DEXCOM INC, 10-Q filed on 10/24/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 17, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 000-51222  
Entity Registrant Name DEXCOM, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 33-0857544  
Entity Address, Address Line One 6340 Sequence Drive  
Entity Address, City or Town San Diego  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92121  
City Area Code 858  
Local Phone Number 200-0200  
Title of 12(b) Security Common Stock, $0.001 Par Value Per Share  
Trading Symbol DXCM  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   390,595,390
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001093557  
Current Fiscal Year End Date --12-31  
v3.24.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 621.2 $ 566.3
Short-term marketable securities 1,871.1 2,157.8
Accounts receivable, net 1,002.0 973.9
Inventory 586.3 559.6
Prepaid and other current assets 182.2 168.3
Total current assets 4,262.8 4,425.9
Property and equipment, net 1,318.8 1,113.1
Operating lease right-of-use assets 67.5 71.4
Goodwill 23.8 25.2
Intangibles, net 106.2 134.5
Deferred tax assets 486.5 419.4
Other assets 88.2 75.0
Total assets 6,353.8 6,264.5
Current liabilities:    
Accounts payable and accrued liabilities 1,592.5 1,345.5
Accrued payroll and related expenses 105.8 171.0
Short-term operating lease liabilities 22.3 21.1
Deferred revenue 13.9 18.4
Total current liabilities 1,734.5 1,556.0
Long-term senior convertible notes 2,439.6 2,434.2
Long-term operating lease liabilities 71.1 80.1
Other long-term liabilities 129.6 125.6
Total liabilities 4,374.8 4,195.9
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023 0.0 0.0
Common stock, $0.001 par value, 800.0 million shares authorized; 408.8 million and 390.6 million shares issued and outstanding, respectively, at September 30, 2024; and 407.2 million and 385.4 million shares issued and outstanding, respectively, at December 31, 2023 0.4 0.4
Additional paid-in capital 2,050.5 3,514.6
Accumulated other comprehensive income (loss) 63.4 (16.7)
Retained earnings 1,445.9 1,021.4
Treasury stock, at cost; 18.2 million shares at September 30, 2024 and 21.8 million shares at December 31, 2023 (1,581.2) (2,451.1)
Total stockholders’ equity 1,979.0 2,068.6
Total liabilities and stockholders’ equity $ 6,353.8 $ 6,264.5
v3.24.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock authorized (in shares) 5,000,000.0 5,000,000.0
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 800,000,000.0 800,000,000.0
Common stock issued (in shares) 408,800,000 407,200,000
Common stock outstanding (in shares) 390,600,000 385,400,000
Treasury stock (in shares) 18,200,000 21,800,000
v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 994.2 $ 975.0 $ 2,919.5 $ 2,587.8
Cost of sales 400.4 351.7 1,137.1 955.5
Gross profit 593.8 623.3 1,782.4 1,632.3
Operating expenses:        
Research and development 135.4 131.4 412.9 369.7
Selling, general and administrative 306.4 286.4 958.4 881.8
Total operating expenses 441.8 417.8 1,371.3 1,251.5
Operating income 152.0 205.5 411.1 380.8
Other income (expense), net 25.4 34.9 86.6 83.4
Income before income taxes 177.4 240.4 497.7 464.2
Income tax expense 42.8 119.7 73.2 179.0
Net income $ 134.6 $ 120.7 $ 424.5 $ 285.2
Basic net income per share (in USD per share) $ 0.34 $ 0.31 $ 1.08 $ 0.74
Shares used to compute basic net income per share (in shares) 394.2 386.6 394.6 386.7
Diluted net income per share (in USD per share) $ 0.34 $ 0.29 $ 1.04 $ 0.69
Shares used to compute diluted net income per share (in shares) 410.2 426.8 414.7 428.3
v3.24.3
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 134.6 $ 120.7 $ 424.5 $ 285.2
Other comprehensive income (loss), net of tax:        
Translation adjustments and other 96.8 (7.0) 77.8 (25.8)
Unrealized gain on marketable debt securities 4.6 0.7 2.3 1.8
Total other comprehensive income (loss), net of tax 101.4 (6.3) 80.1 (24.0)
Comprehensive income $ 236.0 $ 114.4 $ 504.6 $ 261.2
v3.24.3
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2022   386.3        
Balance at beginning of period at Dec. 31, 2022 $ 2,131.8 $ 0.4 $ 2,258.1 $ (11.6) $ 479.9 $ (595.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under equity incentive plans (in shares)   1.3        
Issuance of common stock for Employee Stock Purchase Plan (in shares)   0.3        
Issuance of common stock for Employee Stock Purchase Plan 26.6   26.6      
Purchases of treasury stock, including excise tax (in shares)   (1.6)        
Purchases of treasury stock, including excise tax (188.9)         (188.9)
Conversions of 2023 Notes (in shares)   10.6        
Conversions of 2023 Notes (0.4)   (0.4)      
Benefit of note hedge upon conversions of 2023 Notes (in shares)   (10.5)        
Exercise and settlement of warrants 0.0   1,296.1     (1,296.1)
Purchase of capped call transactions, net of tax (76.3)   (76.3)      
Share-based compensation expense 113.9   113.9      
Net income 285.2       285.2  
Other comprehensive income (loss), net of tax (24.0)     (24.0)    
Balance at end of period (in shares) at Sep. 30, 2023   386.4        
Balance at end of period at Sep. 30, 2023 2,267.9 $ 0.4 3,618.0 (35.6) 765.1 (2,080.0)
Balance at beginning of period (in shares) at Dec. 31, 2022   386.3        
Balance at beginning of period at Dec. 31, 2022 $ 2,131.8 $ 0.4 2,258.1 (11.6) 479.9 (595.0)
Balance at end of period (in shares) at Dec. 31, 2023 385.4 385.4        
Balance at end of period at Dec. 31, 2023 $ 2,068.6 $ 0.4 3,514.6 (16.7) 1,021.4 (2,451.1)
Balance at beginning of period (in shares) at Jun. 30, 2023   386.1        
Balance at beginning of period at Jun. 30, 2023 2,100.4 $ 0.4 2,269.0 (29.3) 644.4 (784.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under equity incentive plans (in shares)   0.1        
Issuance of common stock for Employee Stock Purchase Plan (in shares)   0.1        
Issuance of common stock for Employee Stock Purchase Plan 14.3   14.3      
Purchases of treasury stock, including excise tax 0.2         0.2
Conversions of 2023 Notes (in shares)   10.6        
Conversions of 2023 Notes (0.4)   (0.4)      
Benefit of note hedge upon conversions of 2023 Notes (in shares)   (10.5)        
Exercise and settlement of warrants 0.0   1,296.1     (1,296.1)
Share-based compensation expense 39.0   39.0      
Net income 120.7       120.7  
Other comprehensive income (loss), net of tax (6.3)     (6.3)    
Balance at end of period (in shares) at Sep. 30, 2023   386.4        
Balance at end of period at Sep. 30, 2023 $ 2,267.9 $ 0.4 3,618.0 (35.6) 765.1 (2,080.0)
Balance at end of period (in shares) at Dec. 31, 2023 385.4 385.4        
Balance at end of period at Dec. 31, 2023 $ 2,068.6 $ 0.4 3,514.6 (16.7) 1,021.4 (2,451.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under equity incentive plans (in shares)   1.2        
Issuance of common stock for Employee Stock Purchase Plan (in shares)   0.4        
Issuance of common stock for Employee Stock Purchase Plan 28.2   28.2      
Issuance of common stock in connection with achievement of regulatory approval milestone, net of issuance costs (in shares)   1.5        
Issuance of common stock in connection with achievement of sales-based milestone, net of issuance costs 0.0   (188.1)     188.1
Exercise and settlement of warrants (in shares)   12.5        
Exercise and settlement of warrants 0.0   (1,431.3)     1,431.3
Purchases of treasury stock, including excise tax (in shares)   (10.4)        
Purchases of treasury stock, including excise tax (749.5)         (749.5)
Share-based compensation expense 127.1   127.1      
Net income 424.5       424.5  
Other comprehensive income (loss), net of tax $ 80.1     80.1    
Balance at end of period (in shares) at Sep. 30, 2024 390.6 390.6        
Balance at end of period at Sep. 30, 2024 $ 1,979.0 $ 0.4 2,050.5 63.4 1,445.9 (1,581.2)
Balance at beginning of period (in shares) at Jun. 30, 2024   400.7        
Balance at beginning of period at Jun. 30, 2024 2,434.3 $ 0.4 1,992.3 (38.0) 1,311.3 (831.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock for Employee Stock Purchase Plan (in shares)   0.3        
Issuance of common stock for Employee Stock Purchase Plan 14.8   14.8      
Purchases of treasury stock, including excise tax (in shares)   (10.4)        
Purchases of treasury stock, including excise tax (749.5)         (749.5)
Share-based compensation expense 43.4   43.4      
Net income 134.6       134.6  
Other comprehensive income (loss), net of tax $ 101.4     101.4    
Balance at end of period (in shares) at Sep. 30, 2024 390.6 390.6        
Balance at end of period at Sep. 30, 2024 $ 1,979.0 $ 0.4 $ 2,050.5 $ 63.4 $ 1,445.9 $ (1,581.2)
v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 424.5 $ 285.2
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 159.9 133.5
Share-based compensation 127.1 113.9
Non-cash interest expense 5.6 5.8
Deferred income taxes (68.1) (136.5)
Other non-cash income and expenses (63.3) (48.3)
Changes in operating assets and liabilities:    
Accounts receivable, net (27.6) (72.9)
Inventory (20.3) (193.6)
Prepaid and other assets (13.8) 13.2
Operating lease right-of-use assets and liabilities, net (3.0) (4.4)
Accounts payable and accrued liabilities 231.7 496.5
Accrued payroll and related expenses (64.3) 16.6
Deferred revenue and other liabilities (0.3) 5.9
Net cash provided by operating activities 688.1 614.9
Investing activities    
Purchases of marketable securities (2,083.5) (2,947.9)
Proceeds from sale and maturity of marketable securities 2,419.2 2,228.4
Purchases of property and equipment (234.2) (184.1)
Other investing activities (5.3) (18.5)
Net cash provided by (used in) investing activities 96.2 (922.1)
Financing activities    
Net proceeds from issuance of common stock 28.2 26.6
Purchases of treasury stock (750.0) (188.7)
Proceeds from issuance of senior convertible notes, net of issuance costs 0.0 1,230.6
Purchases of capped call transactions 0.0 (101.3)
Payments for conversions of senior convertible notes 0.0 (650.5)
Other financing activities (11.4) (3.4)
Net cash provided by (used in) financing activities (733.2) 313.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3.8 (4.6)
Increase in cash, cash equivalents and restricted cash 54.9 1.5
Cash, cash equivalents and restricted cash, beginning of period 567.5 643.3
Cash, cash equivalents and restricted cash, end of period 622.4 644.8
Reconciliation of cash, cash equivalents and restricted cash, end of period:    
Cash and cash equivalents 621.2 643.7
Restricted cash 1.2 1.1
Total cash, cash equivalents and restricted cash 622.4 644.8
Supplemental disclosure of non-cash investing and financing transactions:    
Shares issued for conversions of 2023 Notes 0.0 1,316.4
Shares received under note hedge upon conversion of 2023 Notes 0.0 (1,296.1)
Acquisition of property and equipment included in accounts payable and accrued liabilities 77.6 47.0
Right-of-use assets obtained in exchange for operating lease liabilities 8.2 6.0
Right-of-use assets obtained in exchange for finance lease liabilities $ 11.8 $ 1.8
v3.24.3
Organization and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Significant Accounting Policies
1. Organization and Significant Accounting Policies
Organization and Business
We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world. Unless the context requires otherwise, the terms “we,” “us,” “our,” the “company,” or “Dexcom” refer to DexCom, Inc. and its subsidiaries.
