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.

Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.

Intuitive Surgical CEO Guthart to headline DeviceTalks West 2018 Intuitive Surgical enjoyed a nearly two-decade monopoly in the robot-assisted surgery space. At DeviceTalks West, we'll delve into that history as longtime CEO Gary Guthart tells us how he got his start in medtech, how Intuitive came to enjoy such a commanding lead and what the future holds for medical robotics. REGISTER NOW Use code GUTHART to save an additional 10%.