Continuous glucose sensing platform
Dexcom
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.
Business categories Medical Devices & Supplies · Biopharma & Life Sciences · primary
DXCM Updated Sep 23, 2026 5 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · FY2025 total revenue: $4.662 billion
- Segments · Distributor channel · Direct channel
Revenue from
- Cardinal Health, Inc. High confidence· Revenue share 10 percent · FY2022 · Share of Dexcom total revenue generated through Cardinal Health and affiliate distribution relationships
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. - McKesson Corporation High confidence· Revenue share 10 percent · FY2022 · Share of Dexcom total revenue generated through the McKesson distribution relationship
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.Mentions EN Grand View Research Published Sep 1, 2026: Continuous Glucose Monitoring Devices Market Size, Share & Trends Analysis Report, 2033 - Kakao Healthcare Medium confidence
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.Confirms KO E Today Published Dec 12, 2025: Kakao Healthcare Signs Exclusive South Korean Supply Agreement with Dexcom
Pays to
- Verily Health High confidence· Amount $152M · Capitalized upon FDA approval in Q4 2022; carrying value disclosed for FY2025 · Gross intangible asset recognized for the present value of Verily sales-based milestones
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. - Plexus Corp. High confidence
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.Confirms EN U.S. Food and Drug Administration Published Aug 24, 2026: Dexcom ONE and ONE+ Establishment Registration & Device Listing
Investments
- ŌURA High confidence· Amount $75M · Series D announced 2024-11-19 · Dexcom strategic investment in ŌURA's Series D financing
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CVS Health | lead2 | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Cardinal Health, Inc. | lead1 | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +21.1 |
| McKesson Corporation | lead1 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +14.8 |
| Dexcom | node | +45.2 | -15.6 | +9.6 | -37.3 | -14.7 | +26.7 |
YTD as of 2026-10-09 · source: Yahoo Finance
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 generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple