April 30 (Reuters) – Medical device maker Dexcom on Thursday reiterated its full-year revenue forecast after beating Wall Street estimates for quarterly results, helped by strong demand for its continuous glucose monitors that track blood sugar levels.
Shares of the company were down 4.3% in after-hours trading.
The company maintained its expectations for annual revenue in the range of $5.16 billion to $5.25 billion. Analysts expect $5.23 billion, according to data compiled by LSEG.
Rising awareness of diabetes care, wider insurance coverage and a consumer shift towards finger-prick-free technology have fueled demand for continuous glucose monitors, intensifying competition among market leaders Dexcom, Medtronic and Abbott Laboratories.
Dexcom said on Thursday demand for its CGM devices remained healthy. During the quarter, it expanded the launch of the Dexcom G7 15 Day sensor in the U.S., added new meal-logging features to the Stelo platform and shared new clinical data showing benefits for people with type 2 diabetes who are not using insulin.
The company reported quarterly revenue of $1.19 billion, up 15% year-over-year, compared with the analysts’ consensus estimate of $1.18 billion.
On an adjusted basis, it posted a quarterly profit of 56 cents per share, above estimates of 47 cents per share.
The Stelo device, Dexcom’s over-the-counter CGM for adults who are not on insulin, marks Dexcom’s push into a broader consumer health market, targeting people with type 2 diabetes or those looking to monitor blood glucose for keeping their health in check.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Sahal Muhammed)
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