DexCom, Inc.

Welcome to the Dexcom third quarter 2021 earnings release conference call. My name is Darrell and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. During the question and answer session, if you have a question, please press star then one on your touchtone phone. Please note that this conference is being recorded. I will now turn the call over to Shawn Christensen. Shawn, you may begin.

Thank you, Operator, and welcome to Dexcom's third quarter 2021 earnings call. Our agenda begins with Kevin Sayre, Dexcom's chairman, president, and CEO, who will provide a summary of our progress on our third quarter highlights and strategic initiatives, followed by a financial review and outlook from Jeremy Sylvain, our chief financial officer. Following our prepared remarks, we'll open the call up for your questions. Our chief technology officer, Jake Leach, will also be present with us for the Q&A period. We asked analysts to limit themselves to one question so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our third quarter performance on the Dexcom Investor Relations website on the events and presentations page. With that, let's review our safe harbor statement. Some of the statements we will make in today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs, expectations, and assumptions about future events, strategies, competition, products, operating plans, and performance. All forward-looking statements included in this presentation are made as of the date hereof based on information currently available to Dexcom, are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in the forward-looking statements. The factors that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements are detailed in Dexcom's annual report on Form 10-K, most recent quarterly report on Form 10-Q, and other filings with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements after the date of this presentation or to conform these forward-looking statements to actual results. Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP, with respect to our non-GAAP and cash-based results. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis. The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the slides accompanying our third quarter earnings presentation for a reconciliation of these measures to their most directly comparable GAAP financial measure. Now I will turn it over to Kevin.

Thank you, Sean, and thank you everyone for joining us. Today we reported another strong quarter for Dexcom with third quarter revenue growth of 30% compared to the third quarter of 2020 and 28% growth on an organic basis. This revenue growth rate represents continued momentum for Dexcom CGM adoption around the world as we once again achieved a record quarter of new customer growth. The third quarter also saw several strategic accomplishments across our teams that laid a foundation for our future growth opportunities. In the U.S., we received FDA clearance for two key software solutions that continue to differentiate our connected products from those of our competitors and position us as a partner of choice across the healthcare and wearables ecosystem. First, in July, we received FDA clearance for our real-time API, For those of you who are unaware, an API is the tool that allows one app to connect with another app. Prior to this clearance, our customers and clinicians could only utilize our retrospective API, which integrated Dexcom data into third-party apps on a three-hour delayed basis. We believe that by putting the power of choice at our users' fingertips with real-time data, we can help ease the daily burden of diabetes management and significantly improve quality of life for our customers. This tool will be available to partners invited by Dexcom and we already have several that have begun the development process to enable real-time displays for their communities. This includes Garmin, which became the first partner to launch apps connected to our real-time API two weeks ago, bringing Dexcom readings into their portfolio of wearables and cycling computers. Second, on the heels of the real-time API clearance, we received FDA clearance in August for the Dexcom App-in-App module. This module was specifically designed for people with non-intensive type 2 diabetes and can directly integrate into another third-party healthcare app. With the integrated Dexcom app, it is now even easier for our partners to access and display our CGM data, enabling single app solutions that simplify the experiences for Dexcom users. United Health Group became our first partner to launch the integrated Dexcom App-in-App module in late September, bringing the embedded app into their Level 2 diabetes care program. Our connectivity, software, and data infrastructure solutions are a core strength of Dexcom. These two recent FDA clearances reflect the increased investment that we put into software development and we believe increase our competitive advantages moving forward. In late September, we also announced the launch of Dexcom 1 in four international markets where we previously had no presence, Bulgaria, Latvia, Lithuania, and Estonia. Dexcom 1 leverages the G6 hardware platform and a completely redesigned software experience that focuses on simplicity and ease of use for our customers. This is the first product launch in our history that started exclusively through the Dexcom e-commerce platform. a platform that has been embraced by our customers in Canada and the UK over the past two years. With the proven performance of our CGM systems, the new software experience, an efficient e-commerce solution, and affordable pricing plans, we believe that Dexcom One will be an important product for us as we drive the business toward our long-term targets. Most importantly, this differentiated product is a key step for us to bring Dexcom CGM to significantly more people with diabetes who previously did not have access to our products. Early feedback around the product has been very favorable, and we look forward to seeing the full results from these launches as we leverage the full breadth of our expanding product portfolio to achieve our 2020 Investor Day goal of tripling our international addressable market by the end of 2023. Building from the strength of our mobile trial that was published in the Journal of the American Medical Association in June, investigators published the results from the extension phase of the trial in diabetes care during the third quarter. In this extension phase, we re-randomized the population who were initially on CGM to see if the benefits would be retained for those who stayed on CGM compared to those who returned to finger stick monitoring. Once again, the results were clear. Those who stayed on our G6 systems maintained greater time and range improvements over the six-month extension phase compared to those who did not. The results confirmed that for the significant population of people with type 2 diabetes on basal insulin, there is significant benefit in continuous CGM use to optimize therapy and support behavior modifications. Our teams are working hard to leverage the conclusions from mobile into greater access to our technology for people with type 2 diabetes, and this is just one area in which we are building the foundation for our long-term growth. We are advancing our pilot efforts with UnitedHealth's Level 2, Teladoc's Livongo for Diabetes, WellDoc, OnDuo, and others. We are generating strong clinical evidence for expanded medications for CGM use in inpatient settings and for women who are pregnant. We continue to leverage our advantages in connectivity by gaining new customers and progressing our pipeline of solutions with our leading insulin delivery partners. Finally, we continue to advance our G7 scale-up and regulatory efforts during the quarter. We've had excellent communication with our notified body in Europe and believe that we remain on track to begin the launch of our G7 system in the fourth quarter upon receiving CE-MAR clearance. In the U.S., we've made great progress in preparation for our regulatory submission and believe that we are now in the final stages of that effort. We look forward to the comprehensive G7 510K submission, including G7 hardware and full Android and iOS software to the FDA in the next few weeks. As you can see, our teams are working very hard and making great progress to advance our core strategic efforts, whether it is in expanding our product portfolio, creating differentiated user experiences, or laying the foundation for new market opportunities that will drive our future growth. So with that said, let me turn it over now to Jeremy for a review of our third quarter financial performance. Jeremy?