종합 밸류에이션 구간 · 보수적 $47–$55 / 적정 $65–$75 / 낙관적 $90–$100. $73.37 기준, 적정 내재가치 구간 내.
보고서 발행 시 $71.9（2026년 5월 22일）
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DexCom, Inc., a medical device company, focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems for the management of diabetes and metabolic health in the United States and internationally. The company offers Dexcom G7 and G7 15 Day, an integrated continuous glucose monitoring system; Dexcom G6, a CGM system; Dexcom ONE+ to replace fingerstick blood glucose testing for diabetes treatment decisions; Stelo, a biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin; Dexcom Share, a remote monitoring system; and Dexcom Follow application. It markets its products directly to endocrinologists, physicians, and diabetes educators. The company was incorporated in 1999 and is headquartered in San Diego, California.
연혁
DexCom, Inc. was incorporated in 1999 and is headquartered in San Diego, California, where it designs, develops, and commercializes continuous glucose monitoring (CGM) systems for diabetes and metabolic health management; the company completed its IPO on April 14, 2005 and employs roughly 11,000 people. Its product line expanded from the G6 CGM system to the G7, launched in 2023, followed by the longer-wear G7 15 Day in late 2025, alongside the Europe-market Dexcom ONE+ and Stelo, an over-the-counter glucose biosensor for adults with prediabetes and Type 2 diabetes who do not use insulin that launched in August 2024 as the first FDA-cleared OTC CGM in the United States; remote-monitoring offerings include Dexcom Share and the Dexcom Follow application. The recurring-revenue model rests on disposable sensors, with G7 worn for 10 days and G7 15 Day for 15.5 days, supported by reusable transmitters and receivers; in 2025 roughly 85% of revenue came through the distributor channel and 15% direct, and the company added approximately 600,000 to 700,000 net global customers excluding Stelo. Revenue grew from 2.449 billion U.S. dollars in 2021 to 4.662 billion in 2025, with 2025 net income of 836 million and operating cash flow of 1.441 billion, and the company repurchased 500 million dollars of stock in 2023, 750 million in 2024, and 500 million in 2025. In a leadership transition, Kevin Sayer began medical leave in September 2025 and Jake Leach, named interim principal executive officer, formally became President and CEO in January 2026.
업계 내 위치
DexCom is one of the global leaders in continuous glucose monitoring, positioned as a high-end, focused, ecosystem-strong pure-play CGM company rather than a diversified medical-device conglomerate. In its 10-K the company identifies competitors including Abbott Diabetes Care, Medtronic's diabetes business (being spun off as MiniMed), Roche Diabetes Care, LifeScan, Ascensia, and smaller new entrants such as Senseonics; Abbott is its strongest rival, with 2025 CGM sales of 7.6 billion U.S. dollars versus DexCom's 4.662 billion. DexCom's competitive position draws on multiple sources: regulatory clearances and product accuracy, with the G7 15 Day cleared by the FDA, an overall MARD of 8.0%, and Stelo as the first FDA-cleared OTC CGM in the United States; ecosystem integration and switching costs, as G7 and G7 15 Day connect to Dexcom Clarity cloud reporting software, mobile devices, smartwatches, smart insulin pens, and insulin pumps within what the company describes as the largest connected CGM ecosystem, with sharing for up to 10 followers; learning effects from a large continuous glucose data database used to refine algorithms and software; and channel and reimbursement strength, with a direct sales organization serving endocrinologists, physicians, and diabetes educators and coverage policies plus negotiated contract pricing in place across the eight largest U.S. private payers. Its pricing power is limited, as payers, pharmacy benefit managers, and channel customers continually press prices lower, and the company has cited greater rebate eligibility and channel-mix shifts as pricing pressure.
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