{"slug":"dexcom","name":"덱스콤","name_en":"Dexcom","ticker":"DXCM","updated_at":"2026-09-23T09:44:36.635703+00:00","canonical":"https://valuechain.wiki/dexcom","citable":"밸류체인 그래프 기준 덱스콤의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Dexcom is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-23).","kicker":"연속혈당 센서 플랫폼","kicker_en":"Continuous glucose sensing platform","lead":"덱스콤은 연속혈당측정 센서와 관련 소프트웨어를 유통사, 약국, 직접 판매 채널에 공급해 돈을 번다. 제품을 만들기 위해 외부 계약제조와 Verily의 혈당측정 기술·지식재산을 쓰며, 인접 건강 데이터 사업에는 전략적 지분 투자도 한다.","lead_en":"Dexcom earns revenue by selling continuous glucose monitoring sensors and related software through distributors, pharmacies, and direct channels. It relies on external contract manufacturing and Verily glucose-monitoring technology and intellectual property, while also making strategic equity investments in adjacent health-data businesses.","categories":[{"key":"medical-devices-supplies","ko":"의료기기·의료용품","en":"Medical Devices & Supplies","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"유통사 채널","note":"FY2025 매출 39억5,900만달러, 총매출의 약 84.9%"},{"name":"직접 판매 채널","note":"FY2025 매출 7억300만달러, 총매출의 약 15.1%"}],"total":"FY2025 총매출 46억6,200만달러","track":"C"},"segments_en":{"parts":[{"name":"Distributor channel","note":"FY2025 revenue of $3.959 billion, approximately 84.9% of total revenue"},{"name":"Direct channel","note":"FY2025 revenue of $703.0 million, approximately 15.1% of total revenue"}],"total":"FY2025 total revenue: $4.662 billion"},"returns_yearly":{"2021":45.2,"2022":-15.6,"2023":9.6,"2024":-37.3,"2025":-14.7,"2026":26.7},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":3,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":2,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health, Inc.","tier":1,"returns_yearly":{"2021":-0.4,"2022":54.1,"2023":34.1,"2024":19,"2025":76.3,"2026":21.1}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":1,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}}],"benefiting":[],"analysis":"연속혈당 센서 플랫폼. 2025년 -14.7% 뒤 2026년 +32.4%로 반등했다. 본주(+32.4%)와 수요단(평균 +16.1%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 카디널 헬스(+21.1%), 가장 처진 곳은 맥케슨(+11%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Dexcom operates across Continuous glucose sensing platform. After -14.7% in 2025, it rebounded +32.4% in 2026. The stock (+32.4%) and its demand side (avg +16.1%) are moving in step. Among connected nodes the furthest ahead is Cardinal Health, Inc. (+21.1%) and the furthest behind is McKesson Corporation (+11%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It relies on external contract manufacturing and Verily glucose-monitoring technology and intellectual property, while also making strategic equity investments in adjacent health-data businesses.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"Verily Health","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"Verily 매출 연동 마일스톤의 현재가치로 인식한 무형자산 총액","value":152400000,"period":"Capitalized upon FDA approval in Q4 2022; carrying value disclosed for FY2025","basis_en":"Gross intangible asset recognized for the present value of Verily sales-based milestones","qualifier":"capitalized_milestone_present_value"},"note":"덱스콤은 Verily와의 협업으로 확보한 혈당측정 기술과 지식재산을 G7 등에 사용한다. FY2025 10-K는 매출 연동 마일스톤의 현재가치 1억5,240만달러를 Verily 무형자산으로 계상했다고 공시했다.","note_en":"Dexcom uses glucose-monitoring technology and intellectual property obtained through its Verily collaboration in products including G7. Its FY2025 Form 10-K reports a $152.4 million Verily intangible asset representing the present value of probable sales-based milestones.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1093557/000109355726000027/dxcm-20251231.htm","title":"덱스콤 2025 회계연도 Form 10-K","title_en":"DexCom, Inc. FY2025 Form 10-K","excerpt":"Verily 협업은 혈당측정 제품용 지식재산 권리를 제공하며, 매출 연동 마일스톤 1억5,240만달러가 무형자산으로 계상됐다.","excerpt_en":"Our prior collaboration with Verily provides us with rights to Verily intellectual property for glucose-monitoring products."