DexCom raises outlook on Q1 beat and Medicare coverage
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Citing Medicare coverage for its latest glucose monitoring device and strong Q1 2023 results, medical device maker, DexCom (NASDAQ:DXCM) increased its full-year outlook on Thursday following better-than-expected financials.
During the quarter, the company launched Dexcom G7, its latest continuous glucose monitor (CGM) in the U.S., and won Medicare coverage for the product.
âGiven the strength of our first quarter results and an expanding market opportunity with new CGM coverage now available, we are pleased to raise our 2023 revenue guidance,â Chief Executive Kevin Sayer remarked.
DXCMâs revenue for the quarter grew ~18% YoY to $741.5M, driven by volume growth and new customer additions as the U.S. and international markets added $526.0M and $215.5M with ~17% YoY and ~21% YoY growth, respectively.
âDexcom is off to a great start in 2023, executing on several key initiatives including the launch of Dexcom G7 in the United States,â Sayer added.
Non-GAAP gross profit income stood at 63.4% of revenue compared to 63.3% in the prior year period, while non-GAAP operating income improved to 10.6% of revenue, marking 260bps from the previous year period.
The company raised its full-year revenue outlook to $3.40B â $3.52B compared to $3.35B â $3.49B in the prior forecast, and in line with $3.46B in the consensus.
However, DXCM reaffirmed its guidance for gross profit, operating margin, and EBITDA at 62-63%, 16.5%, and 26% on a non-GAAP basis, respectively.
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