Dexcom, Inc. · NASDAQ:DXCM
Dexcom — J.P. Morgan Healthcare Conference 2025
30 slides from Dexcom's conference presentation, Jan 13, 2025
Slide 1: J.P. Morgan Healthcare Conference
J.P. Morgan Healthcare Conference January 13, 2025 CONFIDENTIAL – DO NOT DISTRIBUTE
Slide 2: Safe harbor statement
Safe harbor statement This presentation contains “forward-looking statements” that are based on our management’s beliefs and assumptions and on information available to management as of January 13, 2025. We intend for such forward-looking statements to be covered by the safe harbor provisions for f
Slide 3: Our mission is personal
Our mission is personal CONFIDENTIAL – DO NOT DISTRIBUTE 3
Slide 4: Diabetes remains an escalating health and economic crisis
Diabetes remains an escalating health and economic crisis Diabetes diagnosis and cost People diagnosed with Adults (aged 20-79) with diabetes globally1 diabetes have ~2.6x higher expenses 783m than those without2 in 2045E 537m in 2021 463m More than 1 in 4 US in 2019 health care dollars are spent on
Slide 5: We have pioneered the biosensing industry
First approval of First hypo alert First to deliver dedicated app to setting to increase single-digit MARD share glucose data user safety accuracy levels with a caregiver First integrated First approval to First approval to CGM (iCGM) device, We have pioneered send glucose data replace enabling inte
Slide 6: …And produced the key clinical research that advanced diabetes care
…And produced the key clinical research that advanced diabetes care... Key Dexcom RCTs DIAMOND1 1 A1C JAMA 2017 GOLD2 2 Time-in-Range JAMA 2017 MOBILE3 3 Time in Hypo- and Hyperglycemia JAMA 2021 1. https://jamanetwork.com/journals/jama/fullarticle/2598770 2. https://jamanetwork.com/journals/jama/fu
Slide 7: …Driving CGM to become standard of care for all stages of insulin-use
Glucose (mg/dl) 340 320 AVG GLUCOSE 300 PRE-CGM: 280 298 mg/dl 260 240 220 200 180 160 140 Target CGM …Driving CGM to 120 Range 100 become standard of 80 60 care1 for all stages 40 20 of insulin-use 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Time (hours) Illustrative example based on real patient (65-year
Slide 8: …Driving CGM to become standard of care for all stages of insulin-use
Glucose (mg/dl) 340 320 AVG GLUCOSE 300 PRE-CGM: 280 298 mg/dl 260 240 220 200 180 160 140 Target CGM AVG GLUCOSE POST-CGM: Range 109 mg/dl …Driving CGM to 120 100 become standard of 80 60 care1 for all stages 40 20 of insulin-use 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Time (hours) Illustrative example
Slide 9: We are empowering our customers with personalized solutions…
CUSTOMERS Preventative Diabetes Prediabetes Health MEDICATION OPTIMIZATION We are empowering Automated Insulin Connected Pen Glucose Lowering Delivery Medications our customers with personalized solutions… SAFETY & LIFESTYLE Diet, Hypoglycemia Hyperglycemia Lifestyle, Protection Management Activity
Slide 10: …That unlock better metabolic health outcomes
…That unlock better metabolic health outcomes Example: CINEMA1 Presented at ACC.24 DEMONSTRATED REDUCTIONS IN: Body mass index Risk of Cholesterol & ASCVD2 Triglycerides Blood pressure 1. https://dom-pubs.onlinelibrary.wiley.com/doi/10.1111/dom.15608 2. Atherosclerotic cardiovascular disease. CONFID
Slide 11: We can do more
WE CAN DO MORE CONFIDENTIAL – DO NOT DISTRIBUTE 11
Slide 12: 2024 performance
2024 performance Double-digit revenue growth Foundational scale Preliminary 2024 revenue expected to be Submitted Dexcom G7 15-day CGM system to approximately $4.032 billion, representing the FDA for review organic growth of 12% Significantly expanded global manufacturing Grew the active Dexcom base
Slide 13: 2025 outlook
2025 outlook FY25 guidance Objectives & considerations Revenue of • US $4.60 billion – Continued strong category momentum – Revenue and volume growth converging as year ~14% Growth progresses • Steady international growth building on access wins and product portfolio strategy Non-GAAP Non-GAAP • Adv
Slide 14: We have a long runway in our core US market...
