DexCom Inc. (DXCM) shares climbed to a 52-week high of $91.99 on Tuesday, extending gains following a second-quarter earnings beat that included a 13% year-over-year revenue increase to $1.308 billion.
The San Diego-based continuous glucose monitoring company reported U.S. revenue of $933.4 million, surpassing expectations by $7.5 million, while international sales reached $375 million, beating estimates by $10 million. The results marked the second consecutive quarter of raised financial guidance for DexCom.
Analysts at RBC Capital, BTIG, and Canaccord raised their price targets to $90, while Piper Sandler maintained an Overweight rating with a $95 target. DexCom’s stock is up nearly 36% year-to-date and has gained 11.68% over the past 12 months.
The company’s strong performance comes as it benefits from broader adoption of its glucose monitoring systems and participation in the FDA’s TEMPO pilot program, which allows continuous glucose monitoring sensors to be deployed to prediabetic patients. DexCom also holds a Piotroski Score of 9, reflecting strong financial health.
