DexCom, Inc.

DexCom, Inc. is an American medical device company that designs, manufactures, and commercializes continuous glucose monitoring (CGM) systems for people with diabetes and those seeking to optimize metabolic health, generating $4.66 billion in revenue in fiscal 2025. From its founding in 1999 in San Diego, Dexcom has grown from a single-product startup into the number-two player in a global CGM market that serves an estimated 589 million adults with diabetes worldwide, with its sensors worn by millions of patients who rely on real-time glucose data to manage a disease that still has no cure.

This is a story about a razor-and-blade franchise with a powerful installed base, a widening reimbursement runway, and a product pipeline that could meaningfully expand its addressable market — set against genuine questions about competition, pricing, and whether the premium the market once assigned to this name can ever return. Dexcom's sensors, transmitters, and software form an ecosystem that grows stickier with every new automated insulin delivery partnership and every physician who builds CGM data into their practice workflow. The file turns on a single question: whether the expansion of CGM into the Type 2 non-insulin population — roughly 25 million people in the United States alone — represents a second growth curve that more than offsets the pricing and competitive pressures now bearing down on the core business.