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March 2025 Raymond James Institutional Investors Conference CONFIDENTIAL – DO NOT DISTRIBUTE
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2 This presentation contains “forward-looking statements” that are based on our management’s beliefs and assumptions and on information available to management as of February 13, 2025. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning our possible or assumed strategy, future operations, financing plans, operating model, future operating results and financial position, including estimated revenue, organic revenue growth, non-GAAP gross profit margin, non-GAAP operating margin, and Adjusted EBITDA margin for fiscal year 2025, projected costs, competitive position and the effects of competition on our business, industry environment, potential growth opportunities, potential market opportunities, and the plans and objectives of management. This presentation also contains estimates and other statistical data made by independent parties relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “targets,” “guidance,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “prospects,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms, although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. We assume no obligation to update any such forward-looking statement after the date of this presentation or to conform these forward-looking statements to actual results. The risks and uncertainties that may cause actual results to differ materially from our current expectations are more fully described in our annual report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (SEC) on February 18, 2025, and our other reports filed with the SEC. This presentation also contains non-GAAP financial measures. The appendix reconciles the non-GAAP financial measures in this presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include organic revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP diluted net income (loss) per share, non-GAAP diluted weighted-average shares outstanding and free cash flow, as well as Adjusted EBITDA and Adjusted EBITDA margin. We have not reconciled our organic revenue growth, non-GAAP gross profit margin, non-GAAP operating margin and Adjusted EBITDA margin estimates for fiscal year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, reconciliations of our organic revenue growth, non-GAAP gross profit margin, non-GAAP operating margin and Adjusted EBITDA margin are not available without unreasonable effort. We report non-GAAP financial measures in addition to, and not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We believe that non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand our business. Safe harbor statement CONFIDENTIAL – DO NOT DISTRIBUTE
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3 CONFIDENTIAL – DO NOT DISTRIBUTE Our mission is personal
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4 1. IDF Atlas, 10th edition (2021). 2. 2022 ADA Economic Costs of Diabetes in the US. US annual healthcare cost per person with diabetes was ~$20K in 2022. Diabetes diagnosis and cost Adults (aged 20-79) with diabetes globally1 Diabetes remains an escalating health and economic crisis People diagnosed with diabetes have ~2.6x higher expenses than those without2 More than 1 in 4 US health care dollars are spent on people with diabetes2 CONFIDENTIAL – DO NOT DISTRIBUTE 151m in 2000 463m in 2019 537m in 2021 783m in 2045E
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5 First hypo alert setting to increase user safety We have pioneered the biosensing industry First approval to send glucose data directly to smartphone First CGM to connect directly to Apple Watch First approval of dedicated app to share glucose data with a caregiver First approval to replace fingersticks in treatment decisions First CGM in the US cleared for use without a prescription First to deliver single-digit MARD accuracy levels First integrated CGM (iCGM) device, enabling integration with Automated Insulin Delivery (AID) systems First CGM to integrate GenAI into glucose biosensing technology CONFIDENTIAL – DO NOT DISTRIBUTE
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6 CONFIDENTIAL – DO NOT DISTRIBUTE 1 A1CDIAMOND1 JAMA 2017 2 Time-in-RangeGOLD2 JAMA 2017 3 Time in Hypo- and HyperglycemiaMOBILE3 JAMA 2021 Key Dexcom RCTs …And produced the key clinical research that advanced diabetes care... 1. https://jamanetwork.com/journals/jama/fullarticle/2598770 2. https://jamanetwork.com/journals/jama/fullarticle/2598771 3. https://jamanetwork.com/journals/jama/fullarticle/2780593
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7 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 Glucose (mg/dl) Time (hours) 0 242 4 6 8 10 12 14 16 18 20 22 AVG GLUCOSE PRE-CGM: 298 mg/dl …Driving CGM to become standard of care1 for all stages of insulin-use Illustrative example based on real patient (65-year old female with type 2 diabetes on basal insulin) over course of May 2022 – October 2023. 1. As defined by ADA Standards of Care in Diabetes – 2025. CONFIDENTIAL – DO NOT DISTRIBUTE Target CGM Range
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8 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 Glucose (mg/dl) Time (hours) 0 242 4 6 8 10 12 14 16 18 20 22 AVG GLUCOSE PRE-CGM: 298 mg/dl …Driving CGM to become standard of care1 for all stages of insulin-use Illustrative example based on real patient (65-year old female with type 2 diabetes on basal insulin) over course of May 2022 – October 2023. 1. As defined by ADA Standards of Care in Diabetes – 2025. CONFIDENTIAL – DO NOT DISTRIBUTE AVG GLUCOSE POST-CGM: 109 mg/dl Target CGM Range
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9 CONFIDENTIAL – DO NOT DISTRIBUTE CUSTOMERS Diabetes Preventative Health Prediabetes MEDICATION OPTIMIZATION Automated Insulin Delivery Glucose Lowering Medications Connected Pen SAFETY & LIFESTYLE Hypoglycemia Protection Diet, Lifestyle, Activity Hyperglycemia Management We are empowering our customers with personalized solutions…
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10 …That unlock better metabolic health outcomes CONFIDENTIAL – DO NOT DISTRIBUTE Example: CINEMA1 DEMONSTRATED REDUCTIONS IN: Presented at ACC.24 Body mass index Cholesterol & Triglycerides Blood pressure Risk of ASCVD2 1. https://dom-pubs.onlinelibrary.wiley.com/doi/10.1111/dom.15608 2. Atherosclerotic cardiovascular disease.
