Dexcom (DXCM) Q3 2026 Earnings Report

The call was strongly positive. Dexcom reported 11% worldwide revenue growth, 14% U.S. growth, continued market-share gains, near-record new patient starts, significant gross-margin and EBITDA-margin expansion, strong cash generation, raised operating and EBITDA margin guidance, and substantial progress in clinical evidence, product launches, manufacturing, and future access expansion. The main challenges were slower international growth, near-term Ireland ramp effects, incremental foreign-exchange headwinds, higher operating expenses, and the loss of preferred access under a PBM representing less than 4% of U.S. revenue. Highlights significantly outweighed the lowlights.

Dexcom updated full year revenue guidance to be in the range of $5.20 billion to $5.25 billion, representing growth of 12% to 13% for the year, with midpoint fourth quarter growth of 10%; it maintained full year non-GAAP gross profit margin guidance at approximately 64% and increased non-GAAP operating profit margin guidance to approximately 24% and adjusted EBITDA margin guidance to approximately 32%. Dexcom expects to convert nearly 50% of its U.S. customer base to G7 15 Day by year-end, expects CMS to announce a type 2 non-insulin coverage decision this year with coverage taking effect middle of next year, and is still targeting GA for either launching at the end of next year or early '28, depending on regulatory review time lines.