DXCM - DexCom Inc. (DXCM) Q1 2024 Earnings Call Transcript
2024-04-25 19:36:08 ET
DexCom, Inc. (DXCM)
Q1 2024 Earnings Conference Call
April 25, 2024 4:30 p.m. ET
Company Participants
Sean Christensen - Vice President of Finance, and Investor Relations
Kevin Sayer - Chairman, President, and Chief Executive Officer
Jereme Sylvain - Chief Financial Officer
Conference Call Participants
Danielle Antalffy - UBS Securities
Robbie Marcus - J.P. Morgan
Larry Biegelsen - Wells Fargo
Joanne Wuensch - Citibank
Jeff Johnson - Robert W. Baird
Jason Bedford - Raymond James
Malgaret Andrew - William Blair
Matt Taylor - Jefferies
Matthew Blackman - Stifel Nicolaus
Shagun Singh - RBC Capital Markets
Matthew O'Brien - Piper Sandler
Marie Thibault - BTIG
Bill Plovanic - Canaccord Genuity
Michael Polark - Wolfe Research
Steve Lichtman - Oppenheimer
Josh Jennings - TD Cowen
Matt Miksic - Barclays
Mike Kratky - Leerink Partners
Presentation
Operator
Ladies and gentlemen, welcome to the Dexcom First Quarter 2024 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. And later, we will conduct a question-and a-answer session. [Operator instructions] As a reminder, the conference is being recorded.
And I will now turn the call over to Sean Christensen, Vice President of Finance and Investor Relations. Mr. Christensen, you may begin.
Sean Christensen
Thank you, Abby, and welcome to Dexcom's first quarter 2024 earnings call. Our agenda begins with Kevin Sayer, Dexcom's Chairman, 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 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 so we can provide an opportunity for everyone participating today. Please note that there are also slides available related to our first quarter 2024 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 in 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 in this presentation 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 presentation 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 with respect to our non-GAAP and cash-based results. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis. The presentation of this additional 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 first quarter earnings presentation for reconciliation of these measures to their most directly comparable GAAP financial measure.
Now, I will turn it over to Kevin.
Kevin Sayer
Thank you, Sean, thank you everyone for joining us. Today, we reported another great quarter for Dexcom, with first quarter organic revenue growth of 25%, compared to the first quarter of 2023. Demand for Dexcom CGM remains very high as customers continue to recognize and value our leading product performance and differentiated user experience. While it has only been a year since the launch of G7 in the U.S., we have seen a significant shift in the landscape over that time.
We have attracted tens of thousands of new prescribers to our ecosystem, meaningfully improved our presence within primary care, and experienced growing demand from people with diabetes who are benefiting from significant expansions in coverage over the last year. Much of this momentum can be directly attributed to our product performance and innovative features. With the launch of G7, we extended our leadership in sensor accuracy, and took a significant step forward in ease of use. We also introduced a new software ecosystem which was designed to improve our user experience, and drive high levels of customer engagement and retention. Importantly, we have continued to enhance the G7 experience with ongoing improvements to both the hardware and software platforms....
DexCom, Inc. (DXCM) Q1 2024 Earnings Call Transcript