DEXCOM INC DXCM
We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world.
We received approval from the Food and Drug Administration, or FDA, and commercialized our first product in 2006. We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025. In August 2024, we launched Stelo, our biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin, as the first over-the-counter glucose biosensor in the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.66B | $4.03B | $3.62B | $2.91B | $2.45B | $1.93B | $1.48B | $1.03B | $718.5M | $573.3M |
| Cost of revenue | $1.86B | $1.59B | $1.33B | $1.03B | $768.0M | $646.6M | $544.5M | $367.7M | $226.4M | $194.9M |
| Gross profit | $2.80B | $2.44B | $2.29B | $1.88B | $1.68B | $1.28B | $931.5M | $663.9M | $492.1M | $378.4M |
| R&D | $599.1M | $552.4M | $505.8M | $484.2M | $517.1M | $359.9M | $273.5M | $199.7M | $185.4M | $156.1M |
| SG&A | $1.29B | $1.29B | $1.19B | $1.01B | $810.5M | $618.2M | $515.7M | $432.8M | $349.2M | $286.2M |
| Total operating expenses | $1.89B | $1.84B | $1.69B | $1.49B | $1.41B | $980.6M | $789.2M | $850.2M | $534.6M | $442.3M |
| Operating income | $911.8M | $600.0M | $597.7M | $391.2M | $265.8M | $299.5M | $142.3M | -$186.3M | -$42.5M | -$63.9M |
| Interest expense | $18.3M | $19.0M | $20.3M | $18.6M | $18.8M | $17.7M | $60.3M | $22.7M | $12.8M | $700.0K |
| Pre-tax income | $1.09B | $709.0M | $710.4M | $390.8M | $256.8M | $297.9M | $104.2M | -$126.5M | -$48.6M | -$64.9M |
| Income tax | $252.1M | $132.8M | $168.9M | $49.6M | $39.9M | $251.8M | $3.1M | $600.0K | $1.6M | $700.0K |
| Net income | $836.3M | $576.2M | $541.5M | $341.2M | $216.9M | $549.7M | $101.1M | -$127.1M | -$50.2M | -$65.6M |
| EPS, basic | 2.14 | 1.46 | 1.40 | 0.88 | 0.56 | 1.46 | 1.11 | -1.44 | -0.58 | — |
| EPS, diluted | 2.09 | 1.42 | 1.30 | 0.82 | 0.53 | 1.33 | 1.10 | -1.44 | -0.58 | -0.78 |
| Shares, diluted (wtd. avg.) | $405.5M | $412.7M | $425.5M | $427.5M | $428.8M | $420.4M | $92.3M | $88.2M | $86.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $917.7M | $606.1M | $566.3M | $643.3M | $1.05B | $818.2M | $446.4M | $1.14B | $441.5M | $94.5M |
| Short-term investments | — | $1.73B | $2.16B | $1.81B | $1.36B | — | — | $92.7M | $107.1M | $29.2M |
| Receivables | $1.22B | $1.01B | $973.9M | $713.3M | $514.3M | $428.5M | $286.3M | $226.7M | $134.3M | $101.7M |
| Inventory | $629.1M | $542.6M | $559.6M | $306.7M | $357.3M | $234.7M | $119.8M | $70.7M | $45.2M | $45.4M |
| Total current assets | $4.03B | $4.30B | $4.43B | $3.67B | $3.68B | $3.42B | $1.97B | $1.70B | $744.7M | $280.0M |
| Property, plant and equipment | — | — | — | — | $801.8M | $515.3M | $321.3M | $183.1M | $145.6M | $109.4M |
| Goodwill | $24.2M | $22.8M | $25.2M | $25.7M | $26.5M | $19.3M | $18.6M | $18.7M | $12.1M | $11.3M |
| Other intangibles | $70.8M | $103.4M | $134.5M | $173.3M | $31.5M | — | — | — | — | $200.0K |
| Total assets | $6.34B | $6.48B | $6.26B | $5.39B | $4.93B | $4.29B | $2.40B | $1.92B | $904.1M | $402.8M |
| Total current liabilities | $2.14B | $2.93B | $1.56B | $1.84B | $720.8M | $614.1M | $360.2M | $222.4M | $138.9M | $102.4M |
| Total liabilities | $3.59B | $4.38B | $4.20B | $3.26B | $2.89B | $2.46B | $1.51B | $1.25B | $484.7M | $119.0M |
| Retained earnings | $2.43B | $1.60B | $1.02B | $479.9M | $138.7M | -$78.2M | -$695.7M | -$798.9M | -$671.8M | -$621.0M |
| Total equity | $2.75B | $2.10B | $2.07B | $2.13B | $2.04B | $1.55B | $882.6M | $663.3M | $419.4M | $283.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.44B | $989.5M | $748.5M | $669.5M | $442.5M | $475.6M | $314.5M | $123.2M | $92.0M | $56.2M |
| Depreciation and amortisation | $251.8M | $217.7M | $186.0M | $155.9M | $102.0M | $67.1M | $48.7M | $29.1M | $16.1M | $15.0M |
| Stock-based compensation | $159.6M | $170.4M | $150.8M | $126.5M | $113.4M | $119.4M | $102.7M | $101.9M | $106.2M | $110.8M |
| Capital expenditure | $363.5M | $358.8M | $236.6M | $364.8M | $389.2M | $199.0M | $180.0M | $67.1M | $66.0M | $55.7M |
| Investing cash flow | $536.0M | -$207.5M | -$507.2M | -$521.5M | -$216.1M | -$1.02B | -$1.02B | -$139.8M | -$144.4M | -$55.9M |
| Financing cash flow | -$1.69B | -$734.8M | -$318.6M | -$552.5M | $10.4M | $912.1M | $10.7M | $710.4M | $399.1M | $8.1M |
| Buybacks | $500.0M | $750.0M | $688.7M | $557.7M | $0 | $0 | $0 | $100.0M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001093557-26-000061.
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