},{"stance":"confirms","publisher":"Verily","publisher_en":"Verily","kind":"ir","lang":"en","published_at":"2023-01-11","url":"https://verily.com/stories/one-verily-forward","title":"하나의 Verily로 전진","title_en":"One Verily Forward","excerpt":"Verily는 덱스콤 G6와 G7 연속혈당측정기에 들어간 기술을 개발했다고 밝혔다.","excerpt_en":"They include the development of technology for Dexcom’s G6 and G7 continuous glucose monitors."}]},{"direction":"investment","counterparty":"ŌURA","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-11-19","basis":"덱스콤의 ŌURA 시리즈 D 전략적 투자액","value":75000000,"period":"Series D announced 2024-11-19","basis_en":"Dexcom strategic investment in ŌURA's Series D financing","qualifier":null},"note":"덱스콤은 2024년 11월 ŌURA의 시리즈 D에 7,500만달러를 투자했다. 양사는 덱스콤 혈당 데이터와 Oura Ring의 수면·활동·생체 데이터를 연결하고 공동 마케팅하기로 했다.","note_en":"Dexcom invested $75 million in ŌURA's Series D round in November 2024. The companies agreed to connect Dexcom glucose data with Oura Ring sleep, activity, and biometric data and to co-market their products.","sources":[{"stance":"confirms","publisher":"덱스콤","publisher_en":"Dexcom","kind":"ir","lang":"en","published_at":"2024-11-19","url":"https://investors.dexcom.com/news/news-details/2024/Dexcom-and-URA-Announce-Strategic-Partnership/default.aspx","title":"덱스콤과 ŌURA, 전략적 파트너십 발표","title_en":"Dexcom and ŌURA Announce Strategic Partnership","excerpt":"덱스콤은 ŌURA의 시리즈 D에 7,500만달러를 투자한다고 발표했다.","excerpt_en":"Dexcom is investing $75 million in ŌURA Series D funding."}]},{"direction":"revenue","counterparty":"카디널 헬스","counterparty_slug":"cardinal-health","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2023-02-09","basis":"카디널 헬스 및 계열사 유통 계약에서 발생한 덱스콤 총매출 비중","value":10,"period":"FY2022","basis_en":"Share of Dexcom total revenue generated through Cardinal Health and affiliate distribution relationships","qualifier":"at_least"},"note":"카디널 헬스와 계열사는 덱스콤의 미국 소매·의료장비 유통망이다. 덱스콤은 FY2022에 이 관계에서 총매출의 10% 이상이 발생했다고 공시했으며, 2026년 공식 유통사 목록에도 카디널 헬스와 두 계열 유통망이 남아 있다.","note_en":"Cardinal Health and its affiliates form part of Dexcom's U.S. retail and durable-medical-equipment distribution network. Dexcom disclosed that this relationship generated at least 10% of FY2022 revenue, and its 2026 authorized-distributor list still includes Cardinal Health and two affiliated channels.","sources":[{"stance":"confirms","publisher":"덱스콤","publisher_en":"Dexcom","kind":"ir","lang":"en","published_at":"2026-09-23","url":"https://www.dexcom.com/en-us/dexcom-suppliers","title":"덱스콤 공급사 및 공식 유통사","title_en":"Dexcom Suppliers and Authorized Distributors","excerpt":"덱스콤은 카디널 헬스를 소매 유통사로, 카디널 헬스 앳홈 계열사를 소매·의료장비 유통사로 열거한다.","excerpt_en":"Cardinal Health | Retail."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-02-09","url":"https://www.sec.gov/Archives/edgar/data/1093557/000109355723000024/dxcm-20221231.htm","title":"덱스콤 2022 회계연도 Form 10-K","title_en":"DexCom, Inc. FY2022 Form 10-K","excerpt":"카디널 헬스와 계열사는 FY2022 덱스콤 총매출의 10% 이상을 각각 만든 주요 유통사에 포함됐다.","excerpt_en":"Cardinal Health and affiliates, our most significant wholesalers and distributors, each generated 10% or more."}]},{"direction":"revenue","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2023-02-09","basis":"맥케슨 유통 계약에서 발생한 덱스콤 총매출 비중","value":10,"period":"FY2022","basis_en":"Share of Dexcom total revenue generated through the McKesson distribution relationship","qualifier":"at_least"},"note":"맥케슨은 덱스콤의 미국 의약품 유통사다. 