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Mar 31, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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