Dexcom Inc

Strong top-line execution; guidance raised - Q2’26 worldwide revenue: $1.31B, +13% YoY reported (+12% organic). - U.S. revenue: $933M (+11%); sequential uptick in new patient starts. - International revenue: $375M (+19%); organic +16%, with strength in newly expanding-access markets (e.g., France, Canada). - Full-year revenue guidance raised to $5.18B–$5.25B (~+11% to +13% YoY at midpoint), with FX headwind of about $15M in 2H vs prior outlook.

Profitability improved materially; operating leverage continues - Gross margin: 64.1% (up from 60.1% YoY; ~+400 bps), driven by manufacturing efficiencies/quality management and initial customer switch to G7 15-day plus shipping-pattern optimization. - Non-GAAP operating income margin: 25.1% of revenue; Adjusted EBITDA: $421.3M (32.2% margin). - Guidance raised on margins/EBITDA: - Non-GAAP gross margin: ~64% - Non-GAAP operating profit margin: 23.5%–24% - Adjusted EBITDA margin: 31.5%–32% - Cash generation: ended Q2 with ~$1.9B cash/cash equivalents; delivered > $600M free cash flow in 1H, more than double 1H’25.

Share repurchase actively underway (capital return) - Announced $1B share repurchase authorization for 2026 at Investor Day; executed ~$600M in Q2. - No dividend mentioned in the call excerpt (investor focus was buybacks + reinvestment).