Dexcom Inc. (NSDQ:DXCM) said yesterday it won reimbursement coverage for its continuous glucose monitoring systems through Germany’s Federal Joint Committee.
The reimbursement change was approved by Germany’s Ministry of Health and covers technologies that provide alarms and alerts about glucose levels,San Diego, Calif.-based Insulet said.
“We are thrilled that Dexcom CGM Systems are now accessible and affordable to patients throughout Germany. This ground-breaking technology plays a vital role for people with diabetes who are insulin-dependent, allowing them to self-monitor their condition, manage their glucose levels and reduce risk of severe hyper or hypoglycemic events,” prez & CEO Kevin Sayer said in a press release.
Dexcom’s G5 mobile CGM system and G4 Platinum will be reimbursed by Germany’s Medical Department of the Central Federal Association of Health Insurance Funds, the company said. The company said Germany is the “single largest market in Europe for type 1 and type 2 diabetes.”
“This is a major win for patients with diabetes in Germany. Before the new ruling took effect, Germany’s strict reimbursement policies prevented many people with diabetes from benefitting from CGM, so only a small subset of the insulin-dependent diabetic population in Germany had access to this important and potentially life-saving technology. Now countless people with diabetes, along with their family members and loved ones, will have access to innovative, quality tools to help manage their condition,” Germany country manager Dr. Rudolf Messer said in prepared remarks.
In August, Dexcom released its 2nd quarter earnings, nailing Wall Street analysts’ expectations for revenue but missing on earnings per share by nearly double, seeing shares shrink in response.
The company reported losses of $20.2 million, or 24¢ per share, on sales of $137.3 million for the 3 months ended June 30. That amounts to a massive 445% increase in losses on the bottom end while sales swelled 47.8% compared with the same period from the prior year.
The Street was looking for Dexcom to bring in $137.3 million in revenue and keep losses per share at 12¢. The company managed to nail the revenue figures, but missed by nearly double on earnings per share, according to a press release.
