San Diego-based Dexcom’s stock hit $118.57 a share the morning of Aug. 2, up sharply from closing Aug. 1 at $95.44.
That’s on the heels of the company’s second quarter earnings report, released the afternoon of Aug. 1, in which Dexcom reported $242.5 million of revenue in the second quarter, a 42 percent year-over-year increase. The figure surpassed a Zacks Consensus Estimate by 18.38 percent.
Under non-GAAP (Generally Accepted Accounting Principles), Dexcom reported a quarterly loss of $0.10 per share, while the Zacks Consensus Estimate was a loss of $0.20. GAAP net income was $30.2 million, or $0.34 per share, according to Dexcom.
The company this year launched its G6 diabetes monitoring system, which doesn’t require finger prick blood draws for calibration.
“This performance was particularly notable considering we only began launching our revolutionary G6 platform late in the quarter, and we are pleased to be able to raise our full year growth outlook,” said Dexcom CEO Kevin Sayer in a news release for the second quarter report.
Dexcom now expects revenue of approximately $925 million in 2018, versus a prior estimate of $850 million to $860 million.