Dexcom raises outlook after Q3 results top Wall Street estimates

Dexcom (NSDQ:DXCM) raised its full-year outlook yesterday after the medical device maker topped expectations on Wall Street with its third-quarter financial results.

The San Diego, Calif.-based company posted profits of $46.6 million, or 53¢ per share, on sales of $266.7 million for the 3 months ended Sept. 30, for sales growth of 44% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 17¢, ahead of consensus on The Street, where analysts were looking for sales of $241.3 million.

“Dexcom has maintained the strong momentum we have seen all year, with sales up 45% on a constant currency basis,” president & CEO Kevin Sayer said in prepared remarks. “Clearly, our G6 launch has been very well received and leaves us in a strong position for continued growth. We are pleased to again increase our 2018 outlook.”

Dexcom said it expects to post sales of $975 million for the full year, up from a prior forecast of $925 million.

DXCM shares closed at $132.92 apiece yesterday, up 2%.

Last month, Dexcom announced that its G6 continuous glucose monitoring system will be covered for Medicare beneficiaries. The company’s product won coverage as a therapeutic CGM system, making it available to beneficiaries who closely manage their insulin dosing.

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