Dexcom Reports Third Quarter 2022 Financial Results
DexCom reported its Q3 2022 financial results, with revenues increasing 18% year-over-year to $769.6 million. U.S. revenue grew 17% and international revenue soared 22%. GAAP operating income reached $147.5 million (19.2% of revenue), up from $118.3 million in Q3 2021. The company updated its annual revenue guidance to $2.88 - 2.91 billion. Significant strategic moves include launching the Dexcom G7 in five countries and expanding access to CGM through NHS inclusion.
- Revenue increased 18% to $769.6 million compared to Q3 2021.
- GAAP operating income rose to $147.5 million, a 100 basis points increase.
- International revenue grew 22% and 28% on an organic basis.
- Updated revenue guidance for 2022 is $2.88 - 2.91 billion.
- Gross profit margin decreased to 64.2% from 68.7% year-over-year.
Third Quarter 2022 Financial Highlights:
-
Revenue grew
18% versus the same quarter of the prior year to on a reported basis and$769.6 million 20% on an organic1 basis. -
U.S. revenue growth of17% and international revenue growth of22% on a reported basis. International revenue growth was28% on an organic1 basis. -
GAAP operating income of
or$147.5 million 19.2% of revenue, an increase of 100 basis points compared to the third quarter of 2021. Non-GAAP operating income* of or$160.8 million 20.9% of revenue, an increase of 190 basis points compared with the same quarter of the prior year.
Strategic Highlights:
-
Initiated the international roll-out of Dexcom G7 with launches in the
United Kingdom ,Ireland ,Germany ,Austria , andHong Kong . -
Announced the inclusion of Dexcom ONE on the
NHS England,Wales ,Scotland , andNorthern Ireland drug tariffs, significantly expanding reimbursed access to real-time CGM in these markets. - Executed accelerated share repurchase program, in-line with the strategy discussed on the company’s second quarter earnings call.
“In the third quarter,
2022 Annual Guidance
The company is updating fiscal 2022 revenue and Non-GAAP Gross Profit Margin guidance, and reiterating guidance for Non-GAAP Operating Margin and Adjusted EBITDA Margin at the following levels:
-
Revenue of approximately
- 2.91 billion (18$2.88 -19% reported growth) -
Non-GAAP Gross Profit Margin of approximately
64% -
Non-GAAP Operating Margin of approximately
16% -
Adjusted EBITDA Margin of approximately
25%
Third Quarter 2022 Financial Results
Revenue: In the third quarter of 2022, worldwide revenue grew
Gross Profit: Gross profit totaled
1 Excludes non-CGM revenue acquired in the trailing twelve months, as well as the impact of foreign exchange. |
Operating Income: GAAP operating income for the third quarter of 2022 was
Non-GAAP operating income* for the third quarter of 2022 was
Net Income and Net Income per Share: GAAP net income was
Non-GAAP net income* was
Cash and Liquidity: As of
* See Table E below for a reconciliation of these GAAP and non-GAAP financial measures. |
Conference Call
Management will hold a conference call today starting at
Statement Regarding Use of Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the section of the accompanying tables titled “About Non-GAAP Financial Measures” as well as the related Table E.
