…initiatives in 2025 include integrating Stelo into our broader ecosystem to drive awareness and adoption, further expanding our commercial footprint in international markets, and continuing to invest in our pipeline of innovative products to address unmet needs in diabetes management.
In summary, Dexcom had a strong finish to 2024, with record customer starts and continued momentum in our strategic initiatives. As we look ahead to 2025, we are well-positioned to capitalize on the opportunities in front of us and continue to drive growth and innovation in the biosensing market.
I will now turn the call over to Jereme Sylvain, our CFO, to provide a financial review and outlook. Jereme?
Jereme Sylvain — Chief Financial Officer
Thank you, Kevin, and good afternoon, everyone. Today, I will review our financial performance for the fourth quarter and full year of 2024, as well as provide our financial outlook for 2025.
For the fourth quarter of 2024, Dexcom reported total revenue of $2.1 billion, representing an 8% increase compared to the fourth quarter of 2023. For the full year of 2024, total revenue reached $7.5 billion, a 12% increase over the prior year.
Our gross margin for the fourth quarter of 2024 was 66.7%, in line with our expectations, and for the full year, gross margin was 66.5%.
Operating expenses for the fourth quarter totaled $520 million, an increase of 10% compared to the same period last year. For the full year, operating expenses were $1.9 billion, a 13% increase over 2023.
We ended the year with a strong balance sheet, with cash, cash equivalents, and marketable securities totaling $3.4 billion.
Looking ahead to 2025, we expect total revenue to be in the range of $8.2 billion to $8.5 billion, representing a growth rate of 9% to 12% over 2024. We anticipate gross margin to be in the range of 66% to 67% for the full year.
In conclusion, we are pleased with our financial performance in 2024 and are excited about the opportunities ahead in 2025. We remain focused on driving growth, innovation, and value for our shareholders.
With that, I will now turn the call back over to the operator for questions. Thank you.
Operator
Thank you. [Operator instructions] Our first question comes from the line of [Analyst Name] with [Bank Name]. Please proceed with your question.
[Analyst]
Thank you. Kevin, you mentioned the increasing coverage for Dexcom CGM in the U.S. Can you provide more color on your strategy for expanding coverage for the remaining type 2 non-insulin lives with diabetes?
Kevin Ronald Sayer — Chairman, President, and Chief Executive Officer
Thank you for the question. We are actively working to expand coverage for the remaining 20 million type 2 non-insulin lives with diabetes in the U.S. by leveraging the growing body of evidence that supports the clinical and economic benefits of CGM use. We are also conducting a randomized controlled trial specifically for this population to further strengthen our case for coverage. Additionally, we are engaging with payers and PBMs to demonstrate the value of CGM in improving outcomes and reducing healthcare costs. Our goal is to ensure that all individuals with diabetes have access to the life-changing benefits of Dexcom CGM. Thank you for your question.
Operator
Thank you. Our next question comes from the line of [Analyst Name] with [Investment Firm Name]. Please proceed with your question.
[Analyst]
Thank you. Jereme, can you provide more detail on the factors driving the expected increase in total revenue for 2025?
Jereme Sylvain — Chief Financial Officer
Certainly. The expected increase in total revenue for 2025 is driven by several factors, including the continued strong demand for Dexcom CGM products, the expansion of coverage for type 2 non-insulin lives with diabetes, the growth of our international markets, and the launch of innovative new products such as Stelo. We are confident in our ability to drive growth and deliver value for our customers and shareholders in the coming year. Thank you for your question.
Operator
Thank you. This concludes the Q&A portion of today\’s call. I will now turn the call back over to Kevin for closing remarks. Kevin?
Kevin Ronald Sayer — Chairman, President, and Chief Executive Officer
Thank you all for joining us today. We are pleased with our performance in 2024 and excited about the opportunities ahead in 2025. We remain committed to driving growth, innovation, and value for our customers and shareholders. Thank you, and have a great day.
Operator
Thank you for participating in today\’s Dexcom fourth quarter and fiscal year 2024 earnings release conference call. You may now disconnect.