Dexcom (NSDQ:DXCM) shares took a big hit today on third-quarter results that trounced the consensus forecast.
Shares of DXCM were down nearly -9% at $346.51 per share in mid-morning trading today.
The San Diego-based insulin delivery technology developer posted profits of $72.2 million, or 73¢ per share, on sales of $500.9 million for the three months ended Sept. 30, 2020, for a 57.6% bottom-line gain on sales growth of 26.4%.
Adjusted to exclude one-time items, earnings per share were 94¢, 30¢ ahead of Wall Street, where analysts were looking for sales of $476.8 million.
According to a report from SmarterAnalyst, BTIG analyst Marie Thibault said that, despite the strong quarter from Dexcom, the top-line beat came in smaller than previous beats that analysts have observed in the past from the diabetes technology company.
“The third quarter was another strong period of growth for Dexcom as awareness of our technology continues to grow in this time of heightened focus on glycemic health,” Dexcom chairman, president & CEO Kevin Sayer said in a news release. “We are once again pleased to raise our full-year 2020 guidance as our teams press forward to close the year strong and execute on our strategic initiatives.”
Dexcom said it now expects to log revenues of approximately $1.9 billion for the full-year 2020, marking 29% growth year-over-year.
