Press release
Dexcom Reports Second Quarter 2024 Financial Results, Updates Guidance, and Announces $750 Million Share Repurchase Program
SAN DIEGO--(BUSINESS WIRE)-- DexCom, Inc. (Nasdaq: DXCM) today reported its financial results as of and for the quarter ended June 30, 2024. Second Quarter
About this update from Dexcom, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nDexCom, Inc. (Nasdaq: DXCM) today reported its financial results as of and for the quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial Highlights:\n\n\n\nRevenue grew 15% year-over-year to $1.004 billion on a reported basis and 16% year-over-year on an organic1 basis.\n\n\n\nU.S. revenue grew 19% and international revenue grew 7% on a reported basis and 10% on an organic1 basis, all on a year-over-year basis.\n\n\n\nGAAP operating income of $158.0 million or 15.7% of revenue, an increase of 100 basis points compared to the second quarter of 2023. Non-GAAP operating income* of $195.4 million or 19.5% of reported revenue, an increase of 130 basis points compared to the second quarter of 2023.\n\n\n\nSecond Quarter 2024 Strategic Highlights:\n\n\n\nLaunched Direct-to-Watch in the U.S. and several international markets, providing G7 customers the option to use an Apple Watch as their primary display for glucose readings\n\n\n\nSecured coverage for Dexcom ONE in France for people with type 2 diabetes using basal insulin only, further expanding reimbursed access for real-time CGM in this market\n\n\n\nAdvanced pump connectivity with the integration of Dexcom G7 to Insulet’s Omnipod 5 Automated Insulin Delivery System and Tandem Diabetes Care’s Mobi insulin pump with Control-IQ technology\n\n\n\nShowcased extensive clinical evidence at the American Diabetes Association’s 84th Scientific Sessions, including new real-world data demonstrating the benefit of Dexcom CGM for people with type 2 diabetes not on insulin\n\n\n\n“While Dexcom advanced several key strategic initiatives in the second quarter, our execution did not meet our high standards,” said Kevin Sayer, Dexcom’s chairman, president and CEO. “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.”\n\n\n\n_________________________\n\n\n\n1\n\n\n\n\n\n\n\nSecond quarter 2024 organic revenue was $1.005 billion and excludes $0.8 million of foreign exchange impact and $0.2 million of non-CGM revenue acquired or divested in the trailing twelve months. Second quarter 2023 reported revenue included $7.6 million of non-CGM revenue subsequently divested in the following ...