Benzinga - by Erica Kollmann, Benzinga Staff Writer.
DexCom, Inc. (NASDAQ: DXCM) shares are trading higher Friday after the company reported strong third-quarter results and announced a $500 million buyback.
What To Know:
DexCom reported its third-quarter financial results after the market close on Thursday.
The company reported that revenue grew 27% versus the same quarter of the prior year to $975.0 million and increased its fiscal year revenue guidance to approximately between $3.575 and $3.6 billion.
DexCom reported $3.24 billion in cash, cash equivalents and marketable securities and a revolving credit facility that remains undrawn which the company stated allows for "significant financial and strategic flexibility as Dexcom continues to expand production capacity and explore new market opportunities."
DexCom also announced a $500 million share buyback program.
On Friday, Morgan Stanley analyst Patrick Wood maintained DexCom with an Equal-Weight and raised the price target from $98 to $101.
Shares of DXCM are up on heavy trading volume Friday as investors digest the company's earnings report. According to data from Benzinga Pro, more than 6 million shares have already been traded in the session, compared to the stock's 100-day average of 4.694 million shares.
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DXCM Price Action: According to Benzinga Pro, DexCom Inc. shares are up more than 11% at $90.31 at the time of publication.
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