MedTech Giant DexCom Spotlight Is On G7 US Launch, Analyst Forecasts 22% Revenue Gain In 2024
Portfolio Pulse from Nabaparna Bhattacharya
Oppenheimer analyst Steven Lichtman has reiterated an Outperform rating on DexCom, Inc. (DXCM), with a reduced price target of $122 from $150. Lichtman forecasts a 22% sales growth for DexCom in 2024, driven by the G7 U.S. launch, expanded CMS T2 coverage, and OUS expansion. DexCom's Q3 earnings beat estimates, and the company has raised its 2023 sales guidance to +23–24% y/y. DexCom also announced a $500 million share repurchase program.
October 27, 2023 | 6:15 pm
News sentiment analysis
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NEUTRAL IMPACT
Abbott Laboratories (ABT) is mentioned as a significant competitor to DexCom. However, the news does not provide any specific information that could impact ABT's stock price.
While Abbott Laboratories is mentioned as a competitor to DexCom, the news does not provide any specific information or developments that could directly impact Abbott's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 20
RELEVANCE 20
POSITIVE IMPACT
DexCom's strong sales growth forecast and raised 2023 sales guidance, along with a $500 million share repurchase program, could positively impact its stock price.
The strong sales growth forecast by the analyst, coupled with the company's raised sales guidance and share repurchase program, indicates a positive outlook for the company. This could lead to increased investor confidence and a potential rise in the stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100