{"id":6153,"date":"2023-10-27T22:07:39","date_gmt":"2023-10-27T22:07:39","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/earnings-call-dexcom-reports-strong-q3-2023-results-reveals-plans-for-new-product-launch\/"},"modified":"2023-10-27T22:07:40","modified_gmt":"2023-10-27T22:07:40","slug":"earnings-call-dexcom-reports-strong-q3-2023-results-reveals-plans-for-new-product-launch","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6153","title":{"rendered":"Earnings call: Dexcom reports strong Q3 2023 results, reveals plans for new product launch"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p><span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> DexCom <\/span><\/span> (NASDAQ:DXCM), a leading player in continuous glucose monitoring (CGM) technology, reported robust third-quarter results for 2023. The company&#8217;s organic revenue growth was 26% compared to the same period in 2022, which is slightly above the company&#8217;s reported Revenue Growth of 25.15% for Q2 2023, according to InvestingPro data. Dexcom (NASDAQ:)&#8217;s G7 sensor continues to attract new customers and prescribers, with nearly 18,000 physicians now prescribing Dexcom products. The company closed the quarter with over $3.2 billion in cash and cash equivalents, which aligns with InvestingPro Tips that highlight the company&#8217;s ability to cover its short-term obligations with its liquid assets.<\/p>\n<p>Key takeaways from the call:<\/p>\n<ul>\n<li>Dexcom&#8217;s worldwide revenue hit $975 million, a 27% increase from Q3 2022.<\/li>\n<li>The company plans to launch a non-insulin product next summer.<\/li>\n<li>Dexcom has expanded its coverage, leading to more people having access to its CGM system.<\/li>\n<li>The company expects to spin off its non-diabetes business in early 2024.<\/li>\n<li>Dexcom raised its full-year revenue guidance to a range of $3.575 billion to $3.6 billion.<\/li>\n<\/ul>\n<p>Dexcom&#8217;s expansion of coverage has led to more people having access to its CGM system, particularly with Medicare coverage for type 2 diabetes patients. The company has gained market share across all reimbursement channels and patient segments in the US and internationally. This is in line with the InvestingPro Tip that Dexcom&#8217;s stockholders receive high returns on book equity, indicating the company&#8217;s effective use of its resources to generate profits.<\/p>\n<p>In terms of financials, Dexcom reported strong financial results in the third quarter, with revenue growth accelerating compared to the previous quarter. International revenue grew 33%, totaling $261 million, and international organic revenue growth was 30%. The company saw slower growth in its non-CGM business and relatively flat performance in Japan as it transitioned to direct sales.<\/p>\n<p>Dexcom expects to close a deal to spin off its non-diabetes business in early 2024. Gross profit for the quarter was $630 million, representing a gross margin of 64.7%, slightly above the Gross Profit Margin of 63.94% reported by InvestingPro for Q2 2023. Operating expenses were $392 million, and operating income was $238.9 million, representing a margin of 24.5%.<\/p>\n<p>The company also announced a $500 million share repurchase program, aligning with an InvestingPro Tip that highlights management&#8217;s aggressive buyback of shares. Dexcom raised its full-year revenue guidance to a range of $3.575 billion to $3.6 billion, representing growth of 23% to 24%. Dexcom expects its non-GAAP gross margin for the year to be approximately 64%, and its non-GAAP operating and adjusted EBITDA margins to be approximately 19% and 28%, respectively.<\/p>\n<p>During the earnings call, Dexcom executives provided several updates and insights. Jereme Sylvain, the CFO, mentioned that the company expects to sell off a business in France in the first half of 2024, with an estimated annual revenue contribution of $30 million. Kevin Sayer, the CEO, discussed the company&#8217;s success in gaining market share across all reimbursement channels, including non-reimbursed channels.<\/p>\n<p>Terry Lauver, the EVP of Strategy and Corporate Development, mentioned the potential for the company to expand coverage for non-insulin using patients with CGM and the positive impact of CGM on patient health. The executives also expressed optimism about the future growth and opportunities for the company.<\/p>\n<p>Dexcom reported significant growth in the adoption of their CGM technology. The number of commercial payers covering Dexcom&#8217;s basal only CGM has increased, making it the most covered CGM with the lowest out-of-pocket copay. The company is focused on expanding coverage for this population and believes that a majority of people using basal insulin now have access to CGM technology. For more insights and tips like these, consider checking out the InvestingPro platform, which offers a wealth of additional tips and real-time metrics.<\/p>\n<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/earnings-call-dexcom-reports-strong-q3-2023-results-reveals-plans-for-new-product-launch-93CH-3211876\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. DexCom (NASDAQ:DXCM), a leading player in continuous glucose monitoring (CGM) technology, reported robust third-quarter results for 2023. The company&#8217;s organic&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-6153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Earnings call: Dexcom reports strong Q3 2023 results, reveals plans for new product launch | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. DexCom (NASDAQ:DXCM), a leading player in continuous glucose monitoring (CGM) technology, reported robust third-quarter results for 2023. 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