Dexcom Inc. (NSDQ:DXCM) shares surged to a 52-week high today after the medical device company reported a huge sales surge and boosted its outlook for the rest of the year.
San Diego-based DexCom posted losses of $10.1 million, or 14¢ per share, on sales of $35.8 million during the 3 months ended June 30, cutting losses by 31.3% and growing sales by 53.0%.
Net losses per share topped Wall Street analysts’ forecasts by 2¢. DXCM shares reached $27.96 each on the news, settling to $27.13 apiece as of about 2:15 p.m. today, up 23.4%.
"Our financial results speak for themselves. During the second quarter, we achieved record sales, record margins, and our best operating results ever," CEO Terry Gregg told analysts during a conference call yesterday.
DexCom raised its sales outlook for the rest of 2013 to $130 million to $140 million, up from prior guidance of $120 million to $130 million, CFO Kevin Sayer said during the call.