DexCom, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the DexCom third quarter 2026 earnings release conference call. My name is Abby 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 one on your touchtone phone. As a reminder, the conference is being recorded. I will now turn the call over to Sean Christensen, the Senior Vice President of Finance and Investor Relations. Sean, you may begin.

Thank you, Operator, and welcome to DexCom's third quarter 2026 earnings call. Our agenda begins with Jake Leach, DexCom's President and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jereme Sylvain, our Chief Operating Officer and Chief Financial Officer. Following our prepared remarks, we will open the call up for your questions. At that time, we asked 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 third quarter 2026 performance on the Dexcom Investor Relations website on the events and presentations page. With that, let's review our safe harbor statement. Some statements 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. These statements are made as of the date hereof, based on information currently available to DexCom, are subject to various risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please see 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 forward-looking statement or to conform any forward-looking statement to actual results. Thank you, Sean, and thank you, everyone, for joining us.

Today, we reported third quarter revenue growth of 11% compared to the third quarter of 2025 on both a reported and organic basis. Underlying our third quarter results are four key areas that advance our long-term vision we provided earlier this year. First, we continue to see strong momentum across the CGM category, driving our stable, low double-digit revenue growth with active base growth above those levels. We once again gained share in the quarter, supported by prescriber and customer preference for DexCom CGM, positioning us well as we prepare for significant access expansion. Second, our clinical evidence continues to strengthen the case for broader access to CGM. Third, our product portfolio continues to advance, helping us deliver a more personalized and valuable experience for each customer. And fourth, our operational execution has given us upward momentum throughout the year, In the U.S., we again delivered strong revenue growth of 14% and captured share across the market. This extended a multi-quarter trend of share gains in the U.S., with our largest increase coming from customers with type 2 diabetes, including those not on insulin. We continue to seek greater physician awareness of the role DexCom CGM can play across the spectrum of diabetes. This is contributing to growth today and preparing the market for a significantly broader coverage environment in the future. Along those lines, we continue to expect CMS to announce a Type 2 non-insulin coverage decision this year as the case for reimbursement is strengthening. Much of this confidence is driven by Connect. are type 2 randomized control trial, which is now widely recognized as the landmark CGM study for this population. As a reminder, we announced the results of CONNECT this summer at the 2026 ADA Scientific Sessions and could not have been happier with the results. Over a six-month study period, we saw a 1.6% A1c improvement for the DexCom CGM group. which equated to a 0.9% difference in A1C between the CGM arm and the control group. These are the strongest A1C results we have generated across our historic randomized control trials, which have helped shape standards of care and establish broad reimbursement. We now expect CONNECT to do the same thing for the type two non-insulin population. Earlier this month, CONNECT was published in the New England Journal of Medicine This provides an important level of independent validation and gives the study a prominent platform among clinicians, advocacy organizations, and reimbursement bodies around the world. This marks the first time in nearly two decades that the New England Journal of Medicine published clinical data on the standalone use of CGM. While we believe our results speak for themselves, this publication reinforces both the quality of the data and its potential to reshape clinical practice. As a next step towards broader coverage, we provided this publication update directly to the medical directors evaluating the submission for Medicare coverage expansion. We also look forward to seeing this evidence included in upcoming clinical standards, including the ADA Standards of Care, which is expected to be updated in the coming weeks. CONNECT further strengthens the growing body of evidence supporting the broader benefits of CGM across metabolic health. This includes significant improvements across multiple studies in 10-year cardiovascular disease risk, blood pressure, cholesterol, triglycerides, and kidney disease progression. Our expanding clinical evidence is supported by a product portfolio designed around the distinct needs of each customer. During the third quarter, we launched a fully redesigned Stello app. The new Stello app experience is more intuitive and personalized, with enhanced glucose insights, simplified meal logging, and more detailed nutritional information. This is especially important because many Stello customers are engaging with their glucose data for the first time. Helping them understand how food and lifestyle choices affect their glucose can make the information more useful and actionable. Just as importantly, the redesigned app establishes a new software foundation for which our broader product experience can evolve. Stello gives us a platform to introduce new capabilities, learn from customer engagement, and ultimately bring the most valuable innovations across our broader product portfolio. This supports the goal we outlined at Investor Day to deliver greater personalization and engagement across every stage of the customer journey. During the quarter, we also continued to advance the rollout of our G7 15-day system. With broad pump connectivity available as of this summer, Thank you for joining us. As the updated adhesive is rolling out into the field, we've already seen a 4-5 point improvement in 15-day survivability. We are now preparing to bring these benefits to customers outside the United States. Earlier this year, Health Canada became the first international regulator to clear G7 15-day. Beginning in November, we will officially launch this product in Canada, marking the first of several planned international introductions in the coming quarters. We also received clearance in the third quarter in Japan, positioning us for a launch in that market in early 2027. I'm encouraged by the level of execution we've delivered in 2026, including the third quarter. During the quarter, we delivered further manufacturing efficiencies, improved freight costs, and saw strong product performance in the field. We also reached an important milestone at our Ireland facility, which recently initiated commercial production on schedule. Ireland expands our manufacturing capacity and strengthens the resilience of our global supply network. With large-scale manufacturing plants now in the U.S., Europe, and Asia Pacific, we have the capacity to support our ambitious growth plans ahead. We are also expanding our digital customer support ecosystem into select international markets, including my DexCom account. Building on the strong adoption we've seen in the U.S., these tools help simplify the support experience Thank you for joining us today. As we look toward DexCom's next chapter, it is critical that we have the right leadership and operating structure to scale with that same discipline. In line with that goal, we recently promoted Jereme Sylvain to Chief Operating Officer in addition to his responsibilities as Chief Financial Officer. Jereme is an exceptional leader and trusted partner with a deep understanding of every part of our business. Expanding his role to include operations, quality, and customer success brings these functions even closer to our financial and strategic priorities as we work to reach millions more people around the world. With that, I will turn it over to Jereme.