Dexcom said it expects 2023 revenue to increase as much as 20%, helped by the launch of its G7 continuous glucose monitor early this year.
Sales are forecast to reach $3.35 billion to $3.49 billion, Dexcom said on Monday in a report outlining preliminary earnings for 2022.
Fourth-quarter revenue gained 17% to $815 million, while full-year sales at the San Diego-based company climbed 19% $2.91 billion, meeting the high end of its forecast for 2022.
The company, which is one of the leading makers of continuous glucose monitors, will report its full earnings results on Feb. 9.
“We are excited to hit the ground running in 2023, building upon the CGM access expansion that we have driven over the past year to bring our leading sensor technology and a greater quality of care to many more people with diabetes around the world,” CEO Kevin Sayer said in the statement.
J.P. Morgan analyst Robbie Marcus said in a Dexcom research note on Monday that “...We are confident this initial guide represents another highly achievable starting point.”
He added that the revenue-forecast figures likely don’t include patients with Type 2 diabetes taking basal insulin only, who could become eligible for CGM coverage under a coverage proposal by the Centers for Medicare and Medicaid Services.
Dexcom also said it expects a gross profit margin of 62% to 63% in 2023 and an operating margin of about 16.5%.
