Dexcom's Q2 revenue up 32% on real-time CGM volumes

Dexcom announced Thursday that second-quarter revenue grew 32% year-on-year to $595.1 million, beating analyst forecasts of $548 million. The company said its performance was driven by volume growth combined with "strong" new customer additions as awareness of real-time continuous glucose monitoring (CGM) increases. Profit reached $62.9 million, up from $46.3 million in the year-ago period.

CEO Kevin Sayer remarked that "Dexcom's second-quarter performance was characterised by strong financial results and the continued advancement of our key strategic initiatives." He added that "our underlying momentum led to the increased revenue and margin guidance that we reported today and leaves us increasingly excited as we head into the second half of 2021."

In the quarter, sensor and other revenue jumped 36% year-on-year to $494.5 million, while hardware sales rose 15% to $100.6 million. On a geographic basis, US revenues grew 26% year-on-year to $461.5 million, while sales in international markets gained 58% to $133.6 million.

Looking ahead, Dexcom lifted the lower end of its full-year revenue guidance and now expects sales to be around $2.35 billion to $2.4 billion, representing growth of around 22% to 25% over 2020. The company had previously forecast sales of $2.3 billion to $2.4 billion for the year.

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