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DexCom, Inc. (DXCM - Free Report) recently announced preliminary revenues for the fourth quarter and full-year 2022. The robust preliminary results drove down the shares of the company by 0.3% in the after-hours trading session.
The company is scheduled to release fourth-quarter results on Feb 9 after the closing bell.
Per the preliminary report, fourth-quarter 2022 revenues are estimated to be $815 million, reflecting an increase of 17% year over year on a reported basis. The Zacks Consensus Estimate of $805.5 million lies below the preliminary figure.
On an organic basis (excluding non-continuous glucose monitoring or non-CGM revenue acquired in the trailing twelve months and the impact of foreign exchange), fourth-quarter revenues are estimated to reflect an uptick of 20% year over year.
The company’s U.S. revenues are expected to be approximately $606 million, representing a year-over-year uptick of 17%. International revenues are expected to be $209 million, indicating an improvement of 15% from the prior-year period on a reported basis and 26% on an organic basis.
Per management, the to-be-reported quarter’s solid results have been driven by significant growth in Dexcom’s global customer base and key regulatory clearances of its next-generation G7 CGM system. Management is also upbeat about its continued strength in 2023 on the back of its CGM access expansion, thus raising our optimism about the stock.
Full-Year Prelim Results
Per Dexcom, its full-year total revenues are likely to be $2.91 billion, reflecting an increase of 19% over comparable 2021 reported figures both on a reported and organic basis. The Zacks Consensus Estimate of $2.90 billion lies below the preliminary figure.
2023 Guidance
Dexcom has initiated its financial outlook for the full-year 2023.
The company anticipates its total revenue to be within $3.35 billion-$3.49 billion, representing an expected growth of approximately 15-20% over comparable 2022 reported figures. The Zacks Consensus Estimate for the same is currently pegged at $3.47 billion.
Per management, the outlook for 2023 includes sensor volume growth driven by increasing CGM awareness for diabetics, the launch of the Dexcom G7 CGM system in the United States and its continued rollout in international markets, further international expansion and overall market dynamics.
A Brief Q4 Analysis
Last month, Dexcom announced its partnership with Green Shield and The Health Depot digital pharmacy to provide Green Shield plan members with convenient access to the Dexcom G6 real-time CGM System combined with virtual diabetes coaching support. The same month, Dexcom announced the FDA had cleared the next-generation Dexcom G7 CGM System for people with all types of diabetes aged two years and above.
Dexcom has been observing a robust adoption of its products over the past few months. During the third-quarter earnings call in October 2022, management confirmed that the NHS announced the inclusion of Dexcom ONE on prescription via the England, Wales, Scotland and Northern Ireland drug tariff for everyone with type 1 diabetes and type 2 intensively managed diabetes. Management is also optimistic about vast opportunities for its Dexcom ONE in new geographies as well as in existing markets.
The company’s preliminary projection of robust improvement in revenues on the back of strength in its business lifts our confidence in the stock.
Price Performance
Shares of the company have gained 40.6% between Oct 1, 2022 and Dec 31, 2022 compared with the industry’s 14.1% rise and the S&P 500’s 6.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Dexcom carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
AMN Healthcare has lost 2.9% against the industry’s 4.9% rise between Oct 1, 2022 and Dec 31, 2022.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 3%.
Cardinal Health has gained 15.3% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 24.9% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
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DexCom (DXCM) Announces Solid Preliminary Q4 Revenues
DexCom, Inc. (DXCM - Free Report) recently announced preliminary revenues for the fourth quarter and full-year 2022. The robust preliminary results drove down the shares of the company by 0.3% in the after-hours trading session.
The company is scheduled to release fourth-quarter results on Feb 9 after the closing bell.
Per the preliminary report, fourth-quarter 2022 revenues are estimated to be $815 million, reflecting an increase of 17% year over year on a reported basis. The Zacks Consensus Estimate of $805.5 million lies below the preliminary figure.
On an organic basis (excluding non-continuous glucose monitoring or non-CGM revenue acquired in the trailing twelve months and the impact of foreign exchange), fourth-quarter revenues are estimated to reflect an uptick of 20% year over year.
The company’s U.S. revenues are expected to be approximately $606 million, representing a year-over-year uptick of 17%. International revenues are expected to be $209 million, indicating an improvement of 15% from the prior-year period on a reported basis and 26% on an organic basis.
Per management, the to-be-reported quarter’s solid results have been driven by significant growth in Dexcom’s global customer base and key regulatory clearances of its next-generation G7 CGM system. Management is also upbeat about its continued strength in 2023 on the back of its CGM access expansion, thus raising our optimism about the stock.
Full-Year Prelim Results
Per Dexcom, its full-year total revenues are likely to be $2.91 billion, reflecting an increase of 19% over comparable 2021 reported figures both on a reported and organic basis. The Zacks Consensus Estimate of $2.90 billion lies below the preliminary figure.
2023 Guidance
Dexcom has initiated its financial outlook for the full-year 2023.
The company anticipates its total revenue to be within $3.35 billion-$3.49 billion, representing an expected growth of approximately 15-20% over comparable 2022 reported figures. The Zacks Consensus Estimate for the same is currently pegged at $3.47 billion.
Per management, the outlook for 2023 includes sensor volume growth driven by increasing CGM awareness for diabetics, the launch of the Dexcom G7 CGM system in the United States and its continued rollout in international markets, further international expansion and overall market dynamics.
A Brief Q4 Analysis
Last month, Dexcom announced its partnership with Green Shield and The Health Depot digital pharmacy to provide Green Shield plan members with convenient access to the Dexcom G6 real-time CGM System combined with virtual diabetes coaching support. The same month, Dexcom announced the FDA had cleared the next-generation Dexcom G7 CGM System for people with all types of diabetes aged two years and above.
Dexcom has been observing a robust adoption of its products over the past few months. During the third-quarter earnings call in October 2022, management confirmed that the NHS announced the inclusion of Dexcom ONE on prescription via the England, Wales, Scotland and Northern Ireland drug tariff for everyone with type 1 diabetes and type 2 intensively managed diabetes. Management is also optimistic about vast opportunities for its Dexcom ONE in new geographies as well as in existing markets.
The company’s preliminary projection of robust improvement in revenues on the back of strength in its business lifts our confidence in the stock.
Price Performance
Shares of the company have gained 40.6% between Oct 1, 2022 and Dec 31, 2022 compared with the industry’s 14.1% rise and the S&P 500’s 6.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Dexcom carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has lost 2.9% against the industry’s 4.9% rise between Oct 1, 2022 and Dec 31, 2022.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 3%.
Cardinal Health has gained 15.3% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 24.9% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.