Dexcom (DXCM) reported June-quarter earnings and revenue that topped Wall Street targets. Shares of Dexcom stock rose as the company raised its outlook for the year.
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Dexcom said second-quarter profit doubled to 34 cents a share. Revenue climbed 25% to $871.3 million. Analysts had predicted earnings of 23 cents a share on revenue of $841 million.
Dexcom is a leading maker of continuous glucose monitors alongside Abbott Laboratories (ABT) and Medtronic (MDT). At a recent investor day, the company said its revenue could reach $5.1 billion in 2025. Dexcom’s sales last year rose 19% to $2.91 billion.
For full-year 2023, the company now expects revenue in a range of $3.5 billion to $3.55 billion, up about 21%. Analysts had predicted revenue of $3.5 billion.
DXCM Stock Up 14% This Year
In extended trading on the stock market today, Dexcom stock rose 2.8% to near 133. In Thursday’s regular session, DXCM stock fell 1%. Heading into the Dexcom earnings report, shares had gained 14% in 2023.
Dexcom stock trades in a buy zone with an entry point of 126.44 out of a flat base.
At a recent investor day, the company said its revenue could reach $5.1 billion in 2025. Dexcom’s sales last year rose 19% to $2.91 billion.
Dexcom stock holds a Relative Strength Rating 86 out of a best-possible 99, according to IBD Stock Check-up.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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