Dexcom Stock Jumps As Second Quarter Earnings Beat Street, Raising Guidance; Analysts raise price target

Continuous Glucose Monitor Developer Dexcom Inc (NASDAQ: DXCM) Stocks Rise As Second Quarter Results Easily Outperformed the consensus forecast; adjusted EPS of 0.76 beat the consensus of $0.45.

Revenue grew 32% year-over-year at $595.1 million, well above its estimate of $551.3 million. Dexcom’s biggest storyline is the anticipated launch of its next-generation G7 device. It has applied for the European CE mark and expects a European launch later this year, but news has been quiet about the FDA approval and a US launch.

Outlook: Based on the strong second quarter, Dexcom said it is raising its expectations for 2021, expecting revenue of $2.35 billion – $2.4 billion.

Analyst takes profit: Piper Sandler raised the $500 target from $500 to $550, with an unchanged Overweight rating.

The new guidance range is “easy to beat,” assuming the delta variant doesn’t have too much of an impact, says analyst Matt O’Brien.

Baird raised its price target from $460 to $520 and an Outperform rating.

The analyst remains optimistic and the company has moved up a few notches on the list of “the best growth story in MedTech.”

View more earnings on DXCM

The price target at Stephens also rose to $546 from $468, with an Overweight rating when he raised his estimates for 2021 and 2022.

Oppenheimer also, the price target strengthened from $500 to $525, and the Outperform rating remained unchanged.

SVB Leerink also raised its price target from $485 to $500. DexCom doubled the number of prescribing physicians and delivered global sequential sales growth of nearly 18%, nearly 2x faster than competitor Abbott’s Libre, the analyst says.

canaccord moved the price target to $500 from $455 and maintained a buy rating.

Raymond James moved the target to $515 from $466 and maintained an Outperform, saying that Dexcom “not only managed to set the bar, but did so with some flair.”

Price promotion: DXCM shares are up 11.80% to $509.99 during the last check Friday market session.

photo by Ted Eytan through flickr

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Piper Sandler



July 2021

Canaccord Genuity


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July 2021




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