Basis of Presentation and Principles of Consolidation
We have prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included.
Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024.
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the fiscal year ended December 31, 2023 included in the Annual Report on Form 10-K that we filed with the SEC on February 8, 2024.
These consolidated financial statements include the accounts of DexCom, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation.
We determine the functional currencies of our international subsidiaries by reviewing the environment where each subsidiary primarily generates and expends cash. For international subsidiaries whose functional currencies are the local currencies, we translate the financial statements into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenue, costs and expenses. We include translation-related adjustments in comprehensive income and in accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets. We record gains and losses resulting from transactions with customers and vendors that are denominated in currencies other than the functional currency and from certain intercompany transactions in other income (expense), net in our consolidated statements of operations.
Significant Accounting Policies
There were no material changes during the nine months ended September 30, 2024 to our significant accounting policies as described in Note 1 “Organization and Significant Accounting Policies” to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and the disclosures made in the accompanying notes. Areas requiring significant estimates include rebates, excess or obsolete inventories and the valuation of inventory, accruals for litigation contingencies, and the amount of our worldwide tax provision and the realizability of deferred tax assets. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates.
Concentration of Credit Risk
Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term marketable securities, and accounts receivable. We limit our exposure to credit risk by placing our cash and investments with a few major financial institutions. We have also established guidelines regarding diversification of our investments and their maturities that are designed to maintain principal and maximize liquidity. We review these guidelines periodically and modify them to take advantage of trends in yields and interest rates and changes in our operations and financial position.
Contract Balances
Contract balances represent amounts presented in our consolidated balance sheets when either we have transferred goods or services to the customer or the customer has paid consideration to us under the contract. These contract balances include accounts receivable and deferred revenue. Payment terms vary by contract type and type of customer and generally range from 30 to 90 days.
Accounts receivable as of September 30, 2024 included unbilled accounts receivable of $16.1 million. We expect to invoice and collect all unbilled accounts receivable within twelve months.
We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation.
Our performance obligations are generally satisfied within twelve months of the initial contract date. The deferred revenue balances related to performance obligations that will be satisfied after twelve months were $5.2 million as of September 30, 2024 and $7.4 million as of December 31, 2023. These balances are included in other long-term liabilities in our consolidated balance sheets. Revenue recognized in the period from performance obligations satisfied in previous periods was not material for the periods presented.
Net Income Per Share
Basic net income per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents.
Potentially dilutive common shares consist of shares issuable from restricted stock units, or RSUs, performance stock units, or PSUs, warrants, our senior convertible notes, and collaborative sales-based milestones. Potentially dilutive common shares issuable upon vesting of RSUs, PSUs, and exercise of warrants are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of our senior convertible notes are determined using the if-converted method. In periods of net losses, we exclude all potentially dilutive common shares from the computation of the diluted net loss per share for those periods as the effect would be anti-dilutive.
The following table sets forth the computation of basic and diluted net income per share for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions, except per share data)2024202320242023
Net income$134.6 $120.7 $424.5 $285.2 
Add back interest expense, net of tax attributable to assumed conversion of senior convertible notes2.9 3.0 8.7 9.6 
Net income - diluted$137.5 $123.7 $433.2 $294.8 
Net income per common share
Basic$0.34 $0.31 $1.08 $0.74 
Diluted$0.34 $0.29 $1.04 $0.69 
Basic weighted average shares outstanding394.2 386.6 394.6 386.7 
Dilutive potential securities:
Collaborative sales-based milestones
— — 0.3 — 
RSUs and PSUs
0.3 1.0 0.7 1.1 
Senior convertible notes15.7 27.6 15.7 28.7 
Warrants— 11.6 3.4 11.8 
Diluted weighted average shares outstanding410.2 426.8 414.7 428.3 
Outstanding anti-dilutive securities not included in the calculations of diluted net income per share attributable to common stockholders were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
RSUs and PSUs
2.2 — 1.3 — 
Recent Accounting Guidance
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, or CODM, and included within each reported measure of segment profit or loss. All disclosure requirements under ASU 2023-07 are required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. We will adopt ASU 2023-07 in the fourth quarter of 2024 on a retrospective basis, reflecting the application of the new standard in each prior reporting period. We expect the application of ASU 2023-07 to improve and enhance our segment reporting disclosures.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The ASU should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the impact of this standard on our disclosures.
On March 6, 2024, the SEC adopted SEC Release Nos. 33-11275; 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to require the disclosure of certain climate-related information in registration statements and annual reports, including Scope 1 and 2 emissions and information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a company’s business strategy, results of operations, or financial condition. In addition, under the final rules, certain disclosures related to severe weather events and other natural conditions will be required in audited financial statements. The disclosure requirements would have begun phasing in for our reports and registration statements including financial information in the fiscal year ending December 31, 2025, however, in April 2024, the SEC issued an order staying the final rules until the completion of judicial review. The SEC has since indicated that it intends to establish a new implementation period following the stay order. We are currently evaluating the impact of this final rule on our disclosures.
v3.24.3
Development and Other Agreements
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Development and Other Agreements
2. Development and Other Agreements
Collaboration with Verily Life Sciences
On November 20, 2018, we entered into an Amended and Restated Collaboration and License Agreement with Verily Life Sciences LLC (an Alphabet Company) and Verily Ireland Limited (collectively, “Verily”), which we refer to as the Restated Collaboration Agreement. This replaced our original Collaboration and License Agreement with Verily dated August 10, 2015, as amended in October 2016, including the royalty obligations provisions under that original agreement. Pursuant to the Restated Collaboration Agreement, we and Verily agreed to jointly develop a certain next-generation CGM product, and potentially additional CGM products, for which we will have exclusive commercialization rights.
The Restated Collaboration Agreement also provides us with an exclusive license to use intellectual property of Verily resulting from the collaboration, and certain Verily patents, in the development, manufacture and commercialization of blood-based or interstitial glucose monitoring products more generally (subject to certain exclusions, which are outside of the CGM field as it is commonly understood). It also provides us with non-exclusive license rights under Verily’s other intellectual property rights to develop, manufacture and commercialize those kinds of glucose monitoring products and certain CGM-product companion software functionalities. In connection with the Restated Collaboration Agreement, we developed, launched and commercialized a CGM product in connection with the collaboration.
In consideration of Verily’s performance of its obligations under the joint development plan of the Restated Collaboration Agreement, the licenses granted to us and the amendment of the original agreement, we made upfront, incentive, and the product regulatory approval payments, and payments for contingent sales-based milestones upon the achievement of certain revenue targets.
We account for the contingent milestones payable in shares of our common stock as equity instruments within the scope of ASC Topic 718. The product regulatory approval and sales-based milestones are accounted for as performance-based awards that vest when the performance conditions have been achieved and are recognized when the achievement of the respective contingent milestone is deemed probable. The value of the contingent milestones is based on our closing stock price on December 28, 2018, which was $29.57 per share.
Upfront and Incentive payments
In the fourth quarter of 2018, we made an initial payment for an upfront fee of $250.0 million through the issuance of 7.4 million shares of our common stock. We recorded a $217.7 million charge in our consolidated statements of operations during 2018 relating to the issuance of this common stock because this milestone payment did not meet the capitalization criteria. The value of the charge was based on our closing stock price of $29.57 per share on December 28, 2018, the date on which we obtained the necessary regulatory approvals and represents the date the performance-based awards were issued. In 2019, we made a cash incentive payment of $3.2 million due to the completion of certain development obligations and we recorded these payments as research and development expense in our consolidated statements of operations.
Contingent milestones
In the fourth quarter of 2021, we determined the achievement of the regulatory approval milestone to be probable and recorded an $87.1 million research and development charge in our consolidated statements of operations. This charge is associated with in-process research and development obtained in an asset acquisition prior to regulatory approval and therefore does not have an alternative future use.
In the first quarter of 2022, we received regulatory approval and issued 2.9 million shares of our common stock in connection with our achievement of the related milestone.
In the fourth quarter of 2022, we received approval from the Food and Drug Administration and determined the achievement of the sales-based milestones to be probable. As such, we capitalized the full value of the sales-based milestones, $152.4 million, as an intangible asset. The sales-based milestones are contingent upon the achievement of certain revenue targets. The value of the sales-based milestones is based on: 1) 5.2 million shares of our common stock, as agreed upon in November 2018 and 2) our closing stock price on December 28, 2018 of $29.57 per share. December 28, 2018 is the date on which we obtained the necessary regulatory approvals and represents the date the performance-based awards were issued. The intangible asset will be amortized using the straight-line method over its estimated useful life of 64 months through March 2028. The related amortization expense is recognized in cost of sales in our consolidated statements of operations.
In the fourth quarter of 2023, we issued 3.7 million shares of our common stock in connection with our achievement of the first sales-based milestone.
In the first quarter of 2024, we issued 1.5 million shares of our common stock in connection with our achievement of the second sales-based milestone.
All milestones were paid in cash or shares of our common stock, at our election.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
We estimate the fair value of our Level 1 financial instruments, which are in active markets, using unadjusted quoted market prices for identical instruments.
We obtain the fair values for our Level 2 financial instruments, which are not in active markets, from a primary professional pricing source that uses quoted market prices for identical or comparable instruments, rather than direct observations of quoted prices in active markets. Fair values obtained from this professional pricing source can also be based on pricing models whereby all significant observable inputs, including maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers or other market related data, are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. We validate the quoted market prices provided by our primary pricing service by comparing the fair values of our Level 2 marketable securities portfolio balance provided by our primary pricing service against the fair values provided by our investment managers.
The following table summarizes financial assets that we measured at fair value on a recurring basis as of September 30, 2024, classified in accordance with the fair value hierarchy:
Fair Value Measurements Using
(In millions)Level 1Level 2Level 3Total
Cash equivalents$315.4 $— $— $315.4 
Debt securities, available-for-sale:
U.S. government agencies (1)
— 1,038.1 — 1,038.1 
Commercial paper— 391.1 — 391.1 
Corporate debt— 441.9 — 441.9 
Total debt securities, available-for-sale— 1,871.1 — 1,871.1 
Other assets (2)
21.2 — — 21.2 
Total assets measured at fair value on a recurring basis$336.6 $1,871.1 $— $2,207.7 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
(2) Includes assets which are primarily held pursuant to a deferred compensation plan for senior management, which consist mainly of mutual funds.
The following table summarizes financial assets that we measured at fair value on a recurring basis as of December 31, 2023, classified in accordance with the fair value hierarchy:
Fair Value Measurements Using
(In millions)Level 1Level 2Level 3Total
Cash equivalents$315.9 $— $— $315.9 
Debt securities, available-for-sale:
U.S. government agencies (1)
— 1,612.5 — 1,612.5 
Commercial paper— 184.7 — 184.7 
Corporate debt— 360.6 — 360.6 
Total debt securities, available-for-sale— 2,157.8 — 2,157.8 
Other assets (2)
15.2 — — 15.2 
Total assets measured at fair value on a recurring basis$331.1 $2,157.8 $— $2,488.9 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
(2) Includes assets which are held pursuant to a deferred compensation plan for senior management, which consist mainly of mutual funds.
There were no transfers into or out of Level 3 securities during the three and nine months ended September 30, 2024 and September 30, 2023.
Fair Value of Senior Convertible Notes
The fair value, based on trading prices (Level 1 inputs), of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Senior Convertible Notes due 2025$1,152.3 $1,262.8 
Senior Convertible Notes due 20281,107.1 1,281.8 
Total fair value of outstanding senior convertible notes$2,259.4 $2,544.6 
See Note 5 “Debt—Senior Convertible Notes” to the consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for more information regarding the carrying values of our senior convertible notes.
