Q3 2024 Dexcom Inc Earnings Call Transcript
Key Points
- DexCom Inc (DXCM) reported third quarter organic revenue growth of 3%, reaching the high end of their guidance.
- The company expanded its US sales force, resulting in improved productivity metrics and record levels of new customer starts.
- International revenue grew by 12%, with significant contributions from the expanded availability of G7 and Dexcom One Plus product platforms.
- DexCom Inc (DXCM) launched its new product, Sello, in the U.S. market, targeting adults with prediabetes or type 2 diabetes not on insulin.
- The company submitted its DexCom G7 15-day CGM system to the FDA, aiming to enhance customer experience and cost efficiency.
- US revenue declined by 2% due to slower new customer starts and a decline in revenue per customer from shifting channel dynamics and higher rebate eligibility.
- The DME channel experienced share loss, although trends stabilized late in the quarter.
- Operating income decreased to 21.3% of revenue from 24.5% in the same quarter of 2023.
- DexCom Inc (DXCM) incurred a non-cash charge of $24.6 million on inventory related to build configurations not suitable for commercial launch.
- The company is navigating leadership transitions, with the Chief Commercial Officer planning to retire, potentially impacting commercial strategy execution.
Thanks or Ladies and gentlemen, welcome to the DexCom Third Quarter 2024 earnings release conference call.
My name is Abby, and that will be your operator for today's call.
At this time, all participants are in a listen-only mode and later we will conduct a question and answer session.
During the question and answer session.
If you have a question, please press star one on your touch-tone phone.
As a reminder, the conference is being recorded.
And I will now turn the call over to Sean Christensen, Vice President, Finance and Investor Relations.
Mr. Christian, you may begin for you and welcome to DexCom's Third Quarter 2024 earnings call.
Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Jeremy Sylvain, our Chief Financial Officer.
Following our prepared remarks, we will open the call up
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