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11 CONFIDENTIAL – DO NOT DISTRIBUTE WE CAN DO MORE
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12 2024 revenue of $4.033 billion, representing organic growth of 12% Grew the active Dexcom base by ~25% during 2024. Now serving approximately 2.8-2.9 million customers globally Double-digit revenue growth 2024 performance Global commercial investments in 2024 better position the company to capitalize on access expansion Expanded commercial reach Submitted Dexcom G7 15-day CGM system to the FDA for review Significantly expanded global manufacturing capacity Drove approximately 100 basis points of operating expense leverage while investing in organic growth Foundational scale Expanded product portfolio with launches of Dexcom ONE+ and Stelo Completed 23 software updates over course of the year New products launched CONFIDENTIAL – DO NOT DISTRIBUTE
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13 FY25 guidance $4.60 billion ~14% Growth Revenue of Objectives & considerations • US – Continued strong category momentum – Revenue and volume growth converging as year progresses • Steady international growth building on access wins and product portfolio strategy • Advancement in Stelo product features and channel distribution, with revenue contribution building from 2024 run-rate • Expect to commence 15-day G7 launch in 2H25 2025 outlook We are returning to premium growth while unlocking the next wave of access to Dexcom CGM in 2025 CONFIDENTIAL – DO NOT DISTRIBUTE ~21% Non-GAAP operating margin ~64-65% Non-GAAP gross margin ~30% Adjusted EBITDA margin
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14 1. Estimates sourced from CDC (Type 1) and third-party script data (Type 2 IIT, Basal-Only). 2. Hannah et al. “Burden of Hypoglycemia in Medicare Advantage Beneficiaries with Type 2 Diabetes Not on Insulin Therapy.” Data presented at American Diabetes Association’s 83rd Scientific Sessions June 2023. 3. Dexcom market data as of December 2024. Market US Market Size Current CGM Penetration3 Type 11 ~60% Type 2 IIT1 ~50-55% Type 2 Basal1 ~20-25% Type 2 Hypo Risk2 (non-insulin) <5% We have a long runway in our core US market... 3-4 million 3-4 million 2.4 million 2.0 million There are over 4.5 million people in the US on insulin who have reimbursement and are not on CGM CONFIDENTIAL – DO NOT DISTRIBUTE
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15 1. Estimates sourced from CDC and third-party script data (Type 2 Non-Insulin, Prediabetes). 2. US births per year, of which the rate of gestational diabetes is up to 10% each year (CDC data). 3. Dexcom market research. 4. Dexcom market data as of December 2024. …And a massive opportunity in future markets Market US Market Size Current CGM Penetration4 Type 2 Non-insulin1 ~5% Prediabetes1 <1% Gestational Diabetes2 <1% Hospital3 <1%14 million dysglycemic events per year 400k per year ~98 million >25 million CONFIDENTIAL – DO NOT DISTRIBUTE
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16 In 2024, we positioned Dexcom for the next waves of US growth CONFIDENTIAL – DO NOT DISTRIBUTE Largest expansion of coverage in company’s history Launch of Dexcom G7 better positions Dexcom across both type 1 and type 2 opportunities Preparing for 2024’s Stelo launch 2023 DEVELOPMENTS 40% increase in US sales force personnel GREATER THAN Strategic positioning of sales force to meet the needs of different prescribing clinicians 2024 INVESTMENTS
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17 CONFIDENTIAL – DO NOT DISTRIBUTE US sales force productivity is growing Expanded sales force starting to hit their stride 50,000+ new prescribers in 2024 Significant increase in new customer growth from called-on clinicians DME share stable in late Q3 and Q4
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18 CONFIDENTIAL – DO NOT DISTRIBUTE Building the case for broader type 2 coverage Real-world evidence Clinical standards Economic outcomes Randomized controlled trial
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19 Building the case for broader type 2 coverage Clinical standards New ADA standard for 2025 for usage of CGM for people with type 2 NIT1 Real-world evidence 4-hour increase in time-in- range2 Economic outcomes Significant reductions in all- cause hospitalizations and healthcare resource utilization3 Randomized controlled trial Type 2 non-insulin RCT underway 1. https://diabetesjournals.org/care/issue/48/Supplement_1 2. https://www.liebertpub.com/doi/10.1089/dia.2024.0197 3. https://dom-pubs.pericles-prod.literatumonline.com/doi/10.1111/dom.15866 CONFIDENTIAL – DO NOT DISTRIBUTE