Foreign Currency and Derivative Financial Instruments
We enter into foreign currency forward contracts to hedge monetary assets and liabilities denominated in foreign currencies. Our foreign currency forward contracts are not designated as hedging instruments. Therefore, changes in the fair values of these contracts are recognized in earnings, thereby offsetting the current earnings effect of the related foreign currency assets and liabilities. The duration of these contracts is generally one month. The derivative gains and losses are included in other income (expense), net in our consolidated statements of operations.
As of September 30, 2024 and December 31, 2023, the notional amounts of outstanding foreign currency forward contracts were $66.0 million and $71.0 million, respectively. The resulting impact on our consolidated financial statements from currency hedging activities was not significant for the three and nine months ended September 30, 2024 and September 30, 2023.
Our foreign currency exposures vary but are primarily concentrated in the Australian Dollar, the British Pound, the Canadian Dollar, the Euro, and the Malaysian Ringgit. We monitor the costs and the impact of foreign currency risks upon our financial results as part of our risk management program. We do not use derivative financial instruments for speculation or trading purposes or for activities other than risk management. We do not require and are not required to pledge collateral for these financial instruments and we do not carry any master netting arrangements to mitigate the credit risk.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
In accordance with authoritative guidance, we measure certain non-financial assets and liabilities at fair value on a non-recurring basis. These measurements are usually performed using the discounted cash flow method or cost method and Level 3 inputs. These include items such as non-financial assets and liabilities initially measured at fair value in a business combination and non-financial long-lived assets measured at fair value for an impairment assessment. In general, non-financial assets, including goodwill, intangible assets, and property and equipment, are measured at fair value when there are indicators of impairment and are recorded at fair value only when an impairment is recognized.
We hold certain other investments that we do not measure at fair value on a recurring basis. The carrying values of these investments were $44.3 million as of September 30, 2024 and $38.5 million as of December 31, 2023. We include the carrying values of these investments in other assets in our consolidated balance sheets. It is impracticable for us to estimate the fair value of these investments on a recurring basis due to the fact that these entities are privately held and limited information is available. We monitor the information that becomes available from time to time and adjust the carrying values of these investments if there are identified events or changes in circumstances that have a significant effect on the fair values.
There were no significant impairment losses on assets and liabilities measured at fair value on a non-recurring basis during the three and nine months ended September 30, 2024 and September 30, 2023.
v3.24.3
Balance Sheet Details and Other Financial Information
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Details and Other Financial Information
4. Balance Sheet Details and Other Financial Information
Short-Term Marketable Securities
Short-term marketable securities, consisting of available-for-sale debt securities, were as follows as of the dates indicated:
September 30, 2024
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,035.4 $2.8 $(0.1)$1,038.1 
Commercial paper391.3 — (0.2)391.1 
Corporate debt441.0 1.0 (0.1)441.9 
Total debt securities, available-for-sale$1,867.7 $3.8 $(0.4)$1,871.1 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
December 31, 2023
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,611.8 $1.2 $(0.5)$1,612.5 
Commercial paper184.8 — (0.1)184.7 
Corporate debt360.8 0.1 (0.3)360.6 
Total debt securities, available-for-sale$2,157.4 $1.3 $(0.9)$2,157.8 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
As of September 30, 2024, the estimated market values of our short-term debt securities with contractual maturities up to 12 months and up to 18 months were $1.65 billion and $217.3 million, respectively. As of December 31, 2023, the estimated market value of our short-term debt securities with contractual maturities up to 12 months was $2.16 billion. Gross realized gains and losses on sales of our short-term debt securities for the three and nine months ended September 30, 2024 and September 30, 2023 were not significant.
We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities at September 30, 2024 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. We do not intend to sell these investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.
Inventory
(In millions)September 30, 2024December 31, 2023
Raw materials$288.9 $319.5 
Work-in-process49.8 30.0 
Finished goods247.6 210.1 
Total inventory$586.3 $559.6 
Prepaid and Other Current Assets
(In millions)September 30, 2024December 31, 2023
Prepaid expenses$62.5 $58.7 
Prepaid inventory21.2 31.5 
Deferred compensation plan assets19.2 15.2 
Income tax receivables31.7 13.6 
Other current assets47.6 49.3 
Total prepaid and other current assets$182.2 $168.3 
Property and Equipment
(In millions)September 30, 2024December 31, 2023
Land and land improvements$50.5 $34.5 
Building266.9 190.5 
Furniture and fixtures38.3 36.9 
Computer software and hardware76.8 65.8 
Machinery and equipment883.5 683.3 
Leasehold improvements290.6 283.4 
Construction in progress 349.2 328.1 
Total cost1,955.8 1,622.5 
Less: accumulated depreciation and amortization
(637.0)(509.4)
Total property and equipment, net$1,318.8 $1,113.1 
Other Assets
(In millions)September 30, 2024December 31, 2023
Long-term investments$46.3 $38.5 
Long-term deposits15.1 14.4 
Other assets26.8 22.1 
Total other assets$88.2 $75.0 
Accounts Payable and Accrued Liabilities
(In millions)
September 30, 2024December 31, 2023
Accounts payable trade$326.6 $276.4 
Accrued tax, audit, and legal fees38.5 42.6 
Accrued rebates 1,159.9 950.7 
Accrued warranty5.8 12.6 
Income tax payable
5.8 7.5 
Deferred compensation plan liabilities19.2 15.2 
Other accrued liabilities 36.7 40.5 
Total accounts payable and accrued liabilities$1,592.5 $1,345.5 
Accrued Payroll and Related Expenses
(In millions)September 30, 2024December 31, 2023
Accrued wages, bonus and taxes$78.2 $139.8 
Other accrued employee benefits27.6 31.2 
Total accrued payroll and related expenses$105.8 $171.0 
Other Long-Term Liabilities
(In millions)September 30, 2024December 31, 2023
Finance lease obligations
$58.2 $58.6 
Deferred revenue, long-term5.2 7.4 
Asset retirement obligation16.1 15.7 
Other tax liabilities44.8 38.7 
Other liabilities5.3 5.2 
Total other long-term liabilities$129.6 $125.6 
Other Income (Expense), Net
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Interest and dividend income
$32.0 $41.5 $104.5 $101.2 
Interest expense
(4.7)(4.9)(14.1)(15.4)
Other expense, net(1.9)(1.7)(3.8)(2.4)
Total other income (expense), net
$25.4 $34.9 $86.6 $83.4 
Accumulated Other Comprehensive Income (Loss), Net of Tax
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Translation Adjustments and Other:
Beginning balance
$(36.0)$(26.6)$(17.0)$(7.8)
Translation adjustments and other
96.8 (7.0)77.8 (25.8)
Ending balance
$60.8 $(33.6)$60.8 $(33.6)
Investments:
Beginning balance$(2.0)$(2.7)$0.3 $(3.8)
Unrealized gain on marketable debt securities4.6 0.7 2.3 1.8 
Ending balance$2.6 $(2.0)$2.6 $(2.0)
Accumulated other comprehensive income (loss)$63.4 $(35.6)$63.4 $(35.6)
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt
5. Debt
Senior Convertible Notes
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Principal amount:
Senior Convertible Notes due 2025$1,207.5 $1,207.5 
Senior Convertible Notes due 20281,250.0 1,250.0 
Total principal amount2,457.5 2,457.5 
Unamortized debt issuance costs(17.9)(23.3)
Carrying amount of senior convertible notes$2,439.6 $2,434.2 
For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal was as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Senior Convertible Notes due 2025$— $56.1 
Senior Convertible Notes due 2028— 33.6 
Total by which the notes’ if-converted value exceeds their principal amount
$— $89.7 
The following table summarizes the components of interest expense and the effective interest rates for our senior convertible notes for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Cash interest expense:
Contractual coupon interest (1)
$1.9 $1.8 $5.8 $7.0 
Non-cash interest expense:
Amortization of debt issuance costs1.8 2.0 5.4 5.5 
Total interest expense recognized on senior notes$3.7 $3.8 $11.2 $12.5 
Effective interest rate:
Senior Convertible Notes due 2023 (2)
*1.1 %*1.1 %
Senior Convertible Notes due 20250.5 %0.5 %0.5 %0.5 %
Senior Convertible Notes due 20280.7 %0.7 %0.7 %0.7 %
(1) Interest on our unsecured senior convertible notes due 2023, or the 2023 Notes, began accruing upon issuance and was payable semi-annually on June 1 and December 1 of each year until the 2023 Notes matured on December 1, 2023. Interest on our unsecured senior convertible notes due 2025, or the 2025 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year. Interest on our unsecured senior convertible notes due 2028, or the 2028 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year.
(2) The effective interest rate presented represents the rate applicable for the period outstanding. The 2023 Notes matured on December 1, 2023 and are no longer outstanding.
* Not applicable as no notes were outstanding in the relevant period.
Convertible Debt Summary
The following table summarizes key details of the 2023 Notes, 2025 Notes, and 2028 Notes:
Senior Convertible Notes
Offering Completion Date
Maturity Date
Stated Interest Rate
Aggregate Principal Amount Issued
Net Proceeds(1)
Initial Conversion Rate(2)
(per $1,000 principal amount)
Conversion Price
(per share)
Settlement Methods(3)
2023 Notes (4)
November 2018
December 1, 2023
0.75%
$850.0 million
$836.6 million
24.3476 shares
$41.07
Cash and/or shares
2025 Notes
May 2020
November 15, 2025
0.25%
$1.21 billion
$1.19 billion
6.6620 shares
$150.11
Cash and/or shares
2028 Notes
May 2023
May 15, 2028
0.375%
$1.25 billion
$1.23 billion
6.1571 shares
$162.41
Cash and/or shares
(1) Net proceeds are calculated by deducting the initial purchasers’ discounts and estimated costs directly related to the offering from the aggregate principal amount of the applicable series of notes.
(2) Subject to adjustments as defined in the applicable indentures.
(3) The 2025 Notes and 2028 Notes may be settled in cash, stock, or a combination thereof, solely at our discretion. The 2023 Notes, while outstanding, could be settled in cash, stock, or a combination thereof, solely at our discretion.
(4) The 2023 Notes matured on December 1, 2023 and are no longer outstanding.
We use the if-converted method for assumed conversion of our senior convertible notes to compute the weighted average shares of common stock outstanding for diluted earnings per share.
No principal payments are due on any of our senior convertible notes prior to maturity. Other than restrictions relating to certain fundamental changes and consolidations, mergers or asset sales and customary anti-dilution adjustments, the indentures relating to our senior convertible notes include customary terms and covenants, including certain events of default after which the senior convertible notes may be due and payable immediately.
2023 Note Hedge
In connection with the offering of the 2023 Notes, in November 2018 we entered into convertible note hedge transactions, or the 2023 Note Hedge, with two of the initial purchasers of the 2023 Notes, which we refer to as the 2023 Counterparties, entitling us to purchase up to 20.7 million shares of our common stock. The 2023 Note Hedge expired on December 1, 2023. See below for a description of conversion activity related to the 2023 Notes and shares received as the result of exercising the remaining portion of the 2023 Note Hedge in 2023.
2023 Warrants
In November 2018, we also sold warrants, or the 2023 Warrants, to the 2023 Counterparties to acquire up to 20.7 million shares of our common stock. The 2023 Warrants required net share settlement and a pro-rated number of warrants expired on each of the 60 scheduled trading days following March 1, 2024. We received $183.8 million in cash proceeds from the sale of the 2023 Warrants, which we recorded in additional paid-in capital during 2018. The 2023 Warrants could have had a dilutive effect on our earnings per share to the extent that the price of our common stock during a given measurement period exceeded the strike price of the 2023 Warrants. The strike price of the 2023 Warrants was initially $49.60 per share, subject to certain adjustments under the terms of the warrant agreements. We use the treasury share method for assumed conversion of the 2023 Warrants when computing the weighted average common shares outstanding for diluted earnings per share.
