Yahoo Finance Dexcom (DXCM) Launches G6 Glucose Monitoring System in Canada
Dexcom, Inc. DXCM announced that its Dexcom G6 CGM System would be available for all eligible patients with type 1 and type 2 diabetes in the Canadian province, Manitoba, irrespective of their age. It would be effective from Mar 14. The company’s real-time continuous glucose monitoring (CGM) system is currently the standard of care in diabetes management.
Patients on both basal and bolus insulin or using an insulin pump will be eligible for the Dexcom G6 CGM System, through the Manitoba Pharmacare program.
The system uses a small, wearable sensor and transmitter to continuously measure and send glucose levels wirelessly to a smart device. This provides patients with real-time glucose data without the need to scan or prick their fingers routinely. It will also help patients to set customizable and predictive alerts, and an urgent low alarm to help avoid potentially dangerous hypoglycemic events. The users (patients) will also be able to share their glucose information with up to ten followers, enabling remote monitoring. The system will allow connectivity through integrations with leading insulin delivery systems and digital health apps.
The G6 CGM system is likely to enable self-management of diabetes at home, improve patient experience and preserve vital health system capacity. It will do so by reducing the risk of severe hypoglycemia that may result in emergency care for patients. The system will not require an application for a preapproval of coverage in Manitoba, which will improve access for patients and reduce the workload for prescribers. The ease of access to real-time CGM systems is now raising the bar for other jurisdictions across Canada to follow suit, thereby leading to greater access to the system in the country.
Recent Developments
Last month, the company reported fourth-quarter 2022 adjusted earnings per share (EPS) of 34 cents, beating the Zacks Consensus Estimate by 30.8%. Total revenues grew 17% (20% on an organic basis) to $815.2 million on a year-over-year basis. Rising volumes across all channels, along with strong new customer additions, contributed to the upside. This was due to the increasing global awareness of the benefits of real-time CGM. U.S. revenues (74% of total revenues) increased 17% on a year-over-year basis to $606.4 million. International revenues (26%) improved 15% year over year to $208.8 million.
In February, Dexcom launched its G6 system in Singapore for diabetic patients aged two years and older, including pregnant women. The same month, Dexcom launched its next-generation Dexcom G7 CGM System in the United States. The company also gained coverage for the G7 system by Medicare beneficiaries.
The glucose monitoring market presents significant commercial opportunities for the company. DXCM’s prospects in alternative markets such as non-intensive diabetes management, hospital, gestational, pre-diabetes and obesity are likely to provide it with a competitive edge in the MedTech space.
DexCom, Inc. Price
DexCom, Inc. price | DexCom, Inc. Quote
Zacks Rank & Stocks to Consider
Dexcom currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Becton, Dickinson and Company BDX, Henry Schein HSIC and The Cooper Companies COO.
Becton, Dickinson and Company, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth of 7.8%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.47%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BDX’s shares have declined 9.9% against the industry’s 0.7% growth in the past six months.
Henry Schein, carrying a Zacks Rank #2 at present, has an estimated long-term growth of 8.1%. Its earnings surpassed estimates in three of the trailing four quarters and met the same once, the average surprise being 2.97%.
HSIC’s shares have gained 7.8% compared with the industry’s 0.8% growth in the past six months.
The Cooper Companies, carrying a Zacks Rank #2 at present, has an estimated long-term growth of 11%. Its earnings missed estimates in three of the trailing four quarters and beat the same once, the average negative surprise being 1.82%.
COO’s shares have gained 11.3% compared with the industry’s 0.8% growth in the past six months.
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The Cooper Companies, Inc. (COO) : Free Stock Analysis Report
