DexCom, Inc.

DexCom has traded 20% growth for a steady low-double-digit pace, and the next step up depends on Medicare agreeing to cover people with diabetes who do not use insulin. Until that decision lands, profit is coming from switching its own customers onto a sensor that lasts 15 days.How much of DXCM's revenue now comes from outside the US?

• Growth has settled into low double digits and stopped slowing.

  Organic growth ran at 20% a year ago and has held at 12% for three straight quarters. Only about a third of the people who already have coverage use it, so the next gains come from persuading covered patients, not from new wins.What did DXCM's growth rate look like before the 2025 coverage wins?

• The profit story is now DexCom's own customers, not new ones.

  Gross margin has recovered from last year's scrap and freight problems to about 64%, where management guides the year. The 15-day sensor lasts longer at the same monthly price, so each customer needs fewer sensors for the same revenue.How does DXCM's gross margin compare with its closest device peers?

• The next growth lever is a Medicare decision that has not been made.

  About 25 million Americans have diabetes without using insulin, and roughly half are old enough for Medicare. Management expects a decision by year end with coverage starting mid-2027, and its 2026 guidance assumes no new coverage.