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Business Segment and Geographic Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment and Geographic Information
8. Business Segment and Geographic Information
We manage our business on a global consolidated basis within one operating and one reportable segment, which is consistent with how our chief operating decision maker (CODM) reviews our business, makes investment and resource allocation decisions, and assesses operating performance. The majority of our revenue is generated in the United States. Our reportable segment derives revenues from the sale of disposable sensors and our Reusable Hardware. Effective September 14, 2025, our President and Chief Operating Officer, assumed the role of interim principal executive officer and CODM while our CEO was on medical leave. This did not result in a change to our segments.
The measures of segment profit or loss that are most consistent with U.S. GAAP used by the CODM to assess performance and allocate resources are operating income and net income. Our CODM also reviews total assets, as reported on our condensed consolidated balance sheets, and purchases of property and equipment, as reported on our condensed consolidated statements of cash flows.
Our CODM uses operating income and net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the Company, acquire companies, or invest in other companies. Operating income is the primary segment performance measure used to monitor budget versus actual results.
The following table sets forth our segment information for revenue, measures of segment profit or loss, and significant expenses:
Three Months Ended
September 30, 2025		Nine Months Ended
September 30, 2025
(In millions)2025202420252024
Revenue$1,209.3 $994.2 $3,402.4 $2,919.5 
Less:
Cost of sales (1)
477.9 400.4 1,393.2 1,137.1 
Payroll related expenses233.2 179.9 675.4 569.2 
Stock-based compensation expense44.1 39.8 116.4 115.7 
Marketing expense75.7 65.7 224.9 213.6 
Travel related expenses15.2 14.5 49.1 51.6 
Supply expenses and clinical trials17.7 18.2 45.8 50.9 
Consulting & professional fees33.1 59.9 100.9 175.1 
Equipment, office & facility expenses22.8 20.3 66.8 63.4 
IT software and data36.8 33.2 107.9 96.6 
Depreciation and amortization9.6 9.5 28.1 30.6 
Other segment items (2)
0.7 0.8 5.1 4.6 
Operating income242.5 152.0 588.8 411.1 
Other income, net
109.8 25.4 158.9 86.6 
Income tax expense68.5 42.8 178.7 73.2 
Net income$283.8 $134.6 $569.0 $424.5 
(1) Includes amounts stated in other significant expense captions.
(2) Other segment items are primarily composed of impairment of assets and bad debt expense.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Other segment disclosures
Depreciation and amortization (1)
$63.6 $55.3 $186.6 $159.9 
Expenditures for long-lived assets$80.5 $111.2 $261.6 $234.2 
Significant noncash items other than depreciation and amortization expense:
Deferred income tax expense (benefit)
$118.0 $(11.6)$103.3 $(68.1)
Net (gains) losses on equity investments$(82.7)$(0.4)$(78.1)$1.4 
(1) Includes depreciation and amortization recorded in both cost of sales and operating expenses.
See Note 3 “Balance Sheet Details and Other Financial Information—Other Income, Net” to the condensed consolidated financial statements for information about our interest income and interest expense.
See Note 7 “Stockholders’ Equity—Share-Based Compensation” to the condensed consolidated financial statements for information about our share-based compensation expense.
Disaggregation of Revenue
We disaggregate revenue by major sales channel and by geographic region. We have determined that disaggregating revenue into these categories achieves the ASC Topic 606 disclosure objectives of depicting how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Revenue by Customer Sales Channel
We sell our CGM systems through a direct sales organization and through distribution arrangements that allow distributors to sell our products. The following table sets forth revenue by major sales channel for the periods shown:
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
(In millions)Amount% of TotalAmount% of Total
Distributor$1,026.0 85 %$843.3 85 %
Direct183.3 15 %150.9 15 %
Total revenue$1,209.3 100 %$994.2 100 %
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(In millions)Amount% of TotalAmount% of Total
Distributor$2,883.8 85 %$2,482.2 85 %
Direct518.6 15 %437.3 15 %
Total revenue$3,402.4 100 %$2,919.5 100 %
Revenue by Geographic Region
During the three and nine months ended September 30, 2025 and September 30, 2024, no individual country outside the United States generated revenue that represented more than 10% of our total revenue. The following table sets forth revenue by our two primary geographical markets, the United States and International, based on the geographic location to which we deliver the components, for the periods shown:
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
(In millions)Amount% of TotalAmount% of Total
United States$851.9 70 %$701.9 71 %
International357.4 30 %292.3 29 %
Total revenue$1,209.3 100 %$994.2 100 %
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(In millions)Amount% of TotalAmount% of Total
United States$2,443.4 72 %$2,087.0 71 %
International959.0 28 %832.5 29 %
Total revenue$3,402.4 100 %$2,919.5 100 %