DexCom enters the second half of 2026 with the continuous glucose monitoring market at a decisive inflection. The company delivered another quarter of mid-teens revenue growth in Q2 2026, reaching $1.31 billion on the strength of 600,000 to 700,000 net new customers added in 2025 excluding Stelo users. Yet the strategic picture has shifted beneath the headline numbers. Abbott's Lingo has entered the over-the-counter metabolic health space directly against Stelo, while Medicare's expanded CGM coverage criteria now encompass Type 2 non-insulin users, the very population Stelo targets without a prescription. The investment thesis rests on three variables: whether G7 15 Day can sustain gross margin expansion above 63 percent as manufacturing scale absorbs the Malaysia and Ireland facility ramp; whether the Stelo franchise can establish a defensible position in the emerging consumer metabolic health category against better-capitalized consumer electronics and diagnostics incumbents; and whether the international installed base can accelerate past the 28 percent revenue contribution ceiling that has persisted for multiple years. The market will confirm the thesis if G7 15 Day adoption drives sensor volume growth above 20 percent year-over-year while gross margins stabilize in the low-60s, and if Stelo achieves meaningful retail distribution traction by year-end 2026. The thesis breaks if Medicare Advantage plans impose restrictive prior authorization on the new non-insulin coverage criteria, if Abbott's Lingo captures the early consumer metabolic health mindshare, or if the FDA warning letter from March 2025 escalates into manufacturing restrictions that constrain G7 15 Day supply.