(Reuters) -Medical device maker Dexcom topped Wall Street estimates for third-quarter results on Thursday, driven by robust demand for its continuous glucose monitoring systems.
Interim CEO Jake Leach said the company’s performance was driven by continued expansion of access to the G7 system, which helps people with diabetes track their glucose levels without finger pricks.
During the quarter, Dexcom added coverage for G7 under Canada’s Ontario Drug Benefit Program, making it available to more people on insulin therapy.
The company also launched an AI-powered meal logging feature in both its G7 and Stelo apps, aimed at helping users better understand how food affects their glucose levels.
Stelo, Dexcom’s over-the-counter CGM for adults not on insulin, brought in over $100 million in revenue in its first year. The device marks Dexcom’s push into a broader consumer health market, targeting people with Type 2 diabetes or those looking to monitor glucose for wellness.
Growing awareness around diabetes care, wider insurance coverage and a shift toward non-invasive monitoring have helped fuel demand for CGMs like Dexcom’s.
Dexcom now expects full-year revenue between $4.63 billion and $4.65 billion, slightly higher than its prior view of $4.60 billion to $4.63 billion. Analysts expectations were at $4.63 billion.
On an adjusted basis, the company earned a profit of 61 cents per share in the quarter ended September 30, beating the analysts’ average estimate of 57 cents per share, according to data compiled by LSEG.
Dexcom reported third-quarter revenue of $1.21 billion, beating analysts’ estimates of $1.18 billion.
Dexcom also submitted a new insulin dosing tool, Smart Basal, to the U.S. FDA for review, it said.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Alan Barona)
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