Dexcom (DXCM) easily topped Wall Street's third-quarter expectations Thursday, shrugging off concerns that new weight-loss drugs would undercut its sales. DXCM stock popped 14%.
The company makes continuous glucose monitors, or CGMs. These body-worn devices keep tabs on blood sugar in real time to help treat diabetes. Investors have worried recently that a new class of drugs, dubbed GLP-1 agonists, could decrease the number of patients who need CGMs.
But Dexcom says that's not the case — and proved its point in the third quarter. Sales climbed 27% to $975 million. Organically, sales jumped 26%. That beat expectations for $940 million, according to FactSet. Adjusted earnings almost doubled, surging 79% to 50 cents a share, above calls for 34 cents.
Dexcom also raised its outlook for the full year.
Now, the company expects sales to soar 23% to 24%, hitting roughly $3.58 billion to $3.6 billion. That came in well above DXCM stock analysts' forecast for $3.55 billion in sales.
Dexcom also announced a $500 million share-repurchase program in conjunction with its third-quarter results.
https://www.investors.com/news/technology/dxcm-stock-dexcom-earnings-q3-2023/
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.