Dexcom beats quarterly estimates, reiterates full-year revenue outlook

Dexcom kept its growth streak alive with a first-quarter beat and an unchanged full-year sales forecast, signaling that continuous glucose monitors are still gaining traction even as consumers and insurers face tighter budgets. The San Diego-based company said revenue rose 15% from a year earlier to $1.192 billion, while adjusted earnings reached 56 cents a share, ahead of the 47-cent estimate. Dexcom also reiterated 2026 revenue guidance of $5.16 billion to $5.25 billion and said it planned to use an investor day in the coming weeks to underline its long-term growth opportunity.

The quarter showed that growth is broadening beyond any single market. U.S. revenue increased 11% and international revenue jumped 26% on a reported basis, lifting organic growth to 12% after foreign exchange cut $26.6 million from the top line. Non-GAAP gross margin came in at 63.5% of reported revenue, and Dexcom raised its 2026 non-GAAP operating margin guidance to about 23% to 23.5%, with adjusted EBITDA margin now seen at about 31% to 31.5%. Those figures suggest the company is still expanding while protecting profitability, a notable result in a medical-device market where pricing pressure is persistent.

Investors, however, were not fully convinced. Dexcom shares fell 4.3% in after-hours trading, a reminder that the market wants more than an earnings beat from a company that is now fighting harder for each new user. Abbott Laboratories and Medtronic remain major competitors in continuous glucose monitoring, and the stock reaction suggested that shareholders are watching for evidence that Dexcom can keep outpacing rivals rather than merely holding its position. The comparison with 2025 also matters: Dexcom reported full-year revenue of $4.66 billion last year, up 16% from 2024, so the 2026 outlook points to another year of steady expansion rather than a sudden acceleration.

What makes Dexcom’s quarter important is the bigger shift underneath the numbers. CGMs are moving from a niche diabetes product toward a more routine tool for managing blood sugar, helped by rising awareness, broader insurance coverage and devices that are easier to use than repeated finger-prick tests. Dexcom expanded the U.S. launch of its G7 15 Day CGM across all channels during the quarter, extending wear time for adults in the United States after the U.S. Food and Drug Administration cleared the device on April 10, 2025. Its Stelo system, cleared by the FDA on March 5, 2024 as the first over-the-counter CGM, opened a new channel beyond traditional prescription use. Together, those products show why the category is still growing: CGMs are no longer just a specialty diabetes gadget, but an increasingly mainstream part of glucose monitoring.