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DexCom (NASDAQ:DXCM) stock is falling on Friday after the company released its earnings report for Q2 2024.
DexCom starts its earnings report with adjusted earnings per share of 43 cents. That’s better than Wall Street’s estimate of 39 cents per share. It’s also an improvement over its adjusted EPS of 34 cents in the same period of the year prior.
However, the company’s revenue of $1 billion failed to impress. It doesn’t stack up to analysts’ estimate of $1.04 billion. Even if its a 15% increase year-over-year from $871.3 million.
Dexcom chairman, president and CEO Kevin Sayer said the following about the earnings report.
“While Dexcom advanced several key strategic initiatives in the second quarter, our execution did not meet our high standards. We have a unique opportunity to serve millions of more customers around the world with our differentiated product portfolio and we are taking action to improve our execution and best position ourselves for continued long-term growth.”
Guidance Cut Hits DXCM Stock Today
DXCM also updated its guidance in its latest earnings report. This has it expecting Q3 2024 revenue to range from $975 million to $1 billion. That would miss Wall Street’s estimate of $1.15 billion in revenue.
For the full year of 2024, DexCom is predicting revenue of $4 to $4.05 billion. At the midpoint that would miss analysts’ estimate of $4.33 billion for the year.
DXCM stock is down 38.1% as of Friday morning with some 1.3 million shares traded. Its daily average trading volume is still above that at about 2.7 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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