(Reuters) -Dexcom beat estimates for second-quarter results on Wednesday, driven by strong demand for its continuous glucose monitors, and named Jake Leach as its CEO.
Leach, who is currently president and chief operating officer of the company, will succeed Kevin Sayer from January 1.
Dexcom said Sayer will continue to work closely with Leach during the transition period and will remain executive chairman of the board at the point of transition.
The CGM maker also revised its annual revenue forecast to a range of $4.60 billion to $4.63 billion, compared with its previous expectation of $4.60 billion. Analysts on average expect 2025 revenue of $4.62 billion, according to data compiled by LSEG.
Increasing diabetes care awareness, wider insurance coverage and preference for devices that do not need finger pricks have helped drive demand for CGMs such as Dexcom’s Stelo and G7.
Dexcom is pinning its hopes on Stelo, its recently launched device for adults aged 18 and older who do not use insulin, making it the first CGM available for over-the-counter sales.
The San Diego, California-based company reported second-quarter revenue of $1.16 billion, beating analysts estimates of $1.12 billion.
On an adjusted basis, the company earned a profit of 48 cents per share, compared with estimates of 44 cents per share.
(Reporting by Christy Santhosh in Bengaluru; Editing by Anil D’Silva)
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