Dexcom

San Diego, California · Corporate headquarters, research and development, and manufacturing

Mesa, Arizona · Manufacturing

Penang, Malaysia · Manufacturing

Athenry, Ireland(1) · Manufacturing

(1) Our new manufacturing facility in Athenry, Ireland is under construction.

As of December 31, 2025, we had approximately 79,700 square feet of laboratory space and approximately 159,600 square feet of controlled environment rooms. See Note 5 “Leases and Other Commitments” to the consolidated financial statements in Part II, Item 8 of this Annual Report for more information.

• Laws and regulations governing the export of our products could adversely impact our business.
• The failure to comply with U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws in non-U.S. jurisdictions could materially adversely affect our business and result in civil and/or criminal sanctions.
• Current uncertainty in global economic and political conditions makes it particularly difficult to predict product demand and other related matters and makes it more likely that our actual results could differ materially from expectations.
• Failure to obtain any required regulatory authorization in international jurisdictions will prevent us from marketing our products abroad.
• We are subject to complex and evolving U.S. and international laws and regulations and other requirements regarding privacy, data protection, security, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business.
• Security breaches and other disruptions that compromise our information and expose us to liability could cause our business and reputation to suffer and could subject us to substantial liabilities.
• Cybersecurity risks and cyber incidents could result in the compromise of confidential data or critical data systems and give rise to potential harm to customers, remediation and other expenses, expose us to liability under HIPAA, consumer protection laws, or other common law theories, subject us to litigation and federal and state governmental inquiries, damage our reputation, and otherwise be disruptive to our business and operations.
• Failure to protect our information technology infrastructure against cyberattacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations and adversely affect our business and operating results.
• Cyberattacks aimed at accessing our devices, products, and services, or related devices, products, and services, and modifying or using them in a way inconsistent with our FDA clearances and approvals could create risks to users.
• We conduct business in a heavily regulated industry and if we fail to comply with applicable laws and government regulations, we could become subject to penalties, be excluded from participation in government programs, and/or be required to make significant changes to our operations.
• Quality problems could lead to recalls or safety alerts, reputational harm, and could have a material adverse effect on our business, results of operations, financial condition and cash flows.
• Potential long-term complications from our current or future products or other CGM systems under development may not be revealed by our clinical experience to date.
• We may never receive approval, marketing authorization or clearance from the U.S. FDA and other governmental agencies to market additional CGM systems, expanded indications for use of current and future generation CGM systems, future software platforms, or any other products under development.
• Our failure to comply with laws, regulations and contract requirements relating to reimbursement of health care goods and services may subject us to penalties and adversely impact our reputation, business, financial condition and cash flows.
• Managed care trends and consolidation in the health care industry could have an adverse effect on our revenues and results of operations.
• If we are unable to successfully complete the pre-clinical studies or clinical trials necessary to support additional PMA, de novo, or 510(k) applications or supplements, we may be unable to commercialize our CGM systems under development, which could impair our business, financial condition and operating results.
• Changes to the regulatory landscape may impact our ability to obtain marketing authorization for future product developments.
• We depend on clinical investigators and clinical sites to enroll patients in our clinical trials and other third parties to manage the trials and to perform related data collection and analysis, and, as a result, we may face costs and delays that are outside of our control.
• Health care policy changes, including U.S. health care reform legislation, may have a material adverse effect on our business.
• We may be subject to claims of infringement or misappropriation of the intellectual property rights of others, which could prohibit us from shipping affected products, require us to obtain licenses from third parties or to develop non-infringing alternatives, and subject us to substantial monetary damages and injunctive relief. We may also be subject to other claims or suits.
• Our inability to adequately protect our intellectual property could allow our competitors and others to produce products based on our technology, which could substantially impair our ability to compete.
• We face the risk of product liability claims and may be subject to damages, fines, penalties and injunctions, among other things.
• We could become the subject of governmental investigations, claims and litigation.
• We may be subject to fines, penalties and injunctions if we are determined to be promoting the use of our products for unapproved or improper off-label uses or determined to have made claims that are untruthful or misleading or not adequately substantiated.