About
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that are not purely historical regarding Dexcom’s or its management’s intentions, beliefs, expectations and strategies for the future, including statements with respect to the impacts of the COVID-19 pandemic on
Table A Consolidated Balance Sheets (In millions, except par value data) (Unaudited) |
|||||||
|
|
|
|
||||
Assets |
|
|
(As Adjusted)* |
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
698.1 |
|
|
$ |
1,052.6 |
|
Short-term marketable securities |
|
1,673.8 |
|
|
|
1,678.6 |
|
Accounts receivable, net |
|
564.1 |
|
|
|
514.3 |
|
Inventory |
|
311.0 |
|
|
|
357.3 |
|
Prepaid and other current assets |
|
151.5 |
|
|
|
81.6 |
|
Total current assets |
|
3,398.5 |
|
|
|
3,684.4 |
|
Property and equipment, net |
|
1,002.5 |
|
|
|
801.8 |
|
Operating lease right-of-use assets |
|
73.1 |
|
|
|
88.1 |
|
|
|
24.7 |
|
|
|
26.5 |
|
Intangibles, net |
|
24.4 |
|
|
|
31.5 |
|
Deferred tax assets |
|
342.3 |
|
|
|
290.5 |
|
Other assets |
|
33.7 |
|
|
|
10.5 |
|
Total assets |
$ |
4,899.2 |
|
|
$ |
4,933.3 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
764.2 |
|
|
$ |
573.0 |
|
Accrued payroll and related expenses |
|
112.7 |
|
|
|
125.2 |
|
Short-term operating lease liabilities |
|
20.9 |
|
|
|
20.5 |
|
Deferred revenue |
|
2.7 |
|
|
|
2.1 |
|
Total current liabilities |
|
900.5 |
|
|
|
720.8 |
|
Long-term senior convertible notes |
|
1,968.8 |
|
|
|
1,981.8 |
|
Long-term operating lease liabilities |
|
82.1 |
|
|
|
98.6 |
|
Other long-term liabilities |
|
123.3 |
|
|
|
90.0 |
|
Total liabilities |
|
3,074.7 |
|
|
|
2,891.2 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
0.4 |
|
|
|
0.4 |
|
Additional paid-in capital |
|
2,072.1 |
|
|
|
2,108.7 |
|
Accumulated other comprehensive income (loss) |
|
(41.1 |
) |
|
|
0.5 |
|
Retained earnings |
|
388.1 |
|
|
|
138.7 |
|
|
|
(595.0 |
) |
|
|
(206.2 |
) |
Total stockholders’ equity |
|
1,824.5 |
|
|
|
2,042.1 |
|
Total liabilities and stockholders’ equity |
$ |
4,899.2 |
|
|
$ |
4,933.3 |
|
|
|
|
|
||||
* We adjusted our 2021 amounts to reflect the simplified convertible instruments accounting guidance (ASU 2020-06), which we adopted on a full retrospective basis. All periods presented have also been adjusted to reflect the four-for-one stock split. |
Table B Consolidated Statements of Operations (In millions, except per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
(As Adjusted)* |
|
|
|
(As Adjusted)* |
||||||||
Revenue |
$ |
769.6 |
|
|
$ |
650.2 |
|
|
$ |
2,094.6 |
|
|
$ |
1,750.3 |
|
Cost of sales |
|
275.4 |
|
|
|
203.3 |
|
|
|
752.8 |
|
|
|
542.4 |
|
Gross profit |
|
494.2 |
|
|
|
446.9 |
|
|
|
1,341.8 |
|
|
|
1,207.9 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
110.3 |
|
|
|
128.8 |
|
|
|
367.9 |
|
|
|
367.3 |
|
Amortization of intangible assets |
|
1.8 |
|
|
|
1.3 |
|
|
|
5.7 |
|
|
|
2.3 |
|
Selling, general and administrative |
|
234.6 |
|
|
|
198.5 |
|
|
|
702.4 |
|
|
|
573.1 |
|
Total operating expenses |
|
346.7 |
|
|
|
328.6 |
|
|
|
1,076.0 |
|
|
|
942.7 |
|
Operating income |
|
147.5 |
|
|
|
118.3 |
|
|
|
265.8 |
|
|
|
265.2 |
|
Interest expense |
|
(4.6 |
) |
|
|
(4.6 |
) |
|
|
(13.9 |
) |
|
|
(14.1 |
) |
Income from equity investments |
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
Interest and other income (expense), net |
|
3.3 |
|
|
|
(1.7 |
) |
|
|
5.5 |
|
|
|
(0.7 |
) |
Income before income taxes |
|
146.2 |
|
|
|
112.0 |
|
|
|
257.6 |
|
|
|
250.4 |
|
Income tax expense |
|
45.0 |
|
|
|
24.7 |
|
|
|
8.2 |
|
|
|
28.2 |
|
Net income |
$ |
101.2 |
|
|
$ |
87.3 |
|
|
$ |
249.4 |
|
|
$ |
222.2 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per share |
$ |
0.26 |
|
|
$ |
0.23 |
|
|
$ |
0.64 |
|
|
$ |
0.57 |
|
Shares used to compute basic net income per share |
