Dexcom (NSDQ:DXCM) posted first-quarter results today that beat the consensus forecast on Wall Street but dropped its financial guidance for the year.
The San Diego-based continuous glucose monitoring systems company reported profits of $19.9 million, or 21¢ per share, on sales of $405.1 million for the three months ended March 31 on sales growth of 44.4% compared with Q1 2019.
Adjusted to exclude one-time items, earnings per share were 44¢, 29¢ ahead of The Street, where analysts were looking for sales of $358.7 million.
“Our strong first-quarter results demonstrate the continued momentum in our business, driven by growing awareness and customer satisfaction with our G6 CGM technology,” president and CEO Kevin Sayer said in a news release. “From the outset of the COVID-19 pandemic, the Dexcom teams have worked tirelessly to prioritize the safety of our employees, excellent service to our customer base, and the needs of the broader healthcare community. We continue to monitor developments in this unprecedented situation and are pressing forward with our key initiatives in support of Dexcom’s long-term growth opportunity.”
The company is temporarily suspending its 2020 guidance due to uncertainties related to the COVID-19 pandemic.
Shares in DXCM were up 8.95% to $341.60 apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 2.3%.