On February 13, 2024, we entered into a warrant termination agreement with one of the 2023 Counterparties to terminate outstanding warrants to purchase an aggregate of 10.3 million shares of our common stock. In consideration of the termination of these warrants, we delivered 6.0 million shares of our common stock to the holder.
During the first quarter of 2024, a portion of the 2023 Warrants was exercised and we issued 1.9 million shares of our common stock in addition to the aforementioned 6.0 million shares issued in connection with the warrant termination agreement.
During the second quarter of 2024, the remaining portion of the 2023 Warrants was exercised and we issued 4.6 million shares of our common stock in connection with the exercise.
2028 Capped Call Transactions
In May 2023, in connection with the offering of the 2028 Notes, we entered into privately negotiated capped call transactions, or the 2028 Capped Calls, with certain financial institutions. The 2028 Capped Calls cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2028 Notes, the number of shares of our common stock initially underlying the 2028 Notes. The 2028 Capped Calls are expected generally to reduce potential dilution to our common stock upon conversion of the 2028 Notes and/or offset any cash payments that we are required to make in excess of the principal amount of converted 2028 Notes, as the case may be, with such reduction and/or offset subject to a cap. The 2028 Capped Calls have an initial cap price of $212.62 per share, subject to adjustments, which represents a premium of 80% over the closing price of our common stock of $118.12 per share on the Nasdaq Global Select Market on May 2, 2023. The cost to purchase the 2028 Capped Calls of $101.3 million was recorded as a reduction to additional paid-in capital in our consolidated balance sheets as the 2028 Capped Calls met the criteria for classification in stockholders’ equity.
Conversion Activity for Senior Convertible Notes
The 2023 Notes matured on December 1, 2023 and all outstanding principal was settled. There was no conversion activity for the 2025 Notes or 2028 Notes for the nine months ended September 30, 2024. See the following table for the details of conversion activity for the 2023 Notes for the fiscal year ended December 31, 2023:
Fiscal Period
Converted Notes
Aggregate Principal Amount Converted
Shares Issued for Settlement
Shares Received from Exercise of 2023 Note Hedge
1/1/2023 - 12/31/2023
2023 Notes
$774.8 million
12.2 million
12.2 million
Conversion Rights for Senior Convertible Notes
Holders of our outstanding senior convertible notes have the right to require us to repurchase for cash all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the applicable indenture relating to the notes). We are also required to increase the conversion rate for holders who convert their notes in connection with certain fundamental changes occurring prior to the maturity date or following the delivery by Dexcom of a notice of redemption.
The following table outlines the conversion options related for each of our senior convertible notes:
Summary of Conversions Rights at the Option of the Holders for the 2025 Notes and 2028 Notes, which we refer to collectively as the Notes
Conversion Rights at the Option of the Holders
Holders of the Notes have the ability to convert all or a portion of their notes in multiples of $1,000 principal amount, at their option prior to 5:00 p.m., New York City time, on the business day immediately preceding August 15, 2025 and February 15, 2028 for the 2025 Notes and 2028 Notes, respectively, only under the following circumstances:
Circumstance 1(1)
During any calendar quarter commencing after the applicable period (and only during such calendar quarter), if the last reported sale price of Dexcom’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price for the Notes on each applicable trading day
Circumstance 2
During the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of Dexcom’s common stock and the applicable conversion rate of the Notes on each such trading day
Circumstance 3
If we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date (only with respect to the notes called or deemed called for redemption)
Circumstance 4
Upon the occurrence of specified corporate events
Circumstance 5(2)
Holders of the Notes may convert all or a portion of their Notes regardless of the foregoing circumstances prior to the close of business on the business day immediately preceding the maturity date for the 2025 Notes and prior to the close of business on the second scheduled trading day immediately preceding the maturity date for the 2028 Notes
(1) Circumstance 1 is available after the calendar quarter ended September 30, 2020 and September 30, 2023 for the 2025 Notes and 2028 Notes, respectively.
(2) Circumstance 5 is available on or after August 15, 2025 and February 15, 2028 for the 2025 Notes and 2028 Notes, respectively.
Summary of Conversion Right at the Option of the Company for the 2025 Notes and 2028 Notes
Conversion Right at Our Option(1)
Dexcom may redeem for cash all or part of the Notes, at its option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which Dexcom provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date
(1) Dexcom does not have the right to redeem the Notes prior to May 20, 2023 and May 20, 2026 for the 2025 Notes and 2028 Notes, respectively. Dexcom has the right to redeem the notes on or after May 20, 2023 and prior to August 15, 2025 for the 2025 Notes, and on or after May 20, 2026 and prior to February 15, 2028 for the 2028 Notes.
Revolving Credit Agreement
Terms of the Revolving Credit Agreement
In June 2023, we entered into the First Amendment to the Second Amended and Restated Credit Agreement, as amended, or the Amended Credit Agreement, which we had previously entered into in October 2021. The Amended Credit Agreement is a five-year revolving credit facility, or the Credit Facility, that provides for an available principal amount of $200.0 million which can be increased up to $500.0 million at our option subject to customary conditions and approval of our lenders. The Amended Credit Agreement will mature on October 13, 2026. Borrowings under the Amended Credit Agreement are available for general corporate purposes, including working capital and capital expenditures.
Information related to availability and outstanding borrowings on our Amended Credit Agreement is as follows as of the date indicated:
(In millions)September 30, 2024
Available principal amount $200.0 
Letters of credit sub-facility25.0 
Outstanding borrowings — 
Outstanding letters of credit7.6 
Total available balance$192.4 
Revolving loans under the Amended Credit Agreement bear interest at our choice of one of three base rates plus a range of applicable rates that are based on our leverage ratio. The minimum and maximum range of applicable rates per annum with respect to any ABR Loan, Term Benchmark Revolving Loan, or RFR Revolving Loan, each as defined in the Amended Credit Agreement under the captions “ABR Spread”, “Term Benchmark”, and “RFR Spread”, or “Unused Commitment Fee Rate”, respectively, are outlined in the following table:
Range
ABR Spread
Term Benchmark/RFR Spread
Unused Commitment Fee Rate
Minimum
0.375%
1.375%
0.175%
Maximum
1.000%
2.000%
0.250%
Our obligations under the Amended Credit Agreement are guaranteed by our existing and future wholly-owned domestic subsidiaries, and are secured by a first-priority security interest in substantially all of the assets of Dexcom and the guarantors, including all or a portion of the equity interests of our domestic subsidiaries and first-tier foreign subsidiaries but excluding real property and intellectual property (which is subject to a negative pledge). The Amended Credit Agreement contains covenants that limit certain indebtedness, liens, investments, transactions with affiliates, dividends and other restricted payments, subordinated indebtedness and amendments to subordinated indebtedness documents, and sale and leaseback transactions of Dexcom or any of its domestic subsidiaries. The Amended Credit Agreement also requires us to maintain a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with these covenants as of September 30, 2024.
As of September 30, 2024, we have no other material guarantee facilities or lines of credit.
v3.24.3
Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies
6. Contingencies
Litigation
We are subject to various claims, complaints and legal actions that arise from time to time in the normal course of business, including commercial insurance, product liability, intellectual property and employment related matters. In addition, from time to time we may bring claims or initiate lawsuits against various third parties with respect to matters arising out of the ordinary course of our business, including commercial and employment related matters.
Between June 2021 through the nine months ended September 30, 2024, we and certain Abbott Diabetes Care, Inc. (“Abbott”) entities have served patent infringement complaints against each other in multiple jurisdictions against certain continuous glucose monitoring products of each company.
Abbott’s patent infringement trial, “D1”, against Dexcom commenced in the U.S.D.C., District of Delaware in March 2024. In the lead up to trial, the U.S.D.C., District of Delaware invalidated one of Abbott’s patents on factory calibration and Abbott dropped four other patents from the litigation. The claims litigated were isolated to the inserter mechanism and the wearable seal and mount of Dexcom’s G6. On March 22, 2024, a jury returned a mixed verdict. The jury found that Dexcom infringes one patent, that Dexcom did not infringe a second patent, and that Dexcom also did not infringe a third patent, which the jury also found invalid. The jury found that any infringement was not willful. It could not reach unanimity as to a fourth patent. No determination of damages was made or awarded. Dexcom has challenged the sole finding of infringement and continues to defend itself vigorously. We analyzed the potential for a loss from this litigation in accordance with ASC 450, Contingencies. We believe it is not probable that we will have an unfavorable outcome and incur a material loss contingency due to our beliefs about our position in the case. In addition, the jury did not award damages for the one patent they believe we infringed nor can we reasonably estimate the amount of loss we would incur if we do not prevail. As a result, we have not recorded an accrual for a contingent liability.
Due to uncertainty surrounding the other patent litigation procedures initiated by Dexcom and Abbott throughout multiple jurisdictions, as well as the securities class action litigation and the derivative action, we are unable to reasonably estimate the ultimate outcome of any of the litigation matters at this time. We intend to protect our intellectual property and defend against these claims vigorously in all of these actions.
We do not believe we are party to any other currently pending legal proceedings, the outcome of which could have a material adverse effect on our business, financial condition, or results of operations. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our business, financial condition, or results of operations.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
7. Income Taxes
We estimate our annual effective tax rate to be 23.1% for the full year 2024, which differs from the U.S. federal statutory rate due to state and foreign income taxes, federal taxation of international operations, and nondeductible executive compensation, partially offset by federal tax credits generated. Our actual effective tax rate of 14.7% for the nine months ended September 30, 2024 was primarily due to income tax expense from normal, recurring operations, partially offset by excess tax benefits recognized for share-based compensation for employees, net of disallowed executive compensation, and the Verily milestone payment.
The Organization for Economic Co-operation and Development has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. While it is uncertain whether the United States will enact legislation to adopt Pillar 2, certain countries in which we operate have adopted legislation, and other countries in which we operate are in the process of introducing legislation to implement Pillar 2. We have assessed the impact of Pillar 2 on our financial statements and the impact is immaterial.
In June 2024, the State of California enacted S.B. 167, which suspends the use of net operating losses (“NOLs”) for the tax period from January 1, 2024 to December 31, 2026 for net business income of $1.0 million or more, as well as limits the utilization of research and development tax credits to $5.0 million each year. The State of California also passed S.B. 175 to provide for a potential early sunset of NOLs in either 2025 or 2026 if necessary. We have analyzed the effect of both these laws on our financial statements. We are estimating $2.8 million utilization of our California research and development tax credits for tax year ending December 31, 2024, resulting in a corresponding valuation allowance release of the same amount.
v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity
8. Stockholders’ Equity
Share-Based Compensation
Our share-based compensation expense is associated with RSUs, PSUs, and our Employee Stock Purchase Plan, or ESPP. The following table summarizes our share-based compensation expense included in our consolidated statements of operations for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Cost of sales$3.6 $3.9 $11.4 $11.1 
Research and development13.1 11.4 38.5 34.3 
Selling, general and administrative26.7 23.7 77.2 68.5 
Total share-based compensation expense$43.4 $39.0 $127.1 $113.9 
As of September 30, 2024, unrecognized estimated compensation costs related to RSUs and PSUs totaled $253.2 million and are expected to be recognized over a weighted-average period of approximately 1.8 years.
Share Repurchase Program and Treasury Shares
In the first quarter of 2024, we issued 7.9 million treasury shares to settle a portion of the 2023 Warrants. In the second quarter of 2024, we issued 4.6 million treasury shares to settle the remaining portion of the 2023 Warrants. See Note 5 “Debt—Senior Convertible Notes” to the consolidated financial statements for more information.
In the first quarter of 2024, we issued 1.5 million treasury shares in connection with our achievement of the second sales-based milestone under the Restated Collaboration Agreement. See Note 2 “Development and Other Agreements—Collaboration with Verily Life Sciences” to the consolidated financial statements for more information.