|
389.8 |
|
|
|
387.4 |
|
|
|
390.4 |
|
|
|
386.5 |
|
Diluted net income per share |
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.60 |
|
|
$ |
0.54 |
|
Shares used to compute diluted net income per share |
|
425.8 |
|
|
|
430.3 |
|
|
|
428.0 |
|
|
|
427.9 |
|
|
|
|
|
|
|
|
|
||||||||
* We adjusted our 2021 amounts to reflect the simplified convertible instruments accounting guidance (ASU 2020-06), which we adopted on a full retrospective basis. All periods presented have also been adjusted to reflect the four-for-one stock split. |
Table C Revenue by Geography (Dollars in millions) (Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
$ |
573.4 |
|
|
$ |
489.6 |
|
|
$ |
1,535.6 |
|
|
$ |
1,332.3 |
|
Year over year growth |
|
17 |
% |
|
|
23 |
% |
|
|
15 |
% |
|
|
26 |
% |
% of total revenue |
|
75 |
% |
|
|
75 |
% |
|
|
73 |
% |
|
|
76 |
% |
|
|
|
|
|
|
|
|
||||||||
International revenue |
$ |
196.2 |
|
|
$ |
160.6 |
|
|
$ |
559.0 |
|
|
$ |
418.0 |
|
Year over year growth |
|
22 |
% |
|
|
57 |
% |
|
|
34 |
% |
|
|
39 |
% |
% of total revenue |
|
25 |
% |
|
|
25 |
% |
|
|
27 |
% |
|
|
24 |
% |
|
|
|
|
|
|
|
|
||||||||
Total revenue (1) |
$ |
769.6 |
|
|
$ |
650.2 |
|
|
$ |
2,094.6 |
|
|
$ |
1,750.3 |
|
Year over year growth |
|
18 |
% |
|
|
30 |
% |
|
|
20 |
% |
|
|
29 |
% |
(1) The sum of the revenue components may not equal total revenue due to rounding. |
Table D Revenue by Component (Dollars in millions) (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Sensor and other revenue (1) (2) |
$ |
666.6 |
|
|
$ |
547.9 |
|
|
$ |
1,807.5 |
|
|
$ |
1,466.7 |
|
Year over year growth |
|
22 |
% |
|
|
35 |
% |
|
|
23 |
% |
|
|
34 |
% |
% of total revenue |
|
87 |
% |
|
|
84 |
% |
|
|
86 |
% |
|
|
84 |
% |
|
|
|
|
|
|
|
|
||||||||
Hardware revenue (1) (3) |
$ |
103.0 |
|
|
$ |
102.3 |
|
|
$ |
287.1 |
|
|
$ |
283.6 |
|
Year over year growth |
|
1 |
% |
|
|
8 |
% |
|
|
1 |
% |
|
|
8 |
% |
% of total revenue |
|
13 |
% |
|
|
16 |
% |
|
|
14 |
% |
|
|
16 |
% |
|
|
|
|
|
|
|
|
||||||||
Total revenue (4) |
$ |
769.6 |
|
|
$ |
650.2 |
|
|
$ |
2,094.6 |
|
|
$ |
1,750.3 |
|
Year over year growth |
|
18 |
% |
|
|
30 |
% |
|
|
20 |
% |
|
|
29 |
% |
|
(1) Includes allocated subscription revenue. |
(2) Includes services, freight, accessories, Non-CGM acquired revenue, etc. |
(3) Includes transmitter and receiver revenue. |
(4) The sum of the revenue components may not equal total revenue due to rounding. |
Table E Itemized Reconciliation Between GAAP and Non-GAAP Financial Measures (In millions, except per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
(As Adjusted)* |
|
|
|
(As Adjusted)* |
||||||||
GAAP operating income |
$ |
147.5 |
|
|
$ |
118.3 |
|
|
$ |
265.8 |
|
|
$ |
265.2 |
|
Amortization of intangible assets |
|
1.8 |
|
|
|
1.3 |
|
|
|
5.7 |
|
|
|
2.3 |
|
Business transition and related costs (1) |
|
1.6 |
|
|
|
— |
|
|
|
15.4 |
|
|
|
— |
|
Intellectual property litigation costs (2) |
|
9.9 |
|
|
|
4.2 |
|
|
|
26.1 |
|
|
|
4.2 |
|
Non-GAAP operating income |
$ |
160.8 |
|
|
$ |
123.8 |
|
|
$ |
313.0 |
|
|
$ |
271.7 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
101.2 |
|
|
$ |
87.3 |
|
|
$ |
249.4 |
|
|
$ |
222.2 |
|
Business transition and related costs (1) |
|
1.6 |
|
|
|
— |
|
|
|
15.4 |
|
|
|
— |
|
Depreciation and amortization |
|
39.2 |
|
|
|
25.5 |
|
|
|
119.6 |
|
|
|
69.9 |
|
Intellectual property litigation costs (2) |
|
9.9 |
|
|
|
4.2 |
|
|
|
26.1 |
|
|
|
4.2 |
|
Income from equity investments (3) |
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
Share-based compensation |
|
30.8 |
|
|
|
27.5 |
|
|
|
92.5 |
|
|
|
87.1 |
|
Interest expense and interest income |
|
(1.1 |
) |
|
|
4.3 |
|
|
|
3.5 |
|
|
|
12.9 |
|
Income tax expense |
|
45.0 |
|
|
|
24.7 |
|
|
|
8.2 |
|
|
