(Reuters) – Medical device maker Dexcom on Thursday raised its annual revenue forecast and beat quarterly estimates on strong demand for its continuous glucose monitoring (CGM) devices, sending its shares more than 11% higher in extended trading.
Quarterly sales rose 27% to $975 million, surpassing analysts’ estimates of $939.24 million, according to LSEG data.
Larger peer Abbott had also posted strong sales of $1.4 billion for its CGM system, FreeStyle Libre, in diabetes care.
CGM systems track blood sugar levels throughout the day and can transmit glucose readings as frequently as five minutes.
Dexcom raised its annual revenue forecast to between $3.58 billion and $3.6 billion, compared with its previous range of $3.5 billion to $3.55 billion. Analysts expect annual sales of $3.55 billion.
Excluding items, the company posted a profit of 50 cents for the quarter ended Sept. 30, compared with estimates of 35 cents.
Shares of the California-based company rose to $90 after the bell.
(Reporting by Khushi Mandowara in Bengaluru; Editing by Devika Syamnath)
