Electronics retailer Best Buy Co. Inc. announced on Monday that it will soon begin offering a continuous glucose monitoring system (CGM), marking its first venture into the prescription-based medical device market. The new Dexcom G7 CGM will be available to eligible customers through BestBuy.com, and they will be directed to complete the purchase process on the newly established platform Wellness.BestBuyHealth.com.
According to data from the Centers for Disease Control and Prevention, over 10% of the U.S. population has diabetes. Best Buy acknowledges the growing demand for CGMs over the past few years and highlights the benefits of using devices like Dexcom G7, including real-time glucose monitoring without the need for fingersticks. This advancement empowers individuals to make more informed decisions about managing their diabetes.
At the initial launch, Best Buy will not be able to accept insurance payments. However, customers who have funds in their HSA/FSA/HRA accounts may be eligible for reimbursement for their CGM purchase.
Year-to-date, Best Buy stock has declined by 14%, whereas the S&P 500 has seen a 12% gain.