Medical device manufacturer Dexcom (DXCM, Financial) announced third-quarter revenue surpassing Wall Street expectations, driven by strong demand for its continuous glucose monitors among diabetes patients. Despite this positive performance, the company maintained its annual sales forecast between $4 billion and $4.05 billion, which led to a nearly 16% drop in its stock price after the close of trading.
Dexcom revealed that its Chief Commercial Officer, Teri Lawver, plans to retire at the end of the year. Earlier in July, the company had reduced its annual revenue forecast due to factors such as a sales team restructuring, a decrease in customer numbers, and lower revenue per customer. This adjustment contributed to the stock reaching its lowest point in four years.
Year-to-date, Dexcom's shares have fallen by 40%. In the third quarter, the company reported revenue of $994.2 million, exceeding analyst estimates of $990.7 million according to LSEG data.
