Healthcare · Profile from Healthcare Research Companion
Dexcom, Inc.
The San Diego device maker that turned continuous glucose monitoring (CGM) from an inaccurate, fingerstick-dependent research tool into a prescribed, factory-calibrated sensor worn by millions. It built one of medtech's best recurring-revenue franchises on a 10–15-day disposable sensor. Along the way it won the regulatory and reimbursement fights that made CGM a standard of care for insulin users. It then fought Abbott's cheaper FreeStyle Libre for the mass market, launched the first over-the-counter CGM (Stelo, 2024), and in 2025 faced an FDA warning letter and accuracy complaints over its flagship G7.
At a glance
- Founded
- 1999, San Diego, California
- Founders
- Scott Glenn (venture investor, Windamere Venture Partners) and John Burd, building on implantable glucose sensor research associated with Stuart Updike and George Wilson (verify attribution)
- Headquarters
- San Diego, California; manufacturing in San Diego, Mesa (Arizona) and Penang (Malaysia), with an Irish plant planned (verify status)
- Ownership / structure
- Public company, Nasdaq: DXCM (IPO April 2005); in the S&P 500; 4-for-1 stock split in 2022
- Leadership (2026)
- Jake Leach, CEO from 1 January 2026 (previously president and COO); Kevin Sayer, CEO 2015–2025, executive chair (on medical leave Sep 2025–Mar 2026, returned 2 Mar 2026); Jereme Sylvain, CFO
- Segment and buyer
- Device and diagnostics: CGM systems (sensor, transmitter or integrated sensor-transmitter, receiver or phone app, software). Prescribed to people with diabetes; paid by commercial plans (increasingly through the pharmacy benefit), Medicare (DME benefit), Medicaid and national health systems abroad; Stelo bought out of pocket by consumers
- Scale
- 2025 revenue $4.66bn (+16%; US ~$3.3bn, international ~$1.3bn), first year above $1bn of free cash flow (reported). Q3 2026 revenue $1.344bn (+11%) (US $970m +14%, international $375m +5%); full-year 2026 guidance raised to $5.20–5.25bn (~12–13% growth) and a new $1bn buyback (Q3 2026 release, 29 Oct 2026). Users in the low-to-mid millions worldwide (company does not give a precise count)
- Capital / market cap
- IPO 2005; later funded by operations and convertible notes; market cap peaked around ~$60bn+ (late 2021, reported) and fell to roughly $25–30bn after the July 2024 guidance cut and the 2025 G7 quality issues (verify current level)
- Signature moves (incl. failures)
- Founding bet on implantable sensors, pivot to short-term wearables and 2005 IPO; FDA dosing claim and Medicare coverage (2016–17); G6 and the iCGM De Novo pathway (2018); Verily deal and the pharmacy-channel shift (2015–18); patent war with Abbott (2021–24); G7 launch (2022–23); Stelo OTC CGM (2024); July 2024 guidance cut and ~40% share drop; FDA warning letter and G7 accuracy controversy (2025)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2005
Founding Pivot and IPO
Founding / pivot / IPO
2016
Dosing Claim and Medicare Coverage
Regulatory and reimbursement strategy
2018
G6 iCGM De Novo
Launch / regulatory strategy
2018
Verily Deal and Pharmacy Channel Shift
Partnership restructuring / distribution change
2021
Abbott Patent War and Settlement
Litigation / settlement
2022
G7 Launch
Launch
2024
Guidance Cut and Sales Restructuring
Restructuring (failure) / guidance reset
2024
Stelo OTC CGM
Launch / consumer pivot
2025
FDA Warning Letter and G7 Quality Crisis
Regulatory action / quality failure / leadership transition