Shares of Dexcom fell 9% in prolonged trading on Thursday after the corporate made the announcement Third quarter results That beat analysts' expectations, but saw a year-over-year decline in U.S. sales.
Here's what the corporate reported in comparison with Wall Street's expectations, based on an LSEG analyst survey:
- Earnings per share: 45 cents adjusted versus 43 cents expected
- Revenue: $994 million versus expected $990 million
The company's revenue rose 2% to $994.2 million from $975 million a 12 months ago. Dexcom's U.S. revenue fell 2% from $713.6 million a 12 months ago. The company reported net income of $134.6 million, or 34 cents per share, compared with $120.7 million, or 29 cents per share, in the identical period last 12 months.
Dexcom offers a spread of tools corresponding to continuous glucose monitors, or CGMs, for patients diagnosed with diabetes. In August, the corporate launched its first over-the-counter product called Stelo, intended for adults who don't take insulin.
The company maintained its guidance for the total fiscal 12 months, expecting revenue of $4 billion to $4.05 billion. Last quarter, Dexcom lowered its forecast to $4.35 billion from $4.20 billion in the primary quarter.
That lowered guidance and a revenue miss caused Dexcom shares to plunge greater than 40% following its second-quarter earnings release in July. The company's CEO, Kevin Sayer, attributed the challenges to a restructuring of the corporate's sales team, fewer latest customers than expected and lower revenue per user.
Sayer said in a call with investors Thursday that those issues improved within the third quarter.
The company also announced that Teri Lawver, Dexcom's chief industrial officer, will retire at the top of the 12 months. Lawver will function a consultant until early next 12 months and Sayer will lead the industrial organization while Dexcom searches for a substitute.
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