DexCom, Inc.DXCM
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DexCom, Inc. Wells Fargo 21st Annual Healthcare Conference

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Transcript

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Larry BiegelsenMedTech Analyst

Okay. All right. Welcome back to day 2 of the 2026 Wells Fargo Healthcare Conference. I'm Larry Biegelsen, the med tech analyst, and it's my pleasure to host this fireside chat with the management from Dexcom. With us, we have Jereme Sylvain, the CFO, and Joe Deltorchio from Investor Relations. It's fireside chat. Jeremy, thanks so much for being here.

Jereme SylvainCFO

Thanks for having me. Good to be back.

Larry BiegelsenMedTech Analyst

Jeremy, let's start with everyone's favorite topic, type 2 non-insulin.

Larry BiegelsenMedTech Analyst

Okay. You presented the Connect data at ADA.

Larry BiegelsenMedTech Analyst

Really good results. What's the status of the publication?

Jereme SylvainCFO

Yeah. Thanks for bringing up Connect. We will file multiple different things over the course of time with Connect. We are doing follow-up studies as well. As you mentioned, great results. Really, really happy with it. We expect it to be published in a major journal. One of the things you cannot do is say the timing or the name of the journal if you want it to be published in there. We are actively working on it, and so would expect it to be published here in a relatively short period. Timing-wise, sometimes you have to kind of time it with the timing of the journal, so we are working closely there, but would expect it to be in a major journal and look forward to sharing even more of the results.

Jereme SylvainCFO

I think once you go through, we shared a bunch of the results earlier this year at ADA. You will obviously see all of those in there, but there will be some more additional results in the details that I think you will find very compelling. There is more to come over time with follow-up studies. You will continue to see more and more data coming out around this study, but really, really happy with what we saw so far.

Larry BiegelsenMedTech Analyst

Sounds like it has been at least accepted in a major journal.

Jereme SylvainCFO

Can't comment on it. What I would say is we expect it to be published in a major journal. Can't comment on timing or their process, out of respect for their process.

Larry BiegelsenMedTech Analyst

Okay. Any update on the CMS timing? Do you still expect a proposal by year-end?

Larry BiegelsenMedTech Analyst

Yeah. What's your visibility on that?

Jereme SylvainCFO

Yeah. We're still in that same window timing. There's a lot of back and forth that continues to go on, has and continues to go on. Still feel very confident in the timing that we released and still would expect it over that period. As you know, in our LRP, we have it starting about six months after the end of this year, so kind of midpoint of next year is our assumption. Those all still ring true and things that we're actively working to and, quite frankly, building our org capability, capacity, sales force, et cetera, really all around those same time frames.

Larry BiegelsenMedTech Analyst

Why is there back and forth? I mean, at this point, what are the questions? Investors are asking about A1C threshold, step therapy, having to be on meds, for example. What's your view on that? Again, this process has been going on, it seems like, for a long time. We remember your comments from this conference last year. Why the back and forth?

Jereme SylvainCFO

Yeah. Submissions historically have taken 18 months on average. If you kind of look back, this isn't specific to CGM, this is over multiples, and these are large expansions. As we talked about last year, we filed early last year, not this year, last year, as did our competitor. It's been in front of CMS for some time. These typically take a lot of time. These are big decisions. This is a large population. Certainly, the information is really important. Certainly, you can probably imagine the amount of advocacy that takes place over these windows is also important. Some of that just takes time. These are big decisions that once those decisions are made, it's very difficult to reverse those. We understand it's a really big decision for the administration.

Jereme SylvainCFO

At the same time, I think we've shown them an incredible amount of compelling evidence, even prior to the Connect trial. But having amending our Not have a phone. I'll pull it out of my pocket just in case. Hopefully, everybody can hear back there.

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