Dexcom Earnings: Firm Poised for Strong Growth Thanks to Pools of New Patients

No-moat Dexcom posted first-quarter results that are consistent with our full-year expectations, and we're leaving our $105 fair value estimate unchanged. Quarterly sales in the US and international markets rose 24% year over year—a fast start that led to management raising the bottom end of its revenue outlook. However, our projection for $4.34 billion of full-year sales remains at the high end of management's expectations. During the first quarter, Dexcom made further progress on key initiatives that we think can support the long-term growth of this firm.