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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Glucose monitor maker DexCom’s stock soars after big earnings beat, raised revenue outlook as real-time monitoring awareness growsTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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