reimbursement and higher patient retention increasingly critical for sustaining DexCom's long-term growth trajectory.
Estimate TrendDexCom has witnessed a positive estimate revision trend for 2026. In the past 60 days, the Zacks Consensus Estimate for 2026 earnings per share has moved north 1 cent to $2.57.
The consensus mark for the company’s second-quarter revenues is pegged at $1.3 billion, indicating an 11.9% improvement from the year-ago quarter’s reported number. The consensus estimate for second-quarter earnings is pinned at 61 cents per share, implying an improvement of 25% year over year.
Stocks to ConsiderSome better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , West Pharmaceutical (WST - Free Report) and Intuitive Surgical (ISRG - Free Report) .
Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported a first-quarter 2026 adjusted earnings per share (EPS) of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GMED has an estimated long-term earnings growth rate of 10.2% compared with the industry’s 12.5% growth. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 26.26%.
West Pharmaceutical, currently carrying a Zacks Rank #2, reported first-quarter 2026 EPS of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%.
WST has an estimated long-term earnings growth rate of 13.9% compared with the industry’s 9.6% growth. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.37%.
Intuitive Surgical, carrying a Zacks Rank of 2 at present, reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.
ISRG has a long-term estimated growth rate of 14.3% compared with the industry’s 12.5% growth. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
DexCom začne v červenci v USA uvádět na trh novou aplikaci Stelo a letos ji plánuje spustit také ve Velké Británii, Austrálii, na Novém Zélandu a v Jižní Koreji.
Key Takeaways DexCom will roll out its redesigned Stelo app in the United States starting in July.Stelo is expected to launch in four international markets later this year, with more expansion to 2027.DexCom gained FDA clearance for Stelo use in children aged 2 and older who are not using insulin. DexCom (DXCM - Free Report) recently announced that it will begin rolling out its fully reimagined Stelo app experience in the United States starting in July. The updated app, available for Apple iPhone and Android users, is designed to make glucose insights more accessible and actionable for individuals seeking to better understand their metabolic health.
Alongside the app launch, DexCom reiterated its plans to expand Stelo internationally. The platform is expected to launch in the United Kingdom, Australia, New Zealand and South Korea later this year, with further expansion continuing into 2027. The updates were highlighted as part of a broader set of milestones shared by the company at Aspen Ideas: Health.
Per management, glucose is relevant to everyone, and a better understanding of glucose patterns can help prevent serious health complications. The company is working to expand access to glucose biosensing to bring preventive, personalized care closer to reality and make the Stelo app experience more approachable with real-time insights that help people act earlier, before disease takes hold.
Likely Trend of DXCM Stock Following the NewsFollowing the announcement, DXCM shares lost 0.2% at yesterday’s closing. Year to date, the stock has gained 3.8% against the industry’s 18.3% decline. The S&P 500 has risen 7.4% in the same timeframe.
The rollout of the redesigned Stelo app and the planned international expansion may strengthen DexCom’s position in the growing glucose monitoring and metabolic health market. By enhancing the user experience and extending access to new geographic markets, the company is broadening the appeal of its Stelo platform beyond traditional diabetes management. The developments could support long-term revenue growth while reinforcing DexCom’s leadership in glucose biosensing technology.
DXCM currently has a market capitalization of $26.65 billion.
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More on the NewsThe reimagined Stelo app has been developed to help users better understand how everyday factors such as food, physical activity, sleep and stress affect their glucose levels and overall well-being. The updated experience aims to simplify glucose data and provide insights that are easier to interpret and act upon, supporting the growing shift toward preventive and personalized healthcare.
In addition to the app rollout, DexCom highlighted the recent FDA clearance of the Stelo for pediatric use. The recent clearance expanded its indication from adults aged 18 and older not using insulin to include children aged 2 years and older who are not using insulin. The approval comes as youth-onset Type 2 diabetes and metabolic syndrome continue to rise in the United States, providing families with greater access to glucose insights and improving metabolic health awareness from an early age.
Industry Prospects Favoring the MarketGoing by the data provided by Grandview Research, the continuous glucose monitoring (CGM) devices market was valued at $15.47 billion in 2026 and is expected to witness a CAGR of 15.1% through 2033.
Factors like the growing cases of diabetes, the increasing adoption of CGM devices, growing clinical needs, technological innovation and shifting care models are boosting the market’s growth.
Other NewsAt the recent Investor Day event, DexCom unveiled its next-generation CGM, the Dexcom G8 system, which is expected to be launched in late 2027 or early 2028. Features include step change improvement in glucose performance, a 50% smaller form factor than Dexcom G7 and advanced sensing capabilities.
DXCM’s Zacks Rank & Key PicksDexCom currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are BrightSpring Health (BTSG - Free Report) , Globus Medical (GMED - Free Report) and Intuitive Surgical (ISRG - Free Report) .
BrightSpring Health, currently sporting a Zacks Rank #1 (Strong Buy), reported first-quarter 2026 adjusted earnings per share (EPS) of 39 cents, which beat the Zacks Consensus Estimate by 34.5%. Revenues of $3.61 billion surpassed the Zacks Consensus Estimate by 8.35%. You can see the complete list of today’s Zacks #1 Rank stocks here.
BrightSpring Health has an estimated long-term earnings growth rate of 46.5%. BTSG’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 14.6%.
Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported a first-quarter 2026 adjusted EPS of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%.
GMED has an estimated long-term earnings growth rate of 10.2%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 26.3%.
Intuitive Surgical, carrying a Zacks Rank #2 at present, reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.
Intuitive Surgical has a long-term estimated growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
