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Three Months Ended March 31, (In millions) 2025 2024 GAAP gross profit $ 589.0 $ 561.9 Amortization of intangible assets (1) 7.2 7.2 Non-GAAP gross profit $ 596.2 $ 569.1 GAAP operating income $ 133.7 $ 101.1 Amortization of intangible assets (1) 7.9 10.4 Business transition and other significant items (2) 1.0 3.5 Intellectual property litigation costs (3) 0.5 25.2 Non-GAAP operating income $ 143.1 $ 140.2 GAAP net income $ 105.4 $ 146.4 Business transition and other significant items (2) 1.0 3.4 Depreciation and amortization 60.0 52.5 Intellectual property litigation costs (3) 0.5 25.2 Loss from equity investments 4.2 — Share-based compensation 34.2 39.0 Interest expense and interest income (23.8) (31.7) Income tax (benefit) expense 48.9 (13.9) Adjusted EBITDA $ 230.4 $ 220.9 (1) Represents amortization of acquired intangible assets. (2) For the three months ended March 31, 2025, business transition and other significant items are primarily related to rent for vacated office space in San Diego, California. For the three months ended March 31, 2024, business transition and other significant i tems are primarily related to the divestiture of certain non -CGM assets and rent for vacated office space in San Diego, California. (3) We have excluded third-party attorney’s fees, costs, and expenses incurred by Dexcom exclusively in connection with Dexcom’s patent infringement litigation against Abbott Diabetes Care, Inc., as further described in the section titled “Legal Proceedi ngs” in Dexcom’s Annual Report on Form 10-K for the year ended December 31, 2024. (4) For the three months ended March 31, 2025, tax adjustments are primarily related to the tax effect of non -GAAP adjustments and shortfalls from share-based compensation for employees. For the three months ended March 31, 2024, tax adjustments are primarily related to the tax effect of the Verily milestone payment, non -GAAP adjustments, and excess tax benefits from share -based compensation for employees. (5) When our senior convertible notes are dilutive on a GAAP or non -GAAP basis, net income used for calculating GAAP and non - GAAP diluted net income per share includes an interest expense add back, net of tax, under the if -converted method. In loss periods, basic and diluted net loss per share are the same since the effect of potential common shares is anti -dilutive and therefore excluded. (6) The adjustments are for the transition from GAAP diluted net income per share to non -GAAP diluted net income per share due to our senior convertible notes. (7) The sum of the non-GAAP per share components may not equal the totals due to rounding. (8) We adjust for the dilutive effect of our senior convertible notes when the effect is not the same on a GAAP and non -GAAP basis for a given period. Three Months Ended March 31, (In millions, except per share data) 2025 2024 GAAP net income $ 105.4 $ 146.4 Amortization of intangible assets (1) 7.9 10.4 Business transition and other significant items (2) 1.0 3.5 Intellectual property litigation costs (3) 0.5 25.2 Loss from equity investments 4.2 — Adjustments related to taxes (4) 8.7 (57.3) Non-GAAP net income $ 127.7 $ 128.2 GAAP net income $ 105.4 $ 146.4 Interest expense on senior convertible notes, net of tax 2.9 2.9 GAAP net income used for diluted EPS, if-converted (5) $ 108.3 $ 149.3 Non-GAAP net income $ 127.7 $ 128.2 Interest expense on senior convertible notes, net of tax 1.2 1.2 Non-GAAP net income used for diluted EPS, if-converted (5) $ 128.9 $ 129.4 GAAP diluted net income per share (5) $ 0.27 $ 0.36 Amortization of intangible assets (1) 0.02 0.03 Business transition and other significant items (2) — 0.01 Intellectual property litigation costs (3) — 0.06 Loss from equity investments 0.01 — Adjustments related to taxes (4) 0.02 (0.14) Impact of adjustment to GAAP diluted shares (6) — — Non-GAAP diluted net income per share (5) (7) $ 0.32 $ 0.32 GAAP diluted weighted-average shares outstanding 407.5 416.7 Non-GAAP diluted weighted-average shares outstanding 399.8 409.0 Reconciliation of non-GAAP diluted weighted-average shares outstanding: GAAP diluted weighted-average shares outstanding 407.5 416.7 Adjustment for dilutive impact of senior convertible notes due 2028 (8) (7.7) (7.7) Non-GAAP diluted weighted-average shares outstanding 399.8 409.0
