Q2 2024 Dexcom Inc Earnings Call Transcript
Key Points
- DexCom Inc (DXCM) reported a 15% growth in worldwide revenue for Q2 2024, reaching $1.004 billion compared to $871.3 million in Q2 2023.
- The company expanded its direct-to-Apple Watch connectivity with G7, launching in the U.S. and several international markets.
- DexCom Inc (DXCM) introduced a stronger adhesive for its products and expanded G7 Bluetooth connectivity range by more than 65%.
- The company received coverage in France for people with type two diabetes on basal insulin and began serving these customers in June.
- DexCom Inc (DXCM) announced a share repurchase program of up to $750 million, reflecting confidence in its financial position.
- DexCom Inc (DXCM) lowered its full-year revenue guidance to 11% to 13% organic growth due to several near-term trends.
- The company experienced lower than expected new customer starts in the U.S. due to sales force realignment and expansion.
- U.S. revenue per customer decreased faster than expected due to rebate eligibility and channel mix dynamics.
- International performance was lighter than expectations, with category growth softening in certain geographies.
- The company saw a significant impact from increased pharmacy eligibility changes, which lowered revenue per customer.
At release conference call. My name is Abby, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session during the question and question and answer session. If you have a question, please press star one on your touchtone phone. As a reminder, the conference is being recorded.
I will now turn the call over to Sean Christensen. You may begin.
Thank you, Abby, and welcome to DexCom's Second Quarter 2024 earnings call. Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, will summarize our recent highlights and ongoing strategic initiatives, followed by financial review and outlook from Jeremy Sylvain, our Chief Financial Officer.
Following our prepared remarks, we'll open the call up for your questions. At that time, we ask analysts to limit themselves to one question each so we can provide an opportunity for everyone participating today. Please note
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