In July 2024, our Board of Directors authorized and approved a share repurchase program of up to $750.0 million of our outstanding common stock, with a repurchase period ending no later than June 30, 2025 (the “2024 Share Repurchase Program”). Repurchases of our common stock under the 2024 Share Repurchase Program were permitted to be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, at our discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable federal and state laws and regulations.
In the third quarter of 2024, we repurchased 10.4 million shares of our common stock for $750.0 million under the 2024 Share Repurchase Program.
Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. We have not yet determined the ultimate disposition of repurchased shares and consequently we continue to hold them as treasury shares rather than retiring them. Authorization of future stock repurchase programs is subject to the final determination of our Board of Directors.
v3.24.3
Business Segment and Geographic Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segment and Geographic Information
9. Business Segment and Geographic Information
Reportable Segments
An operating segment is identified as a component of a business that has discrete financial information available and for which the CODM must decide the level of resource allocation. In addition, the guidance for segment reporting indicates certain quantitative materiality thresholds. None of the components of our business meet the definition of an operating segment.
We currently consider our operations to be, and manage our business globally within, one reportable segment, which is consistent with how our President and Chief Executive Officer, who is our CODM, reviews our business, makes investment and resource allocation decisions, and assesses operating performance.
Disaggregation of Revenue
We disaggregate revenue by geographic region and by major sales channel. 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 Geographic Region
During the three and nine months ended September 30, 2024 and September 30, 2023, 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, 2024		Three Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
United States$701.9 71 %$713.6 73 %
International292.3 29 %261.4 27 %
Total revenue$994.2 100 %$975.0 100 %
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
United States$2,087.0 71 %$1,856.2 72 %
International832.5 29 %731.6 28 %
Total revenue$2,919.5 100 %$2,587.8 100 %
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, 2024		Three Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
Distributor$843.3 85 %$839.7 86 %
Direct150.9 15 %135.3 14 %
Total revenue$994.2 100 %$975.0 100 %
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
Distributor$2,482.2 85 %$2,197.4 85 %
Direct437.3 15 %390.4 15 %
Total revenue$2,919.5 100 %$2,587.8 100 %
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income $ 134.6 $ 120.7 $ 424.5 $ 285.2
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the three months ended September 30, 2024, the following Section 16 officers and directors adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act) intended to satisfy the affirmative defense of Rule 10b5-1(c):
NameTitleActionAction Date
Aggregate Number of Shares to be Sold
Expiration Date(1)
Jereme M. Sylvain
Executive Vice President, Chief Financial Officer
Termination(2)
8/6/2024
6,863(3)
11/21/2024
Jereme M. Sylvain
Executive Vice President, Chief Financial Officer
Adoption(2)
8/6/2024
10,500
8/6/2025
(1) Each trading arrangement permitted or permits transactions through and including the date listed in the table.
(2) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written plan originally adopted on November 21, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), as then in effect, under the Exchange Act.
(3) As of the date of termination, 3,363 shares of our common stock had been sold under the plan.
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Jereme M. Sylvain 2024 Plan [Member] | Jereme M. Sylvain [Member]    
Trading Arrangements, by Individual    
Name Jereme M. Sylvain  
Title Executive Vice President, Chief Financial Officer  
Rule 10b5-1 Arrangement Terminated true  
Termination Date 8/6/2024  
Expiration Date 11/21/2024  
Aggregate Available 6,863 6,863
Jereme M. Sylvain 2024 to 2025 Plan [Member] | Jereme M. Sylvain [Member]    
Trading Arrangements, by Individual    
Name Jereme M. Sylvain  
Title Executive Vice President, Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 8/6/2024  
Expiration Date 8/6/2025  
Arrangement Duration 365 days  
Aggregate Available 10,500 10,500
v3.24.3
Organization and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation and Principles of Consolidation
We have prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included.
Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024.
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the fiscal year ended December 31, 2023 included in the Annual Report on Form 10-K that we filed with the SEC on February 8, 2024.
These consolidated financial statements include the accounts of DexCom, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation.
We determine the functional currencies of our international subsidiaries by reviewing the environment where each subsidiary primarily generates and expends cash. For international subsidiaries whose functional currencies are the local currencies, we translate the financial statements into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenue, costs and expenses. We include translation-related adjustments in comprehensive income and in accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets. We record gains and losses resulting from transactions with customers and vendors that are denominated in currencies other than the functional currency and from certain intercompany transactions in other income (expense), net in our consolidated statements of operations.
Principles of Consolidation
Basis of Presentation and Principles of Consolidation
We have prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included.
Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024.
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the fiscal year ended December 31, 2023 included in the Annual Report on Form 10-K that we filed with the SEC on February 8, 2024.
These consolidated financial statements include the accounts of DexCom, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation.
We determine the functional currencies of our international subsidiaries by reviewing the environment where each subsidiary primarily generates and expends cash. For international subsidiaries whose functional currencies are the local currencies, we translate the financial statements into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenue, costs and expenses. We include translation-related adjustments in comprehensive income and in accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets. We record gains and losses resulting from transactions with customers and vendors that are denominated in currencies other than the functional currency and from certain intercompany transactions in other income (expense), net in our consolidated statements of operations.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and the disclosures made in the accompanying notes. Areas requiring significant estimates include rebates, excess or obsolete inventories and the valuation of inventory, accruals for litigation contingencies, and the amount of our worldwide tax provision and the realizability of deferred tax assets. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term marketable securities, and accounts receivable. We limit our exposure to credit risk by placing our cash and investments with a few major financial institutions. We have also established guidelines regarding diversification of our investments and their maturities that are designed to maintain principal and maximize liquidity. We review these guidelines periodically and modify them to take advantage of trends in yields and interest rates and changes in our operations and financial position.
Contract Balances
Contract Balances
Contract balances represent amounts presented in our consolidated balance sheets when either we have transferred goods or services to the customer or the customer has paid consideration to us under the contract. These contract balances include accounts receivable and deferred revenue. Payment terms vary by contract type and type of customer and generally range from 30 to 90 days.
Accounts receivable as of September 30, 2024 included unbilled accounts receivable of $16.1 million. We expect to invoice and collect all unbilled accounts receivable within twelve months.
We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation.
Our performance obligations are generally satisfied within twelve months of the initial contract date. The deferred revenue balances related to performance obligations that will be satisfied after twelve months were $5.2 million as of September 30, 2024 and $7.4 million as of December 31, 2023. These balances are included in other long-term liabilities in our consolidated balance sheets. Revenue recognized in the period from performance obligations satisfied in previous periods was not material for the periods presented.
Net Income Per Share
Net Income Per Share
Basic net income per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents.
Potentially dilutive common shares consist of shares issuable from restricted stock units, or RSUs, performance stock units, or PSUs, warrants, our senior convertible notes, and collaborative sales-based milestones. Potentially dilutive common shares issuable upon vesting of RSUs, PSUs, and exercise of warrants are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of our senior convertible notes are determined using the if-converted method. In periods of net losses, we exclude all potentially dilutive common shares from the computation of the diluted net loss per share for those periods as the effect would be anti-dilutive.
Recent Accounting Guidance
Recent Accounting Guidance
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, or CODM, and included within each reported measure of segment profit or loss. All disclosure requirements under ASU 2023-07 are required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. We will adopt ASU 2023-07 in the fourth quarter of 2024 on a retrospective basis, reflecting the application of the new standard in each prior reporting period. We expect the application of ASU 2023-07 to improve and enhance our segment reporting disclosures.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The ASU should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the impact of this standard on our disclosures.
On March 6, 2024, the SEC adopted SEC Release Nos. 33-11275; 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to require the disclosure of certain climate-related information in registration statements and annual reports, including Scope 1 and 2 emissions and information about climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, a company’s business strategy, results of operations, or financial condition. In addition, under the final rules, certain disclosures related to severe weather events and other natural conditions will be required in audited financial statements. The disclosure requirements would have begun phasing in for our reports and registration statements including financial information in the fiscal year ending December 31, 2025, however, in April 2024, the SEC issued an order staying the final rules until the completion of judicial review. The SEC has since indicated that it intends to establish a new implementation period following the stay order. We are currently evaluating the impact of this final rule on our disclosures.
v3.24.3
Organization and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Basic and Diluted Net Income per Share
The following table sets forth the computation of basic and diluted net income per share for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions, except per share data)2024202320242023
Net income$134.6 $120.7 $424.5 $285.2 
Add back interest expense, net of tax attributable to assumed conversion of senior convertible notes2.9 3.0 8.7 9.6 
Net income - diluted$137.5 $123.7 $433.2 $294.8 
Net income per common share
Basic$0.34 $0.31 $1.08 $0.74 
Diluted$0.34 $0.29 $1.04 $0.69 
Basic weighted average shares outstanding394.2 386.6 394.6 386.7 
Dilutive potential securities:
Collaborative sales-based milestones
— — 0.3 — 
RSUs and PSUs
0.3 1.0 0.7 1.1 
Senior convertible notes15.7 27.6 15.7 28.7 
Warrants— 11.6 3.4 11.8 
Diluted weighted average shares outstanding410.2 426.8 414.7 428.3 
Schedule of Outstanding Anti-dilutive Securities Excluded from Diluted Net Income per Share
Outstanding anti-dilutive securities not included in the calculations of diluted net income per share attributable to common stockholders were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
RSUs and PSUs
2.2 — 1.3 — 
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Financial Assets
The following table summarizes financial assets that we measured at fair value on a recurring basis as of September 30, 2024, classified in accordance with the fair value hierarchy:
Fair Value Measurements Using
(In millions)Level 1Level 2Level 3Total
Cash equivalents$315.4 $— $— $315.4 
Debt securities, available-for-sale:
U.S. government agencies (1)
— 1,038.1 — 1,038.1 
Commercial paper— 391.1 — 391.1 
Corporate debt— 441.9 — 441.9 
Total debt securities, available-for-sale— 1,871.1 — 1,871.1 
Other assets (2)
21.2 — — 21.2 
Total assets measured at fair value on a recurring basis$336.6 $1,871.1 $— $2,207.7 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
(2) Includes assets which are primarily held pursuant to a deferred compensation plan for senior management, which consist mainly of mutual funds.
The following table summarizes financial assets that we measured at fair value on a recurring basis as of December 31, 2023, classified in accordance with the fair value hierarchy:
Fair Value Measurements Using
(In millions)Level 1Level 2Level 3Total
Cash equivalents$315.9 $— $— $315.9 
Debt securities, available-for-sale:
U.S. government agencies (1)
— 1,612.5 — 1,612.5 
Commercial paper— 184.7 — 184.7 
Corporate debt— 360.6 — 360.6 
Total debt securities, available-for-sale— 2,157.8 — 2,157.8 
Other assets (2)
15.2 — — 15.2 
Total assets measured at fair value on a recurring basis$331.1 $2,157.8 $— $2,488.9 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
(2) Includes assets which are held pursuant to a deferred compensation plan for senior management, which consist mainly of mutual funds.
