DexCom, Inc. (NASDAQ: DXCM) shares rose Thursday after the company reported better-than-expected results for its second quarter and raised its FY18 sales guidance.
The San Diego-based company reported revenue of $242.5 million for the second quarter of 2018, an increase of 42% from the $170.6 million in revenue for the same quarter of 2017. Gross profit totaled $153.6 million or 63% of revenue for the second quarter of 2018 compared to a gross profit of $117.5 million or 69% of revenue for the same quarter of 2017.
GAAP net income was $30.2 million, or $0.34 per share, for the second quarter of 2018 compared to GAAP net income of $2.9 million, or $0.03 per share, for the same quarter of 2017.
As of June 30, 2018, DexCom had $606.1 million in cash, cash equivalents and short-term marketable securities.
According to CEO Kevin Sayer, "Q2 was a fantastic quarter for DexCom and demonstrates that CGM adoption is increasing significantly.
"This performance was particularly notable considering we only began launching our revolutionary G6 platform late in the quarter, and we are pleased to be able to raise our full year growth outlook."
As for full-year 2018, DexCom projects revenue of approximately $925 million, versus a prior range of $850 million to $860 million. Gross profit margin of approximately 64%, versus the prior range of 65% to 68%. GAAP operating expenses, excluding investments into non-intensive programs, to grow approximately 14% versus 2017, versus a prior forecast of 10%
Shares climbed $23.38, or 24.5%, to $118.82