|
28.2 |
|
Adjusted EBITDA |
$ |
226.6 |
|
|
$ |
173.5 |
|
|
$ |
514.5 |
|
|
$ |
424.5 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
101.2 |
|
|
$ |
87.3 |
|
|
$ |
249.4 |
|
|
$ |
222.2 |
|
Amortization of intangible assets |
|
1.8 |
|
|
|
1.3 |
|
|
|
5.7 |
|
|
|
2.3 |
|
Business transition and related costs (1) |
|
1.6 |
|
|
|
— |
|
|
|
15.4 |
|
|
|
— |
|
Intellectual property litigation costs (2) |
|
9.9 |
|
|
|
4.2 |
|
|
|
26.1 |
|
|
|
4.2 |
|
Income from equity investments (3) |
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
Adjustments related to taxes (4) |
|
(2.6 |
) |
|
|
(3.5 |
) |
|
|
(82.7 |
) |
|
|
(31.8 |
) |
Non-GAAP net income |
$ |
111.9 |
|
|
$ |
89.3 |
|
|
$ |
213.7 |
|
|
$ |
196.9 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
101.2 |
|
|
$ |
87.3 |
|
|
$ |
249.4 |
|
|
$ |
222.2 |
|
Interest expense on senior convertible notes, net of tax |
|
2.8 |
|
|
|
2.8 |
|
|
|
8.3 |
|
|
|
8.6 |
|
GAAP net income used for diluted EPS, if-converted |
$ |
104.0 |
|
|
$ |
90.1 |
|
|
$ |
257.7 |
|
|
$ |
230.8 |
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net income |
$ |
111.9 |
|
|
$ |
89.3 |
|
|
$ |
213.7 |
|
|
$ |
196.9 |
|
Interest expense on senior convertible notes, net of tax |
|
1.2 |
|
|
|
1.2 |
|
|
|
3.6 |
|
|
|
3.6 |
|
Non-GAAP net income used for diluted EPS, if-converted |
$ |
113.1 |
|
|
$ |
90.5 |
|
|
$ |
217.3 |
|
|
$ |
200.5 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted net income per share (5) |
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.60 |
|
|
$ |
0.54 |
|
Amortization of intangible assets |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Business transition and related costs (1) |
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Intellectual property litigation costs (2) |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.01 |
|
Income from equity investments (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjustments related to taxes (4) |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.20 |
) |
|
|
(0.08 |
) |
Impact of adjustment to GAAP diluted shares (6) |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Non-GAAP diluted net income per share (5) (7) |
$ |
0.28 |
|
|
$ |
0.22 |
|
|
$ |
0.53 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted weighted-average shares outstanding |
|
425.8 |
|
|
|
430.3 |
|
|
|
428.0 |
|
|
|
427.9 |
|
Non-GAAP diluted weighted-average shares outstanding |
|
406.9 |
|
|
|
410.0 |
|
|
|
409.1 |
|
|
|
407.4 |
|
Table E (Continued) Itemized Reconciliation Between GAAP and Non-GAAP Financial Measures (In millions, except per share data) (Unaudited) |
|||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
(As Adjusted)* |
|
|
|
(As Adjusted)* |
||||
Reconciliation of non-GAAP diluted weighted-average shares outstanding: |
|
|
|
|
|
|
|
||||
GAAP diluted weighted-average shares outstanding |
425.8 |
|
|
430.3 |
|
|
428.0 |
|
|
427.9 |
|
Adjustment for dilutive impact of senior convertible notes due 2023 (8) |
(18.9 |
) |
|
(20.3 |
) |
|
(18.9 |
) |
|
(20.5 |
) |
Non-GAAP diluted weighted-average shares outstanding |
406.9 |
|
|
410.0 |
|
|
409.1 |
|
|
407.4 |
|
|
|
|
|
|
|
|
|
||||
* We adjusted our 2021 amounts to reflect the simplified convertible instruments accounting guidance (ASU 2020-06), which we adopted on a full retrospective basis. The adoption eliminates the non-cash interest expense related to the conversion features of the convertible notes beginning in the first quarter of 2020. All periods presented have also been adjusted to reflect the four-for-one stock split. |
|||||||||||
(1) |
For the three months ended |
(2) |
Represents costs related to a patent infringement lawsuit. |
(3) |
Represents a gain from the sale of an equity investment. |
(4) |
For the three months ended |
