DexCom, Inc.

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 followed by the number one on your touchtone phone. As a reminder, the conference is being recorded. I will now turn the call over to Shawn Christensen, Vice President of Finance and Investor Relations. Shawn, you may begin.

Welcome to Dexcom's first quarter 2025 earnings call. Our agenda begins with Kevin Sayre, Dexcom's chairman, president, and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jeremy Sylvain, our chief financial officer. Following our prepared remarks, we will open the call up for your questions. At that time, we ask analysts to limit themselves to one question each so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first quarter 2025 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 on today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs, and expectations about future events, strategies, competition, products, operating plans, and performance. All forward-looking statements included on this call 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 call, 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. Unless otherwise noted, all references to financial measures on this call are presented on a non-GAAP basis. This non-GAAP 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 first quarter earnings call for 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 first quarter organic revenue growth of 14% compared to the first quarter of 2024. This represented our second straight quarter of re-accelerating revenue growth, as we've benefited from continued strong category demand, recent access wins, and focused execution by our team. In our U.S. business, we've successfully balanced strong demand while navigating short-term supply dynamics. Our teams worked hard to provide consistent support for our customers, channel partners, and physician community. We moved quickly to ensure limited customer disruption and set up clear lines of communication with all involved stakeholders. This included launching a public website that provided status updates and direct customer support for anyone impacted during this transition. Our manufacturing and logistics teams worked around the clock to make sure our product was where it needed to be to meet our customers' needs. We work closely with our distribution partners to clearly align our updated supply timelines with their customer demand, and we would like to acknowledge the great work of these partners in providing excellent care to our users. As you can see, we prioritize customer care throughout this period, and I hope this commitment continues to be noticed. We experienced an acceleration in demand from new customers, which again came in at record levels during Q1. We are clearly seeing the benefit of expanding our commercial reach last year. After significantly expanding our prescriber base in 2024, we are going deeper across these practices as physicians expand their Dexcom CGM prescribing patterns. Importantly, we made these commercial investments knowing that new Dexcom technology and broader access were just around the corner. Since that time, we introduced Stello as the first over-the-counter CGM. launched several new software and connectivity updates to enhance the customer experience and secured much broader coverage within the Type 2 market. We started the year by announcing that we had secured access at two of the three largest PBMs for anyone with diabetes, regardless of whether they use insulin. While it is still early, we've been very encouraged to see physicians quickly adjust their prescribing patterns to match this new coverage. In fact, during the first quarter, we already saw a notable uptick in new customer starts coming from the type 2 non-insulin population compared to any time in our company's history. We'll now look to build on this momentum through targeted awareness campaigns and by advocating for even broader type 2 coverage over time. Along those lines, I'm excited to share that as of this summer, the third major PBM will also begin covering Dexcom G7 for anyone with diabetes in some of their key formularies. Having the three largest PBMs now covering Dexcom for all people with diabetes represents a true step change in the coverage landscape. It also indicates that a clear consensus is forming on both the health and economic benefits of incorporating CGM earlier in diabetes care plans. Between these three large PBMs and additional coverage we expect to finalize in the coming months, Dexcom will have coverage for nearly 6 million people with type 2 diabetes who are not on insulin by the end of the year. While this still represents only a portion of this 25 million person population in the U.S., we often see smaller and customized plans quickly follow suit of the larger PBM formularies. We'll also continue to strengthen our case with payers with additional data readouts in the coming quarters. This includes our recently announced randomized control trial for people with type 2 diabetes who are not on insulin. Similar to our mobile and diamond studies for the insulin-using population, we believe this data set can become the centerpiece of our broader type 2 non-insulin evidence roadmap. This level of evidence has historically been a key factor in driving definitive changes to standards of care and unlocking even broader access globally. As we continue to advocate for broader type 2 coverage, we have already greatly simplified access to Dexcom technology through the launch of our over-the-counter biosensor, CELO. Stello continues to attract a wide range of new customers across the type 2 diabetes, pre-diabetes, and health and wellness landscapes. We have also seen growing use of Stello among the physician community, who can now tailor their Dexcom care plans based on each customer's coverage and metabolic health. While we are still early in this launch, our team has moved quickly to enhance the Stello experience with new software updates and broader distribution. During the first quarter, this included launching a 180-day data look-back feature, which was in direct response to early customer feedback. This is a great example of our ability to quickly iterate the Stello app to provide new customer insights and deliver a more personalized experience. Stello also officially went live on the Amazon storefront during the quarter, which provides our customers another easy access point on one of the highest volume e-commerce sites in the world. And we expect even more distribution partners to broaden our commercial access in the future. These updates are already resonating with our customers. Over the course of the first quarter, we saw even greater Stello customer experience metrics in response to these updates. and we believe that we're just getting started with what we can do to lead our customers to greater metabolic health. Our first quarter results show that our commercial teams are performing very well, and we are excited to build from this position of strength by announcing the addition of John Coleman as our new Chief Commercial Officer. John brings over 30 years of global commercial leadership experience to our organization across multiple healthcare segments and channels. Over this time, he's established a proven track record of execution, making John a great fit for Dexcom at this important point in our company's history. We're excited to have him lead our commercial organization. I would also like to address the warning letter that our company received from the FDA in March. This letter was related to observations made by the agency following inspections of our San Diego and Mesa facilities during 2024. We take any FDA recommendations very seriously. so our team immediately began instituting corrective actions to address these observations. While we were disappointed to receive a warning letter, I'm incredibly proud of how our teams have rallied together with a thorough review and response, and we look forward to working together with the FDA to further strengthen our systems and processes. As one example of our ongoing collaboration with the agency, we were excited to recently announce FDA clearance for our 15-day Dexcom G7 system. This marks another innovation milestone for our company, as our 15-day product advances both wear time and accuracy levels for G7. With performance data demonstrating an MARD of 8.0%, this sets a new bar in the industry in terms of sensor accuracy. We are incredibly excited to bring this product to market. As previously mentioned, we plan to launch our 15-day G7 system in the second half of the year, and our team is working quickly to prepare for this rollout. This includes working with payers to establish coverage in advance of launch and collaborating with our pump partners to ensure a seamless transition for G7-compatible automated insulin delivery systems. With that, I'll turn it over to Jeremy.