Rank: #29 (Last year: #30) $4.03 Billion
Prior Fiscal: $3.62 Billion
Percentage Change: +11%
R&D Expenditure: $552.4M
Best FY24 Quarter: Q4 $1.11B
Latest Quarter: Q1 $1.03B
No. of Employees: 10,200
Global Headquarters: San Diego, Calif.

Donna Meagle’s iconic “Treat ‘Yo Self Day” looks a bit different now. Gone are the mimosas and the cakes (too much sugar). Same goes for the boozy brunches.

The massages, the leather goods, and the clothes are still a part of the day, but they’re no longer the most important part.

Perhaps the most notable change is the event’s frequency—“Treat ‘Yo Self Day” has evolved from an annual observation to a daily ritual. And that evolution has spawned a lifestyle overhaul for Meagle’s real-life alter ego, actor/comedian Retta, one of more than 36 million Americans living with Type 2 diabetes.

Diagnosed in July 2023, Retta (legal name Marietta Sangai Sirleaf) has been managing her condition through medication and diet. She hopes to eventually control her diabetes naturally, but her doctor is doubtful.

“That was my big thing. I was like, ‘Will I be able to get off it?’ [The doctor] said not likely, but I was like, ‘I feel like I can fight this’ because my numbers weren’t so deep into the range,” Retta told TODAY show staff last fall. “I never thought of diabetes until the doctor said something. I would have never expected it.”

Regardless of expectations, Retta has managed to control her diabetes by keeping her glucose spikes within range. She closely monitors her glucose levels via Dexcom’s Stelo glucose biosensor, and notices increases when she eats or drinks certain items.

Last fall, Retta teamed up with glucose biosensing tech provider Dexcom and the nonprofit organization Beyond Type 2 to host the first National Glucose Awareness Week. The trio highlighted glucose resources, including glucose biosensors that provide insight into the way food, sleep, and exercise affect blood sugar levels.

“Since being diagnosed with Type 2 diabetes, I’ve needed to learn how different lifestyle factors such as diet and exercise can impact my glucose levels and my overall health,” remarked Retta, known for her roles in “Parks and Recreation,” “Good Girls,” and “Hit Man.” “Since I started using Stelo, Dexcom’s newest glucose biosensor, I’ve improved my glucose awareness.”

Cleared by the U.S. Food and Drug Administration (FDA) last March, Stelo by Dexcom is the first glucose biosensor available to consumers without a prescription. The product is aimed at the 25 million Type 2 diabetics in the United States not using insulin who could benefit from continuous glucose monitoring (CGM) technology. Stelo also can help those without insurance coverage for CGM access the technology, Dexcom said.

“Dexcom continues to lead innovation in the CGM market, with a long list of first-in-market advances. Dexcom was the first to connect CGM to multiple insulin delivery devices, the first to connect CGM to a smartphone, the first to replace fingersticks for treatment decisions, and now is creating a new category by bringing the first glucose biosensor cleared for use over the counter,” Dexcom Executive VP/Chief Operating Officer Jake Leach stated upon Stelo’s FDA clearance. “Based on our experience serving people with Type 2 diabetes not using insulin, we have developed Stelo with their unique needs in mind.”

Stelo is worn on the back of the upper arm and provides personalized glucose insights to Type 2 diabetics not on insulin therapy and prediabetic patients. The fingerstick-free, waterproof system sends glucose readings directly to a smartphone.

Stelo can be worn for up to 15 days (reportedly the longest biosensor wear time on the market), and its spike detection feature identifies meaningful blood sugar level variability in real time to help users make informed changes. Its personalized app provides daily, weekly, and session summary insights that can help Type 2 diabetes sufferers form healthier habits.

Dexcom attracted more than 140,000 new customers in the first few months after Stelo’s August (2024) launch, with demand coming from the Type 2 diabetes, prediabetes, and health/wellness populations, the company said. Such robust desire for Stelo prompted Dexcom to expand the product’s accessibility through new distribution channels, including direct sales to physician offices and providing Stelo as a cross-selling opportunity to several key durable medical equipment partners.

FROM THE TOP: “Our work in 2024 provides us an excellent foundation to build on in 2025. Our teams are working with great purpose on behalf of our customers and the many people who stand to benefit from Dexcom CGM technology. Between the ongoing momentum of our existing product portfolio and our continued efforts to expand access to Dexcom CGM globally, our company’s growth opportunity has never been greater.”

—Kevin Sayer, Dexcom Chairman, President, and CEO

Stelo’s FDA clearance and subsequent market debut bolstered Dexcom’s CGM portfolio and enabled the company to increase access to its glucose monitoring technology. Dexcom’s customer base grew approximately 25% last year, driven by more than 50,000 new prescribing physicians and a loyal user base nearing 3 million.