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Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue Metrics By Component Sensor & Other Revenue (millions) (1) (2) 543.2$ 597.7$ 666.6$ 714.8$ 651.9$ 778.0$ 873.8$ 947.0$ 854.3$ 947.0$ 951.8$ 1,068.5$ 997.2$ Year over year growth 28% 21% 22% 19% 20% 30% 31% 32% 31% 22% 9% 13% 17% Quarter over quarter growth (decline) (9%) 10% 12% 7% (9%) 19% 12% 8% (10%) 11% 1% 12% (7%) % of Total revenue 86% 86% 87% 88% 88% 89% 90% 92% 93% 94% 96% 96% 96% Hardware Revenue (millions) (1) (3) 85.6$ 98.5$ 103.0$ 100.4$ 89.6$ 93.3$ 101.2$ 87.5$ 66.7$ 57.3$ 42.4$ 45.0$ 38.8$ Year over year growth 6% (2%) 1% 1% 5% (5%) (2%) (13%) (26%) (39%) (58%) (49%) (42%) Quarter over quarter growth (decline) (14%) 15% 5% (3%) (11%) 4% 8% (14%) (24%) (14%) (26%) 6% (14%) % of Total revenue 14% 14% 13% 12% 12% 11% 10% 8% 7% 6% 4% 4% 4% Total Revenue (millions) 628.8$ 696.2$ 769.6$ 815.2$ 741.5$ 871.3$ 975.0$ 1,034.5$ 921.0$ 1,004.3$ 994.2$ 1,113.5$ 1,036.0$ Year over year growth 25% 17% 18% 17% 18% 25% 27% 27% 24% 15% 2% 8% 12% Quarter over quarter growth (decline) (10%) 11% 11% 6% (9%) 18% 12% 6% (11%) 9% (1%) 12% (7%) (1) Includes allocated subscription revenue (2) Includes services, freight, accessories, etc. (3) Includes transmitter and receiver revenue Note - All periods reflect the current component level reporting
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Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue Metrics By Geography US Revenue (millions) 451.2$ 511.0$ 573.4$ 606.4$ 526.0$ 616.6$ 713.6$ 769.1$ 653.2$ 731.9$ 701.9$ 802.8$ 750.5$ Year over year growth 18% 11% 17% 17% 17% 21% 24% 27% 24% 19% (2%) 4% 15% Quarter over quarter growth (decline) (13%) 13% 12% 6% (13%) 17% 16% 8% (15%) 12% (4%) 14% (7%) % of Total revenue 72% 73% 75% 74% 71% 71% 73% 74% 71% 73% 71% 72% 72% INT'L Revenue (millions) 177.6$ 185.2$ 196.2$ 208.8$ 215.5$ 254.7$ 261.4$ 265.4$ 267.8$ 272.4$ 292.3$ 310.7$ 285.5$ Year over year growth 43% 39% 22% 15% 21% 38% 33% 27% 24% 7% 12% 17% 7% Quarter over quarter growth (decline) (2%) 4% 6% 6% 3% 18% 3% 2% 1% 2% 7% 6% (8%) % of Total revenue 28% 27% 25% 26% 29% 29% 27% 26% 29% 27% 29% 28% 28% Total Revenue (millions) 628.8$ 696.2$ 769.6$ 815.2$ 741.5$ 871.3$ 975.0$ 1,034.5$ 921.0$ 1,004.3$ 994.2$ 1,113.5$ 1,036.0$ Year over year growth 25% 17% 18% 17% 18% 25% 27% 27% 24% 15% 2% 8% 12% Quarter over quarter growth (decline) (10%) 11% 11% 6% (9%) 18% 12% 6% (11%) 9% (1%) 12% (7%)
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Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Organic Revenue (1) INT'L Revenue - Reported 177.6$ 185.2$ 196.2$ 208.8$ 215.5$ 254.7$ 261.4$ 265.4$ 267.8$ 272.4$ 292.3$ 310.7$ 285.5$ Impact of Acquired Revenue (6.4) (9.0) (3.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Impact of Divested Revenue (6.6) (7.2) (7.7) (6.7) (7.2) (7.6) (8.0) (7.9) (2.8) (0.2) 0.0 0.0 0.0 Impact of Foreign Exchange 5.3 11.1 15.1 19.5 9.3 3.9 (6.2) (8.2) (3.2) 0.8 0.5 (5.3) 9.9 INT'L Revenue - Organic (2) 169.9$ 180.2$ 200.6$ 221.6$ 217.6$ 251.0$ 247.2$ 249.3$ 261.8$ 273.0$ 292.8$ 305.4$ 295.5$ Year over year growth (3) 37% 35% 28% 26% 27% 41% 31% 23% 26% 10% 16% 19% 12% % of Total revenue 27% 26% 26% 27% 29% 29% 26% 24% 29% 27% 29% 28% 28% Total Revenue - Reported 628.8$ 696.2$ 769.6$ 815.2$ 741.5$ 871.3$ 975.0$ 1,034.5$ 921.0$ 1,004.3$ 994.2$ 1,113.5$ 1,036.0$ Impact of Acquired Revenue (6.4) (9.0) (3.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Impact of Divested Revenue (6.6) (7.2) (7.7) (6.7) (7.2) (7.6) (8.0) (7.9) (2.8) (0.2) 0.0 0.0 0.0 Impact of Foreign Exchange 5.3 11.1 15.1 19.5 9.3 3.9 (6.2) (8.2) (3.2) 0.8 0.5 (5.3) 9.9 Total Revenue - Organic (2) 621.1$ 691.2$ 774.0$ 828.0$ 743.6$ 867.6$ 960.8$ 1,018.4$ 915.0$ 1,004.9$ 994.7$ 1,108.2$ 1,045.9$ Year over year growth (3) 23% 16% 20% 20% 20% 26% 26% 26% 25% 16% 3% 8% 14% (1) Organic revenue excludes non-CGM revenue acquired or divested in the trailing twelve months, as well as the impact of foreign exchange. (2) The sum of the components may not equal the totals due to rounding. (3) Formula for organic growth is [(current period organic revenue) / (prior year period reported revenue - divested revenue)] - 1