On March 14, the San Diego-based company’s next-generation CGM, the G7, was granted a CE mark from the European Union.
“This all-new platform offers an incredibly powerful CGM that is simple to use, providing our users with insightful glucose data on one screen that helps them spend less time managing diabetes and more time doing the things they love.
Like the Dexcom G6, the G7 is a wearable monitoring system that provides real-time glucose readings sent to a display device and offers the ability to share data with up to 10 followers.
In addition, the G7 is now 60% smaller; takes only 30 minutes to warm up; features a redesigned mobile app and more discreet alert settings.
Dexcom has been in Europe for many years, selling its G6 CGM, but the CE mark for the G7 “marks an opportunity to be bigger bolder more present in Europe overall,” said Chad Patterson, Dexcom executive vice president of global marketing and product management. “Europe is now 20% of our total revenue for the year, so it’s been a tremendous success story of growing in Europe over the last several years.”
In 2021, Dexcom saw its international revenue grow by 44% over the prior year, as compared to the company’s U.S. revenue growth of 23%.
Overall in 2021, Dexcom grew its revenues by 27% over the prior year to $2.45 billion – the company’s best year to date.
Company officials say the strong international growth was a mix of both new markets and greater adoption in existing markets.
“We’ve opened up new access in larger markets as well as opened up geographies where Dexcom wasn’t present in the past and that’s been a lot of our success -- being more available, particularly in markets that have high CGM penetration. But now we’re more available to populations where previously we were not,” Patterson said. “Japan was our big success story in 2021, where we got the G6 approved. It’s one of the larger diabetes markets in the world.”
As Dexcom CGM devices garner more adoption around the world, the company is also looking to broaden the scope of diabetes patients that can get access to them.
Last year, the American Diabetes Association acknowledged the clinical benefit of CGM for people with Type 2 diabetes who are treated with basal insulin.
Dexcom’s MOBILE trial exploring the benefits of CGM for Type 2 diabetes patients on basal insulin showed “incredible results in proving CGM can benefit this wide, wide spectrum of people with diabetes,” Patterson said.
Dexcom is in the early stages of taking the MOBILE trial data and convincing regulators and insurance carriers of the benefits of covering CGM devices for Type 2 basal insulin patients.
“It took 20 years to get CGM to a place where we have 99% coverage for people with Type 1 diabetes and the outstanding coverage for people with Type 2 on mealtime [insulin],” Patterson said, adding that although Dexcom doesn’t see it taking that long for Type 2 basal to be covered, there are massive costs associated with massive numbers of new patients that would be covered.
CEO: Kevin Sayer
Headquarters: San Diego
Business: Continuous glucose monitoring devices
Stock: DXCM (NASDAQ)
Revenue: $2.45 billion (FY2021)
Notable: Dexcom is the global leader in diabetes care technology.