Dexcom (Nasdaq:DXCM) shares ticked up after the market closed today on fourth-quarter results that topped the consensus forecast.
Shares of DXCM rose 2.2% at $109.61 apiece after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 10.1%.
The San Diego-based continuous glucose monitor (CGM) maker posted profits of $91.8 million. That amounts to 22¢ per share on sales of $815.2 million for the three months ended Dec. 31, 2022.
Dexcom recorded a nearly $100 million bottom-line gain out from the red on sales growth of 16.8%.
Adjusted to exclude one-time items, earnings per share totaled 34¢. That landed 7¢ ahead of expectations on Wall Street. Dexcom posted a sales beat, too, as analysts projected sales of $809.7 million.
Dexcom’s Q4 had some big news
Highlights from the quarter included the FDA clearance of the next-generation Dexcom G7 CGM. The company plans to announce the U.S. launch for G7 in a Super Bowl ad this weekend.
Chair, President and CEO Kevin Sayer told Drug Delivery Business News that the company aims to provide CGM for uses beyond diabetes.
“2022 proved to be another great year for Dexcom as we delivered record new customer starts, drove multiple new product launches and significantly expanded access to Dexcom CGM around the world,” Sayer said in a news release. “As we move into 2023, we are very excited to officially bring G7 to the U.S. market and further advance our strategic initiatives to reach the millions of additional people that could benefit from Dexcom CGM.”
Dexcom anticipates revenues between $3.35 billion and $3.49 billion. That amounts to 15%-20% growth over 2022. The company previously attributed its expected growth to increasing CGM awareness and the launch of the G7 in the U.S. Other growth comes from G7’s continued rollout in international markets and further international expansion.