Analyst Note| Debbie Wang |
Dexcom delivered a strong start to 2023 with first-quarter organic revenue growth of 19% year over year. Considering the firm is on track with our full-year estimates and our projections remain bounded by management’s increased revenue outlook for 2023, we’re holding steady on our fair value estimate. Now that Dexcom has navigated heightened competition from Abbott and Medtronic, and has managed to stay in the black through the pandemic, we can see an argument for awarding Dexcom a narrow moat. We plan to revisit our thinking on this shortly.