What trends can be observed in DXCM's earnings from Q1 to Q4?

DexCom's earnings exhibited several significant trends from the first quarter to the fourth quarter of 2024:

1. **Revenue Growth**: DexCom's revenue showed a robust increase from Q1 to Q4. The company's full-year 2024 revenue grew by 11% to $4.03 billion. Specifically, U.S. revenue was up 10%, while international revenue soared by 15%. This trend was maintained in Q4, with revenue surpassing estimates at $1.114 billion, marking an 8% year-over-year increase.
2. **Operating Margin Improvement**: The company's operating margin improved by 1.4 percentage points over the last two years, reaching 14.9% for the trailing 12 months. This indicates enhanced operational efficiency and leverage from sales growth.
3. **Net Income Increase**: DexCom's net income also experienced a notable rise, with Q4 net income reported at $151.7 million. This is a clear indication of the company's profitability trend heading in a positive direction.
4. **Earnings Per Share (EPS) Variations**: While GAAP EPS fell short of expectations at $0.38 in Q4, non-GAAP EPS was reported at $0.45, which is still above the consensus. This suggests that although GAAP EPS may not have met expectations, other metrics such as non-GAAP EPS indicate strong earnings potential.
5. **International Expansion**: The company's international revenue growth of 19% reflects the success of its expansion efforts outside the U.S. This trend is a positive signal for future growth, as DexCom continues to tap into new markets.

In summary, DexCom has demonstrated strong revenue growth, improved operating margins, and increased net income from Q1 to Q4. While there were some variations in EPS, the overall trend indicates a financially healthy and expanding company, bolstered by successful international sales and new product contributions.