Dexcom beats quarterly sales estimates, reiterates annual forecast
Companies
May 1 (Reuters) - Medical device maker Dexcom (DXCM.O), opens new tab beat first-quarter sales estimates helped by strong demand for its continuous glucose monitors (CGMs) used by patients with diabetes.
Shares of the company rose 3.26% to $72.55 in after market trading.
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Increasing diabetes care awareness, wider insurance coverage, and preference for devices that do not need finger pricks have benefited CGM devices such as Dexcom's Stelo and G7.
The San Diego, California-based company reiterated its annual revenue forecast of $4.60 billion. Analysts on average expect 2025 revenue of $4.61 billion, according to data compiled by LSEG.
It expects annual gross profit margin of about 62%, compared to between 64% and 65% expected previously.
This is due to incremental costs related to short-term supply factors, which were previously announced, as the company rebuilds its finished goods inventory to ideal levels, Dexcom said.
Last year, Dexcom's shares were hit after the company slashed its annual revenue forecast, citing a restructuring of its sales team, fewer customers and lower revenue.
The device maker is pinning its hopes on Stelo, which was launched for adults aged 18 and older who do not use insulin, making it the first CGM available for over-the-counter sales.
Earlier this month, the FDA cleared Dexcom's updated G7 15-day CGM.
Dexcom's first-quarter revenue increased 12% to $1.04 billion, beating analysts' estimates of $1.02 billion.
On an adjusted basis, the company earned a profit of 32 cents per share, compared to estimates of 33 cents per share.
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