Shares in Dexcom (NSDQ:DXCM) rose today after the diabetes-focused medical device maker topped expectations on Wall Street with its 2nd quarter earnings results and announced a new chief financial officer.
The San Diego, Calif.-based company posted profits of $2.9 million, or 3¢ per share, on sales of $170.6 million for the 3 months ended June 30, seeing the bottom-line swing from losses of $20.2 million while sales grew 24.3% compared with the same period during the previous year.
Adjusted to exclude 1-time items, losses per share were 16¢, ahead of the 21¢ consensus on Wall Street, where analysts were looking for sales of $166.3 million for the quarter.
“The 1st half of 2017 has been very positive for DexCom. Our revenue increased 23% for the first six months of the year, and we remain on track to achieve our full year targets. New patient interest in DexCom CGM is robust, fueled by positive reimbursement decisions for both the Medicare population and in Germany combined with increased awareness around the world. We believe DexCom CGM should be the 1st tool prescribed for people with diabetes and continue to invest in our pipeline to capitalize on the tremendous opportunity we see through the end of 2017 and beyond,” CEO Kevin Sayer said in a press release
Dexcom said that, in conjunction with its earnings release, it was appointing former NuVasive CFO and strategy and corporate integrity head Quentin Blackford as its new CFO.
Prior to joining NuVasive in 2009, Blackford held positions at Zimmer, most recently serving as finance director and dental division controller.
Shares in DexCom have risen 5.2% so far today, at $70.33 as of 10:52 a.m. EDT.