덱스콤은 FY2022에 맥케슨 유통 계약에서 총매출의 10% 이상이 발생했다고 공시했고, 2026년에도 맥케슨을 G6·G7 소매 제품의 공식 유통사로 제시한다.","note_en":"McKesson is a U.S. pharmaceutical distributor for Dexcom. Dexcom disclosed that the relationship generated at least 10% of FY2022 revenue and continued to list McKesson as an authorized distributor for retail G6 and G7 products in 2026.","sources":[{"stance":"confirms","publisher":"덱스콤","publisher_en":"Dexcom","kind":"ir","lang":"en","published_at":"2026-09-23","url":"https://www.dexcom.com/en-us/dexcom-suppliers","title":"덱스콤 공급사 및 공식 유통사","title_en":"Dexcom Suppliers and Authorized Distributors","excerpt":"덱스콤은 맥케슨의 미국 의약품 사업부를 G6·G7 소매 제품의 공식 유통사로 열거한다.","excerpt_en":"McKesson Corporation – US Pharmaceutical | Retail."},{"stance":"mentions","publisher":"그랜드 뷰 리서치","publisher_en":"Grand View Research","kind":"research","lang":"en","published_at":"2026-09-01","url":"https://www.grandviewresearch.com/industry-analysis/continuous-glucose-monitoring-market","title":"연속혈당측정기 시장 규모·점유율·추세 분석 보고서, 2033","title_en":"Continuous Glucose Monitoring Devices Market Size, Share & Trends Analysis Report, 2033","excerpt":"시장분석은 약국 채널이 2025년 세계 CGM 시장 매출의 59.4%로 가장 컸다고 추정한다.","excerpt_en":"The pharmacies segment led the market with the largest revenue share of 59.4% in 2025."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-02-09","url":"https://www.sec.gov/Archives/edgar/data/1093557/000109355723000024/dxcm-20221231.htm","title":"덱스콤 2022 회계연도 Form 10-K","title_en":"DexCom, Inc. FY2022 Form 10-K","excerpt":"맥케슨은 FY2022 덱스콤 총매출의 10% 이상을 각각 만든 주요 도매·유통사 중 하나였다.","excerpt_en":"McKesson, our most significant wholesalers and distributors, each generated 10% or more of our total revenue."}]},{"direction":"cost","counterparty":"Plexus Corp.","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-08-24","basis":"Dexcom ONE·ONE+ 계약제조를 위해 Plexus에 지급한 금액","value":null,"period":"FDA establishment record updated 2026-08-24","basis_en":"Amount paid to Plexus for contract manufacturing of Dexcom ONE and ONE+","qualifier":"confirmed_no_disclosed_value"},"note":"FDA 등록 정보는 Plexus의 멕시코 법인을 Dexcom ONE과 ONE+의 계약제조사로 지정한다. 덱스콤이 지급하는 제조비나 제품별 구매액은 공개되지 않았다.","note_en":"The FDA establishment record identifies a Plexus subsidiary in Mexico as a contract manufacturer for Dexcom ONE and ONE+. Dexcom's manufacturing payments and product-level purchase amounts were not disclosed.","sources":[{"stance":"confirms","publisher":"미국 식품의약국","publisher_en":"U.S. Food and Drug Administration","kind":"filing","lang":"en","published_at":"2026-08-24","url":"https://www.accessdata.fda.gov/scrIpts/cdrh/cfdocs/cfRL/rl.cfm?lid=986717&lpcd=QBJ","title":"Dexcom ONE·ONE+ 제조시설 등록 및 기기 목록","title_en":"Dexcom ONE and ONE+ Establishment Registration & Device Listing","excerpt":"FDA는 Plexus Electronica를 Dexcom ONE·ONE+의 계약제조사로 등록하고 소유·운영자를 Plexus Corp.로 표시한다.","excerpt_en":"Owner/Operator: PLEXUS CORP. Establishment Operations: Contract Manufacturer."}]},{"direction":"revenue","counterparty":"카카오헬스케어","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2025-12-12","basis":"카카오헬스케어의 덱스콤 제품 국내 독점 공급 계약금액","value":null,"period":"Exclusive South Korea supply agreement announced 2025-12-12","basis_en":"Value of Kakao Healthcare's exclusive South Korean supply agreement for Dexcom products","qualifier":"confirmed_no_disclosed_value"},"note":"카카오헬스케어는 2025년 12월 덱스콤과 국내 독점 공급 계약을 체결해 한국 유통과 시장 운영을 맡았다. 계약금액과 덱스콤 매출 기여도는 공개되지 않았다.","note_en":"Kakao Healthcare signed an exclusive South Korean supply agreement with Dexcom in December 2025 and took responsibility for local distribution and market operations. Contract value and Dexcom revenue contribution were not disclosed.","sources":[{"stance":"confirms","publisher":"이투데이","publisher_en":"E Today","kind":"news","lang":"ko","published_at":"2025-12-12","url":"https://www.etoday.co.kr/news/view/2535421","title":"카카오헬스케어, 덱스콤과 국내 독점 공급 계약 체결","title_en":"Kakao Healthcare Signs Exclusive South Korean Supply Agreement with Dexcom","excerpt":"카카오헬스케어가 덱스콤과 국내 독점 공급 계약을 공식 체결했다고 밝혔다.","excerpt_en":"Kakao Healthcare announced an exclusive supply agreement with Dexcom for South Korea."}]}]}