After Dexcom posted 27% growth last year, it’s staying the course through 2022. The diabetes sensor company reported a 25% increase in sales for the first three months of this year compared to the same period in 2021.
That translated to revenue of $628.8 million for the quarter, or gross profit totaling $398.1 million – money the company is preparing for next year with European approval and the launch of its latest continuous blood glucose meter, the G7. , and recorded the first international implementations of a simpler and cheaper system called Dexcom One.
“We plan to continue rolling out the G7 to additional international markets for the remainder of 2022, with increasing impact across our overall sensor mix in the second half of the year,” said President and CEO Kevin Sayer. call investors.
“In the United States, our 510(k) application on the G7 sensor, receiver, and Android and iOS apps are still under review. We are in the traditional back-and-forth that accompanies these processes,” said Sayer, adding who expects the FDA to give a green light likely in the second half of the year.
The company has also taken steps to transition to hospital use, receiving an entirely new designation from the FDA for a consumable CGM being developed to monitor blood glucose levels in hospital patients.
Meanwhile, Dexcom One represents the company’s first attempt to offer more products at different price points to reach a broader market for people with diabetes.
The system works similarly to Dexcom’s current CG6 G6 for reduction and uses the same 10-day detection hardware. However, its software doesn’t offer the same breadth of high-tech features, automatic alerts, and real-time data sharing as the G6 and G7. Dexcom One was recently launched in Spain and the company plans to launch it in the UK.
“We anticipate that this two-product strategy will significantly increase the number of people with backup access to our CGM technology and expand our growth opportunities in these and other countries where we bring Dexcom One into the future want,” said Sayer.
The company expects Dexcom One and its future G7 features to grow projected revenue of $2.82 billion to $2.94 billion for fiscal 2022, representing annual growth of between 15% and 20%.