San Diego medical device maker DexCom Inc. has reported $570 million in revenue for its fiscal 2016, a 42 percent jump over 2015.
The company estimated that 80,000 to 90,000 new patients have adopted DexCom’s Continuous Glucose Monitoring (CGM) system worldwide, ending the year with 200,000 customers. That’s up from 140,000 in 2015.
The reported growth is considerable and 2017 looks promising, as well. For 2017, DexCom anticipates total revenue in the range of $710 million to $740 million — growth of 25 percent to 30 percent over 2016.
In December, DexCom earned FDA approval to use its CGM device to determine insulin doses, marking the first time in history that the FDA cleared a CGM system to replace finger-stick testing. The FDA approval could pave the way for Medicare to allow reimbursement for CGM systems, because CGM’s were previously considered an adjunct device for treatment.
DexCom is a public company valued at $5.6 billion.