Bengaluru: Medical device maker Dexcom raised its full-year revenue forecast and beat quarterly estimates on Thursday, banking on sustained demand for its continuous glucose monitors that track blood sugar levels, sending shares of the company up over 4% in extended trading.
Rising awareness of diabetes care, improved insurance coverage and a wider consumer shift towards finger-prick-free technology have boosted demand for continuous glucose monitors, intensifying competition among market leaders Dexcom, Medtronic and Abbott Laboratories.
Dexcom reported second-quarter revenue of $1.31 billion, up 13% over a year earlier. Analysts on average had estimated $1.29 billion, according to data compiled by LSEG.
It posted quarterly adjusted profit of 70 cents per share, compared with the estimate of 61 cents.
The company expects annual revenue to be between $5.18 billion and $5.25 billion, compared with $5.16 billion to $5.25 billion forecast earlier, and analysts’ estimate of $5.22 billion.
Dexcom said in May it would appoint two independent directors and revamp a key board committee in collaboration with activist investor Elliott Investment Management.
