DexCom sets guidance below consensus as revenue growth slows
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DexCom (NASDAQ:DXCM) is trading ~3% lower in the post-market on Thursday after the med-tech company reported a mixed performance with its Q4 2021 results and set its 2022 guidance below expectations. Despite an earnings miss, the quarterly revenue met the consensus even as the growth momentum slowed.
For the quarter, revenue reached $698.2M with a ~22.7% YoY growth, the slowest pace since Q1 2017.
Full year revenue climbed ~27% to ~$2.5B compared to the ~31% YoY growth in 2020 as U.S., the largest contributor to the topline, added only ~$1.8B in revenue with ~23% YoY growth vs. ~30% YoY growth in the prior year. Quarterly U.S revenue climbed ~15% YoY vs. ~20% YoY growth in the prior-year period.
The sensor and other revenue grew only ~32% YoY in 2021 vs. ~36% YoY growth in the previous year, while quarterly revenue from the segment slowed to ~29% YoY growth vs. ~30% YoY growth in Q4 2020.
Non-GAAP net income for the quarter and full year contracted ~24% YoY and ~12% YoY to $69M and $266.7M respectively as gross margins for the quarter slipped to ~68% from ~70% in the previous year period.
For 2022, DexCom reiterated the guidance to indicate about $2.82B-2.94B in revenue (15-20% growth) and non-GAAP gross profit margin of nearly ~65%. The consensus revenue estimates for the company stands at $2.97B currently.