The following is a summary of the DexCom, Inc. (DXCM) Q1 2024 Earnings Call Transcript:
Financial Performance:
DexCom reported revenue growth of 25% in Q1 2024, contributing to a total worldwide revenue of $921 million, with $653 million contributed by U.S. revenue.
Gross profit for the quarter was $569 million, or 61.8% of revenue, while operating income and net income stood at $140.2 million (15.2% of revenue) and $128.2 million respectively.
An increase in operating expenses was noted, totaling to $428.9 million for Q1.
DexCom increased their projected annual revenue guidance range, indicating an organic year-on-year growth of 17% to 21%.
Business Progress:
DexCom anticipates driving more volume through G7 lines, given increased demand and numerous upcoming pump integrations.
They received FDA clearance for product upgrades to G7 and Stelo, the former equipping it with direct-to-watch features, while the latter prepares for a summer launch.
DexCom ONE+ was successfully launched in eight European markets, and they have transitioned to a direct sales model in Japan to improve market penetration.
Following new investments in manufacturing facilities and products, DexCom aims to attract 15% of the U.S. basal population by the end of the year.
The company is pushing for the launch of a 15-day sensor feature on the G7 platform and is also exploring the use of CGM in early diabetes treatment stages.
More details: DexCom IR
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