Shares are set to recoup some of Thursday’s losses; S&P 500 reverses early gain to end lower; iron ore slumps below $US100. Follow updates here.
Dexcom plunged in late New York trading after the company cut its full-year sales forecast for the glucose monitoring devices relied upon by diabetics. The San Diego-based medical device manufacturer said it expects revenue of $US4 billion to $US4.05 billion for 2024, compared to an earlier estimate of $US4.2 billion to $US4.35 billion. At 5:39 pm in New York, Dexcom shares were down more than 40 per cent to $US64.20.
On a call with analysts, Dexcom executives said the company saw fewer new customers than expected after a revamp of its salesforce, and lower revenue per customer than anticipated. The company believes its long-term target for 2025 is still valid, with revenue coming in closer to the low end of the range, Chief executive Kevin Sayer said.
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