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Mar 31
DexCom Q1 2025 Earnings Report
Dexcom delivered solid financial results in Q1 2025 with double-digit revenue growth and expanded U.S. coverage.
Key Takeaways
Dexcom reported strong Q1 2025 performance with over $1 billion in revenue and maintained profitability, while securing broader PBM coverage and FDA clearance for its new 15-day CGM system.
Revenue reached $1.036 billion, up from $921.0 million a year ago.
Net income was $105.4 million, with diluted EPS of $0.27.
Expanded U.S. coverage with 2 of the 3 largest PBMs now covering Dexcom CGM for anyone with diabetes.
Received FDA clearance for the Dexcom G7 15 Day System post-quarter end.
DexCom
DexCom
DexCom Revenue by Segment
DexCom Revenue by Geographic Location
Revenue by Segment
Sensor and other Revenue
CapyFin.comHardware Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Dexcom reaffirmed its revenue and margin guidance for FY2025, adjusting its gross margin outlook due to near-term supply chain costs.
Positive Outlook
- Revenue guidance maintained at $4.60 billion
- Non-GAAP Operating Margin guided at ~21%
- Adjusted EBITDA Margin guided at ~30%
- Expanded U.S. PBM coverage supports growth
- Post-quarter FDA clearance for 15-day G7 CGM system enhances product portfolio
Challenges Ahead
- Non-GAAP gross margin guidance lowered to ~62%
- Margin reduction driven by near-term supply dynamics
- Incremental costs tied to restoring finished goods inventory
- Non-GAAP operating margin declined YoY in Q1
- Hardware revenue dropped significantly compared to Q1 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income