Chairman, President & Chief Executive Officer at DexCom
Thank you, Sean. And thank you everyone for joining us. Today, we reported strong first quarter results with organic revenue growth of 22% over the first quarter of 2021 or 23% on a constant currency basis. Demand for DexCom CGM remains very high globally across all of our customer segments. We've also seen a nice rebound in customer growth throughout the first quarter with new customer starts ramping after the Omicron wave and ultimately meeting our expectations for the quarter.
As many of you know, we have significantly scaled our business to drive demand and greatly expand the number of people with diabetes that we can serve globally. This scale goes beyond manufacturing capacity, extending to the efficiencies that we can bring as we serve customers and clinicians. Our relentless focus on meeting the needs of our customers continues to be validated in our results. In the first quarter, our Net Promoter Score for G6 remain near record levels with customers also indicating that the strategies and tools that we've implemented are simplifying their experiences with DexCom.
The teams have driven several innovations that may not always drive the intention of our investors but they are critically important to the experience of our customers. For example, our customers rely on DexCom to make dozens of decisions each day and therefore a reliable supply of DexCom CGM is critically important. In the first quarter, we established new records for on-time shipping for commercial orders and timing of replacement systems at 99.7% and 99.9%, respectively.
We are especially proud of this result given the challenges of current global supply chain dynamics. Product supply should never be on the minds of our customers and our operations team is making sure that this is the case. These efforts are delivering results in our performance, as both retention and utilization levels have steadily improved since the launch of G6, reflecting a competitive strength as we engage with clinicians and payers on the value of our CGM systems.
Building on this momentum, we are thrilled to now be underway with the initial launch of our G7 CGM System. G7 builds upon the best-in-class G6 experience with the form factor that is 60% smaller, with a reduced environmental footprint, a streamlined set of experience, including a 30-minute warm-up time and improved app experience with CLARITY integrated into the core app and all of this with accuracy that improves upon the reliable performance that is a hallmark of DexCom CGM technology.
Following the receipt of CE Mark for G7 in March, we initiated our limited launch of G7 in the UK in the subsequent weeks. During this brief window, we are assessing the functionality of the sensor and app in the real world and gathering initial feedback from our users, which has been very positive so far. Our plan is to extend the G7 lives to a steady cadence of additional international markets over the remainder of 2022, with the growing impact to our overall sensor mix in the second half of the year.
In the US, our 510(k) submission for the G7 sensor, receiver and Android and iOS apps remains under review. We are eyeing the traditional back and forth that comes with these processes and we appreciate the FDA's ongoing attention to their view even as they juggle a very busy schedule. In the meantime, the teams are busy preparing for a seamless transition once G7 is available. This includes preliminary discussions with payers to drive market access where possible in advance of approval. It includes significant preparations from our operations team to add incremental G7 lines in advance of the launch to support the expected ramp in demand, and it includes ongoing work with our insulin delivery partners to ensure that we are progressing towards the goal of connected pump and insulin pen systems that are integrated with our latest sensor technology.
As we progress with the launch of G7, we continue to pursue creative solutions to expand access to our CGM technology and bring the value of real-time CGM to people who previously faced limited options for diabetes management. Beyond G7, we recently introduced DexCom ONE in Spain, which is the newest of our direct markets and we'll launch DexCom ONE in UK shortly. These represent the first dual product markets for DexCom, bringing two excellent options for real-time CGM to customers and the respective health systems of these countries. We expect this dual product strategy to significantly expand the number of people with reimbursed access to our CGM technology, broadening our growth opportunity in these countries, as well as additional countries where we plan to bring DexCom ONE in the future. And geographic expansion is only one element of the significant growth opportunity ahead for DexCom.
In the first quarter, we were also pleased to receive Breakthrough Device Designation from the FDA for the CGM system that we are working to develop for use in the hospital setting. The Breakthrough Designation represents the FDA's recognition of DexCom's potential to offer a more effective solution for glucose management and patient outcomes in the hospital relative to the current standard of care. This recognition is designed to expedite the regulatory pathway as we continue to build evidence for the safety and impact of DexCom CGM in the inpatient setting.
As you can see, we have a busy year plan as we navigate some of the most exciting launches in Dexcom history and build out the foundation of growth for years to come. The foundation for long-term growth emerges from the core values that motivate us and the noble mission that our employees embrace to drive greater health outcomes throughout the world. Along those lines, we are pleased to publish our Third Annual Sustainability Report shortly after the conclusion of the first quarter. This report demonstrates our commitment to our stakeholders and detail some great progress in our reporting efforts, including the publication of our first SASB Index, which is the reporting framework we find to be most preferred among our stakeholders.
We also added updates to our efforts to drive access to our CGM technology globally. We have a comprehensive strategy that involves product differentiation, leveraging scale and demonstrating robust clinical outcomes and we enhanced our disclosures around the composition of our workforce, employee engagement metrics to climate-related disclosure and we are still early in our journey and these updates provide just a glimpse of the many things that made DexCom a company that I am truly proud to lead.
With that, I will turn it over to Jeremy for a review of the first quarter financials. Jeremy?