• In some instances in our advertising and promotion, we may make claims regarding our product as compared to competing products, which may subject us to heightened regulatory scrutiny, enforcement risk, and litigation risks.
• Direct-to-consumer marketing and social media efforts may expose us to additional regulatory scrutiny.
• We have incurred significant losses in the past and may incur losses in the future.
• Our success will depend on our ability to attract and retain our personnel and manage our human capital, while controlling labor costs.
• We may conduct additional financings to continue the development or commercialization of our current or future products.
• Uncollectible uninsured and patient due accounts could adversely affect our results of operations.
• Changes in our business strategy or restructuring of our businesses may increase our costs or otherwise affect the profitability of our businesses or the value of our assets.
• We may face risks associated with acquisitions of companies, products and technologies and our business could be harmed if we are unable to address these risks.
• Compliance with regulations relating to public company corporate governance matters and reporting may strain our resources and divert management’s attention.
• We could be subject to changes in our tax rates, new U.S. or international tax legislation or additional tax liabilities.
• Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations which could subject our business to higher tax liability.
• Our stock price is highly volatile and investing in our stock involves a high degree of risk, which could result in substantial losses for investors.
• The issuance of shares by us in the future or sales of shares by our stockholders may cause the market price of our common stock to drop significantly, even if our business is performing well.
• We do not intend to pay dividends for the foreseeable future.
• Anti-takeover effects of our charter documents and Delaware law could make a merger, tender offer or proxy contest difficult, thereby depressing the trading price of our common stock.
• We cannot guarantee that the 2025 Share Repurchase Program will be fully consummated or that such program will enhance the long-term value of our share price.
• Increasing our financial leverage could affect our operations and profitability.
• Failure to comply with covenants in the Amended Credit Agreement could result in our inability to borrow additional funds and adversely impact our business.
• We have indebtedness in the form of convertible senior notes, which could adversely affect our financial health and our ability to respond to changes in our business.
• We may be unable to repurchase the Notes upon a fundamental change when required by the holders or repay prior to maturity any accelerated amounts due under the notes upon an event of default or redeem the Notes unless specified conditions are met under our Credit Facility, and our future debt may contain additional limitations on our ability to pay cash upon conversion, repurchase or repayment of the Notes.
• We may still incur substantially more debt or take other actions which would intensify the risks discussed above.
• The capped call transactions we entered into in connection with the pricing of the 2028 Notes may affect the value of our 2028 Notes and common stock.
• We are subject to counterparty risk with respect to the 2028 Capped Calls.
• Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.
• Our Amended Credit Agreement imposes restrictions on us that may adversely affect our ability to operate our business.
• Conversion of the Notes will, to the extent we deliver shares upon conversion of such Notes, dilute the ownership interest of existing stockholders, including holders who had previously converted their Notes, or may otherwise depress our stock price.
• The conditional conversion feature of the Notes, if triggered, may adversely affect our financial condition and operating results.
• The accounting method for convertible debt securities that may be settled in cash, such as the Notes, may have a material effect on our reported financial results.
• The fundamental change repurchase feature of the Notes may delay or prevent an otherwise beneficial attempt to take over Dexcom.
• Sustainability (including environmental, social and governance) regulations, policies and provisions could expose us to numerous risks.
• Our business could be negatively impacted by evolving expectations and challenges relating to implementing sustainability (including environmental, social and governance) initiatives, setting sustainability-related goals, collecting sustainability-related data, and disclosing sustainability-related information.
• Climate change may have an adverse impact on our business.
• We may be liable for contamination or other harm caused by materials that we handle, and changes in environmental regulations could cause us to incur additional expense.
• Current uncertainty in domestic and global economic and political conditions makes it particularly difficult to predict product demand and other related matters and makes it more likely that our actual results could differ materially from expectations.
• We may be adversely affected by the effects of inflation.
• If we are unable to successfully maintain effective internal control over financial reporting, investors may lose confidence in our reported financial information and our stock price and our business may be adversely impacted.
• Changes in financial accounting standards or practices or existing taxation rules or practices may cause adverse unexpected revenue and/or expense fluctuations and affect our reported results of operations.
• If our financial performance fails to meet the expectations of investors and public market analysts, the market price of our common stock could decline.