DexCom: CGM and AID focused endocrinologist expert call recap

研报英文原文证据摘录

DexCom: CGM and AID focused endocrinologist expert call recap

Deutsche Bank

Research

Rating Company Date

Buy DexCom 25 June 2026

Industry Update

North America

United States

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (USD) 69.75

DXCM.OQ DXCM US NMS DXCM

Price Target 86.00

Health Care

52-week range 89.53 - 54.84

Medical Supplies & Devices

CGM and AID focused endocrinologist

Valuation & Risks expert call recap

Kieran Ryan

Portfolio Manager Summary Research Analyst

Alongside our initiations on DXCM, PODD and TNDM on Tuesday, we hosted an +1-212-250-6879

endocrinologist expert call on the CGM and AID industries with the director of

Pito Chickering

endocrinology for a large hospital-system in Illinois and Wisconsin with a footprint Research Analyst

of 22 facilities that care for patients with diabetes across both endos and PCPs. +1-917-635-9954

Imron Zafar

We summarize the key topics on the call in detail below, but net-net we highlight the

Research Analyst

following key takeaways:

+1-212-250-3676

In CGM, 1) In basal CGM, our expert’s share trends mirror that of what DXCM laid Ben Shaver

out at its investor day with attractive share gains over the last couple years 2) Basal Research Associate

+1-212-250-9926

CGM market penetration continues to trend strong with limited to no deceleration

vs the prior couple years 3) Across our expert’s T2 non-insulin population 10% are

high-utilization CGM users today which he sees getting to 15-20% over the next

12-18 months, some of which may come from the ~25% share of his T2 non-insulin

patients that he classifies as intermittent users. 4) ~60% of his DXCM users are now

on 15-day including the vast majority of new starts, and he thinks this gets to ~90%

by the end of the year 5) He sees limited impact and scope from a patient