SAN DIEGO - DexCom, Inc. (NASDAQ:DXCM), a leader in continuous glucose monitoring (CGM) systems, reported a strong first quarter in 2024, with revenues climbing 24% to $921 million, surpassing the analyst consensus of $909.93 million.
The adjusted EPS for the quarter stood at $0.32, beating estimates by $0.05. Despite the robust quarterly performance, DexCom's stock fell by 8.3%.
The first quarter saw significant achievements, including the FDA clearance of Stelo, DexCom's new CGM system, and the launch of DexCom ONE+ in eight European countries. Kevin Sayer, DexCom’s chairman, president, and CEO, remarked on the strong financial results and the company's strategic advances, expressing optimism for the year ahead.
Year-over-year, DexCom's U.S. and international revenues both increased by 24%, with international revenue experiencing a 26% organic growth. GAAP operating income reached $101.1 million, marking an improvement of 460 basis points compared to the first quarter of the previous year. The non-GAAP operating income also rose to $140.2 million, or 15.2% of reported revenue.
Looking ahead, DexCom updated its fiscal year 2024 guidance, forecasting revenues between $4.20 billion and $4.35 billion, which represents a 17% to 21% organic growth. The company reiterated its guidance for non-GAAP gross profit margin (63-64%), non-GAAP operating margin (20%), and adjusted EBITDA margin (29%).
DexCom's cash and liquidity position remains strong, with $2.90 billion in cash, cash equivalents, and marketable securities as of March 31, 2024, and an undrawn revolving credit facility.
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