Schedule of Estimated Fair Values of Debt Instruments
The fair value, based on trading prices (Level 1 inputs), of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Senior Convertible Notes due 2025$1,152.3 $1,262.8 
Senior Convertible Notes due 20281,107.1 1,281.8 
Total fair value of outstanding senior convertible notes$2,259.4 $2,544.6 
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Principal amount:
Senior Convertible Notes due 2025$1,207.5 $1,207.5 
Senior Convertible Notes due 20281,250.0 1,250.0 
Total principal amount2,457.5 2,457.5 
Unamortized debt issuance costs(17.9)(23.3)
Carrying amount of senior convertible notes$2,439.6 $2,434.2 
v3.24.3
Balance Sheet Details and Other Financial Information (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Short-Term Marketable Securities
Short-term marketable securities, consisting of available-for-sale debt securities, were as follows as of the dates indicated:
September 30, 2024
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,035.4 $2.8 $(0.1)$1,038.1 
Commercial paper391.3 — (0.2)391.1 
Corporate debt441.0 1.0 (0.1)441.9 
Total debt securities, available-for-sale$1,867.7 $3.8 $(0.4)$1,871.1 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
December 31, 2023
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,611.8 $1.2 $(0.5)$1,612.5 
Commercial paper184.8 — (0.1)184.7 
Corporate debt360.8 0.1 (0.3)360.6 
Total debt securities, available-for-sale$2,157.4 $1.3 $(0.9)$2,157.8 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
Schedule of Inventory
(In millions)September 30, 2024December 31, 2023
Raw materials$288.9 $319.5 
Work-in-process49.8 30.0 
Finished goods247.6 210.1 
Total inventory$586.3 $559.6 
Schedule of Prepaid and Other Current Assets
(In millions)September 30, 2024December 31, 2023
Prepaid expenses$62.5 $58.7 
Prepaid inventory21.2 31.5 
Deferred compensation plan assets19.2 15.2 
Income tax receivables31.7 13.6 
Other current assets47.6 49.3 
Total prepaid and other current assets$182.2 $168.3 
Schedule of Property and Equipment
(In millions)September 30, 2024December 31, 2023
Land and land improvements$50.5 $34.5 
Building266.9 190.5 
Furniture and fixtures38.3 36.9 
Computer software and hardware76.8 65.8 
Machinery and equipment883.5 683.3 
Leasehold improvements290.6 283.4 
Construction in progress 349.2 328.1 
Total cost1,955.8 1,622.5 
Less: accumulated depreciation and amortization
(637.0)(509.4)
Total property and equipment, net$1,318.8 $1,113.1 
Schedule of Other Assets
Other Assets
(In millions)September 30, 2024December 31, 2023
Long-term investments$46.3 $38.5 
Long-term deposits15.1 14.4 
Other assets26.8 22.1 
Total other assets$88.2 $75.0 
Schedule of Accounts Payable and Accrued Liabilities
(In millions)
September 30, 2024December 31, 2023
Accounts payable trade$326.6 $276.4 
Accrued tax, audit, and legal fees38.5 42.6 
Accrued rebates 1,159.9 950.7 
Accrued warranty5.8 12.6 
Income tax payable
5.8 7.5 
Deferred compensation plan liabilities19.2 15.2 
Other accrued liabilities 36.7 40.5 
Total accounts payable and accrued liabilities$1,592.5 $1,345.5 
Schedule of Accrued Payroll and Related Expenses
(In millions)September 30, 2024December 31, 2023
Accrued wages, bonus and taxes$78.2 $139.8 
Other accrued employee benefits27.6 31.2 
Total accrued payroll and related expenses$105.8 $171.0 
Schedule of Other Long-Term Liabilities
(In millions)September 30, 2024December 31, 2023
Finance lease obligations
$58.2 $58.6 
Deferred revenue, long-term5.2 7.4 
Asset retirement obligation16.1 15.7 
Other tax liabilities44.8 38.7 
Other liabilities5.3 5.2 
Total other long-term liabilities$129.6 $125.6 
Schedule of Other Income (Expense), Net
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Interest and dividend income
$32.0 $41.5 $104.5 $101.2 
Interest expense
(4.7)(4.9)(14.1)(15.4)
Other expense, net(1.9)(1.7)(3.8)(2.4)
Total other income (expense), net
$25.4 $34.9 $86.6 $83.4 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Translation Adjustments and Other:
Beginning balance
$(36.0)$(26.6)$(17.0)$(7.8)
Translation adjustments and other
96.8 (7.0)77.8 (25.8)
Ending balance
$60.8 $(33.6)$60.8 $(33.6)
Investments:
Beginning balance$(2.0)$(2.7)$0.3 $(3.8)
Unrealized gain on marketable debt securities4.6 0.7 2.3 1.8 
Ending balance$2.6 $(2.0)$2.6 $(2.0)
Accumulated other comprehensive income (loss)$63.4 $(35.6)$63.4 $(35.6)
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value, based on trading prices (Level 1 inputs), of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Senior Convertible Notes due 2025$1,152.3 $1,262.8 
Senior Convertible Notes due 20281,107.1 1,281.8 
Total fair value of outstanding senior convertible notes$2,259.4 $2,544.6 
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Principal amount:
Senior Convertible Notes due 2025$1,207.5 $1,207.5 
Senior Convertible Notes due 20281,250.0 1,250.0 
Total principal amount2,457.5 2,457.5 
Unamortized debt issuance costs(17.9)(23.3)
Carrying amount of senior convertible notes$2,439.6 $2,434.2 
Schedule of Converted Value of Notes
For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal was as follows as of the dates indicated:
(In millions)September 30, 2024December 31, 2023
Senior Convertible Notes due 2025$— $56.1 
Senior Convertible Notes due 2028— 33.6 
Total by which the notes’ if-converted value exceeds their principal amount
$— $89.7 
The following table summarizes key details of the 2023 Notes, 2025 Notes, and 2028 Notes:
Senior Convertible Notes
Offering Completion Date
Maturity Date
Stated Interest Rate
Aggregate Principal Amount Issued
Net Proceeds(1)
Initial Conversion Rate(2)
(per $1,000 principal amount)
Conversion Price
(per share)
Settlement Methods(3)
2023 Notes (4)
November 2018
December 1, 2023
0.75%
$850.0 million
$836.6 million
24.3476 shares
$41.07
Cash and/or shares
2025 Notes
May 2020
November 15, 2025
0.25%
$1.21 billion
$1.19 billion
6.6620 shares
$150.11
Cash and/or shares
2028 Notes
May 2023
May 15, 2028
0.375%
$1.25 billion
$1.23 billion
6.1571 shares
$162.41
Cash and/or shares
(1) Net proceeds are calculated by deducting the initial purchasers’ discounts and estimated costs directly related to the offering from the aggregate principal amount of the applicable series of notes.
(2) Subject to adjustments as defined in the applicable indentures.
(3) The 2025 Notes and 2028 Notes may be settled in cash, stock, or a combination thereof, solely at our discretion. The 2023 Notes, while outstanding, could be settled in cash, stock, or a combination thereof, solely at our discretion.
(4) The 2023 Notes matured on December 1, 2023 and are no longer outstanding.
Schedule of Components of Interest Expense and Effective Interest Rates of Senior Convertible Notes
The following table summarizes the components of interest expense and the effective interest rates for our senior convertible notes for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Cash interest expense:
Contractual coupon interest (1)
$1.9 $1.8 $5.8 $7.0 
Non-cash interest expense:
Amortization of debt issuance costs1.8 2.0 5.4 5.5 
Total interest expense recognized on senior notes$3.7 $3.8 $11.2 $12.5 
Effective interest rate:
Senior Convertible Notes due 2023 (2)
*1.1 %*1.1 %
Senior Convertible Notes due 20250.5 %0.5 %0.5 %0.5 %
Senior Convertible Notes due 20280.7 %0.7 %0.7 %0.7 %
(1) Interest on our unsecured senior convertible notes due 2023, or the 2023 Notes, began accruing upon issuance and was payable semi-annually on June 1 and December 1 of each year until the 2023 Notes matured on December 1, 2023. Interest on our unsecured senior convertible notes due 2025, or the 2025 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year. Interest on our unsecured senior convertible notes due 2028, or the 2028 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year.
(2) The effective interest rate presented represents the rate applicable for the period outstanding. The 2023 Notes matured on December 1, 2023 and are no longer outstanding.
* Not applicable as no notes were outstanding in the relevant period.
Schedule of Conversion Activity For Senior Convertible Notes There was no conversion activity for the 2025 Notes or 2028 Notes for the nine months ended September 30, 2024. See the following table for the details of conversion activity for the 2023 Notes for the fiscal year ended December 31, 2023:
Fiscal Period
Converted Notes
Aggregate Principal Amount Converted
Shares Issued for Settlement
Shares Received from Exercise of 2023 Note Hedge
1/1/2023 - 12/31/2023
2023 Notes
$774.8 million
12.2 million
12.2 million
Schedule of Conversions Rights at the Option
The following table outlines the conversion options related for each of our senior convertible notes:
Summary of Conversions Rights at the Option of the Holders for the 2025 Notes and 2028 Notes, which we refer to collectively as the Notes
Conversion Rights at the Option of the Holders
Holders of the Notes have the ability to convert all or a portion of their notes in multiples of $1,000 principal amount, at their option prior to 5:00 p.m., New York City time, on the business day immediately preceding August 15, 2025 and February 15, 2028 for the 2025 Notes and 2028 Notes, respectively, only under the following circumstances:
Circumstance 1(1)
During any calendar quarter commencing after the applicable period (and only during such calendar quarter), if the last reported sale price of Dexcom’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price for the Notes on each applicable trading day
Circumstance 2
During the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of that five consecutive trading day period was less than 98% of the product of the last reported sale price of Dexcom’s common stock and the applicable conversion rate of the Notes on each such trading day
Circumstance 3
If we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date (only with respect to the notes called or deemed called for redemption)
Circumstance 4
Upon the occurrence of specified corporate events
Circumstance 5(2)
Holders of the Notes may convert all or a portion of their Notes regardless of the foregoing circumstances prior to the close of business on the business day immediately preceding the maturity date for the 2025 Notes and prior to the close of business on the second scheduled trading day immediately preceding the maturity date for the 2028 Notes
(1) Circumstance 1 is available after the calendar quarter ended September 30, 2020 and September 30, 2023 for the 2025 Notes and 2028 Notes, respectively.
(2) Circumstance 5 is available on or after August 15, 2025 and February 15, 2028 for the 2025 Notes and 2028 Notes, respectively.
Summary of Conversion Right at the Option of the Company for the 2025 Notes and 2028 Notes
Conversion Right at Our Option(1)
Dexcom may redeem for cash all or part of the Notes, at its option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which Dexcom provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date
(1) Dexcom does not have the right to redeem the Notes prior to May 20, 2023 and May 20, 2026 for the 2025 Notes and 2028 Notes, respectively. Dexcom has the right to redeem the notes on or after May 20, 2023 and prior to August 15, 2025 for the 2025 Notes, and on or after May 20, 2026 and prior to February 15, 2028 for the 2028 Notes.