We have a long runway in our core US market... Market US Market Size Current CGM Penetration3 Type 11 2.0 million ~60% Type 2 IIT1 2.4 million ~50-55% Type 2 Basal1 3-4 million ~20-25% Type 2 Hypo Risk2 3-4 million <5% (non-insulin) There are over 4.5 million people in the US on insulin who have re
Slide 15: …And a massive opportunity in future markets
…And a massive opportunity in future markets Market US Market Size Current CGM Penetration4 Type 2 Non-insulin1 >25 million ~5% Prediabetes1 ~98 million <1% Gestational Diabetes2 400k per year <1% Hospital3 14 million dysglycemic events per year <1% 1. Estimates sourced from CDC and third-party scri
Slide 16: In 2024, we positioned Dexcom for the next waves of US growth
In 2024, we positioned Dexcom for the next waves of US growth GREATER THAN 2023 DEVELOPMENTS 40% increase in Largest expansion of coverage in company’s history US sales force Launch of Dexcom G7 better 2024 personnel positions Dexcom across both INVESTMENTS Strategic positioning type 1 and type 2 op
Slide 17: US sales force productivity is growing
US sales force productivity is growing Expanded sales force starting to hit their stride 50,000+ new prescribers in 2024 Significant increase in new customer growth from called-on clinicians DME share stable in late Q3 and Q4 CONFIDENTIAL – DO NOT DISTRIBUTE 17
Slide 18: Building the case for broader type 2 coverage
Building the case for broader type 2 coverage Clinical Real-world Economic Randomized standards evidence outcomes controlled trial CONFIDENTIAL – DO NOT DISTRIBUTE 18
Slide 19: Building the case for broader type 2 coverage
Building the case for broader type 2 coverage Randomized Clinical standards Real-world evidence Economic outcomes controlled trial New ADA standard for 4-hour increase in time-in- Significant reductions in all- Type 2 non-insulin RCT 2025 for usage of CGM for range2 cause hospitalizations underway p
Slide 20: In recognition of these outcomes, coverage is building
In recognition of these outcomes, coverage is building As of January 2025, 2 of the 3 largest PBMs now cover Dexcom CGM Randomized Clinical standards Real-world evidence Economic outcomes for anyone with diabetes controlled trial New standard for 2025 for 4-hour increase in time-in- By YE25, Dexcom
Slide 21: Reimbursement drives high utilization across all customers
Reimbursement drives high utilization across all customers Current Dexcom utilization rates for reimbursed customers >90% ~85-90% ~80-85% ~75-80% Utilization Utilization Utilization Utilization AID IIT Type 2 Basal Type 2 Non-insulin Regardless of therapy, reimbursed customers use Dexcom CGM nearly
Slide 22: Broadening our impact with Stelo
Broadening our impact with Stelo Available over-the-counter Quick and easy e-commerce access Personalized software 15-day wear Bringing the Dexcom CGM experience to all *Dexcom, Stelo, and any related logos and design marks are either registered trademarks or trademarks of Dexcom, Inc. in the United
Slide 23: Building a new market
STELO SINCE LAUNCH: (Launched late August 2024) 140,000+ users since launch Majority of customers sign-up for subscription Solid reorder rates and utilization Building a Broad demand from type 2 non-insulin, prediabetes, and health & wellness new market customers CONFIDENTIAL – DO NOT DISTRIBUTE 23
Slide 24: Expanding Stelo accessibility through new channels
Expanding Stelo accessibility through new channels STELO DISTRIBUTION Stelo.com Coming soon Physician B2B DME cross-selling CONFIDENTIAL – DO NOT DISTRIBUTE 24
Slide 25: Building on the Stelo experience
Uniting multiple biomarkers on one platform Building on the Stelo experience Iterating Stelo features to Integrating GenAI to provide more personalized, provide personalized actionable insights insights CONFIDENTIAL – DO NOT DISTRIBUTE 25
Slide 26: Expanding our international reach
Expanding our international reach We are well-positioned to extend our international growth momentum Entering new geographies Going direct in 1-2 markets per year (Direct in Japan and Saudi Arabia in 2024) Leveraging strategic distributors in select markets Headquarters Direct markets New direct mar
Slide 27: The right portfolio approach as coverage grows
The right portfolio approach as coverage grows Broad Limited Tiered Reimbursement Markets Reimbursement Reimbursement G-Series G-Series Dexcom ONE+ Dexcom ONE+ EXAMPLES: EXAMPLES: EXAMPLES: Germany United Kingdom Italy Bulgaria Japan Spain France Romania Canada Lithuania CONFIDENTIAL – DO NOT DISTRI
Slide 28: International access is expanding
International access is expanding We continue to drive greater We have added coverage for over 4 million coverage for G7 and people internationally over the past 3 years Dexcom ONE+ globally Type 2 intensive coverage still building in core markets Two national health systems now covering type 2 basa
Slide 29: Scaling efficiently for continued margin expansion
Scaling efficiently for continued margin expansion Enhancing our cash flow generation in 2025 Scaling high-throughput facilities in Malaysia and Mesa Building efficiencies with fully automated platform Extending sensor wear time 15-day We expect to generate ~$1.4 billion of adjusted EBITDA in 2025 C
Slide 30: What is next?
In 2025, we expect: Initial 15-day rollout for G7 Software innovations and digital therapeutics What is Key gestational diabetes clinical evidence next? We are building on our long runway of growth Improved outcomes related to weight loss and CKD progression for Dexcom CGM users CONFIDENTIAL – DO NO