“2024 was a year of strategic investment for Dexcom, providing us greater scale and broadening our commercial reach,” Dexcom Chairman/President/CEO Kevin Sayer told shareholders in the company’s latest annual report. “We believe these investments have better positioned us to advance our mission—empowering people to take control of health. Our work in 2024 provides us an excellent foundation to build on in 2025.”

Excellent indeed: The global growth of Dexcom’s disposable sensors customer base (500,000-600,000 net users) boosted fiscal 2024 sales 11% to $4.03 billion, though the increase was somewhat tempered by pricing headwinds due to greater rebate eligibility and channel mix. Nevertheless, gross profit rose 7% to $2.43 billion, net income climbed 6% to $576.2 million, and basic earnings per share swelled 4% to $1.46. The company also generated approximately 100 basis points of operating expense leverage during the year.

Stelo wasn’t the only contributor to Dexcom’s expanded customer base last year, however. The company also enhanced its international CGM offering by introducing Dexcom ONE+ to 19 different countries throughout 2024. Dexcom ONE+ comprises a water-resistant blood glucose sensor, a transmitter that sends blood sugar level readings, and a Dexcom One smartphone-compatible app. The system monitors blood glucose data in real time for both the user and up to 10 additional people.

Dexcom ONE can be worn in three different locations on the body—the abdomen, back of the upper arms, or upper buttocks (in children ages 2 to 17). The device features a “delay first high” option to avoid repeated high-reading alerts, which helps users avoid alert fatigue and possible reduced compliance.

Dexcom secured future growth in its customer base last year by partnering with health-tracking ring manufacturer Oura. The company invested $75 million in Oura and announced a collaboration to enable two-way data flow between Dexcom’s CGM solutions and the Oura Ring.

Under the partnership agreement, Dexcom and Oura product users will have access to glucose data from Dexcom’s biosensors, and sleep, cardiac health, stress, vital signs, and activity data from the Oura Ring. The information will be available on both companies’ apps.

“Dexcom offers the most accurate glucose biosensing systems on the market that help reveal the impact of daily lifestyle choices on glucose levels and enable our users to make informed decisions about their health,” Dexcom Executive VP of Strategy and Corporate Development Matt Dolan said. “Partnering with Oura gives us the opportunity to redefine the category again, integrating data from Dexcom glucose biosensors with the continuous insights and metrics measured by Oura Ring. This combination will attract new shared customers who want to better understand the link between activity, sleep, nutrition, and their glucose.”

$3.62 Billion
Prior Fiscal: $2.90 Billion
Percentage Change: +24.8%
R&D Expenditure: $506M
Best FY23 Quarter: Q4 $1.03B
Latest Quarter: Q1 $921M
No. of Employees: 9,600

“This small thing…is the next big thing.”

A truly prophetic declaration, unbeknownst to its orator at the time.

Those eight words were spoken by multi-platinum recording artist, songwriter, actor, and philanthropist Nick Jonas during a 30-second Super Bowl commercial that aired last winter. In the ad, Jonas uses a magician’s sleight of hand and some CGI wizardry to introduce the Dexcom G7 CGM System to the global market.

“It shows your glucose, predicts where it’s headed, and tracks your success. Just like that,” Jonas says. “Not magic. Just feels that way.”

Then, with the snap of his fingers, Jonas disappears in a wisp of black smoke.

The Super Bowl spot served as the U.S. launch for Dexcom Inc.’s most recent diabetes management tool. Heralded as the top recommended continuous glucose monitoring (CGM) brand, the G7 is touted by Dexcom as a more powerful and easier to use system with a small, all-in-one wearable (placed in the back of the upper arm or upper buttocks); the device features a redesigned mobile app and requires no fingersticks or scanning, according to the company. The G7 system also has a suite of customizable alerts that warn of high or low glucose levels to help diabetics spend more time within their target (glucose level) range. In addition, the G7 system features a predictive low alert that provides a 20-minute advance warning of potentially dangerously low glucose levels so users can act quickly to avoid a hypoglycemic event.

Other new hallmarks of the Dexcom G7 include a 30-minute sensor warmup, reportedly the fastest of any CGM on the market; a 12-hour grace period to replace finished sensors; a 60% reduction in size from previous models; a smaller, redesigned optional receiver with a more vibrant, easier to read display; and smaller plastic components/packaging than the Dexcom G6 System.