Schedule of Availability and Outstanding Borrowings on Credit Agreement
Information related to availability and outstanding borrowings on our Amended Credit Agreement is as follows as of the date indicated:
(In millions)September 30, 2024
Available principal amount $200.0 
Letters of credit sub-facility25.0 
Outstanding borrowings — 
Outstanding letters of credit7.6 
Total available balance$192.4 
The minimum and maximum range of applicable rates per annum with respect to any ABR Loan, Term Benchmark Revolving Loan, or RFR Revolving Loan, each as defined in the Amended Credit Agreement under the captions “ABR Spread”, “Term Benchmark”, and “RFR Spread”, or “Unused Commitment Fee Rate”, respectively, are outlined in the following table:
Range
ABR Spread
Term Benchmark/RFR Spread
Unused Commitment Fee Rate
Minimum
0.375%
1.375%
0.175%
Maximum
1.000%
2.000%
0.250%
v3.24.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Our share-based compensation expense is associated with RSUs, PSUs, and our Employee Stock Purchase Plan, or ESPP. The following table summarizes our share-based compensation expense included in our consolidated statements of operations for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Cost of sales$3.6 $3.9 $11.4 $11.1 
Research and development13.1 11.4 38.5 34.3 
Selling, general and administrative26.7 23.7 77.2 68.5 
Total share-based compensation expense$43.4 $39.0 $127.1 $113.9 
v3.24.3
Business Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenue from External Customers by Geographic Areas 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, 2024		Three Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
United States$701.9 71 %$713.6 73 %
International292.3 29 %261.4 27 %
Total revenue$994.2 100 %$975.0 100 %
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
United States$2,087.0 71 %$1,856.2 72 %
International832.5 29 %731.6 28 %
Total revenue$2,919.5 100 %$2,587.8 100 %
Schedule of Disaggregation of Revenue The following table sets forth revenue by major sales channel for the periods shown:
Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
Distributor$843.3 85 %$839.7 86 %
Direct150.9 15 %135.3 14 %
Total revenue$994.2 100 %$975.0 100 %
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
(In millions)Amount% of TotalAmount% of Total
Distributor$2,482.2 85 %$2,197.4 85 %
Direct437.3 15 %390.4 15 %
Total revenue$2,919.5 100 %$2,587.8 100 %
v3.24.3
Organization and Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Organization And Summary Of Significant Accounting Policies [Line Items]    
Unbilled accounts receivable $ 16.1  
Deferred revenue, long-term $ 5.2 $ 7.4
Minimum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Contract payment term (in days) 30 days  
Maximum    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Contract payment term (in days) 90 days  
v3.24.3
Organization and Significant Accounting Policies - Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Net income $ 134.6 $ 120.7 $ 424.5 $ 285.2
Add back interest expense, net of tax attributable to assumed conversion of senior convertible notes 2.9 3.0 8.7 9.6
Net income - diluted $ 137.5 $ 123.7 $ 433.2 $ 294.8
Net income per common share        
Basic (in USD per share) $ 0.34 $ 0.31 $ 1.08 $ 0.74
Diluted (in USD per share) $ 0.34 $ 0.29 $ 1.04 $ 0.69
Basic weighted average shares outstanding (in shares) 394.2 386.6 394.6 386.7
Diluted weighted average shares outstanding (in shares) 410.2 426.8 414.7 428.3
Collaborative sales-based milestones        
Net income per common share        
Dilutive potential common stock outstanding (in shares) 0.0 0.0 0.3 0.0
RSUs and PSUs        
Net income per common share        
Dilutive potential common stock outstanding (in shares) 0.3 1.0 0.7 1.1
Senior convertible notes        
Net income per common share        
Dilutive potential common stock outstanding (in shares) 15.7 27.6 15.7 28.7
Warrants        
Net income per common share        
Dilutive potential common stock outstanding (in shares) 0.0 11.6 3.4 11.8
v3.24.3
Organization and Significant Accounting Policies - Anti-dilutive Securities Excluded from Calculation of Net Income (Loss) per Share (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
RSUs and PSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
RSUs and PSUs (in shares) 2.2 0.0 1.3 0.0
v3.24.3
Development and Other Agreements (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2022
Dec. 31, 2021
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2022
Dec. 28, 2018
Other Commitments [Line Items]                
Shares issued In connection with the restated collaboration agreement (in shares)     2,900,000          
Verily Life Sciences | Collaborative Arrangement                
Other Commitments [Line Items]                
Amortization period (in months)             64 months  
Initial Payment | Verily Life Sciences | Collaborative Arrangement                
Other Commitments [Line Items]                
Closing stock price (in USD per share)               $ 29.57
Initial payment on collaborative agreement         $ 250.0      
Issuance of common stock in connection with acquisition, shares (in shares)         7,400,000      
Collaborative research and development fee       $ 87.1 $ 217.7      
Milestone Payments | Verily Life Sciences | Collaborative Arrangement                
Other Commitments [Line Items]                
Collaborative research and development fee           $ 3.2    
Sales-based milestones             $ 152.4  
Potential future common stock issuable (in shares)               5,200,000
Issuance of common stock in connection with achievement of regulatory approval milestone, net of issuance costs (in shares) 1,500,000 3,700,000            
v3.24.3
Fair Value Measurements - Fair Value Hierarchy for Financial Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Cash equivalents $ 315.4 $ 315.9
Debt securities, available-for-sale 1,871.1 2,157.8
Other assets 21.2 15.2
Total assets measured at fair value on a recurring basis 2,207.7 2,488.9
U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 1,038.1 1,612.5
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 391.1 184.7
Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 441.9 360.6
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Cash equivalents 315.4 315.9
Debt securities, available-for-sale 0.0 0.0
Other assets 21.2 15.2
Total assets measured at fair value on a recurring basis 336.6 331.1
Level 1 | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 0.0 0.0
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 0.0 0.0
Level 1 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 0.0 0.0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Cash equivalents 0.0 0.0
Debt securities, available-for-sale 1,871.1 2,157.8
Other assets 0.0 0.0
Total assets measured at fair value on a recurring basis 1,871.1 2,157.8
Level 2 | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 1,038.1 1,612.5
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 391.1 184.7
Level 2 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 441.9 360.6
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Cash equivalents 0.0 0.0
Debt securities, available-for-sale 0.0 0.0
Other assets 0.0 0.0
Total assets measured at fair value on a recurring basis 0.0 0.0
Level 3 | U.S. government agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 0.0 0.0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale 0.0 0.0
Level 3 | Corporate debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Debt securities, available-for-sale $ 0.0 $ 0.0
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Transfers into or out of Level 3 securities $ 0 $ 0 $ 0 $ 0  
Impairment losses 0 $ 0 0 $ 0  
Fair value, nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Other long-term investments 44,300,000   44,300,000   $ 38,500,000
Foreign exchange forward | Designated as hedging instrument          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Notional amount of derivative instrument $ 66,000,000.0   $ 66,000,000.0   $ 71,000,000.0
v3.24.3
Fair Value Measurements - Estimated Fair Values of Debt Instruments (Details) - Senior Notes - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Line Items]    
Total fair value of outstanding senior convertible notes $ 2,259.4 $ 2,544.6
Senior Convertible Notes due 2025    
Fair Value Disclosures [Line Items]    
Total fair value of outstanding senior convertible notes 1,152.3 1,262.8
Senior Convertible Notes due 2028    
Fair Value Disclosures [Line Items]    
Total fair value of outstanding senior convertible notes $ 1,107.1 $ 1,281.8
v3.24.3
Balance Sheet Details and Other Financial Information - Short-Term Marketable Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt securities, available-for-sale:    
Amortized Cost $ 1,867.7 $ 2,157.4
Gross Unrealized Gains 3.8 1.3
Gross Unrealized Losses (0.4) (0.9)
Estimated Market Value 1,871.1 2,157.8
U.S. government agencies    
Debt securities, available-for-sale:    
Amortized Cost 1,035.4 1,611.8
Gross Unrealized Gains 2.8 1.2
Gross Unrealized Losses (0.1) (0.5)
Estimated Market Value 1,038.1 1,612.5
Commercial paper    
Debt securities, available-for-sale:    
Amortized Cost 391.3 184.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.2) (0.1)
Estimated Market Value 391.1 184.7
Corporate debt    
Debt securities, available-for-sale:    
Amortized Cost 441.0 360.8
Gross Unrealized Gains 1.0 0.1
Gross Unrealized Losses (0.1) (0.3)
Estimated Market Value $ 441.9 $ 360.6
v3.24.3
Balance Sheet Details and Other Financial Information - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]    
Term of debt instrument (in months)   12 months
Available-for-sale securities current $ 1,650.0 $ 2,160.0
Available-for-sale securities noncurrent $ 217.3  
Minimum    
Condensed Financial Statements, Captions [Line Items]    
Term of debt instrument (in months) 12 months  
Maximum    
Condensed Financial Statements, Captions [Line Items]    
Term of debt instrument (in months) 18 months  
v3.24.3
Balance Sheet Details and Other Financial Information - Inventory (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 288.9 $ 319.5
Work-in-process 49.8 30.0
Finished goods 247.6 210.1
Total inventory $ 586.3 $ 559.6
v3.24.3
Balance Sheet Details and Other Financial Information - Prepaid and Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 62.5 $ 58.7
Prepaid inventory 21.2 31.5
Deferred compensation plan assets 19.2 15.2
Income tax receivables 31.7 13.6
Other current assets 47.6 49.3
Total prepaid and other current assets $ 182.2 $ 168.3
v3.24.3
Balance Sheet Details and Other Financial Information - Property and Equipment (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total cost $ 1,955.8 $ 1,622.5
Less: accumulated depreciation and amortization (637.0) (509.4)
Total property and equipment, net 1,318.8 1,113.1
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Total cost 50.5 34.5
Building    
Property, Plant and Equipment [Line Items]    
Total cost 266.9 190.5
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total cost 38.3 36.9
Computer software and hardware    
Property, Plant and Equipment [Line Items]    
Total cost 76.8 65.8
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Total cost 883.5 683.3
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total cost 290.6 283.4
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total cost $ 349.2 $ 328.1
v3.24.3
Balance Sheet Details and Other Financial Information - Other Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Long-term investments $ 46.3 $ 38.5
Long-term deposits 15.1 14.4
Other assets 26.8 22.1
Total other assets $ 88.2 $ 75.0
v3.24.3
Balance Sheet Details and Other Financial Information - Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]    
Accounts payable trade $ 326.6 $ 276.4
Accrued tax, audit, and legal fees 38.5 42.6
Accrued rebates 1,159.9 950.7
Accrued warranty 5.8 12.6
Income tax payable 5.8 7.5
Deferred compensation plan liabilities 19.2 15.2
Other accrued liabilities 36.7 40.5
Total accounts payable and accrued liabilities $ 1,592.5 $ 1,345.5
v3.24.3
Balance Sheet Details and Other Financial Information - Accrued Payroll and Related Expenses (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Employee-related Liabilities, Current [Abstract]    
Accrued wages, bonus and taxes $ 78.2 $ 139.8
Other accrued employee benefits 27.6 31.2
Total accrued payroll and related expenses $ 105.8 $ 171.0
v3.24.3
Balance Sheet Details and Other Financial Information - Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finance lease obligations $ 58.2 $ 58.6
Deferred revenue, long-term 5.2 7.4
Asset retirement obligation 16.1 15.7
Other tax liabilities 44.8 38.7
Other liabilities 5.3 5.2
Total other long-term liabilities $ 129.6 $ 125.6
v3.24.3
Balance Sheet Details and Other Financial Information - Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest and dividend income $ 32.0 $ 41.5 $ 104.5 $ 101.2
Interest expense (4.7) (4.9) (14.1) (15.4)
Other expense, net (1.9) (1.7) (3.8) (2.4)
Total other income (expense), net $ 25.4 $ 34.9 $ 86.6 $ 83.4
v3.24.3
Balance Sheet Details and Other Financial Information - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period $ 2,434.3 $ 2,100.4 $ 2,068.6 $ 2,131.8
Translation adjustments and other 96.8 (7.0) 77.8 (25.8)
Balance at end of period 1,979.0 2,267.9 1,979.0 2,267.9
