Kevin Sayer
Chairman, President & Chief Executive Officer at DexCom
Thank you, Sean, and thank you, everyone, for joining us. Today, we reported 4th-quarter organic revenue growth of 8% compared to the 4th-quarter of 2023. This brought our full-year organic revenue growth to 12%, which was in-line with our latest 2024 guidance. 2024 was a year of strategic investment for Dexcom. And through these investments, we believe we enter 2025 in a stronger position to capitalize on our next wave of growth. To recap, over the past year, we broadened our commercial reach, launched new products that defined a category, built greater scale and advanced CGM reimbursement globally. Through this work, we continue to lead the biosensing market and have positioned ourselves to impact millions of more lives around the world. We ended 2024 with more than 2.8 million customers globally on our G-Series and D-Series products as demand for DexCom CGM remains high. This represents an increase of approximately 25% to our global active customer-base compared to 2023. This increase in customers was driven by momentum both in the category and through our improving execution in the field, which we're very excited about. This was evident in the US where our sales force productivity metrics showed improvement in the 4th-quarter. We have now grown our US prescriber base by more than 50,000 over the past year. Through these new relationships, we've successfully broadened our presence within primary-care and made early inroads with emerging CGM care points like maternal-fetal medicine. Importantly, across this growing physician base, we are also seeing prescribing depth improve. It often takes only a single DexCom experience for physicians to recognize the potential to deliver better care with DexCom CGM. As these new physicians now expand their use of DexCom CGM across their practices, we've seen the impact to our new patient performance build from the strong 3rd-quarter finish that we described on our last call. This helped us achieve another quarter of record new customer starts. As discussed earlier in the year, we knew that the opportunity ahead was tremendous when expanding the US sales force. With this focus on execution, we look to build upon our momentum in 2025 as we further cultivate these relationships and connect with the next leg of CGM prescribers. Our team is also helping many of these physicians navigate the evolving coverage landscape within diabetes care. In the past two years alone, reimbursement for CGM has significantly expanded as we've helped establish our clinical value well beyond insulin management. As many of you remember, a key milestone on this journey was the publication of our mobile randomized controlled trial, which demonstrated significantly improved outcomes beyond intensive insulin use. This data prompted clinical societies to update their standards of care and quickly led to widespread reimbursement for anyone on basal insulin. We are now seeing similar evidence build around the benefits of CGM regardless of where someone is in their diabetes journey. In fact, some data has shown even greater health outcomes for those not on insulin as CGM is providing them real-time feedback on lifestyle decisions for the first time. There is also a growing economic argument for incorporating CGM earlier into care plans as this has been shown to reduce hospitalizations, specialty visits and utilization of healthcare resources. As this comprehensive body of evidence continues to grow, payers have started to act. We recently shared that as of January 2025, two of the three largest PBMs now cover DexCom CGM for anybody with diabetes. With these national formularies leading away by the end-of-the year, DexCom will have coverage for more than 5 million people with type-2 diabetes who are not on insulin in the US. For context, this is even larger than the Type 2 basal reimbursement that came less than two years ago. And yet this only represents around 20% of the 25 million type-2 non-insulin lives with diabetes in the US. In 2025, we will be actively pursuing coverage for the remaining 20 million lives. To strengthen our case even more, we recently-announced that we initiated a randomized controlled trial for people with type-2 diabetes who are not on insulin and expect to complete enrollment soon. As we advance this important work to further expand coverage in the US, we have already significantly broadened access to DexCom technology with the launch of our over-the-counter product, STELLO. In-line with our mission to empower people to take control of health, this product has allowed us to reach many more people. As we said at the JP Morgan Conference last month, more than 140,000 people wore Stello in the first four months of the launch with demand spanning across the Type 2 diabetes, pre-diabetes and health and wellness populations. Importantly, regardless of where-is in their metabolic health journey, we're quickly enhancing Stello to make it more personalized and drive greater engagement across our platform. Key to this will be DexCom's proprietary generative AI technology, which was recently launched in its initial feature in STELLO and will become a key source of personalized content as we expand its functionality over-time. We're also building on the STELLO experience through targeted partnerships that will consolidate multiple biomarkers into our platform. This includes our recently-announced relationship with Aura, which will integrate DexCom glucose data with vital sign, sleep, stress, heart health and activity data from the Aura Ring to provide an even broader picture of health for our mutual customers. Overall, we've been thrilled by customer demand for in these initial months, and we're excited to build-on this momentum as we enter 2025. We see an opportunity to further elevate the STELA brand this year through product iteration, broad awareness campaigns and new distribution channels. This will include upcoming introduction on the Amazon storefront, which we expect to be live in the coming weeks. Finally, we ended the year-on a high note across our international business. We have spoken time-and-time again about the importance of building greater access and our most recent international coverage wins have again served as a nice catalyst for our business. Most notably, early in the 4th-quarter, we finalized basal coverage for our Dexcom OnePlus system in France and saw strong demand in the first-quarter of its implementation. France is another great example of our ability to leverage our product portfolio to match the needs of each customer and reimbursement system. It has also proven to be on the forefront of type-2 CGM coverage as one of the only two international markets with broad-basal coverage today. In fact, across many of our markets, even type-2 intensive coverage is in much earlier stages, overseeing interest and reimbursement steadily build. As it does, we believe we're better-positioned than at any time in our company's history to participate and lead growth in this category. As we look-forward to 2025, there is a lot for us to be excited about. We remain in a unique position to help pioneer a fast-growing industry that has significant potential to broaden its impact. With that, I'll turn it over to Jeremy.
