CONNECT and MACE Data Impress at ADA; Reiterate Buy, PT to $95

Research evidence excerpt

CONNECT and MACE Data Impress at ADA; Reiterate Buy, PT to $95

Medical Supplies & Devices: Diabetes

DexCom

TD SECURITIES (USA) LLC COMPANY UPDATE

June 9, 2026

Price: $78.19 (06/9/2026) CONNECT and MACE Data Impress at ADA;

Price Target: $95.00 (Prior $75.00) Reiterate Buy, PT to $95

BUY (1)

ESG SCORE: 58/100

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

DXCM is seemingly at the forefront of the T2NIT coverage expansion initiative, and we believe

joshua.jennings@tdsecurities.com

CONNECT represents a compelling dataset for payers. We see DXCM as a share gainer in the

Colin Clark US T2NIT market, but believe incremental access should benefit all players due to the size of

646 562 1441 the opportunity and efforts from DXCM/ABT to address the different needs of less-intensive

colin.clark@tdsecurities.com

patients.

John Rusch, CFA

646 562 1324 DXCM ADA Weekend Overview

john.rusch@tdsecurities.com

DXCM’s presence reinforced the company’s expanding clinical and economic case for CGM

Key Data adoption beyond intensive insulin users, particularly in the large Type 2 non-insulin (T2NIT)

Symbol NASDAQ: DXCM

population. The CONNECT RCT demonstrated near-immediate glycemic improvement,

Beta: 1.45 alongside exceptionally high ~97% adherence that remained durable even as study intensity

52-Week Range: $89.53-$54.84 declined - addressing a key investor debate around engagement in lower-acuity patients.

Market Cap: $30.2B Importantly, the benefits were consistent across treatment regimens and appeared additive

Net Debt (MM): $(1,030.4) to GLP-1s and/or SGLT-2s, supporting CGM as a complementary tool rather than a substitute.

Cash/Share: $3.63 DXCM also introduced real-world cardiovascular outcomes data suggesting CGM use may

Dil.