DexCom, Inc.

and investor relations. Mr. Christensen, you may begin.

Thank you, operator, and welcome to Dexcom's second quarter 2025 earnings call. Our agenda begins with Kevin Sayre, Dexcom's chairman 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 second 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 second 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 second quarter organic revenue growth of 15% compared to the second quarter of 2024. We continue to see strong category growth. focused execution by our team, and a growing contribution from our recent access wins. In the U.S., our new customer demand and volume growth remain consistent with the high levels we experienced during the first quarter. With a year now under our belt since expanding our sales force, our commercial team is operating at a very high level. Our expanded reach has helped us build relationships with a wide array of physicians, grow our market share, and more quickly educate the market on the evolving coverage landscape. This has been particularly important as coverage continues to build. In fact, as of this month, our type 2 non-insulin reimbursement went live with a third major PBM. With this coverage in place, we now have reimbursement established for anyone with diabetes on the national formularies of the three largest commercial PBMs in the U.S. As previously stated, this will provide us with coverage for nearly 6 million type 2 non-insulin lives this year, but we're not stopping there. This is only a first step as we work to build coverage for this entire 25 million person population in the U.S. Given our growing body of health outcomes evidence, as well as Dexcom CGM's proven ability to save cost for the healthcare system, we believe this is only a matter of time. Importantly, clinicians are quickly recognizing the potential to deliver better type 2 care. Many experienced providers have wanted to integrate Dexcom CGM earlier into care plans. and this new coverage has greatly improved their ability to do so. As a result, during the second quarter, we again saw strong growth from the type 2 non-insulin population, which helped us take share in this quickly growing part of the market. With more opportunity than we've ever had, we're building on this momentum with new access wins, more personalized software, and by leveraging our differentiated product portfolio to deliver for our communities. Along those lines, interest in Stello, our over-the-counter glucose biosensor, also continued to grow during the second quarter. In fact, as of this summer, the Stello app has been downloaded more than 400,000 times. This reflects both the approving brand awareness for Stello, particularly as more customers share their early success stories, as well as the broader consumer movement toward health wearables and personalized metabolic health management. Physicians are also more broadly leveraging Stello across their practices, as they now have a simple and easily accessible Dexcom biosensor available for any patient that doesn't have coverage. While we are less than a year into Stello's launch, we've already greatly enhanced the customer experience with new software features, broader distribution, and digital health partnerships, steadily increasing the value of our features and providing more choice in how and where they engage with their glucose data. These connections will also enable us to expand the range of health and activity data available in the Celo app experience. For example, our integration with Aura is now live, which allows customers to integrate Dexcom glucose data with vital signs, sleep, stress, heart health, and activity data provided by the Aura Ring. This broader data set can help us deliver more personalized and well-rounded insights over time, particularly as we continue to expand our generative AI capabilities within the app. Similarly, we recently introduced a new feature across both Stello and G7 that leverages AI to greatly simplify the process of meal logging for our customers. With the launch of our Smart Food Logging feature, our apps can now generate a detailed meal description based on a photo and then the post-meal glycemic impact for our customers. Additionally, users can now search for previous meals through the History tab, which can help support healthier decisions in the future as well as interaction with their care providers. On the hardware side, we're very excited for the upcoming launch of our 15-day G7 system. With FDA clearance now secured, we're working through the standard reimbursement contracting process in advance of launch. These discussions are progressing as planned, leaving us right on track to start the launch in the second half of the year. We continue to balance a focus of long-term platform innovation like our 15-day G7 and our G8 development, while simultaneously embracing the mindset of rapid software development, like a consumer technology company. Along those lines, we've already introduced 17 app updates across our Stello, G-Series, and Dexcom One Plus core products in the first half of 2025. These updates address real needs for our users and their caregivers. things that take complex diabetes and metabolic health management and simplify the experience for the good of our customers. We already mentioned the simplicity of AI food logging. We've also enabled our share and follow system to work for our customers using direct to watch connectivity. As a real world example of how this can benefit our customers, I recently met the parents of a competitive swimmer while traveling. They were thrilled with this new functionality as it allowed them to track their son's glucose during swim competitions even if he does not have a phone nearby. We've enhanced the data visualization for our customers while giving them greater ability to customize their experience with adjustable target ranges. We've brought to market connected pen technologies for our customers using insulin pens, allowing them to automatically log doses without the hassle of tracking them manually. We also know how much our customers rely on their Dexcom sensors to manage their health and the challenge that any disruption to their supply represents. This is one of the reasons why we have prioritized resources so heavily this year to maintain continuity for our customers. We've also recently rolled out a nationwide warranty program for our pharmacy customers, allowing them to access replacement sensors as early as the same day. One of the core values that we embrace is summed up in the simple word, listen. With the type of enhancements like I just reviewed, we are taking the direct feedback from our customers and driving innovative solutions that address their core needs. Essentially, we continue to bring greater value to our products every month and are thankful for the sincere loyalty that this has driven amongst our customer base. As we've mentioned before, our definition of customer goes beyond just the end user. It includes caregivers, channel partners, payers, and certainly the healthcare practitioners that rely upon Dexcom CGM. Along those lines, we have seen significant momentum and excitement since we became the first CGM company to offer a direct, no-cost integration into Epic EHR last year. At this point, we already have more than 100 health systems, either integrated or in the process of onboarding to enable Dexcom CGM data to flow directly into their customer health records. As many of you recall, we exited the first quarter with the inventory levels in a tighter position than we typically would like and set a clear focus on continuing to support our overall customer demand while rebuilding our finished goods inventory. I'm proud of the seamless customer support provided by our manufacturing logistics teams during the second quarter. To accomplish this, we delivered multiple months of record production across our facilities and invested strategically in expedited shipping routes. This helped us to successfully restore inventory levels with key channel partners and allowed us to start rebuilding our own stock of finished goods internally. As a result, our supply dynamics are now in a much better position than they were even 90 days ago. Finally, we were thrilled to showcase our latest collection of clinical evidence at the American Diabetes Association's 85th Scientific Sessions last month. This year, we presented or supported nearly 40 studies during the event, with the majority of these exploring earlier stages of metabolic health management and areas where market access remains more limited today. This included the readout of two randomized controlled trials, which studied Dexcom CGM usage for gestational diabetes and type 2 non-insulin care. Each of these presented very compelling outcomes, which we expect to further bolster the case for broader access and adoption. The momentum behind CGM for the type 2 non-insulin population was abundantly clear during the weekend, building on the update to the ADA standard of care that we saw at the end of 2024. Across the session, we heard more KOLs advocating for CGM to become the standard of care in this population. To further support this movement, our own type 2 non-insulin RCT remains on track to read out early next year. Our team also presented data looking at the next frontier of glucose biosensing. This included studies outside of diabetes, such as chronic kidney disease, where the data showed a significant reduction in disease progression over a three-year period for those using Dexcom CGM. As always, I left this year's conference as excited as ever about the future of our company and the potential we have to serve a much larger population over time. With that, I'll turn it over to Jeremy.