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**Key Takeaways:**
- **Revenue Growth Accelerates**: Q3 revenue up 22% YoY, driven by U.S. and international expansion into T2D markets.
- **15-Day Sensor Launch**: Limited U.S. rollout underway, with broader launch expected to drive 2026 growth.
- **Profitability Holds**: Adjusted EBITDA margin of 30.5% despite supply chain challenges, with free cash flow of $400 million.
- **2026 Guidance**: Base case for low double-digit revenue growth, with upside from potential T2D coverage expansion.

**【CEO Summary Section】**
- Reported third-quarter revenue of $1.21 billion, up 22% year-over-year, driven by 21% organic growth in the U.S. and 18% in international markets.
- Highlighted expansion of CGM coverage into non-insulin-dependent type 2 diabetes (T2D) populations, with 6 million U.S. commercial lives now covered.
- Announced the limited launch of a 15-day sensor in the U.S., with broader rollout expected in coming weeks, and a new digital experience for customers.
- Emphasized quality improvements in G7 sensors, with complaint rates stabilizing and scrap rates improving sequentially.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $368 million (30.5% of revenue), up 22% year-over-year.
- Gross margin of 61.3%, impacted by higher scrap rates and supply chain costs, but improving sequentially.
- Free cash flow of $400 million, with $3.3 billion in cash and equivalents.
- Raised 2025 revenue guidance to $4.63–$4.65 billion (15% growth) and adjusted EBITDA to $1.3–$1.35 billion.

**【Q&A Highlights】**
- **2026 Outlook**: Base case assumes no new coverage beyond current levels, with 15-day sensor contributing modestly to growth. Management expects low double-digit revenue growth and margin expansion.
- **Product Quality**: G7 scrap rates improving, with 15-day sensor launch proceeding as planned. No material impact on new patient starts expected.
- **Coverage Expansion**: Focused on securing CMS coverage for T2D, with potential impact on 2026 results if achieved.
- **Competitive Dynamics**: Multi-analyte platforms (e.g., Abbott's dual analyte) considered in base case, but DexCom's ecosystem and innovation pipeline seen as competitive advantages.

DexCom, Inc. (DXCM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

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Loss on Disposal of Assets

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Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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DXCM

DXCM fundamentals

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