Dexcom Inc (DXCM) September 2026 Conference Transcript

market opportunity for, but certainly ketones is there and could be a fast follower in the event we need.

So Jeremy, just to push back a little bit, if you haven't like kind of locked down the design of G8, but just kind of think about, you know, the timeline to do a clinical trial, submission and approval, end of 27, early 28, does feel a little aggressive as we sit here in September 26.

Yeah, so look, I think you're assuming that where we are is not in a good position, and there's a lot of continued work. We are in a good position in terms of design and how we're thinking about it. So I wouldn't let that read in. Sorry, I mean you're not in a good position.

I'm just thinking about how long it takes to do a trial and FDA review times.

Yeah, I wouldn't read into it with anything from that perspective. I think we remain confident in those dates, and the whole organization is working towards it, so I would leave it at that as opposed to going, we'll have more updates to come over time.

Okay, that's helpful. The FDA approval for LibreDuo, anything noteworthy there? I mean, some of the documentations on the FDA website, has your view changed on ketones?

You know, our view hasn't changed on ketones, and just to kind of reiterate our view, Our view is, you know, look, the majority of the issues that you find in the space of ketone issues is when you're not on a sensor. And typically when you find it in the case of DKA, especially in children, it's because you're not on a sensor yet. And so, you know, the unmet need is you're not on a sensor, not necessarily that you need to measure ketones. Now, in the event that you do have an issue with a pump, you know, a pump line jamming, etc., again, the easiest answer there is your glucose levels start to rise. And that happens well before you end up in a decay event. So most of those are solved. The issue we've always seen an opportunity for ketones in, and it's the euglycemic decay issue. So this would be the SGLT2 user. And so we've always thought that was a space, and that's why we still pursue ketones, and we still think it's an important feature, especially for that market. And if you want to get into health and wellness, certainly getting into ketosis for the keto diet. So those we see, the primary markets. Nevertheless, we understand the importance there. And so, you know, look, I think we're going to watch and learn and see where those go. And I think we will have one. I just don't see it as as big of a market. Nevertheless, you know, Duo will be the first to market there.

If they price it at parity, does that change versus if they price it at your view versus pricing it at a premium and asking for new code?

Yeah, so I think at the end of the day, it's a feature, and that's how we think about it. It's a feature, and from our point of view, it's a feature that doesn't move the needle as much as some of the other features that are really important to folks, especially in the space that we're talking about it. So it doesn't necessarily change the view, but nevertheless, that's our view. We've been very consistent in that view, but over time, if we need to make pivots and changes, we certainly have the capability to do that. But nevertheless, it has not been something that's been a major area we think that the market has been yelling for.

One other pipeline question. Hospital CGF. Yes. Actually, at your investor day, you said you expect to launch by the end of 27, I believe.

That's correct. Is that still on track? It is. Yeah, so we're working diligently there. I think the hospital program's been one of those items that's been an unmet need for some time. We've always had a program in the hopper. I think the biggest challenge we've always had is how do you test and create the environment? I mean, if you want to go the classic 510k route, you've got to basically take people's glucose down very, very low in a hospital setting, not something that's easy to do work for. So we've worked with the FDA on how best to demonstrate the capability. I think we found a way there, which is great. And so the expectations are the same. We continue to work diligently on getting a product available for it and looking forward to it. And that's still our expectation. How meaningful is an opportunity do you think that'll be? you know, I think, I think over time it can be very meaningful. It's going to require changing some standards of care in the hospital, but every time you're in the hospital, you kind of ask the question, why are we running around pricking people's fingers? 14 million dysglycemic events per year in the hospital, that number I think continues to go up. So those would be people that would be ripe to be on a sensor over those windows, and certainly those who you'd target, but the reality is, is how do you know there's a dysglycemic event unless you're pricking fingers? So you can, you know, everybody that could potentially have one, you expect folks to be on those over time if we can change the standards of care, which would be our goal.

All right. A couple seconds left here. Jeremy, I want to give you the last word. Appreciate you being here.

Well, thanks for having me. And thanks to everybody in the room for joining. Really appreciate it. Look, I think we continue to be really excited about the Dexcom story. You know, it's one of those industries. We always say it. There's over half a billion people in the world with diabetes, and yet maybe 2% are on CGM care right now. And so the opportunity remains incredible. It's on us and our industry to go after it, but looking forward to it and looking forward to doing what we do, which is empowering people to take control of their health. So thank you. Thanks for your time today. Appreciate it.