Grid Dynamics Holdings, Inc.

Ladies and gentlemen, welcome to the Dexcom third quarter 2025 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 touch tone 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. You may begin.

Thank you, Operator, and welcome to Dexcom's third quarter 2025 earnings call. Our agenda begins with Jake Leach, Dexcom's President and Interim 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 third 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 third quarter earnings call for a reconciliation of these measures to their most directly comparable GAAP financial measure. Now I will turn it over to Jake.

Thank you, Sean. And thank you everyone for joining us. Before we begin, I'd like to take a moment to recognize Kevin Sayre, who's not on the call today. And as many of you know, has taken a temporary medical leave. Kevin, I know you're listening today and I look forward to catching up with you after the call. Now onto the quarter. Today, we reported third quarter organic revenue growth of 20% compared to the third quarter of 2024. We continue to benefit from category growth recent CGM access expansion, and solid share performance in both our U.S. and international businesses. In the U.S., we again saw more of our new customer starts coming from the entire Type 2 population as we benefited from the growing Type 2 coverage and expanded reach within primary care. As a reminder, we now have coverage established for anyone with diabetes with the national formularies of three of the largest commercial PBMs. This includes active coverage for nearly 6 million type 2 non-insulin lives, which represents about half of the type 2 NIT commercial population in the U.S. Of course, the journey is not done, and we will continue to work tirelessly until we have coverage for this entire population of more than 25 million Americans. What continues to give us confidence is the growing body of CGM outcomes evidence for this population. This leads us to believe that this access expansion is a matter of when, not if. Given the significant level of CGM usage that already exists among this cohort, we have more real-world evidence available today than we have ever had in any of our prior advocacy campaigns. We also already have seen positive updates to the latest standards of care for this group, which we expect to be further strengthened as randomized control trial data continues to emerge. This summer, we saw the first wave of non-insulin RCT outcomes presented at the annual ADA conference, and we are now working to build on that with our own well-designed RCT. We built our trial to be representative of the wide spectrum of people with type 2 diabetes and look forward to providing a readout early next year. Similar to our mobile and diamond studies, we believe this data set can become the cornerstone of our ongoing type 2 evidence roadmap. This not only helps us advocate for the remaining Type 2 lives in the U.S., but it also helps us as we push for greater Type 2 coverage across the globe. As our customer base becomes increasingly diversified with this broader coverage, we have also continued to iterate our product experience to make it more personalized for each of our users. One example that I'm particularly excited about is a new feature called Dexcom Smart Basel. As we continue to learn more about the Type 2 customers on basal insulin and their healthcare providers, We've observed several trends. First, there's apprehension to start basal insulin for those who truly need it. More than one in three patients avoid basal insulin altogether because of the fear of hypoglycemia. For those who are on basal insulin, about half of the customers who ultimately progress to mealtime insulin never reach an optimal dose of basal insulin. And for those that do, it typically takes several months to find the right dose. We have an opportunity to make this experience so much better for our customers. Dexcom Smart Basal is a titration module built within the Dexcom app that is designed to make basal insulin titration and management simpler, faster, and personalized for our customers. Our algorithm team designed this new software to learn from the daily glucose patterns of customers and better identify the ideal timing and dose of their basal insulin. With Smart Basal, we also expect to improve adherence and greatly reduce the required workflow for the prescribing community, as titration has historically required ongoing manual inputs and frequent office visits. Dexcom Smart Basal is currently under review with the FDA and for CE-MARC. Once available, this feature will further advance our value proposition amongst the type 2 basal population and for the physicians that treat them. We also continue to enhance the value proposition of Stello with ongoing software updates, broader distribution, and new metabolic health partners. I'm very proud of how far Stello has come in such a short period of time. In just the first 12 months on the market, Stello has surpassed $100 million in revenue and has increased awareness of what CGM can do for everyone to improve metabolic health. We are continuously making the app more personalized and engaging. We simplified ordering and reordering, and our growing base of partners has enabled broader health insights for our customers. And this is just the beginning. We'll continue to make this feel like more of a consumer experience over time. We've also been getting a lot of inbound interest recently in bringing Stello to the international market and look forward to these extensions in relatively short order. In addition, everyone at Dexcom is very excited for the broader launch of our G7 15-day system. Over the past few months, our team has done an incredible job securing reimbursement for this product at the same net price to Dexcom and low out-of-pocket costs for our customers. In fact, we now have contracts finalized with Medicare, every major commercial payer, and our commercial DME partners. By finalizing these contracts, we've cleared a key step to enable our broad-based launch. As we've previously mentioned, we're currently in our initial launch with our Warrior community as we gather feedback for our broader launch. We are looking forward to our broader rollout in the coming weeks. As we expand this launch, we are also continuing to innovate on the entire customer service experience. We recently introduced a completely new digital experience called My Dexcom Account, which is rolling out country by country as we speak. My Dexcom Account is a new online account portal that streamlines and simplifies the Dexcom digital experience. Built on direct customer feedback This new platform will allow instant connectivity for online support, real-time visibility into orders or open tickets, and active tracking for sensors. It will also greatly simplify service requests for our customers, as the site can autofill necessary user information, including the serial number of a sensor that may require service. Between updates like this, our new pharmacy replacement model, ongoing software investment, and our continued focus on product performance, we are demonstrating our commitment to advancing the customer experience. And this is just as true today, despite some of the media that has been circulating on this topic. So let me make one thing clear. The customer is and will always be the North Star for this company. This is what drives us every single day, and it's what's also driven me here at Dexcom for over 20 years. That will not change. I recognize the investment community is attempting to interpret data on this topic, As we recently shared, our complaint rates for G7 have been largely stable over the past couple of years, and this continues to be the case across important categories, including sensor performance. But I also want to speak to our loyal customers and prescribing community today. If any of you have an experience with Dexcom that does not meet your expectations, we understand, and that is not good enough for us. We're always listening, and we're always making improvements as a result. For G7, this has included improvements in Bluetooth connectivity, improvements to the adhesive, and most recently, addressing deployment challenges that we identified earlier this year. Through this ongoing work, our product continues to get better. Status quo has not and will never be our guiding light. I'm confident to say that the quality of the sensors coming off our lines today is exceptional and meets our high standards and the expectations of our customers. To close, I just want to note that I am honored and excited to be serving as Dexcom's next CEO. During the fall conference circuit, I had the opportunity to lay out my initial vision as the next CEO and share my conviction in this business over the long term. I look forward to sharing even more over the coming months. Our future remains very bright. Our team is incredibly strong, and the opportunity ahead of us to transform metabolic health is unlike that at any company I can think of. With that, I'll turn it over to Jeremy for a financial update.