DexCom Inc. (DXCM): Takeaways from management meetings

研报英文原文证据摘录

DexCom Inc. (DXCM): Takeaways from management meetings

about third party script data, the company highlighted

several factors that drive variance in these data vs. end-market dynamics. Most

notably, as physicians become increasingly comfortable with CGM, they are writing

longer duration scripts (especially notable in the primary care physician channel).

For Dexcom specifically, longer duration core G7 script trends will also be influenced

by the conversion to 15-day, which could further diverge YoY patient volume growth

from script data. With respect to utilization, there was debate from the clinical

community following presentation of CONNECT whether CGM is

necessary/appropriate year-round for this population. Dexcom’s position remains

consistent that with coverage, patient populations (1) largely remain on CGM and (2)

see sustained benefit over time. Lastly of note on the U.S. market was a continued

focus on targeting the basal population through both salesforce initiatives in the PCP

channel as well as evolving the software to garner toward Basal patients (recently

launched SmartBasal).

n Medicare Type 2 NIT coverage status: Looking ahead, Dexcom has updated its

submission for Medicare Type 2 NIT coverage to include the recently-presented (and

highly successful) CONNECT study. In terms of next steps, CMS will issue a proposed

coverage memorandum, followed by a comment period, and ultimately a final

coverage decision. All of this is expected to play out over the coming months with

coverage factored into the LRP in 2027. Once coverage is established, Medicare Type

2 NIT adoption will ramp over time as the combination of external factors (Medicare

Advantage is not reflexive/takes time to come into effect) and internal initiatives —

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