Continuous glucose monitor developer Dexcom Inc (NASDAQ: DXCM) shares ticked up as second-quarter results easily topped the consensus forecast; adjusted EPS of 0.76 beat the consensus of $0.45.
Sales increased 32% Y/Y $595.1 million, well ahead of the estimate of $551.3 million. Dexcom's biggest storyline is the expected launch of its next-generation G7 device. It has filed for the European CE mark and expects a European launch later this year, but news has been quiet regarding FDA approval and a U.S. launch.
Outlook: Based on its strong second quarter, Dexcom said it is increasing its guidance for 2021: It expects revenue of $2.35 billion – $2.4 billion.
Analyst Take on Earnings: Piper Sandler raised the price target to $550 from $500, with an Overweight rating unchanged.
The new guidance range is "readily beatable," assuming that the delta variant is not too impactful, says analyst Matt O'Brien.
Baird increased the price target to $520 from $460 and an Outperform rating.
The analyst remains bullish, and the company has moved up a few notches on "the best growth story in MedTech" list.
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The price target at Stephens also increased to $546 from $468, with an Overweight rating as he raised his 2021 and 2022 estimates.
Oppenheimer too beefed up the price target to $525 from $500, and Outperform rating unchanged.
SVB Leerink also increased the price target to $500 from $485. DexCom doubled the prescribing physician base and delivered nearly 18% global sequential sales growth, nearly 2x faster than competitor Abbott's Libre, says the analyst.
Canaccord moved the price target higher to $500 from $455 and kept a Buy rating.
Raymond James moved the target higher to $515 from $466 and kept an Outperform, saying Dexcom "not only cleared the bar but also did so with some flair."
Price Action: DXCM shares are up 11.80% at $509.99 during the market session on the last check Friday.
Photo by Ted Eytan via Flickr
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