Dexcom’s €300m European Diabetes Technology Development
Prominent US medtech giant Dexcom is making waves by relocating its manufacturing operations to Ireland, with the launch of a cutting-edge facility in Athenry, County Galway. The move marks Dexcom's inaugural European manufacturing site, reinforcing its commitment to advancing diabetes technology globally.
“The creation of the DexCom manufacturing facility will undoubtedly be a game-changer for the West of Ireland,” said Barry Regan, Dexcom’s Executive VP of Operations.
“This is a pivotal moment for DexCom and we are confident it will have an immensely positive impact in Galway and the wider region too, not only in relation to job creation but also as we become part of and contribute to this community.”
Growth strategy: European development
Dexcom reports a remarkable year, anticipating a 26% increase in Q4 revenue, reaching US$1.030bn, and a 24% YoY revenue growth for fiscal 2023, amounting to approximately US$3.62bn.
“Dexcom had an incredible year in 2023 with the largest expansion of coverage in our company’s history, a successful rollout of Dexcom G7 in the US and expansion of G7 to more than 15 international markets, and an acceleration in our revenue growth,” said Kevin Sayer, Dexcom’s Chairman, President and CEO. “We plan to continue this momentum in 2024 and further expand our addressable market with the expected launch of our first product for people who do not use insulin.”
Embarking on a five-year, €300m (US$345m) initiative, Dexcom aims to fortify its supply chain, manufacturing, and distributing diabetes management devices throughout Europe, the Middle East, and Africa. This strategic move aims to enhance efficiency, reduce costs, and expedite delivery times.
Introducing Stelo: Dexcom's Breakthrough in Diabetes Management
Dexcom has unveiled Stelo, a revolutionary glucose sensor designed explicitly for type 2 diabetes patients who do not use insulin. The FDA submission for review in Q4 2023 sets the stage for Stelo's launch in the US this summer.
“Understanding glucose levels is key to unlocking our metabolic health, and Stelo will help users see first-hand how their health is affected by factors such as diet, exercise, sleep and stress,” said Jake Leach, Executive Vice President and Chief Operating Officer at Dexcom. “Through our expanding product portfolio, Dexcom is defining the future of sensing technology and empowering people to take control of health.”
Stelo features a 15-day sensor wear, a cash-pay option, and a software experience tailored for non-insulin users.
Dexcom's strategic relocation to Ireland, coupled with its impressive financial performance and groundbreaking product developments, positions the company at the forefront of the global diabetes technology landscape.
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