Dexcom has reported Q1 revenues of around $1.2bn, indicative of a 15% rise year-over-year (YoY), but will maintain its prior 2026 revenue outlook.
Dexcom expects 2026 revenue to fall in the $5.16bn to $5.25bn range, representing growth of between 11%-13%. The continuous glucose monitoring (CGM) specialist is also maintaining its gross profit margin outlook of approximately 63%-64%.
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Dexcom released its Q1 financials after markets closed on 30 April. Correct as at 4:40am EDT, the company’s shares on the Nasdaq stock exchange were down by around 0.7% at $59.15 in pre-market trading, versus $59.55 previously.
Jereme Sylvain, Dexcom’s chief finance officer, acknowledged during an earnings call that Dexcom’s Q1 gross margin performance left the company “tracking well” relative to its current guidance. However, the company left its 2026 gross margin outlook unchanged, Sylvain explained, to “account for the current geopolitical environment”, including uncertainties with fuel prices and shipping routes.
While Sylvain was not more specific, this Q1 earnings season comes amid the ongoing war between US-Israel and Iran. Shipping via the Strait of Hormuz, a globally critical maritime chokepoint approximately 20% of the global supply of oil passes through, has been significantly impacted.
Other players in the medtech space have struck a similarly cautious tone to Dexcom in their Q1 financials. Citing “significant increases” in memory chip, oil and freight costs during Q1, GE HealthCare trimmed its full year growth outlook to between 4.6%-9%, down from 7.9%-12.3% previously, prompting the imaging specialist’s stock price to dip by over 13%.Dexcom leans on regional expansions
The bulk of Dexcom’s Q1 revenue came from US sales at around $832m, with around $360m coming from international market sales of CGM products such as Dexcom G7. Dexcom has in recent times expressed a specific ambition to grow revenue within its international markets.
According to a GlobalData market model, the CGM market is growing at a CAGR of 9.85% and projected to reach a valuation of $15.69bn in 2035.
Dexcom held the second largest US CGM market share in 2025 , trailing Abbott in pole position, as per a GlobalData market model. In territories including Europe and the Middle East & Africa (MEA), however, Dexcom’s market share is dwarfed by leader Abbott.
While Dexcom’s international revenue growth in Q1 was flat relative to Q4 2025’s performance at around $368m, the Q1 total reflected YoY growth of 26%, Sylvain stated in Dexcom’s earnings call, with some of the largest increases coming from “geographies where we recently expanded access, such as France and Canada”, he added.