FROM THE TOP: “Our success in 2023 provides an excellent foundation to build on in 2024. While we are proud of our execution, we are not resting on our achievements. Our team is working with great purpose in 2024 on behalf of our customers and the many people who stand to benefit from Dexcom CGM technology. Between the ongoing momentum of Dexcom G7, and our continued efforts to expand access to CGM technology globally, we believe our company’s opportunity has never been greater.”

— Kevin Sayer, Dexcom Chairman, President, and CEO

“For more than a decade, we’ve pioneered generation after generation of sensing technology that consistently delivers improved accuracy, reliability, and a simpler user experience, giving people greater control of their diabetes,” Dexcom Chairman/President/CEO Kevin Sayer said upon the G7 System’s FDA clearance in December 2022. “When we set out to design G7, our goal was simple: to make the most powerful, easy-to-use CGM available for people with diabetes, whether they have Type 1 or Type 2. G7 delivers squarely on that promise.”

G7 delivered on other promises too—performance, accuracy, and connectivity, notwithstanding.

Within a few weeks of its U.S. release last February, Dexcom shared survey feedback from G7 users; initial results showed 97% of the system’s customers found the G7 device easy to use, and the majority of survey participants praised its smaller size, shorter warmup period, and consumer-friendly mobile app.

Likewise, a number of clinical studies support G7’s accuracy. Data from a 316-participant trial published in Diabetes Technology & Therapeutics, for example, reported no adverse events with the system, and relatively low MARD (mean absolute relative difference) scores—8.2% (arm) and 9.1% (abdomen placed). Moreover, G7 glucose readings were within 20% of the Yellow Springs Instrument (YSI) reference values 95.3% and 93.2% of the time (arm and abdomen-placement, respectively). The device’s readings were within 30% of YSI reference values 98.8% and 98.1% of the time (arm and abdomen placement, respectively).

G7 delivered on its connectivity promise via its compatibility with Tandem Diabetes Care’s t:slim X2 insulin pump in the United States. Announced in December 2023, the t:slim connection is G7’s first AID (automatic insulin delivery) integration, facilitated by nearly a decade of research and collaboration building off previous Dexcom diabetes management tools (G4, G5, and G6 CGM systems).

Perhaps the most important promise G7 delivered last year, however, was that of fiscal growth. “…if you look at the second half of the year, that’s when G7 rolled out,” Sayer said in discussing FY23 results with analysts. “It really was an important event. There’s a direct correlation to G7 launching and the acceleration of our growth.”

Dexcom’s sales, operating income, and gross profit accelerated splendidly in 2023, earning double-digit gains over the previous year. Sales surged 24.5% to $3.62 billion due to increased demand for disposable sensors and an expanded customer base but growth was somewhat tempered by mix shift and price associated with Dexcom’s channel and product strategy evolution.

Fiscal 2023 gross profit jumped 22% to $2.28 billion, and operating income skyrocketed 53% to $597.7 million, according to the company’s latest annual report. However, gross margin fell with G7’s higher cost profile, though Dexcom executives expect those expenses to shrink as volume increases. The device is already available in the United States, United Kingdom, Germany, Ireland, Austria, Hong Kong, Canada, New Zealand, and South Africa, and additional rollouts are planned.

“As it reaches scale,” Executive Vice President/CFO Jereme Sylvain noted, “we continue to expect G7’s margin profile to improve upon that of our G6 platform.”

Even with an improved G7 margin profile, though, Dexcom’s G6 platform will still be an important part of its long-term growth strategy. In February last year, the company launched the Dexcom G6 CGM System in Singapore for people with diabetes aged two and older, including pregnant women. Dexcom also appointed DKSH Singapore Pte. Ltd. as the sales, marketing, and distribution service provider.

“The launch of Dexcom G6 in Singapore is a significant milestone for our company,” Scott Moss, vice president of Dexcom, Asia-Pacific, declared upon the system’s introduction in the region. “This launch marks the first time Dexcom CGM is available to people living with diabetes in Southeast Asia, and with the recent opening of our regional headquarters in Singapore, we look forward to bringing Dexcom CGM to additional markets in the region in the near future.”

Four months after its Singapore debut, the Dexcom G6 became the first and only CGM to connect to the Omnipod 5 AID System. That integration helped strengthen Dexcom’s position as the world’s most connected CGM, and offered yet another AID choice to those living with type 1 diabetes in the United Kingdom.

“For over a decade, Dexcom has been the sensor of choice for the development of AID systems,” Executive Vice President/Chief Commercial Officer Teri Lawver remarked. “Dexcom has supported more than 50 studies around the world ranging from early academic projects to increasingly sophisticated trials in collaboration with industry partners, safely powering AID systems for over 1 million patient-years of cumulative use. Our CGM systems were the first to enable connectivity and we now link with over 60 connected partners worldwide.”