{"id":77321,"date":"2023-10-27T02:27:39","date_gmt":"2023-10-27T06:27:39","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/dexcom-lifts-2023-revenue-view-on-strong-demand-for-diabetes-devices\/"},"modified":"2023-10-27T02:27:43","modified_gmt":"2023-10-27T06:27:43","slug":"dexcom-lifts-2023-revenue-view-on-strong-demand-for-diabetes-devices","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77321","title":{"rendered":"Dexcom lifts 2023 revenue view on strong demand for diabetes devices"},"content":{"rendered":"
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\u00a9 Reuters. Type 2 diabetes patient Adedotun Adebayo (15) registers his new Dexcom device, a continuous glucose monitoring system, at his home in Glenarden, Maryland, U.S., July 15, 2021. REUTERS\/Hannah Beier\/File photo<\/span>
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(Reuters) -Medical device maker Dexcom (NASDAQ:) on Thursday raised its annual revenue forecast and beat quarterly estimates on strong demand for its continuous glucose monitoring (CGM) devices, sending its shares more than 14% higher in extended trading.<\/p>\n

Makers of medical products such as bariatric surgery devices and CGM systems have been trying to ease investor concerns over a potential hit to demand from the rising popularity of new GLP-1 diabetes drugs such as Novo Nordisk (NYSE:)’s Ozempic and Eli Lilly (NYSE:)’s Mounjaro. <\/p>\n

Dexcom joined larger peer Abbott in saying the use of GLP-1 drugs among diabetes patients could end up increasing demand for CGMs, which track blood sugar levels throughout the day and can transmit glucose readings as frequently as five minutes.<\/p>\n

“Physicians are also pursuing CGM as they add GLP-1 as diabetes therapy,” said Dexcom CEO Kevin Sayer, adding that the device is given to patients as a scoreboard to let them know how they’re doing. <\/p>\n

Dexcom’s quarterly sales rose 27% to $975 million, surpassing analysts’ estimates of $939.24 million, according to LSEG data. <\/p>\n

Abbott had also posted strong sales of $1.4 billion for its CGM system FreeStyle Libre in diabetes care. <\/p>\n

Dexcom raised its annual revenue forecast to between $3.58 billion and $3.6 billion, compared with its previous range of $3.5 billion to $3.55 billion. Analysts expect annual sales of $3.55 billion. <\/p>\n

Excluding items, the company posted a profit of 50 cents for the quarter ended Sept. 30, compared with estimates of 35 cents.<\/p>\n

Shares of the California-based company rose to $93 after the bell.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Type 2 diabetes patient Adedotun Adebayo (15) registers his new Dexcom device, a continuous glucose monitoring system, at his home in Glenarden, Maryland, U.S., July 15, 2021. REUTERS\/Hannah Beier\/File photo (Reuters) -Medical device maker Dexcom (NASDAQ:) on Thursday raised its annual revenue forecast and beat quarterly estimates on strong demand for its continuous […]<\/p>\n","protected":false},"author":1,"featured_media":3721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-77321","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nDexcom lifts 2023 revenue view on strong demand for diabetes devices | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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