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20 Clinical standards New standard for 2025 for usage of CGM for people with type 2 NIT1 Real-world evidence 4-hour increase in time-in- range2 Economic outcomes Significant reductions in all- cause hospitalizations and healthcare resource utilization3 Randomized controlled trial Type 2 non-insulin RCT underway [with initial readout in late 2025 / early 2026] CONFIDENTIAL – DO NOT DISTRIBUTE In recognition of these outcomes, coverage is building 1. https://diabetesjournals.org/care/issue/48/Supplement_1 2. https://www.liebertpub.com/doi/10.1089/dia.2024.0197 3. https://dom-pubs.pericles-prod.literatumonline.com/doi/10.1111/dom.15866 By YE25, Dexcom will have commercial coverage for greater than 5 million people with type 2 diabetes who are not on insulin As of January 2025, 2 of the 3 largest PBMs now cover Dexcom CGM for anyone with diabetes
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21 CONFIDENTIAL – DO NOT DISTRIBUTE Reimbursement drives high utilization across all customers Current Dexcom utilization rates for reimbursed customers Regardless of therapy, reimbursed customers use Dexcom CGM nearly full-time AID IIT Type 2 Basal Type 2 Non-insulin >90% Utilization ~85-90% Utilization ~80-85% Utilization ~75-80% Utilization
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22 CONFIDENTIAL – DO NOT DISTRIBUTE *Dexcom, Stelo, and any related logos and design marks are either registered trademarks or trademarks of Dexcom, Inc. in the United States and/or other countries. Bringing the Dexcom CGM experience to all Broadening our impact with Stelo 15-day wear Quick and easy e-commerce access Available over-the-counter Personalized software
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23 CONFIDENTIAL – DO NOT DISTRIBUTE STELO SINCE LAUNCH: (Launched late August 2024) 140,000+ users since launch Broad demand from type 2 non-insulin, prediabetes, and health & wellness customers Building a new market Solid reorder rates and utilization Majority of customers sign-up for subscription
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24 Coming soon CONFIDENTIAL – DO NOT DISTRIBUTE Stelo.com DME cross-selling Physician B2B Expanding Stelo accessibility through new channels STELO DISTRIBUTION
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25 CONFIDENTIAL – DO NOT DISTRIBUTE Building on the Stelo experience Iterating Stelo features to provide more personalized, actionable insights Integrating GenAI to provide personalized insights Uniting multiple biomarkers on one platform
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26 Expanding our international reach We are well-positioned to extend our international growth momentum CONFIDENTIAL – DO NOT DISTRIBUTE Entering new geographies Going direct in 1-2 markets per year (Direct in Japan and Saudi Arabia in 2024) Leveraging strategic distributors in select markets Direct markets New direct markets in 2024 Planned direct markets in 2025Headquarters
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27 The right portfolio approach as coverage grows G-Series Broad Reimbursement Tiered Reimbursement Markets Limited Reimbursement G-Series Dexcom ONE+ Dexcom ONE+ EXAMPLES: EXAMPLES: EXAMPLES: Germany Japan Canada United Kingdom Spain Italy Bulgaria Romania Lithuania France CONFIDENTIAL – DO NOT DISTRIBUTE
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28 International access is expanding CONFIDENTIAL – DO NOT DISTRIBUTE We have added coverage for over 4 million people internationally over the past 3 years Type 2 intensive coverage still building in core markets Two national health systems now covering type 2 basal with interest growing Building evidence and health economic data to support broader coverage We continue to drive greater coverage for G7 and Dexcom ONE+ globally
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29 Scaling efficiently for continued margin expansion CONFIDENTIAL – DO NOT DISTRIBUTE Enhancing our cash flow generation in 2025 We expect to generate ~$1.4 billion of adjusted EBITDA in 2025 15-day Scaling high-throughput facilities in Malaysia and Mesa Building efficiencies with fully automated platform Extending sensor wear time
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30 30 What is next ? We are building on our long runway of growth In 2025, we expect: CONFIDENTIAL – DO NOT DISTRIBUTE Initial 15-day rollout for G7 Software innovations and digital therapeutics Improved outcomes related to weight loss and CKD progression for Dexcom CGM users Key gestational diabetes clinical evidence