DexCom reported a strong Q2 with revenue growth of 13% driven by solid demand and share gains, especially in the US where new patient starts rebounded. The company raised its full-year revenue and margin guidance, citing a better outlook on organic growth and execution, partially offset by FX. Key highlights included the launch of the Stello app, progress on the G7 15-day rollout, and a positive readout from the CONNECT trial for type 2 non-insulin patients, which is expected to be a key driver for expanding Medicare coverage. Q2 2026 revenue grew 13% to $1.31B, beating expectations, with US revenue up 11% and international up 19%.
DexCom reported a strong Q2 with revenue growth of 13% driven by solid demand and share gains, especially in the US where new patient starts rebounded. The company raised its full-year revenue and margin guidance, citing a better outlook on organic growth and execution, partially offset by FX. Key highlights included the launch of the Stello app, progress on the G7 15-day rollout, and a positive readout from the CONNECT trial for type 2 non-insulin patients, which is expected to be a key driver for expanding Medicare coverage. Q2 2026 revenue grew 13% to $1.31B, beating expectations, with US revenue up 11% and international up 19%.
DexCom reported a strong Q2 with revenue growth of 13% driven by solid demand and share gains, especially in the US where new patient starts rebounded. The company raised its full-year revenue and margin guidance, citing a better outlook on organic growth and execution…
Q2 2026 revenue grew 13% to $1.31B, beating expectations, with US revenue up 11% and international up 19%.
Gross margin improved by 400 bps to 64.1%, driven by manufacturing efficiencies and early 15-day sensor transition benefits.
Management raised full-year revenue guidance to $5.18-5.25B and margin guidance, reflecting confidence in sustained demand and execution, offset by FX headwinds.
Management raised the full-year revenue and margin guidance, signaling confidence in sustained demand, strong product performance, and improving operational efficiencies, partially offset by FX headwinds.
Management noted continued investment in Ireland to prepare for commercial production later this year, which will cause increased hiring and depreciation in Q3, temporarily pressuring gross margin. They also discussed ongoing investment in future production capacity as part of capital allocation framework.
Management expressed confidence in execution, product pipeline, and growth opportunities, highlighted by strong new patient starts, CONNECT trial results, and raised guidance.
“we do know that U.S. new patients start sequentially increased from Q1”
“we are starting to contribute a little bit more here in the second quarter. The expectation is it starts to contribute more into the third quarter and the fourth quarter as your base continues to move over”
“the largest relative improvement in A1C was within the cohort using only GLP-1 therapies. This data only further reinforced the complementary relationship between CGM and incretin therapy”
“the expectation was always a peak into Q3 and gross margin that would step down as you turned on Ireland. And that's exactly it”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| Gross margin | FY2026 | 64% | 64% | RAISED |
| Op margin | FY2026 | 23.5%–24% | 23.75% | RAISED |
| Revenue | FY2026 | $5.18B–$5.25B | $5.215B | RAISED |
DexCom's G7 15-day integration with Tandem's pumps is a key milestone; Tandem's installed base now has access to the new 15-day sensor which is likely a tailwind for Tandem's pump sales in the near term.
“With the recent integration availability for tandem pump users, including Mobi, our G7 15-day system is now accessible for all adult G7 customers in the U.S.”
… great. In fact, across these practices, Smart Basel has helped customers reach an optimal basal dose in only three weeks on average, which is a process that typically takes 12 weeks or longer in routine care. These results validate our belief that SmartBasil has the potential to become the new standard of care for basal insulin management. During the quarter, we also continued to advance the rollout of our DexCom G7 15-day system. With the recent integration availability for tandem pump users, including Mobi, our G7 15-day system is now accessible for all adult G7 customers in the U.S. We're very encouraged by the response we've seen since launch. Thank you so much for joining us. We remain on track to convert nearly 50% of our U.S. customer base to the G7 15-day system by year end. At Investor Day, we also discussed our plans to extend this 15-day experience across our international markets. We recently completed an important step on that journey as Health Canada became the first international regulator to clear Dexcom G7 15-day. We look forward to bringing G7 15-day to Canada in the second half of 2026 and to the rest of our international markets as quickly as possible. To …
The success of the CVS-backed real-world study validates the value proposition of CGM in type 2 non-insulin patients, potentially reinforcing CVS's own PBM formulary decisions and supporting its cost-savings narrative.
“in collaboration with CVS Health, we published a real-world evidence study for non-insulin type 2 customers. Over a three-year period, the study showed a 66% reduction in diabetes-related hospitalizations after the initiation of CGM and”
… from a medication perspective, the largest relative improvement in A1C was within the cohort using only GLP-1 therapies. This data only further reinforced the complementary relationship between CGM and incretin therapy. The results demonstrated in CONNECT translate to meaningful health outcomes and economic savings, and we are already seeing this recognized by commercial payers. As an example, in collaboration with CVS Health, we published a real-world evidence study for non-insulin type 2 customers. Over a three-year period, the study showed a 66% reduction in diabetes-related hospitalizations after the initiation of CGM and nearly 50% reduction in microvascular complications. These tangible near-term cost savings are a key reason why we've seen commercial coverage build so quickly. As we mentioned in our Q1 call, as of this summer, we now have coverage for all people with diabetes across the four largest commercial PBMs. This represents reimbursement for more than 7 million people with type 2 diabetes who are not on insulin. While this is a great start, We have stated previously, we won't be satisfied until we have broad global coverage for all people who can benefit from …
The CONNECT trial showed that the largest relative improvement in A1C was within the cohort using only GLP-1 therapies, reinforcing the complementary relationship between CGM and incretin therapies. — As GLP-1 adoption grows, the market for CGM devices is likely to grow in tandem, especially if coverage expands alongside it, which is a positive read-through for the GLP-1 manufacturers.
… and were sustained over the 26-week study. These were individuals who've had diabetes for 10-plus years on average, and DexCom immediately gave them a path to better glucose control. Second, this real-time feedback led to very high engagement throughout the trial. Over the 26-week study, median CGM usage was 97%. which is even higher than what we have seen in some AID trials. And finally, from a medication perspective, the largest relative improvement in A1C was within the cohort using only GLP-1 therapies. This data only further reinforced the complementary relationship between CGM and incretin therapy. The results demonstrated in CONNECT translate to meaningful health outcomes and economic savings, and we are already seeing this recognized by commercial payers. As an example, in collaboration with CVS Health, we published a real-world evidence study for non-insulin type 2 customers. Over a three-year period, the study showed a 66% reduction in diabetes-related hospitalizations after the initiation of CGM and nearly 50% reduction in microvascular complications. These tangible near-term cost savings are a key reason why we've seen commercial coverage build so quickly. As we …