Shares of DexCom Inc.
DXCM,
+10.11%
shot up 15.3% to pace the S&P 500’s
SPX,
-0.48%
after-hours gainers on Thursday, after of maker of glucose monitoring systems reported third-quarter profit that beat expectations by a wide margin, and boosted its revenue outlook. Net income rose to $120.7 million, or 29 cents a share, from $101.2 million, or 24 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 50 cents beat the FactSet consensus of 34 cents. Revenue grew 26.7% to $975.0 million, well above the FactSet consensus of $939.6 million, driven by volume growth and “strong” new customer additions as awareness of real-time continuous glucose monitor (CGM) increases. For 2023, the company raised its guidance range for revenue to $3.575 billion to $3.600 billion from prior guidance given in July of $3.500 billion to $3.550 billion. The current FactSet consensus for 2023 revenue is $3.55 billion. The stock has tumbled 38% over the past three months through Thursday’s close, while the S&P 500 has lost 9.4%.