(5) |
When our senior convertible notes are dilutive on a GAAP or non-GAAP basis, net income used for calculating GAAP and non-GAAP diluted net income per share includes an interest expense add back, net of tax, under the if-converted method. |
(6) |
The adjustment for the nine months ended |
(7) |
The sum of the non-GAAP diluted net income per share components may not equal the totals due to rounding. |
(8) |
Our 2023 senior convertible notes are dilutive on a GAAP basis and anti-dilutive on a non-GAAP basis for the three and nine months ended |
ABOUT NON-GAAP FINANCIAL MEASURES
The accompanying press release dated
We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe that they provide useful information about operating results, enhance the overall understanding of our operating performance and future prospects, and allow for greater transparency with respect to key metrics used by senior management in our financial and operational decision making. Our non-GAAP financial measures exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization and our senior management. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.
We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We believe that non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand our business.
Management believes that presentation of operating results that excludes these items provides useful supplemental information to investors and facilitates the analysis of our core operating results and comparison of operating results across reporting periods. Management also believes that this supplemental non-GAAP information is therefore useful to investors in analyzing and assessing our past and future operating performance.
Table E reconciles the non-GAAP financial measures in the press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP).
We exclude the following items from non-GAAP financial measures for non-GAAP gross profit, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share:
- Amortization of acquired intangible assets
- Business transition and related costs associated with acquisition, integration and business transition activities, including severance, relocation, consulting, leasehold exit costs, third party merger and acquisition costs, and other costs directly associated with such activities
- COVID-19 costs associated with the COVID-19 outbreak related to taking the necessary precautions for essential personnel to operate safely both in person as well as remotely. Costs incurred include items like incremental payroll costs, consulting support, IT infrastructure and facilities related costs
- Income or loss from equity investments
- Intellectual property litigation costs
- Litigation settlement costs
- Loss on extinguishment of debt associated with our senior convertible notes
- Adjustments related to taxes for the excluded items above, as well as excess benefits or tax deficiencies from stock-based compensation, and the quarterly impact of other discrete items
Adjusted EBITDA excludes non-cash operating charges for share-based compensation, depreciation and amortization as well as non-operating items such as interest income, interest expense, loss on extinguishment of debt, income and loss from equity investments, and income tax expense or benefit. For the reasons explained above, adjusted EBITDA also excludes business transition and related costs, COVID-19 costs, litigation settlement costs, and intellectual property litigation costs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221027005303/en/
INVESTOR RELATIONS CONTACT:
Vice President - Finance and Investor Relations
investor-relations@dexcom.com
(858) 203-6657
MEDIA CONTACT:
(619) 884-2118
Source:
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