Dexcom stock tumbled late Thursday even after the diabetes devices maker beat Wall Street’s first-quarter expectations and raised full-year sales guidance.
Total sales surged 25% to $505 million, easily ahead of the forecast for $483.9 million, according to FactSet. Dexcom (DXCM) also earned 33 cents a share, on an adjusted basis. Profit declined by 25% but topped expectations by 3 cents.
Dexcom makes continuous glucose monitors, or CGMs. The body-worn medical devices help people with diabetes keep tabs on their blood sugar in real time. Growing awareness of CGMs helped Dexcom grow its customer base in the first quarter.
“Dexcom is off to a great start in 2021, including several key advancements of our strategic priorities in the first quarter,” Chief Executive Kevin Sayer said in a written statement.
But in after-hours trading on the stock market today, Dexcom stock toppled 3.9% near 405.40. It wasn’t immediately clear why Dexcom stock was under pressure. Shares closed at 421.70, down roughly 1%.
Dexcom Stock Dives
Based on the strong first quarter, Dexcom now expects full-year sales to grow 17%-22% to $2.26 billion to $2.36 billion. That was in line with forecasts for $2.32 billion. Dexcom stock analysts also predicted adjusted income of $2.32 per share.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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