Accumulated other comprehensive income (loss) 1,979.0 2,267.9 1,979.0 2,267.9
Translation adjustments and other        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period (36.0) (26.6) (17.0) (7.8)
Translation adjustments and other 96.8 (7.0) 77.8 (25.8)
Balance at end of period 60.8 (33.6) 60.8 (33.6)
Accumulated other comprehensive income (loss) 60.8 (33.6) 60.8 (33.6)
Investments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period (2.0) (2.7) 0.3 (3.8)
Translation adjustments and other 4.6 0.7 2.3 1.8
Balance at end of period 2.6 (2.0) 2.6 (2.0)
Accumulated other comprehensive income (loss) 2.6 (2.0) 2.6 (2.0)
Accumulated Other Comprehensive Income (Loss)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period (38.0) (29.3) (16.7) (11.6)
Balance at end of period 63.4 (35.6) 63.4 (35.6)
Accumulated other comprehensive income (loss) $ 63.4 $ (35.6) $ 63.4 $ (35.6)
v3.24.3
Debt - Carrying Values and Estimated Fair Values of Debt Instruments (Details) - Senior Notes - USD ($)
Sep. 30, 2024
Dec. 31, 2023
May 31, 2023
May 31, 2020
Senior Convertible Notes        
Total principal amount $ 2,457,500,000 $ 2,457,500,000    
Unamortized debt issuance costs (17,900,000) (23,300,000)    
Carrying amount of senior convertible notes 2,439,600,000 2,434,200,000    
Senior Convertible Notes due 2025        
Senior Convertible Notes        
Total principal amount 1,207,500,000 1,207,500,000   $ 1,210,000,000
Senior Convertible Notes due 2028        
Senior Convertible Notes        
Total principal amount $ 1,250,000,000 $ 1,250,000,000 $ 1,250,000,000  
v3.24.3
Debt - Conversion Value of Convertible Notes (Details) - Senior Notes - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total by which the notes’ if-converted value exceeds their principal amount $ 0.0 $ 89.7
Senior Convertible Notes due 2025    
Debt Instrument [Line Items]    
Total by which the notes’ if-converted value exceeds their principal amount 0.0 56.1
Senior Convertible Notes due 2028    
Debt Instrument [Line Items]    
Total by which the notes’ if-converted value exceeds their principal amount $ 0.0 $ 33.6
v3.24.3
Debt - Components of Interest Expense and Effective Interest Rates of Senior Convertible Notes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash interest expense:        
Contractual coupon interest $ 1.9 $ 1.8 $ 5.8 $ 7.0
Non-cash interest expense:        
Amortization of debt issuance costs 1.8 2.0 5.4 5.5
Total interest expense recognized on senior notes $ 3.7 $ 3.8 $ 11.2 $ 12.5
Senior Convertible Notes due 2023        
Non-cash interest expense:        
Effective interest rate (as percent)   1.10%   1.10%
Senior Convertible Notes due 2025        
Non-cash interest expense:        
Effective interest rate (as percent) 0.50% 0.50% 0.50% 0.50%
Senior Convertible Notes due 2028        
Non-cash interest expense:        
Effective interest rate (as percent) 0.70% 0.70% 0.70% 0.70%
v3.24.3
Debt - Schedule of Key Details of Convertible Notes (Details)
 1 Months Ended 9 Months Ended
May 31, 2023
USD ($)
$ / shares
May 31, 2020
USD ($)
$ / shares
Nov. 30, 2018
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]            
Proceeds from issuance of senior convertible notes, net of issuance costs       $ 0 $ 1,230,600,000  
Senior Notes            
Debt Instrument [Line Items]            
Total principal amount       2,457,500,000   $ 2,457,500,000
Senior Convertible Notes due 2023 | Senior Notes            
Debt Instrument [Line Items]            
Interest rate on convertible notes (as percent)     0.75%      
Total principal amount     $ 850,000,000.0      
Proceeds from issuance of senior convertible notes, net of issuance costs     $ 836,600,000      
Conversion ratio     0.0243476      
Conversion price of convertible notes (in USD per share) | $ / shares     $ 41.07      
Senior Convertible Notes due 2025 | Senior Notes            
Debt Instrument [Line Items]            
Interest rate on convertible notes (as percent)   0.25%        
Total principal amount   $ 1,210,000,000   1,207,500,000   1,207,500,000
Proceeds from issuance of senior convertible notes, net of issuance costs   $ 1,190,000,000        
Conversion ratio   0.006662        
Conversion price of convertible notes (in USD per share) | $ / shares   $ 150.11        
Senior Convertible Notes due 2028 | Senior Notes            
Debt Instrument [Line Items]            
Interest rate on convertible notes (as percent) 0.375%          
Total principal amount $ 1,250,000,000     $ 1,250,000,000   $ 1,250,000,000
Proceeds from issuance of senior convertible notes, net of issuance costs $ 1,230,000,000          
Conversion ratio 0.0061571          
Conversion price of convertible notes (in USD per share) | $ / shares $ 162.41          
v3.24.3
Debt - 2023 Note Hedge (Details)
shares in Millions
Nov. 30, 2018
purchaser
shares
Debt Instrument [Line Items]  
Number of Initial purchasers | purchaser 2
Senior Convertible Notes due 2023 | Designated as hedging instrument | Senior Notes  
Debt Instrument [Line Items]  
Stock issued upon conversion of senior notes (in shares) | shares 20.7
v3.24.3
Debt - 2023 Warrants (Details) - Senior Convertible Notes due 2023 - Senior Notes
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Feb. 13, 2024
shares
Nov. 30, 2018
USD ($)
d
$ / shares
shares
Jun. 30, 2024
shares
Mar. 31, 2024
shares
Debt Instrument [Line Items]        
Stock counterparties to acquire with warrants purchased (in shares) 10.3 20.7    
Number of trading days | d   60    
Proceeds from sale of warrants | $   $ 183.8    
Exercise price of warrants or rights (in USD per share) | $ / shares   $ 49.60    
Common Stock | BofA Warrant Transactions        
Debt Instrument [Line Items]        
Exercise and settlement of warrants (in shares)       6.0
Common Stock | JPM Warrant Transactions        
Debt Instrument [Line Items]        
Exercise and settlement of warrants (in shares)       1.9
Stock issued during period, shares, exercise and settlement of remaining warrants (in shares)     4.6  
v3.24.3
Debt - 2028 Capped Call Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 9 Months Ended
May 02, 2023
May 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Instrument [Line Items]        
Purchases of capped call transactions     $ 0.0 $ 101.3
Senior Convertible Notes due 2028 | Senior Notes        
Debt Instrument [Line Items]        
Capped call, cap price (in USD per share) $ 212.62      
Sale of stock premium (as percent) 80.00%      
Closing stock price (in USD per share) $ 118.12      
Purchases of capped call transactions   $ 101.3    
v3.24.3
Debt - Conversion Activity for Senior Convertible Notes (Details) - Senior Convertible Notes due 2023 - Senior Notes
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
shares
Debt Instrument [Line Items]  
Debt instrument, convertible principal amount settled | $ $ 774.8
Repurchase and conversions of notes (in shares) 12.2
Shares received from Note Hedge 12.2
v3.24.3
Debt - Conversion Rights for Seniors Convertible Notes (Details) - Senior Notes - d
 1 Months Ended 9 Months Ended
Nov. 30, 2018
Sep. 30, 2024
Senior Convertible Notes due 2023    
Debt Instrument [Line Items]    
Holder's repurchase price percentage in event of fundamental change (as percent)   100.00%
Number of trading days 60  
Senior Convertible Notes due 2023 | Term one | Minimum    
Debt Instrument [Line Items]    
Number of trading days   20
Proportion of applicable conversion price (as percent)   130.00%
Senior Convertible Notes due 2023 | Term one | Maximum    
Debt Instrument [Line Items]    
Number of trading days   30
Senior Convertible Notes due 2025    
Debt Instrument [Line Items]    
Proportion of conversion price (as percent)   130.00%
Senior Convertible Notes due 2025 | Term one | Minimum    
Debt Instrument [Line Items]    
Number of trading days   20
Senior Convertible Notes due 2025 | Term one | Maximum    
Debt Instrument [Line Items]    
Number of trading days   30
Senior Convertible Notes due 2025 | Term two    
Debt Instrument [Line Items]    
Number of trading days   5
Senior Convertible Notes due 2025 | Term two | Maximum    
Debt Instrument [Line Items]    
Number of trading days   5
Proportion of applicable conversion price (as percent)   98.00%
Senior Convertible Notes due 2028    
Debt Instrument [Line Items]    
Redemption price (as percent)   100.00%
v3.24.3
Debt - Revolving Credit Agreement (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2024
Jun. 30, 2023
Line of Credit Facility [Line Items]        
Term of debt instrument (in years)   12 months    
Line of credit        
Line of Credit Facility [Line Items]        
Term of debt instrument (in years) 5 years      
Available principal amount and letters of credit sub-facility     $ 200,000,000.0 $ 200,000,000.0
Option to increase revolving line of credit       $ 500,000,000.0
v3.24.3
Debt - Availability and Outstanding Borrowings under Credit Agreement (Details) - USD ($)
 9 Months Ended
Sep. 30, 2024
Jun. 30, 2023
Line of Credit Facility [Line Items]    
Total available balance $ 192,400,000  
Line of credit    
Line of Credit Facility [Line Items]    
Available principal amount and letters of credit sub-facility 200,000,000.0 $ 200,000,000.0
Outstanding borrowings $ 0  
Line of credit | Minimum    
Line of Credit Facility [Line Items]    
Interest rate on convertible notes (as percent) 0.375%  
Basis spread on variable rate (as a percent) 1.375%  
Unused capacity fee (as a percent) 0.175%  
Line of credit | Maximum    
Line of Credit Facility [Line Items]    
Interest rate on convertible notes (as percent) 1.00%  
Basis spread on variable rate (as a percent) 2.00%  
Unused capacity fee (as a percent) 0.25%  
Line of credit | Letter of credit    
Line of Credit Facility [Line Items]    
Available principal amount and letters of credit sub-facility $ 25,000,000.0  
Outstanding letters of credit $ 7,600,000  
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]    
Estimated annual effective tax rate (as percent) 23.10%  
Effective tax rate (as percent) 14.70%  
CALIFORNIA | Forecast    
Effective Income Tax Rate Reconciliation [Line Items]    
Research and development tax credit   $ 2.8
v3.24.3
Stockholders' Equity - Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 43.4 $ 39.0 $ 127.1 $ 113.9
Cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 3.6 3.9 11.4 11.1
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 13.1 11.4 38.5 34.3
Selling, general and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 26.7 $ 23.7 $ 77.2 $ 68.5
v3.24.3
Stockholders' Equity - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Jul. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Purchases of treasury stock         $ 750.0 $ 188.7  
JPM Warrant Transactions | Senior Convertible Notes due 2023 | Senior Notes | Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Exercise and settlement of warrants (in shares)     1.9        
Stock issued during period, shares, exercise and settlement of remaining warrants (in shares)   4.6          
2024 Share Repurchase Program              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares repurchased (in shares) 10.4            
Purchases of treasury stock $ 750.0            
Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Exercise and settlement of warrants (in shares)     7.9   12.5    
Issuance of common stock in connection with achievement of regulatory approval milestone, net of issuance costs (in shares)         1.5    
Common Stock | 2024 Share Repurchase Program              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock repurchase program, authorized amount             $ 750.0
Milestone Payments | Verily Life Sciences | Collaborative Arrangement              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Issuance of common stock in connection with achievement of regulatory approval milestone, net of issuance costs (in shares)     1.5 3.7      
Restricted Stock Units (RSUs) and Performance Shares | Equity Incentive Plan 2015              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unrecognized estimated compensation costs $ 253.2       $ 253.2    
Unrecognized compensation costs recognized weighted average period (in years)         1 year 9 months 18 days    
v3.24.3
Business Segment and Geographic Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
segment
primary_market
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of primary geographic markets | primary_market 2
v3.24.3
Business Segment and Geographic Information - Schedule of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Total revenue $ 994.2 $ 975.0 $ 2,919.5 $ 2,587.8
Proportion of revenue (as percent) 100.00% 100.00% 100.00% 100.00%
Distributor        
Disaggregation of Revenue [Line Items]        
Total revenue $ 843.3 $ 839.7 $ 2,482.2 $ 2,197.4
Proportion of revenue (as percent) 85.00% 86.00% 85.00% 85.00%
Direct        
Disaggregation of Revenue [Line Items]        
Total revenue $ 150.9 $ 135.3 $ 437.3 $ 390.4
Proportion of revenue (as percent) 15.00% 14.00% 15.00% 15.00%
United States        
Disaggregation of Revenue [Line Items]        
Total revenue $ 701.9 $ 713.6 $ 2,087.0 $ 1,856.2
Proportion of revenue (as percent) 71.00% 73.00% 71.00% 72.00%
International        
Disaggregation of Revenue [Line Items]        
Total revenue $ 292.3 $ 261.4 $ 832.5 $ 731.6
Proportion of revenue (as percent) 29.00% 27.00% 29.00% 28.00%