Contradictions Unveiled: Key Takeaways from the Latest Earnings Call on U.S. Growth, User Retention, and Revenue Guidance

Revenue Growth and Market Expansion:
- DexCom reported revenue of $1.16 billion for Q2 2025, representing 15% growth on both a reported and organic basis.
- The growth was driven by strong category growth, focused execution by the team, and increased access in type 2 non-insulin markets.

Sales Force and Prescriber Base Expansion:
- New customer demand and volume growth remained consistent with high levels experienced in the first quarter.
- The expansion of the sales force and effective relationships with a wider base of physicians and market education were key contributors to growth.

International Business Performance:
- International revenue grew 16%, reaching $316 million in the second quarter.
- The acceleration in growth was driven by DexCom ONE+ platform coverage wins, especially in Canada with the Ontario Drug Benefit Program.

Inventory and Supply Chain Improvement:
- DexCom successfully restored inventory levels with key channel partners and began rebuilding its own finished goods inventory.
- Strategic investments in expedited shipping routes and operational efficiencies helped to stabilize the supply chain and meet customer demand.