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Dexcom Stock Soars on Earnings. Ozempic Isn't the Threat It Was Supposed to Be

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The maker of continuous glucose monitoring devices said there was no sign weight-loss drugs were hurting demand for its products.

Dexcom stock was soaring after its stellar earnings revealed that the naked of “continuous glucose monitoring devices” has not been hurt by the adoption of Ozempic—and might never be.

The company provided early evidence for that thesis is in the early stages of playing out with its third-quarter results. Sales grew 26% year over year to $975 million, above estimates of $940 million, while profit margins expanded faster-than-expected, translating to earnings of $0.50, which surpassed forecasts for $0.34.

The best news of all—and perhaps the key nugget of information—is that Dexcom said it sees evidence that GLP-1s are indeed helping demand for CGMs. On the earnings call, management said that doctors are prescribing CGMs at a faster clip for patients that are starting GLP-1s such as Ozempic, showing that the device is acting as a complementary product for the treatments.

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