Dexcom raises annual revenue forecast on strong demand for glucose monitors

July 30 (Reuters) – Medical device maker Dexcom raised its full-year revenue forecast and beat quarterly estimates on Thursday, banking on sustained demand for its continuous glucose monitors that track blood sugar levels, sending shares of the company up over 4% in extended trading.

Here are the details:

• Rising awareness of diabetes care, improved insurance coverage and a wider consumer shift towards finger-prick-free technology have boosted demand for continuous glucose monitors, intensifying competition among market leaders Dexcom, Medtronic and Abbott Laboratories.

• Dexcom reported second-quarter revenue of $1.31 billion, up 13% over a year earlier. Analysts on average had estimated $1.29 billion, according to data compiled by LSEG.

• It posted quarterly adjusted profit of 70 cents per share, compared with the estimate of 61 cents.

• The company expects annual revenue to be between $5.18 billion and $5.25 billion, compared with $5.16 billion to $5.25 billion forecast earlier, and analysts’ estimate of $5.22 billion.

• Dexcom said in May it would appoint two independent directors and revamp a key board committee in collaboration with activist investor Elliott Investment Management.

(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Shilpi Majumdar)