DexCom continues to shine despite growing competition in the diabetes management space. The San Diego, CA-based company shared preliminary financial results; presented guidance for this year; and gave an update on its G7 Continuous Glucose Management (CGM) sensor during the 38th annual J.P. Morgan Healthcare Conference.
DexCom brought in about $457 million in 4Q19, which was an increase of more than 35% over 4Q18. For this year, Dexcom currently anticipates total revenue of about $1.7 billion to $1.8 billion, representing an expected growth of approximately 17% to 21% over 2019.
DexCom’s Chairman President and CEO Kevin Sayer said the increase was because of the spread of CGM coupled with support of the firm’s G6 system. The company’s CGM hit a major milestone in March of 2018 when it won an indication from FDA to be classified as a less-stringent class II device that is interoperable with other technologies.
“We’re not at all looking to maintain the status quo as we increase access and awareness around the world,” Sayer said during the conference. “We’ll be able to finish the Medicare rollout for G6 and launch G6 into many international markets where it hasn’t been before.”
Plans call for the company to double G6 capacity by the end of the year. Sayer noted that capacity has been constrained for G6 for a long time. He also gave an update on the company’s G7 CGM it is developing with Verily. The device has been described as a less expensive, and much thinner CGM.
“It’s a big year for G7,” he said. “We’ll finish those final product design tweaks; scale-up manufacturing; get a clinical trial started; and executed for the year and anticipation of a late 2020 launch with a full launch in 2021.”
It would be an understatement to say that the competition in the CGM market has ramped up. DexCom now has competition from the likes of Abbott Laboratories Freestyle Libre and Senseonic’s Eversense. Despite the growing number of companies making an impact in CGM DexCom continues to have a strong showing.
Sayer said the company could only get better as there are many that don’t know about CGM. He noted that will change and CGM will play an important role in diabetes in the coming years.
“CGM remains at the center of the diabetes management universe as far as we’re concerned,” he said.