Medical Device Maker DexCom Stock Rises On Q3 Performance - Raises FY23 Outlook, Announces Stock Buyback

DexCom, Inc. DXCM shares are trading higher in Thursday's after-hours session on the heels of the company's third-quarter earnings. Here's what happened.

What To Know: DexCom reported earnings of 50 cents per share, which beat the estimate of 34 cents. It clocked revenue of $975 million, compared to the $939.2 million estimate, growing 27% year-over-year.

DexCom attributed revenue growth in the quarter to volume growth in combination with robust new customer additions. 

The company announced a $500 million share repurchase program as well.

DexCom increased full-year 2023 revenue guidance to $3.575 billion to $3.600 billion range, versus the estimate of $3.54 billion, representing 23% to 24% growth.

"Our teams executed incredibly well in the third quarter, delivering solid financial results while further advancing global access to Dexcom CGM," said Kevin Sayer, Dexcom's chairman, president and CEO. "Our continued momentum has left us in a great position to again raise our full-year revenue and margin guidance and finish a strong 2023."

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DXCM Price Action: Shares of DXCM were up 15.1% at $93.30 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Darko Stojanovic from Pixabay