(Reuters) -Medical device maker Dexcom beat Wall Street estimates for third-quarter revenue and profit on Thursday, helped by resilient demand for its continuous glucose monitors for diabetes patients.
However, its shares declined 15% after the bell after the company reiterated its full-year sales forecast of about $4 billion to $4.05 billion. Shares are down 40% so far this year.
The company in July slashed its annual revenue forecast, blaming a restructuring of its sales team, fewer customers, and lower revenue from each customer. Shares tumbled to a four-year low of $64 and some analysts questioned the company’s long-term prospects.
The maker of continuous glucose monitoring system in August launched its over-the-counter device Stelo in the U.S. for adults aged 18 and older who do not use insulin, making it the first continuous glucose monitor available for over-the-counter sales.
Dexcom said on Thursday Chief Commercial Officer Teri Lawver would retire at the end of the year and CEO Kevin Sayer would assume her role while the company conducts a global search for a new chief commercial officer.
The company reported third-quarter revenue of $994.2 million, beating analysts’ estimates of $990.7 million, according data from LSEG.
On adjusted basis, the company earned a profit of 45 cents per share, slightly above expectations of 43 cents.
(Reporting by Sneha S K and Bhanvi Satija in Bengaluru; Editing by Sriraj Kalluvila)
