Healthy LRP that Looks Conservative; CMS NIT2 Coverage Mid-27 Placeholder; Buy

研报英文原文证据摘录

Healthy LRP that Looks Conservative; CMS NIT2 Coverage Mid-27 Placeholder; Buy

DexCom, Inc (DXCM)

Equity Research

May 14, 2026

Pipeline: 15-Day; G8; Multi-Analyte Sensing & Adjacent

Use Cases

Pipeline & product cadence is anchored by a clear multi-year platform upgrade cycle, with G7 15-

day already rolling out (targeting ~50% US conversion by YE, OUS expansion starting 2H) and

becoming the baseline across the portfolio globally, supporting both better user experience and

margin uplift. Parallel launches include new products and geographies in the near term, with Dexcom

ONE+ transitioning to 15-day around 2027, Flex launching OUS (initially Germany) for T2 basal/NIT,

and Stelo expanding internationally (Korea, Australia, NZ, UK + further markets), with ongoing app

enhancements (incl. “what to do” insights) expected to drive retention and utilization upside.

Next-gen innovation is centered on G8 as a true step-change platform, with submission planned for

2027 and launch targeted late-2027 / early-2028, delivering materially improved accuracy, adaptive

sensing, and reliability via new silicon and algorithms, while being ~50% smaller and ≥10% cheaper to

manufacture vs G7, a key driver of adoption and margin expansion. Management highlighted the ability

to retrofit existing G7 lines to produce G8, enabling rapid scaling and supporting a fast upgrade cycle

across the installed base, alongside planned OUS rollout and integration across Stelo and Dexcom

ONE+ in 2028.

Beyond core CGM, the pipeline adds meaningful optionality via multi-analyte sensing and adjacent

use cases, with a roadmap including potassium as the first target (CKD/cardiovascular applications),

ketones following (timing TBD pending clinical work), and longer-term expansion into additional