The company also announced Stelo, its new
glucose sensor for people with type 2 diabetes who do not use
insulin, has been submitted to the U.S. Food and Drug
Administration for review and is expected to launch in the U.S. in
summer 2024
DexCom, Inc. (Nasdaq: DXCM), the leader in real-time continuous
glucose monitoring (“CGM”), today reported that it expects
preliminary, unaudited revenue for the fourth quarter ended
December 31, 2023 to be at least $1.030 billion, an increase of 26%
over the fourth quarter of 2022. U.S. revenue is expected to be
approximately $765 million, representing growth of 26% over the
fourth quarter of 2022. International revenue is expected to be
approximately $265 million, an increase of 27% over the fourth
quarter of 2022.
For fiscal 2023, total preliminary, unaudited revenue is
expected to be approximately $3.62 billion, an increase of 24% over
2022.
“Dexcom had an incredible year in 2023 with the largest
expansion of coverage in our company’s history, a successful
rollout of Dexcom G7 in the U.S. and expansion of G7 to more than
15 international markets, and an acceleration in our revenue
growth,” said Kevin Sayer, Dexcom’s chairman, president and CEO.
“We plan to continue this momentum in 2024 and further expand our
addressable market with the expected launch of our first product
for people who do not use insulin.”
2024 Outlook
For 2024, Dexcom currently anticipates total revenue of
approximately $4.15 billion to $4.35 billion, representing expected
organic growth1 of approximately 16% to 21% over 2023. This outlook
considers sensor volume growth driven by increasing CGM access and
awareness for people with diabetes, the introduction of Dexcom’s
product for people who do not use insulin, further international
expansion, and overall market dynamics.
In addition, Dexcom currently estimates 2024 Non-GAAP Gross
Profit Margin and Non-GAAP Operating Margin to be at the following
levels:
- Non-GAAP Gross Profit Margin of approximately 63 – 64%
- Non-GAAP Operating Margin of approximately 20%
Dexcom also announced today that Stelo, its new glucose sensor
designed specifically for people with type 2 diabetes who do not
use insulin, was submitted to the FDA for review in Q4 2023. Stelo
will offer 15-day sensor wear, a cash-pay option and a software
experience tailored specifically for non-insulin users. The system
is expected to launch in the U.S. in summer 2024.
“Understanding glucose levels is key to unlocking our metabolic
health, and Stelo will help users see first-hand how their health
is affected by factors such as diet, exercise, sleep and stress,”
said Jake Leach, executive vice president and chief operating
officer at Dexcom. “Through our expanding product portfolio, Dexcom
is defining the future of sensing technology and empowering people
to take control of health.”
Fourth Quarter 2023 Financial Results Conference Call
Dexcom will report its audited full fourth quarter and fiscal
2023 financial results on Thursday, February 8, 2024 after the
close of market. Management is currently scheduled to host a
conference call at 4:30 p.m. (Eastern Time) that day. More details
will be provided later.
About DexCom, Inc.
DexCom, Inc. empowers people to take real-time control of health
through innovative continuous glucose monitoring (CGM) systems.
Headquartered in San Diego, Calif., and with operations across
Europe and select parts of Asia/Oceania, Dexcom has emerged as a
leader of diabetes care technology. By listening to the needs of
users, caregivers, and providers, Dexcom works to simplify and
improve diabetes management around the world. For more information
about Dexcom CGM, visit www.dexcom.com.
Category: IR
Statement Regarding Use of Non-GAAP Financial
Measures
This press release includes non-GAAP financial measures. We have
not reconciled our organic revenue growth, Non-GAAP Gross Profit
Margin and Non-GAAP Operating Margin estimates for fiscal year 2024
because certain items that impact these figures are uncertain or
out of our control and cannot be reasonably predicted. Accordingly,
a reconciliation of organic revenue growth, Non-GAAP Gross Profit
Margin and Non-GAAP Operating Margin is not available without
unreasonable effort.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains forward-looking statements that are
not purely historical regarding Dexcom’s or its management’s
intentions, beliefs, expectations and strategies for the future,
including those related to Dexcom’s preliminary, unaudited revenue
for the fourth quarter of and the full fiscal year 2023, and
estimated total revenue, Non-GAAP Gross Profit Margin, and Non-GAAP
Operating Margin for fiscal 2024, expected growth rates as compared
to the year ended December 31, 2022, as well as the anticipated
launch of Stelo. All forward-looking statements included in this
press release are made as of the date of this release, based on
information currently available to Dexcom, deal with future events,
are subject to various risks and uncertainties, and actual results
could differ materially from those anticipated in those
forward-looking statements. The risks and uncertainties that may
cause actual results to differ materially from Dexcom’s current
expectations are more fully described in Dexcom’s most recent
Quarterly Report on Form 10-Q for the period ended September 30,
2023, as filed with the Securities and Exchange Commission on
October 26, 2023, and its other reports, each as filed with the
Securities and Exchange Commission. Except as required by law,
Dexcom assumes no obligation to update any such forward-looking
statement after the date of this report or to conform these
forward-looking statements to actual results.
1
Organic growth excludes non-CGM revenue
acquired or divested in the trailing twelve months, as well as the
impact of foreign exchange. Assumes divestiture of certain non-CGM
assets that accounted for approximately $30 million of revenue in
fiscal year 2023. 2024 organic growth expectation calculated
excluding that contribution from the 2023 base.
Dexcom, Dexcom Clarity, Dexcom Follow, Dexcom One, Dexcom Share,
and any related logos and design marks are either registered
trademarks or trademarks of Dexcom, Inc. in the United States
and/or other countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240108809977/en/
Sean Christensen Vice President, Finance and Investor Relations
(858) 203-6657 www.dexcom.com
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