Dexcom stock rises on Q3 results following G7 international rollout

Dexcom (Nasdaq:DXCM) shares ticked up after hours today on third-quarter results that came in ahead of the consensus forecast.

DXCM shares rose 6.7% at $108 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 0.5%.

The San Diego-based continuous glucose monitoring (CGM) technology developer posted profits of $101.2 million. That amounts to 24¢ per share on sales of $769.6 million for the three months ended Sept. 30, 2022.

Adjusted to exclude one-time items, earnings per share came in at 28¢ apiece. That registers 4¢ ahead of expectations on Wall Street. Revenues beat The Street as well after analysts projected sales of $750.93 million.

Dexcom registered a 15.9% bottom-line gain on sales growth of 18.4%. The international rollout of the next-generation Dexcom G7 CGM marked the major highlight of the quarter.

The Dexcom G7 CGM is yet to receive U.S. approval, but won CE mark in March. The company had to apply software tweaks based on FDA feedback earlier this year. This threw a wrench in the expected timelines for FDA 510(k) clearance and the subsequent U.S. launch. The company still expects FDA clearance and a limited launch this year. It plans for a large U.S. launch to follow in the first quarter of 2023.

Dexcom set for a “strong conclusion” to 2022

“In the third quarter, Dexcom executed on a number of key initiatives, which included the launch of G7 in five countries,” said Kevin Sayer, Dexcom chair, president and CEO. “With the international roll-out of G7, strong momentum in our U.S. business, and ongoing efforts to broaden global access, we are well positioned for a strong conclusion to the year.”

Dexcom set its full-year revenue guidance for between approximately $2.88 billion and $2.91 billion. That represents 18%-19% growth. It also marks an uptick from the low end of last quarter’s projection for between $2.86 billion and $2.91 billion.

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