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DexCom (DXCM) to Launch Latest CGM System G7 in Canada
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Dexcom, Inc. (DXCM - Free Report) recently announced that its next-generation real-time continuous glucose monitoring (rtCGM) system, DexCom G7, will be available in Canada from Oct 10, for people with any type of diabetes, aged two years and older, including those who are pregnant.
Per the company, DexCom G7 is the most accurate CGM on the Canadian market that will offer users a new way to gain greater control over their diabetes. The system will provide insightful health information about food, activity and treatment, leading to informed decisions.
We note that Dexcom G7 CGM was approved in July by the Health Canada for people with any type of diabetes, aged two years and above. It has been built based on the performance of Dexcom CGM, which has been clinically proven to lower A1C, reduce hypoglycemia (low blood sugar) and improve time in range.
Price Performance
Shares of DexCom have lost 26.5% year to date compared with the industry’s 9.4% decline. The S&P 500 Index has risen 13.6% in the same time frame.
Image Source: Zacks Investment Research
Key Features of G7
DexCom’s next-generation G7 CGM system has several features that will likely aid faster adoption by users. The system is the smallest sensor developed by DexCom that makes it comfortable and discreet to wear. It also provides a one-push applicator with an all-in-one sensor that helps in simple and painless insertion.
The DexCom G7 can send glucose readings to compatible devices in real-time, improving the decision-making process. Its predictive alarm feature alerts users up to 20 minutes in advance of severe hypoglycemia. There is no requirement for routine finger sticks, scanning, or calibration.
The device also provides options to create personalized alerts to effortlessly match a user’s lifestyle and needs. It will also help in remote monitoring of patients as it supports sharing of glucose data with up to 10 followers.
The DexCom G7 system will be the first waterproof CGM device available in Canada with protection for 24 hours when submerged in eight feet of water.
Industry Prospects
Per a report by Grand View Research, the global CGM device market size was valued at $7,816.8 million in 2022 and is expected to reach $11.2 billion by 2030 at a CAGR of 4.4%. Factors like the rising cases of diabetes and the increasing adoption of CGM devices are likely to drive the market.
Given the market potential, the latest regulatory approval is expected to provide a significant boost to DexCom’s business globally.
Notable Developments
In September, DXCM and the privately-held RxFood Corporation have entered into an agreement to combine their respective expertise and introduce an improved digital health solution for diabetic patients. The companies have partnered to introduce such services currently in Canada.
Last month, DexCom announced that its G6 CGM system can now connect with the Insulet Corporation’s Omnipod 5 Automated Insulin Delivery (AID) system in Germany. Insulet’s Omnipod 5 automatically adjusts insulin delivery and manages glucose levels both day and night. The Omnipod 5 AID system is cleared for individuals with type 1 diabetes, aged 2 years and older.
ALGN’s earnings surpassed estimates in two of the trailing four quarters and missed twice, delivering an average negative surprise of 1.76%. The company’s shares have risen 35% year to date compared with the industry’s 38% growth.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 18.7% year to date compared with the industry’s 38% growth.
Medpace, carrying a Zacks Rank #2 at present, has an estimated growth rate of 16.2% for 2024. MEDP’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 22.28%.
The company’s shares have rallied 15.9% year to date against the industry’s 12.5% decline.
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DexCom (DXCM) to Launch Latest CGM System G7 in Canada
Dexcom, Inc. (DXCM - Free Report) recently announced that its next-generation real-time continuous glucose monitoring (rtCGM) system, DexCom G7, will be available in Canada from Oct 10, for people with any type of diabetes, aged two years and older, including those who are pregnant.
Per the company, DexCom G7 is the most accurate CGM on the Canadian market that will offer users a new way to gain greater control over their diabetes. The system will provide insightful health information about food, activity and treatment, leading to informed decisions.
We note that Dexcom G7 CGM was approved in July by the Health Canada for people with any type of diabetes, aged two years and above. It has been built based on the performance of Dexcom CGM, which has been clinically proven to lower A1C, reduce hypoglycemia (low blood sugar) and improve time in range.
Price Performance
Shares of DexCom have lost 26.5% year to date compared with the industry’s 9.4% decline. The S&P 500 Index has risen 13.6% in the same time frame.
Image Source: Zacks Investment Research
Key Features of G7
DexCom’s next-generation G7 CGM system has several features that will likely aid faster adoption by users. The system is the smallest sensor developed by DexCom that makes it comfortable and discreet to wear. It also provides a one-push applicator with an all-in-one sensor that helps in simple and painless insertion.
The DexCom G7 can send glucose readings to compatible devices in real-time, improving the decision-making process. Its predictive alarm feature alerts users up to 20 minutes in advance of severe hypoglycemia. There is no requirement for routine finger sticks, scanning, or calibration.
The device also provides options to create personalized alerts to effortlessly match a user’s lifestyle and needs. It will also help in remote monitoring of patients as it supports sharing of glucose data with up to 10 followers.
The DexCom G7 system will be the first waterproof CGM device available in Canada with protection for 24 hours when submerged in eight feet of water.
Industry Prospects
Per a report by Grand View Research, the global CGM device market size was valued at $7,816.8 million in 2022 and is expected to reach $11.2 billion by 2030 at a CAGR of 4.4%. Factors like the rising cases of diabetes and the increasing adoption of CGM devices are likely to drive the market.
Given the market potential, the latest regulatory approval is expected to provide a significant boost to DexCom’s business globally.
Notable Developments
In September, DXCM and the privately-held RxFood Corporation have entered into an agreement to combine their respective expertise and introduce an improved digital health solution for diabetic patients. The companies have partnered to introduce such services currently in Canada.
Last month, DexCom announced that its G6 CGM system can now connect with the Insulet Corporation’s Omnipod 5 Automated Insulin Delivery (AID) system in Germany. Insulet’s Omnipod 5 automatically adjusts insulin delivery and manages glucose levels both day and night. The Omnipod 5 AID system is cleared for individuals with type 1 diabetes, aged 2 years and older.
DexCom, Inc. Price
DexCom, Inc. price | DexCom, Inc. Quote
Zacks Rank & Stocks to Consider
DXCM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Align Technology (ALGN - Free Report) , McKesson Corporation (MCK - Free Report) and Medpace (MEDP - Free Report) .
Align Technology, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ALGN’s earnings surpassed estimates in two of the trailing four quarters and missed twice, delivering an average negative surprise of 1.76%. The company’s shares have risen 35% year to date compared with the industry’s 38% growth.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 18.7% year to date compared with the industry’s 38% growth.
Medpace, carrying a Zacks Rank #2 at present, has an estimated growth rate of 16.2% for 2024. MEDP’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 22.28%.
The company’s shares have rallied 15.9% year to date against the industry’s 12.5% decline.